Výročná správa 2009 - Komunálna Poisťovňa

(All amount are in thousands of Euros, unless stated otherwise)25. Income taxYear ended 31 December 2009 2008Tax due 74 195Deferred tax (Note 17) 356 (192)Under accrued income tax 1 -Total 431 3The tax on the Company’s profit before tax differs from the theoretical amount that would ariseusing the tax rate applicable to profits of the Company, as follows:Year ended 31 December 2009 2008Profit before tax 565 (1,208)Income tax calculated using the 19% tax rate 107 (230)Tax-non-deductible expenses 594 265Non-taxable income (272) (32)Additional tax for previous periods 1 -Tax expense 431 3The income tax rate was 19% (2008: 19%).26. Cash flow from operating activitiesYear ended 31 December 2009 2008Profit (loss) before tax 565 (1,208)Depreciation and amortization of non-current assets 577 524Movements in tangible and intangible assets - -Movements in financial assets (15,820) (12,211)Movements in receivables 1,549 2,376Movements in deferred acquisition costs 799 804Movements in reinsurance assets 2,085 (1,668)Movements in liabilities from insurance contracts 5,001 11,073Movements in other liabilities (1,262) (1,490)Net cash from operating activities (6,506) (1,803)The Company classifies the cash flows from the sale and purchase of financial assets as cashflows from operations.27. Contingent liabilitiesSince some provisions of Slovak legislation allow for more than one interpretation, the taxauthorities may decide to tax certain business activities that the Company believes should not betaxed. The 2009, 2008, 2007, and 2006 taxation periods were not subject to a tax audit. Therefore,there is a risk of additional imposition of tax. The management of the Company is not aware of anycircumstances in this respect that may lead to significant costs in the future. The mentioned taxationperiods could be subject examination by the tax authorities in 2014, 2013, 2012, and 2011.Ročná účtovná závierka a komentár I Company Accounts195