Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)Concentration of credit risk in relation to loans and receivables is insignificant, as the Companyhas a large number of debtors (Note 4.2.3).11. Deferred acquisition costsThe reconciliation of changes in deferred acquisition costs in 2009 and 2008 is as follows:Year ended 31 December 2009 2008At the beginning of the year 4,645 4,914Business combination 2,954Additions 2,356 2,926Release (3,347) (3,731)Exchange rate difference from translation to presentation currency - 536Total 6,608 4,64512. Cash and cash equivalentsYear ended 31 December 2009 2008Cash at hand and in bank 219 1,287Short-term bank deposits 16,294 8,347Total 16,513 9,634Short-term bank accounts had an average maturity of 1.45 days (2008: 3.17 days).13. Share capitalNumberof ordinary sharesOrdinary shares(thousands of Euros)Balance at 1 January 2008 3,200 10,622Balance at 31 December 2008 4,200 13,941Balance at 31 June 2009 4,200 13,944For the conversion of share capital from Slovak crowns to Euros, the share capital of the Companywas rounded to EUR 13,944,000. The rounding difference was debited to retained earnings.Share capital at 31 December 2009 consisted of 4,200 units (31 December 2008 – 4 200units)of approved and paid ordinary shares. The nominal value of a share is EUR 3,320. The holdersof all ordinary shares have the right to vote and receive dividends for the value of the shares theyhold in proportion to the total value of the Company’s shares (Note 1).14. Legal reserve fund and other fundsYear ended 31 December 2009 2008Legal reserve fund 757 757Revaluation of AFS 787 (199)Retained earnings 16,766 997Total 18,310 1,555Ročná účtovná závierka a komentár I Company AccountsIt is possible to use the legal reserve fund only to cover losses. The legal reserve fund at 31December 2009 is EUR 757 thousand (2008: EUR 757 thousand).171