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KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 2007 2006 (in EUR) Gross Reinsurance Net Gross Reinsurance Net Notified claims 61,129,663 (8,975,642) 52,154,021 62,253,827 (7,570,335) 54,683,492 Incurred but not reported 58,645,436 (912,813) 57,732,623 46,875,412 (314,943) 46,560,469 Total at the end of the year 119,775,099 (9,888,455) 109,886,644 109,129,239 (7,885,278) 101,243,961 b) Unearned premiums 2007 2006 (in EUR) Gross Reinsurance Net Gross Reinsurance Net Total at the beginning of the year 65,146,304 (738,149) 64,408,155 57,280,596 (1,145,731) 56,134,865 Increase of liabilities 72,441,980 (1,561,424) 70,880,556 58,424,069 (33,317) 58,390,752 Decrease of liabilities (67,737,367) 1,183,611 (66,553,756) (50,558,361) 440,899 (50,117,462) Currency differences-net 4,480 - 4,480 - - - Total at the end of the year 69,855,397 (1,115,962) 68,739,435 65,146,304 (738,149) 64,408,155 c) Unit-liked contracts (in EUR) 2007 2006 Gross Reinsurance Net Gross Reinsurance Net Total at the beginning of the year 57,882,765 - 57,882,765 23,196,349 - 23,196,349 Increase linked to premium payments 43,236,959 - 43,236,959 31,040,559 - 31,040,559 Decrease linked to payouts (1,645,670) - (1,645,670) (885,342) - (885,342) Decrease due to charged commission (2,668,624) - (2,668,624) (1,469,126) - (1,469,126) 303 Change due to change in unit price 16,196,103 - 16,196,103 5,999,232 - 5,999,232 Currency differences-net (23,254) - (23,254) 1,093 - 1,093 Total at the end of the year 112,978,279 - 112,978,279 57,882,765 - 57,882,765 d) Long-term insurance contracts with DPF 2007 2006 (in EUR) Gross Reinsurance Net Gross Reinsurance Net Total at the beginning of the year 57,765,184 - 57,765,184 54,139,230 - 54,139,230 Increase linked to premium payments 7,563,285 - 7,563,285 5,382,333 - 5,382,333 Decrease linked to payouts (4,713,079) - (4,713,079) (3,130,787) - (3,130,787) Increase by the interest 1,184,965 - 1,184,965 1,139,489 - 1,139,489 Increase by the DPF portion for the current period 748,121 - 748,121 234,919 - 234,919 Currency differences-net (450) - (450) - - - Total at the end of the year 62,548,026 - 62,548,026 57,765,184 - 57,765,184
KD Holding Group Notes to Consolidated Financial Statements as at and for the year ended 31 December 2007 e) Other insurance contracts 2007 2006 (in EUR) Gross Reinsurance Net Gross Reinsurance Net Total at the beginning of the year 5,267,012 (8,170) 5,258,842 2,257,404 (1,415) 2,255,989 Increase of liabilities 3,572,597 (407) 3,572,190 4,693,521 (6,958) 4,686,563 Decrease of liabilities (5,074,597) 8,170 (5,066,427) (1,683,913) 203 (1,683,710) Total at the end of the year 3,765,012 (407) 3,764,605 5,267,012 (8,170) 5,258,842 19. Derivative financial instruments The Group has an interest swap in the amount of EUR 11,000,000 intended to reduce the exposure of cash flows of interest on loans (cash flow hedge). The fair value of the interest swap on 31 Decmber 2007 is negative and the amount is EUR 33,272. Financial derivatives of the Group include future contracts; the fair value as at 31 December 2007 is EUR 6,279,463. The Group recognised EUR 6,279,463 in losses from valuation of future contracts. The effect of valuation of hedge instruments is recognised in equity. 304 20. Trade and other payables (in EUR) 2007 2006 Trade payables 20,597,027 26,280,314 Amounts due to related parties 188,603 978,046 Payables-state (without income tax) 1,964,406 1,883,701 Salaries 3,779,780 3,244,118 Employee benefits 4,582,141 3,283,733 Accrued expenses and deferred income 7,220,873 5,568,110 Other insurance payables 12,536,188 12,782,136 Total: 50,869,018 54,020,158
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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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