kontinuita - Komunálna Poisťovňa

NOTES TO
THE FINANCIAL
STATEMENTS
13. Legal reserve fund and other funds
Year ended 31 December 2008 2007
Legal reserve fund 22,649 21,924
Differences from the revaluation of securities available for sale -88,251 -9,803
Contribution to equity 450,000 -
Retained earnings -66,199 6,586
Total 318,199 18,707
The legal reserve fund can be used only to cover losses. The legal reserve fund is set up from profit up to 20% of the
share capital.
On 27 November 2008, the extraordinary General Meeting approved a contribution of SKK 450 million to the Company’s
equity in proportion to the ownership interests of its shareholders – KOOPERATIVA poisťovňa, a.s. Vienna Insurance
Group and WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group.
The annual General Meeting held on 18 April 2008 approved the following distribution of the 2007 profit:
SKK 723 thousand - appropriation to the legal reserve fund; and
SKK 7,236 thousand - transfer to retained earnings.
Movements in the revaluation reserve for securities available for sale are shown in the following table:
At 1 January 2007 -2,696
Revaluation – gross (Note 8) -123
Revaluation – tax (Note 16) 536
Net gains transferred to net profit on disposal and impairment – gross (Note 8) -9,284
Net gains transferred to net profit on disposal and impairment – tax (Note 16) 1,764
At 31 December 2007 -9,803
Revaluation – gross (Note 8) -61,481
Revaluation – tax (Note 16) 11,681
Net gains transferred to net profit on disposal and impairment – gross (Note 8) -35,368
Net gains transferred to net profit on disposal and impairment – tax (Note 16) 6,720
At 31 December 2008 -88,251
KONTINUITA ANNUAL REPORT 151