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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 7. Property, plant and equipment (in EUR) Land & buildings Vehicles & machinery Furniture, fittings & equipment Total At 1 January 2006 Cost 63,123,577 13,464,981 19,477,541 96,066,099 Accumulated depreciation (9,601,035) (8,601,945) (9,042,660) (27,245,640) Net book value 53,522,542 4,863,036 10,434,881 68,820,459 Year 2006 Opening net book amount 53,522,542 4,863,036 10,434,881 68,820,459 Exchange differences 50 8,099 7,169 15,318 Acquisition of subsidiary - - 18,344 18,344 Additions 689,816 2,815,871 10,378,451 13,884,138 Disposals - (79,457) (195,768) (275,225) Depreciation charge (1,183,684) (1,689,296) (2,305,443) (5,178,423) Transfer to investment property (5,894,467) - - (5,894,467) Other movements - - (169,742) (169,742) Closing net book value 47,134,257 5,918,253 18,167,892 71,220,402 At 31 December 2006 Cost 57,599,288 15,752,054 26,832,795 100,184,137 Accumulated depreciation (10,465,031) (9,833,801) (8,664,903) (28,963,735) Net book amount 47,134,257 5,918,253 18,167,892 71,220,402 Year 2007 Opening net book value 47,134,257 5,918,253 18,167,892 71,220,402 Exchange differences (87,629) (20,023) (7,215) (114,867) Acquisition of subsidiary (Note 31) 948,626 159,561 334,380 1,442,567 Disposal of subsidiary (Note 31) (338,408) (207,975) (255) (546,638) Additions 2,928,102 5,323,678 8,278,837 16,530,617 Disposals (1,543,051) (172,533) (883,821) (2,599,405) Depreciation charge (1,254,881) (2,141,299) (2,724,651) (6,120,831) Transfer to investment property 4,055,165 - - 4,055,165 Closing net book value 51,842,181 8,859,662 23,165,167 83,867,010 At 31 December 2007 Cost 65,186,188 20,032,673 34,571,658 119,790,519 Accumulated depreciation (13,344,007) (11,173,011) (11,406,491) (35,923,509) Net book value 51,842,181 8,859,662 23,165,167 83,867,010 283 Bank borrowings are collateralised by land and buildings with the carrying value of EUR 24,640,163 (2006:EUR 20,942,710).
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 8. Investment property (in EUR) 2007 2006 At 1 January Cost 22,895,497 16,740,290 Accumulated depreciation (2,303,381) (1,458,688) Net book amount 20,592,116 15,281,602 Year ended 31 December Opening net book amount 20,592,116 15,281,602 Acquisition of subsidiary 4,536,423 - Additions 197,384 653,622 Transfer from property, plan and equipment (4,055,165) 5,894,467 Disposals (47,874) (590,382) Depreciation charge (621,363) (647,193) Closing net book amount 20,601,521 20,592,116 At 31 December Cost 24,058,580 22,895,497 Accumulated depreciation (3,457,059) (2,303,381) Net book amount 20,601,521 20,592,116 The following amounts have been recognised in the income statement: 284 (in EUR) 2007 2006 Rental income 1,737,018 1,268,461 Direct operating expenses arising from investment properties that generate rental income 1,198,783 345,902 The Group does not have any investment properties that do not generate rental income. Lease agreements are short-term and cancellable. Fair value of the Group’s investment properties as at 31 December 2007 is EUR 23,538,720 (2006: EUR 25,631,860) as determined by an external independent valuer. The determination of fair value is not supported by the market approach, as there is no publically available data in Slovenia. Therefore the method of discounted cash flows is used, with cash flow projections until 2010 and discount rate of 5.5%.
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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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107
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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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147
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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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