„ЗД ЕВРО ИНС” АД

бул. „Г. М. Димитров” №16, гр. София

тел. 02/965-15-25, факс 02/965-15-26

ГОДИШЕН ФИНАНСОВ ОТЧЕТ

2007

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,l HCTr4Tyqtl XMCC 31 E rose B ctBMecrHn npeAnpl4erl4cMCC32 ouHaHcoBI,{l,4HcrpvMeHn4:onoBecrtBaHe npeacraBtHel\,lCC 33 ,4oxoAx Ha aKur4eMCC 34 N4eMuHHo SuHaHcoBo orqhraHeN4CC 36 O6e3ueHKa Ha afi Bl,'ll\4CC 37 npoBt43l,4l,4, ycnoBHu nacl{Bl,'l 1,1 ycrloBHt! aKTuBr4MCC 38 HeMareptanHh aKr!481,1MCC 39 OrHaHcoBv HcrpyMeHTlli llp!13HaBaHe 14 oqeH9BaHeMCC 40 LlHBecruquoHHr4 hMorull\,lCC 41 3eMeaenueKPI,ICOO '1 npoMeHl4 a clulecrByBaull41e 3aAl"lxeH q 3a rl3Bo{qaHe or eKcnnoaraq[t,

B!3CTaHOB9BaHe U CXOAHTTe C TgX 3aAlnxeH'4tKPIV1COO 2 EenoBe Ha gireHoBe B koonepaqtll4 14 cxoAHl4 l,4HcrpyMeHr!1KPI\,{COO 4 OnpeAentHe Aanl4 AaAeHo cnopa3yMeHue clArpxa n,43r4HfKPMcoo 5 npaBa Ha y'lacrule BrB +oHAoBe 3a u3BexaaHe or e(cnnoaraq[9

B!3CTaHOB9BaHe Ha O(OnHaTa CpeAaKPI\4COO 6 3aAUrxeHt{F, BE3Hl4kBaulu or y\iacrue B cneqrQ qeH na3ap-ornaA!'lHo

ererrpvLrecrBo u eneKTpoHl'o 06opy4BaheKPMCOO 7 npl4nafaHe Ha noAxoAa 3a npel43'ltlcreH!,4e Ha QllHaHcoBl'4re orqeru'

cLffacHo IVICC 29 o HaHcoBo orLll.4raHe npt4 cBplxuHcpnaql4oHHl'4!l KOHOM 1,4 Kl,4

KPMCoO I O6xBar Ha MCOO 2KPMCOO 9 llpeoqeHeBaHe Ha BHeapeH !1 AepuBarl1B tiKPI\4COO 10 N/leXqxHHo OrHaHcoBo or'lqraFe tl o6e3qeHKaKPMCoO 11 MCOO 2: TpynoBu caen([ u cAerKtl no o6parHo l'l3KynyBaHe Ha aKqu'4

nKP 7 BlBe)<aaHe Ha eBporonKP 1O flpaBurencrBeHa noMoLll - 6e3 cneql4anHa Bpb3Ka c oneparuBHara AetHocrnKP 12 KoHcou Aaqht - npeAnputrl4e cbc cnelll4anHo npeAHa3HaLleHuenKP 13 ctBluecrHo KoHrponlpaHu npeAnpt4erl"l9 - HenapuqHh BHocKtl or

l(oHfponxpaulrlre crapyxH14Lll,4nKP 15 OneparvlBeH ru3uHr- crtlMyrunKP 21 EaHtql,l Blpxy Aoxoaa - Bb3craHoBtBaHe Ha npeoqeHeH re

HeaMoprl,l314pyei,414 aKrll814nKP 25 AaHtq[ Bbpxy aoxo,qa - npoMeH[ B AaHlqHue craryc Ha eAHo npeanpl4FTue

l,4rltl HeroBrTe aKql4oHephnKP 27 OueHeBaHe clAlpxaHvlero Ha onepaqhl,4, BKnloqBaultl npaBHara QopMa Ha

nu3!1HrnKP 29 OnoBecrtBaHe - cnopa3yMeHl4e Ha (oHqecuoHHa ycnyG

nKP 31 flp xoA - 6aprepH cAen([, BKnbqBaull4 peslaMHt ycryru

nKP 32 HeMareprlatH!4 aKruB - pa3xoau 3a ,4HTepHer crpaHl4ql4

2.l.3.CqeroBoa a xoHBeHqne

OtHaHcoBl4tr or,tef e clcraBeH np!4 cna3BaHe Ha (oHBeHqtlqra 3a hcropr4Llec(ara qeHa' c

!l3uloqeHue Ha uHBecrl4Lll,4oHHrre 14Morl4 [ Ha Q HaHcoBure aKTuBx Ha pa3notoxeHxe 3a

npoAa{6a u 3a rbpryBaHe, xor4lo ca npeAcraBeHt4 no cnpaBeatl14sa crol4Hocr' KaKro e

onoBecreHo B 6enexKt4Te no-HararrK.

