We build business networks and relationships ... - skupina kd group

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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 2006 (in EUR) EUR Other Total Assets Financial assets at fair value through P&L 85,536,213 30,086,770 115,622,983 - Equity securities 68,931,667 30,086,770 99,018,437 - Debt securities 16,604,546 - 16,604,546 Available for sale 241,365,987 14,775,412 256,141,399 - Equity securities 121,493,205 14,157,797 135,651,002 - Debt securities 119,872,782 617,615 120,490,397 Held to maturity 6,979,766 8,111 6,987,877 - Debt securities 6,979,766 8,111 6,987,877 Investment property 20,592,116 - 20,592,116 Loans and receivables 126,865,409 5,215,186 132,080,595 Reinsurance assets 8,631,597 - 8,631,597 Cash and cash equivalents 16,474,497 3,835,232 20,309,729 Total assets 506,445,585 53,920,711 560,366,296 Liabilities Debt securities (issued) 75,324,967 - 75,324,967 Loans 42,225,314 199,641 42,424,955 Insurance contracts 237,389,001 36,319 237,425,320 Insurance contracts with DPF 57,330,326 434,858 57,765,184 Investment contracts with DPF 13,791,387 - 13,791,387 Total liabilities 426,060,995 670,818 426,731,813 5.3 Operational risk Operational risks are risks related to errors in the functioning of business processes, information technology, organisation and similar areas. The operational risks of the Group are managed in the subsidiaries by monitoring the weaknesses and opportunities of their businesses and by controlling the business processes. Operational risk management is based on the Groupʼs strategic and companiesʼ operational objectives. The Group manages operational risks by introducing the ISO standards at the level of the Group and in its individual members with which the Group wants to standardise business processes. The Group uses standardised and uniform software in the area of accounting and investments. 5.4 General business risk General business risks are related to the Group’s operations in the environment, such as the economic environment, legislation and similar, on which the Group has no direct impact. Such risks are quite difficult to measure or model. In order to manage such risks, the Group regularly monitors legislation through its technical services, developments on capital markets and macroeconomic parameters of the markets in which it is present. 277
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 The global market in 2007 was very changeable. In second half of the year, the real estate crisis in the USA was bigger that was expected, causing distrust in the money market; short term interest rates increased, and liquidity in the inancial market decreased. in Slovenia; a decision on dividends distribution is taken by the shareholders’ meeting. KD Holding has no specific aims about ownership by employees and has no program for share options. In the Group there were no changes in managing capital in 5.5 Capital managment 2007. 278 Management Board takes decisions for maintenance of significant (large) capital scope to ensure the confidence of all participants and development of KD Holding. As one of the strategic indicators, the Group defines return on equity as the ratio between net profit for the year of the majority ownerʼs and the average value of majority owner equity. The Group seeks to keep the balance of large returns which can be reached by higher indebtedness, and the advantages and safety of powerful capital structure. According to the shareholders’ meeting decision, the parent company KD Holding has established its own share fund. On 31 December 2007 there were 62,601 ordinary shares with the mark KDHR, which is 2.11% of issued capital, and 51,306 preference shares with the mark KDHP, which is 1.74% of issued capital. The investment plan, optimal capital structure policy, expectation and the interests of shareholders are basis for the development of dividend policy. The entity distributes a dividend once a year. Management and Supervisory Boards of the parent company take a decision on the amount of proposed dividends. Dividends are distributed from accumulated profit of the parent company which is regulated with compliance of valid regulations The parent company is not a subject to the capital requirements which could be set by the regulatory authority. An entity has subsidiaries in the field of financial and insurance segment, the capital requirements of which are provided by the regulatory authority. The management of the entities provides the proper amount of capital (capital adequacy) according to the scope and type of operation, which are managed by management and according to the risk which are they exposed to. 5.6 Fair value of financial assets and liabilities Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The Group establishes the fair value of financial assets in the following way: - The fair value of investments in equity instruments that have a quoted market price in an active market is determined as the product of the number of units of the instrument and its quoted market price. - If there is no active market for the financial instruments, the methods of assessing the fair
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“With extended pictures and image
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Contents Company profile Important
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Company profile Parent company: KD
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Sales of financial services Last ye
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When we gathered together at the fi
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Management Team 14 Janez Bojc, Depu
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16 Aljoša Tomaž, Assistant to the
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18 Matija Šenk, President of the M
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KD Holding Group key divisions Inve
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Companies in the KD Holding Group b
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24 Piran saltpans, Slovenia
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26 Ljubljanica River, Slovenia
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2005 Establishment of the first spe
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30 Key events in 2007 January The o
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November KD Investments in Slovenia
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34 Old city centre, Ljubljana, Slov
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1. Poslovno poročilo Skupine KD Ho
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1.1 Strategic orientations of the K
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Continuing along the same path in 2
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Share price movement There were 3,2
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Ownership structure The largest sha
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1.3 Corporate governance report Res
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Alojz Penko Alojz Penko was first a
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The members of the Management Board
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7. AUDITING AND THE SYSTEM OF INTER
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Highlights from the income statemen
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Sales revenue Sales revenue 8 amoun
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Operating expenses Operating expens
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Net profit by business segment in 2
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Financing Due to the high growth in
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1.5 Risk Management 64 The Manageme
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66 Parameters defining the insuranc
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68 Bratislava, Slovakia
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70 Croatian Istria - portrait
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1.6 Human resource management At th
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Employee educational structure More
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Number and educational structure of
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78 Kalemegdan - Belgrade, Serbia
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80 Belgrade, Serbia
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1.7 Corporate communications Intern
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1.8 Information support using the s
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to Fondpolica investment funds with
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88 Belgrade, Serbia
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cultural institutions and with indi
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The main focus at Adriatic Slovenic
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Corporate social responsibility in
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Kalemegdan - Belgrade, Serbia 97
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Slovenija - solinar Fisherman, isla
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Celica Hostel, Ljubljana, Slovenia
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2. Operations of the companies with
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In asset management business, our i
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2. 1 Asset management The Group’s
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Challenges in 2008: Maintaining our
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Slovenia KD Investments, družba za
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KD Rastko - an equity mutual fund A
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second half of the year, prices beg
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The structure of the portfolio, com
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Croatia KD Investments d. o. o., Za
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KD Adria Bond, - a bond mutual fund
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Slovakia KD Investments, správ. sp
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Bratislava, Slovakia 127
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Romania SAI KD Investments Romania,
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KD Multifond - a fund of funds At t
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Bulgaria KD Investments EAD, Sofia
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KD Equity Bulgaria - an equity mutu
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Serbia KD Investments, a. d., Belgr
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Slovenia KD BPD, borznoposredniška
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We successfully responded to Sloven
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Bulgaria KD Securities EAD, Sofia N
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Our insurance activities embody the
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Structure of insurance within KD Ho
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Structure of health insurance premi
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was above average in terms of reput
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In 2007 Adriatic Slovenica’s work
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Structure of KD Življenje premiums
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Romania KD Life Asigurari S. A., Bu
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Slovakia KD LIFE, Insurance company
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Eastern Orthodox priest, Macedonia
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Do you think it is possible to comb
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Operations in 2007 To increase sale
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Terazije, Belgrade, Serbia 169
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But we also build literally: we hav
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Investment strategy The amount inve
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Closed-end Investment fund BIG d. d
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Challenges in 2008: The company’s
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179
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Challenges in 2008: To obtain the r
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may choose between the following ma
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A selection of the most important a
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The company designed, developed and
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Sofia, Bulgaria 189
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KD Holding Group Consolidated Finan
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KD Holding Group Notes to Consolida
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