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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 11.4 Financial assets available for sale (in EUR) 2007 2006 Equity securities Listed securities 158,749,277 100,712,870 Non-listed securities 38,197,000 34,938,132 196,946,277 135,651,002 Debt securities Listed securities: Fixed interest rate 30,540,653 29,489,007 Floating interest rate 796,877 415,757 31,337,530 29,904,764 Non-listed securities: Fixed interest rate - 694,830 Government bonds 88,930,521 89,890,803 Total: 317,214,328 256,141,399 11.5 Movements in financial assets (in EUR) Fair value through profit & loss - trading Fair value through profit & loss - other Available-forsale Held-to-maturity Total 293 At 1 January 2006 22,848,297 36,923,765 271,901,957 6,563,024 338,237,043 Exchange differences on monetary assets (440,769) 259,902 85,295 1,740 (93,832) Additions 33,256,273 28,541,410 69,776,135 1,632,511 133,206,329 Acquisition of subsidiary - - 427,954 - 427,954 Disposals (sale and redemption) (17,550,805) (5,382,261) (92,815,210) (1,209,398)* (116,957,674) Impairment of available-for-sale equity securities - - (9,633,388) - (9,633,388) Net fair value gain (loss) - excluding net realised gains 10,402,153 6,765,018 16,398,656 - 33,565,827 At 31 December 2006 48,515,149 67,107,834 256,141,399 6,987,877 378,752,259 At 1 January 2007 48,515,149 67,107,834 256,141,399 6,987,877 378,752,259 Exchange differences on monetary assets (865,193) (505,740) (53,008) - (1,423,941) Additions 23,732,024 65,762,997 94,509,089 1,242,045 185,246,155 Acquisition of subsidiary 189,657 8,853 25,145 - 223,655 Disposal of subsidiary - - (23,031) - (29,519) Disposals (sale and redemption) (32,787,535) (15,052,741) (73,093,232) (639,758)* (121,566,778) Impairment of available-for-sale equity securities - - (2,596,286) - (2,596,286) Net fair value gains - excluding net realised gains 3,724,216 16,196,104 42,304,252 - 62,224,572 At 31 December 2007 42,508,318 133,517,307 317,214,328 7,590,164 500,830,117 * only redemption
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 Impairment of available-for-sale non-listed equity securities is recognised whether on the basis of external independent valuations, using the discounted future cash flow method or on the basis of an internal model in which appropriateness has been assessed by an independent qualified expert. - the method of discounted cash flows was used - projections were made for minority shareholder - cash flow projections for the period of 5 years were prepared - revenue growth rates range up to 5% per year - growth of employee costs was 3% per year - discount rates range up to 11,6% per year According to valuations performed in 2007 the impairment of EUR 2,596,286 (2006: EUR 9,633,388) was recognised. The following key assumptions were used in these valuations: Held-to-maturity investments were redeemed in 2007 in the amount of EUR 639,758 (2006: EUR 1,209,398). The effective interest rates on debt securities were as follows: 2007 2006 294 Debt securities: – held-to-maturity financial assets 5.08% 5.12% – available-for-sale financial assets 4.36% – 4.96% 4.00%-4.50%
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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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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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