2.1.4.C,{eroBoaHu npeAnotoxeHue l,{ npr6nr3urenHr c'{eloBoAHx npeqeHKr

Pb(oBoAcrBoro e l,43Bbpultno Hali-Aoop re npeqeH(u l'4 npeAnonoxeH'{e 3a

obcrocrencrBara, Kol,4To oKa3Bar BtllrcH,4e Ha crofrHocll,4Te Ha npu3Harure aKTl4Btl h nacl4Bl'1,

EEfiEXKI4 KbM OT4HAHCOBI4F OT'{ET HA 3A "EBpOt4HC" AA3A TOAhHATA,3AB'bPIIIBAIllA HA 3'I AEKEMBPI4 2O()7

K!M

KaKro I Ha ycnoBH[Te aKr[Bh u nacuBtl KlM aaTaTa Ha vl3roTBcHe ga QtlHaHcoBtlg oT']eTTe3h npeqeHxu I npeAnonoxeHug ce ocHoBaBar Ha Hafi,lqHara uHQopMaq!1t Kbt\4 AararaHa clcraBgHe Ha QuHaHcoBl4t or'ler .

2.1.5. OrqerHa Banyia

ClfnacHo t43l4cKBaHutra Ha obrfapcKoro 3akoHoAarellcrBo ApyxecrBoro l43forB9

Ol4HaHcoBlre cr orger[ B Haq oHanHara Banyra - 6bnrapcK, neBa. OT 1999 r.obnfapcKhtr neB e Sl4l(cl,4paH KrM eBporo B orHoueHue 1.95583 neBa 3a 1 eBpo.

2.1.6. CAenKx c ,ryx(AecrpaHHa Baryra

CAenKure B gy,(AecrpaHHa Banlra ce orgxrar B rleBa no ootlqranHl4er o6lueHeH Kypc Ha6HE KbrM aarara Ha cAeflKara.KypcoB Te pa3nl4Ktl or onepaqu!1 npeoqeH(i4 Ha aKT BI,4 r nachBr4, AeHoMl,lHl'{paH B'rlD(aecrpaHHa Banyra, ca BKnolleHh B oTgera 3a aoxoauTe 3a nepl4oaa Ha Bb3H14KBaHero

BaxHu o6MeHHu (ypcoBe B Haqanoro tl (paq Ha or'lerH[t nepuoA:

K!M31.12.2007 31.12.2046

USD l=EUR 1=

1 .33122 nega1.95583 neBa

1.48506 neBa1.95583 neBa

2.1.7. CpaBHrrenHn EaHHn

ApyxecrBoro npeAcraBq cpaBHxrenHa uHQopMaql.4F BtB QuHaHcoBrre orqer 3a eAHaflpeaxoaHa toal,{Ha /nep!4oa/. Koraro e Heo6xoAl4Mo, cpaBHtlIenH Te AaHHU CepeMac!4QnupaT, 3a aa ce nocTl,4fHe crnocraBllMocT cnptMo llpoMeHI B npeactaBtHero Ha

TeKyqaTa roauHa.

3, OxHaHcoB14 /na3apHs/ ptrcr{oBe

3.1. tlnxBrAeH prcK

tlu[Br4AHt4F puc( e cBrp3aH c HecborBercBue Ha MaryphrerHhre crpyKrypu Ha affuBl4re u

nac[Bl,4Te, 3acrpaxoBaTetHuF 6l43Hec e cBlp3aH c e*eAHeBHo u3ru]aulaHe Ha o6e3uleTeHt19no 3acroaxoBaTellHl, aoroBopl4, KaKTo l, apyfl,4 3aa!,lxeHug, (ol'4To B!3HI'{KBaT npt4

