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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 12. Loans and other receivables 12.1 Loans (in EUR) 2007 2006 Loans to individuals Non-current 12,096 14,334 Current 266,645 - Loans to corporate entities Non-current 1,404,625 1,571,858 Current 18,883,951 15,759,076 Loans to related parties Current 10,817,163 18,415,494 Bank deposits Non-current 2,573,327 3,035,428 Current bank deposits 25,143,195 22,652,270 Total loans 59,101,002 61,448,460 Less: allowance for losses on loans and advances Non-current (696,279) (689,767) Current (653,631) (458,942) (1,349,910) (1,148,709) Total: 57,751,092 60,299,751 295 Current bank deposits are not treated as cash and cash equivalents, mainly due to the liquidity requirements for insurance companies. Movement in allowance for losses on loans: (in EUR) 2007 2006 Balance at 1 January 1,148,709 1,069,867 Impairment in a year 252,198 203,875 Disposal of subsidiaries (50,997) - Reversal of impairment during the year - (125,033) Balance 31 December 1,349,910 1,148,709 The effective interest rates on loans were as follows: 2007 2006 Non-current loans 4.65% - 8.00% 4.65% - 7.00% Current loans 2.53% - 10.00% 2.53% - 9.00% Loans to related parties 3.29% - 5.45% 3.29% - 7.30% Short-term bank deposits 2.9% - 4.38% 3.00% - 3.53%
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 12.2 Other receivables (in EUR) 2007 2006 Trade receivables Current 22,206,739 25,822,244 Less: provision for impairment of receivables (2,620,257) (3,195,186) Trade receivables – net 19,586,482 22,627,058 Receivables arising from insurance and reinsurance contracts: Due from contract holders 43,845,188 39,721,244 Less: provision for impairment of receivables from contract holders (13,140,743) (10,653,668) Due from agents, brokers and intermediaries 32,700,280 25,904,556 Less: provision for impairment of receivables from agents, brokers and intermediaries (19,620,427) (15,434,223) Due from reinsurers 3,154,077 1,655,860 Less: provision for impairment of receivables from reinsurers (1,630) (1,630) Receivables arising from insurance and reinsurance contracts – net 46,936,745 41,192,139 Prepayments 851,925 3,396,316 Receivables from related parties 240,142 383,876 Accrued income and deferred expenses 10,324,585 4,181,455 11,416,652 7,961,647 Total: 77,939,879 71,780,844 296 Trade receivables of EUR 734.666 (2006: EUR 462,346) are classified as current assets based on the normal operating cycle but are expected to be settled more than twelve months after the balance sheet date. Movement in allowance for losses on trade and other receivables: (in EUR) 2007 2006 Balance at 1 January 29,284,708 29,030,262 Provision for receivable impairment 10,361,156 11,063,585 Receivables written off during the year as uncollectible (826,621) (5,442) Amounts recovered during the year (3,436,186) (10,803,697) At 31 December 35,383,057 29,284,708
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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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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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