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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