06 qaftHara aetHocr. ApyxecrBoro exeAHeBHo cneAu ll KoHTpon pa cBoure rlorpeoHocrl'1

oT BXOAgr4l4 ll l43xoAgl.llfi naprgHr noToqu. 3a aa ocl4rypu cBoFTa ru(Bl',4aHocT apyxecrBorouHBecTtlpa u noaalpxa Heo6xoal4lv pa3Mep or (paTKocpolHl'4 l'4HBeCTULll4l'4 npeAt4MHO B

KOalKOCpOgHl,l AenO34Tl4 B 6aHkh U Apyru KpaTKocpor]Hl,4 Q HaHCOBI,j hHCTpyMeHTh

ApyxecrBoro ce crpeMll Aa noAAbpxa 6anaHc Mexay cpollHocr Ha npl4Bne'{eHue pecypc M

TbBKaBOCT npu I/3nOfl3BaHe Ha CpeACTBa C pa3n qHa MaTypllTelHa cTpyl(lypa. ocBeH ToBa

Aplo(eCTBOTO lr3BbpLllBa TeKyula oqeHKa Ha rlhKBlrAHl4t ptlcK

3.2. BanyreH pucK

BafllTHht pr,4cK e cBlp3aH c pr4cKa croiHocrra Ha Ql4HaHcoBtlre aKruBu a nacvBl Aa ce

npoMeHu nopaa!1 l,l3MeHeH!1e Ha BaIyTHl4g (ypc. ApyxecTBoTo He pa3nolafa ctc

3Hae[TereH noprQefin oT ShHaHcoBt aKrrBu AeHoMr4HnpaH14 B Aorapu Ha CAl4 CyMaTa Ha

3al6rrxeHuFTa no AofoBopl, B aonapu Ha cAlLl e He3Ha'll.4rerHa

3.3.I lxxBeH puc(

Jl xBeHut prrcK e cBlp3aH c e+eKrule or u3MeHeHuero Ha na3apHure nt4xBeHlf paBHuula

Bbpxy QhHaHcoBoTo cLcTogH!1e Ha apyxecrBoro I HeroBlTe nap LlHl4 noroLll4

CnpaBeAnxBara croiHocr Ha o6n raqfioHrii4Te uHcfipyMeHr c QuKc paHtl KynoHHl4

EE'IEXKI4 KbM OHHAHCOBI4' OTqET HA 3! "EBPOI4HC" AA3A TOAUHATA, 3AB}PIUBAI{A HA 31 AEKEMBPI4 2()O7

n'laulaHug Moxe Aa ce npoMeH B pe3ynTaT Ha npoMeHfiTe B n xBeHure flpoqeHThJll4xBeHhre AoxoAl, Ha uHcrpyMeHTure c nnaBau]a fitlxBa Moxe Aa ce npoMeHtl B pe3ynrar

Ha npoMeHhTe B nl,{xBeHl4Te npoqeHTu. JlrxBeHugT pl4cK ce Ha6n|)aaBa 14 ynpaBnqBa 'lpe3

noaxoAflr.l ,36op Ha fiHclpyMeHTll C Qh(C[paHa 14 nnaBau]a nrxBa, KaKro u qpe3

CbnOCTaBtHe Ha Malypl'lTeTa Ha aKTl4B[Te 14 3aAltlxeHUsTa

3.4. KpeAlreH pxcK

Kpea rHl,4t prrcK ce xapaKrepu3xpa c eBeHTyanHara HeBb3lvoxHocr Ha eMureHTa Ha

o6Jrrfaq q t4tll4 Ha KpeAvrrononyqaTert Aa noracll 3aAbnxeHtliTa cu B cloTBerH 9

aofoBopeH cpo(. ,qpyxecTBoro ynpaBntBa KpeAlTHrlg pl4cK Karo npeqeH9Ba BctKae(cflo3t4ut4t nooraeJlHo rl npeqeHtBa LlHAl4BhayatHi4Te Bb3MoxHocrll Ha eMureHTa Aao6eiryxBa AoroBopeH,me BbB SuHaHcoBl,tc r4HcrpyMeHT nnaulaHrg, KaKTo tl Ka\lecrBoro Ha

npMerhTe o6e3nerreHl4r no (peauTu, aKo !1Ma raKuBa.

