NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

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NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

ANNUAL REPORT 2007175,960 1,335,3209. SALES, ADMINISTRATIVE AND OTHER OPERATING EXPENSES 2007 2006Gross salaries 1,056,609 1,026,125Other employee benefits and management bonuses 365,984 255,280Services 257,126 252,145Depreciation 259,174 249,052Taxes 171,020 170,292Meal allowance, transportation and vacation allowance 114,783 108,815Insurance premiums 109,529 156,399Memberships 83,662 70,759Advertising and entertainment 62,771 65,681Maintenance 49,937 58,934Material and energy 68,787 49,760Bank fees 48,053 38,631Donations 11,309 19,700Other expenses 31,326 169,0752,782,490 2,690,64810. INCOME TAX EXPENSE 2007 2006Profit before income tax 2,607,935 2,972,310Tax effect of non-recognized expenses 58,468 180,079Dividends and portion in profit for which taxes have been paid (205,984) (29,459)Income allocation to reserves (391,190) (445,847)Total taxable profit 2,069,229 2,677,083Income tax at 30% 620,769 803,125Income tax relief from investment in property and equipment (465,577) (350,000)Tax expense for the year 155,192 453,125Effective tax rate for the year 7.5% 15.24%64

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