4. 3HaqnMu c'reroBoaHt nonrtrxn

4.l,3anncaHx 3acrpaxoBarerHll npeMrx l.| n3nnateHu o6e3uereH t

3acrpaxoBarenBttre npeMu[ ce orqrrar ]<aro np!1xoAl4 Ha 6a3ara Ha Ha'l cneHh npe3orqeTHaTa roar4Ha ilpeMul4 no 3acrpaxoBaTerlHl,4Te aoloBopl4, He3aBl4cllMo OT QaKra, qe

pr,4cr{bl ce oTHacg 3a clleABaulu oT'.leTHu neptloal4. KoraTo npeMtll,4Te ca nnaTllM!1 ha BHOCI(4,

BCr4qK4 6bAeUlI BHOCl(h Ce nO(a3BaT KaTO B3eMaHl4C OT ffl eHTIr' Haql4cfieHuTe npeMhlB('IO'rBar alnxuMl4 (oMl4cl40HHl,4 Ha 3aclpaxoBaTenH!1 nocpeaHuqu, Ho He BKtlror'lBar

aaHlq Ta(o4 1,4 apyn4. 3acTpaxoBaTenHuTe npeM!1u no 3aAbnx TenHl4Te 3aCTpaXOBKU Ce

npu3HaBar kaTo npuxoal,4 3a oT'leTH[9 nepl4oa Ha cMllo']BaHeTo 14M

4.2.npnxoArire no nacnBl|o np$acrpaxoBaHe l,| c]3acrpaxoBaHe

flprlxoAl,tre no nactBHo npe3acrpaxoBaHe ce or']l,4Tar Ha 6a3a Ha fpe3acrpaxoBarenHt4Te

aoroBopl/. np[ c!3acrpaxoBaTenHuTe AofoBop 3a nPvlxoa ce npu3HaBa caMo aena Ha

ApyxecTBoTo B ooqaTa cyMa Ha 3afipaxoBaTenHure npeM,4ll1e llptlxoal'1Te or KoMl4cl4oHH14

no npe3acrDaxoBaHe 14 cl3aclpaxoBaHe ce npt43HaBar B cborBeTcTBl4e c aofoBoplTe B

MOMEHTA HA BT3HUKBAHETO []I.

4.3. HaqrcneH14 o6e3qereHnq

Haql4cneH Te ooeSuleleHut, HerHo or npe3acrpaxoBaHe, Bl.to'lBar Bcl,l'lK nnaulaHrc,

HanpaBeH[ npe3 TeKyqara QlHacoBa roalHa, HaMareHu c B]3craHoBeHMTe CyMl4 oT

npe3acrpaxoBaTenv, yBenrgeHu c npoBl43l414 3a npeacrotlllu nuaulaHu9 3a re(yul€T-a foal'4Ha

u HaManeHn c pe3epBa 3a Brctu]l4 nnal4aFl4c 3a npeaxoAHl4g ortlereH nepuoa lJ opyTNara

cyMa Ha r3flrlaTeHhre o6e3uleTeH[9 ce BK']|o']Bar peanHo nllareHlTe o6e3lllereHtlt,

Bt(norfl,lTenHo u3BEpLleHl4Te pa3xoa 3a ypeMaHe Ha npereHqull 14 ce np cnaAar

nonyqeHfiTe cyirl,4 u Ha'.lucneH!4Te B3eiraHhg no perpectl 14 a6aHAoHx

4.4. TexHxqec{x p4epBn

ClrnacHo K3 ce u3hcKBa 3acrpaxoBarentlre Aa cb3AaBar aloAAbpxar 3aclpaxoBarellHl'4pe3epBx no pea r Nleroal4Kal, onpeaereHu oT KoMuc era 3a OuHaHcoB Haa3op c Hapea6a'

3aAeneH,4Te pe3epBu ca eileMeHT Ha cLleroBoAH Te pa3xoAl,l

3acrpaxoBarerHl4Te pe3epBx, Kol4To apyxecrBoro Qop]vl'1pa B Kpas Ha or'lerHl'{t nepuoa ca:

ttpeHoc-rpei,lueH pe3epB; P$epB 3a apeAcroFllll4 (Bucaulh) nnaulaHve; Pe3epB 3a

Hacr!fl1,4rtt4, Ho Heo6FBeH!4 ulertl, 3anaceH QoHA no 3acrpaxoBKa "KpeAurh h ca

Oopir paHu cErnacHo HapeA6ara 3a peAa h Mero'qllxara 3a oopa3yBaHe Ha

3acTpaxoBaTenHuTe pe3epBtl.

flpeHoc-npeMhiHt4t pe3epB npeAcraBntBa qacrra or HaqrcteHure npei/ll4l4' Kogro

apyxecTBoTo 3aaeIlt 3a noKpllBaHe Ha 3aabnxeHt4g no BeLle cKJlloqeHu, Ho HeH3Te|(n KbM

KpaF Ha oTqeTHut nepuoa 3acTpaxoBarenHI aofoBopl4, HerHl4 oT npe3acTpaxoBaHe

BETIEXKI4 KbM OI4HAHCOBh' OTI]ET HA 3iq "EBPOhHC" AE3A fOAt4HATA,3ABbpl!BA|IA HA 31 AEKEMBpt4 2007

lvleroAbr, u3nofl3BaH 3a l,13.]ycnrBaHe Ha npeHoc-npeMrrBl,lt pe3epB e "MeroA Ha rogHara

Pe3epBrr 3a npeAcrogt{l/ nnaulaHut npeAcraBnrBa 3aAereHa cyMa, xMaula ga qen Aanokp[e nnau]aHxgTa fla 3acTpaxoBaTeng 3a B]3Hl,1KHaIlU npeafi Kpat Ha oTqeTH r nep!1oa3acTpaxoBaTenHr,4 tlcxoBe, Ho Bce oule HeypeaeHu ft,tu (pat My. P$epBrT e 3aaeneH noMeroAa "lLleTa no uleTa", cbrracHo AaHHhTe 3a perhcrprpa,ilire uter !1 paaMepa Ha3acTpaxoBaTetH!1Te ucl(oBe oT petlcrbpa 3a t4eTITe.

Pe3epBlT 3a HacrEn!4ntl, Ho HeoEgBeHI u]err! npeAcraBntBa 6oHA, 3aAentH 3a floKpl,4BaHeHa ulen4, Kor4To ca cleactBue Ha c!6hn49, c6bAHanI ce |(!M Kpat Ha nep4oaa,3a (oiTo cecEcTaBt oTqeTa, Ho KorrTo He ca ootBeHu Ha 3acTpaxoBaTerg. Pe3eoBrT e u3qlc]]eH no"Bep xBo crM6oB,r Mero,q".

3anaceH cpoHA ao 3acrpaxoBKa Ha KpeAnrh e 3aAlnxureneH 3a 3aAentHe, ,43ql4crrBa ce HaroAuLl.lHa 6a3a u qelTa My e Aa noKp[e HenpeABuAeHo HeollafonputTHo pa3BltT e Ha pt4cKanpe3 foar,lHaTa. 3aAelt ce oT nonoxuTeltHlrr pe3yrrTaT no 3acTpaxoBKa KpeauTl4.

4.5. A(Bl{3r,'rlxoHHs pa3xo,qu

AKBh3aqr4oHHhre pa3xoAh ca pa3xoAlire, Bt3Hl,lKBaulu nph cKIloLlBaHe Ha3acTpaxoBaTenHITe aorcBopl4. Te BMN]IBaT KaKTO npe(4Te pa3XOA!1 (aTO aKSU3 qUOHHl4KOMUeUOHHT4 tl pa3XOAUTe nO aAMUHl,4CTp paHeTO Ha AO(yi,leHT!1Te np'4 CKJ OqBaHe fla3acTpaxoBaTenHIt aoroBop, TaKa ut cB!p3aH!1Te c npoAaxouTe Ha nolulll,l, KaTo peKnaita,irapKeT!1Hf, o6pa6oTKa Ha npearoxeHxtTa '1 ap

4.6. HerHu oneparnBHl,| pa3xoAn

neTHuTe olepaTtBHl4 pa3xoAll BKnNlqBai pa3xoar,4Te, Br3Hr,4KHafiu BIB BpL3Ka crcc!6MpaHero Ha 3acrpaxoBaTenHh npeMr14, aAll,lHt4cTpaTupaHeTo Ha nopTQeina, nacuBHoTofloe3acroaxoBaHe.

4.7 , Uuofu MauuHYt l clo p bxeH ttt

l4Morure, MauuHure u cloplxeHl4tra npeAcraBltFBar HereKyL!.],4 aKTtlBu, Kol,4To uMar qeHaHa npuao6!1BaHe Haa 500 neBa.

tlMorrre, MaurrflrTe u cloplxeHr4rra ce npeAcTaBtT no qeHa Ha tpuAo6uBaHe, HaManeHac HaqucneHaTa aMopTtl3aut49' A 3ary6u oT o6$qeHKa c |43KnoqeHue fia cfpaauTe (ouTo cenpeoqeHtBaT no cnaBeanuBaTa uM cToiHocT KbM AaTaTa Ha 6anaHca, onpeAeneHa oTnl,4qeH3llpaH oqeH Ten. flpv yBeIugeH[e Ha cToiHocTTa cnea npeoqeHka, yBenlqeH[eTo ceoTHacg B CO6CTBeHhF t(an Tan - "npeoqeHlgeH pe3epB".

ylMoTr,lTe, rMau{HuTe u c}oplxeHu9Ta ce aMopTr43r,4paT no nuHeiH!,rg MeToa npe3 texHl4tnole3eH cpo( Ha eKcnnoalaqug, KaTo oTqeTHaTa tlnl npeoqeHbqHaTa !1M cTor,4HocT ceHaMantBa ao pa3i,4epa Ha 6anaHcoBaTa uM cToiHocT clc cneaHuTe foa!1!rHl4aMoDTr3aul,40HHh Ho0lMt4i

CrpaAAKoMnprpl4, u nepnQepHu ycrpicrBaABToMo6xnl

4%50Yo25o/o150/"

BbBC'(AAHE B

. CTonaHcKu l4HBeHTap

Haqucn9BaHe:o Ha aMopTu3allrlFTa 3anoqBa oT aaTaTa HaaMopTr,43(pyeirutT aKTIB.

eKcnJtoaTaqug Ha

EENEXKI4 KbM OI4HAHCOBI4-F OTIIET HA 3E "EBPOI4HC" AA3A TOAhHATA,3ABIPUTBATqA HA 31 AEKEMBP!4 2007

4.8. HeMareDxatxn ar(TuBl,l

flpeAcraBeHure B 6anaHca HeMarepuanHh aKTtlB,t npeAcraBntBar n14qeH3u r,4 coQTyep.

flbpBoHa,.tanHo HeMarepliatrH,lTe aKT!1Bh ce oqeHrBar no qeHa Ha nplrAo6 BaHe, (otroB|(nO'rBa nOKynHaTa qeHa (BKrITO9UTeIHO t\,[4Ta h HeB!3CTaHOBrlMh AaHbq'4) Bcl4\']kl4 npeKlpa3xoAu 3a noAroToBKa Ha aKTrBa 3a r3non3BaHero My no flpeaHa3HatreHfie.

OTnucBaHero Ha HeMareprarH,4 aKTusl4 or 6anaHca e np[ npoAax6a vfix Koraro aKruBlToKoHgaTenHo 6!ae u3BaaeH oT ynorpe6a !1 cnea ornr4cBaHeTo My He ce oqaGaT H Ka(Btlapyf, 14KoHolMrrlrecKu l43foAr,l,

neMaTeplallHUTe aKTIBI'1Ce aMopTtl3l,lpaT no n14HexH!19 MeTOA C fOAl4Ll]Ha aMOpTY3aquOHHaHopMa 20%, (aro aMoprr3aqr9ta 3anolrBa Aa ce Ha!fl4cniBa or Aarara Ha BrBo{AaHe HaaKrrlBa B ynoTpe6a.

4.9. AaHb.rHo o6naraHe

MCC '12 AaHLqr| Bbpxy AoxoAa

AaHbKlT Bbpxy nevaroara 3a foAl.4Hara sKroqBa reKylqr4 r, orcpo'reHu AaHbqu. AaHrKBlpxy neqan6aTa ce np!13HaBa B OTgeTa 3a aoxoatfTe, ocBeH aKo He e cBrp3aH clc crart4r4,(ot4To ce oTHactT nrpefiHo B KanrTara, (aTo B To3t4 cnytiar4 aaHlKbr cu4o ce ortll,{Ta BKanuTana.

Te(yu.lt4tr AaHbK ca olraKBaHure AaHlqHu n'taulaHrq Blpxy o6naraeMara neltan6a 3afoal,4|]aTa, ce r3qucntBa Ha 6a3a aaH!.lHl,lTe cTaBK,t B c[na KbM aaTaTa Ha l{3lorBgHe HacgeToBoaHuF 6anaHc. 3a oTqeTHr,4g nepuoa cnopeA 6rrnapcKoTo aaHlgHo 3aKoHoaaTencTBoapyxefiBoTo arnx!1 r(opnopar,4BeH aaHlK B pa3Mep Ha 10% Blpxy o6raraea,rara chne\ran6a-

OTcpo'teHuir AaHui ce Haql4ctgBa, Karo ce u3no'l3Ba Meroaa Ha naclBtre B cleroBoAHl4toanaHc u ce orHaca 3a BpeireHHr4Te pa3nxKi4 Mex,qy 6aJlaHcoBara crotiHocr Ha afi Bl,4Te Inact4BhTe 3a qen[4Te Ha QxHaHcoBoTo oTquTaHe u 3a aaHbqH,4 qerl , He ce npu3HaBarBpeMeHHUTe pa3nt4Kt4, OTHaCC!.1h Ce AO: nOfiOXUTenHa pen)"Taqug, KOgTO He noAnexll HaaaHlqHo oonafaHe; nbpBoHa'ranHoro nprl3HaBaHe Ha aKTllBl4 un nacrBl,l, l(ol,4To HqMareQeKr Blpxy c'teroBoAHara !4n14 AaHlqHara nerran6a 14 pa3nMKu, cB-bp3aHh c l4Hsecruq1,1l,4 B

ArqepHl4 apyxecTBa, npu fotoxeHue, qe 3a Ttx He ce oqaKBa Aa 6baar B!38!pHaru B6nr13Ko 6!Aeqe. Pa3Meprr Ha orcpolreHhq aaHlK e ocHoBaH Ha oqaKBaHhq HaqMH Hapean[3aqt49 Ha 6anaHcoBaTa cToiHocT Ha amuBuTe uni nactlBl,4Te, KaTo ce npl4j]araTaaHUJHr,4Te CTaBkt4 SaJ ,lAHr 3a nepUOAa, npe3 KOiTO Ce OLlaKBa Aa ce peall43fiparoTcpoqeHr4le aaH!q/.

4.'l0.ylHBecrnqrn Ha 3acrpaxoBarenHsre pe3epB co6crBeHu cpeAcrBa

ApyxecrBoro l,4HBecn4pa 3acrpaxoBarenHl4Te pe3epB,4 B AbnfoBtl qeHfll4 KHrDka, B ToBagl4cno qeHHll KHrXa, !13AaAeH!1 [nX rapaHTUpaHU OT Peny6n[4Ka EBnfap t l,4tM oT AbpxaBagneHKa, aKqu!1, arnoBe B nHBecTIL{l,4oHHl,i apyxecTBa u AofoBopHx QoHAoBe, aeno3uTl,4 BbB

Q HaHcoBl4 t4Hcl4Tytlr414 r,4 HeABlxl,4Ml,r t4Morri, Heo6peMeHeHr c rexecrh, . ylHBecruql,4ule HacoocTBeH!1Te cpeaclBa BmNl'tBat clyqacTrq Ha apyxecTBoro B (anuTan,4Te Ha acoql4!1paHux apyfu npe.qnpxtrrg, aeno3vrr4 BIB QrlHaHcoBl4 vHcrl4TyLll4!1. OT,l raHefo Ha QufiaHcoBhTeaKrxBr4 e cbo6pa3Ho lvloc 28, 39.

np nlpBoHa,lanflo apxAo6[BaHe Q!4HaHcoBfiTe afiuBfi ce or']ular no qeHa Hanprlao6uBaHe, BKnollBaula cnpaBearrllBaTa qeHa nnrcc Bcl,lLrKu pa3xoau no l43BbpLuBaHe HacaetxaTa. flocneaBaqara oqeHKa ce ll3BlpLr]Ba fo Meroaa Ha clpaBean Bara cToiHocr 3a

OrHaHcoBure aKruBu, AlpxaBu 3a rlpryBaHe x QuHaHcoBu aKrhBl4, o6tBeHx 3a npoAax6a.O,4HaHcoBure afiqBl4 ce npeoqeHFBar exeMeceqHo no cnpaBeAJtt4Bl4 qeHt4, Karo pa3nuKaraMe)|(qy qeHaTa Ha npl4ao6hBaHe 14 cnpaBeanr4Bara qeHa ce olHact B or!]era 3a aoxoAqre.

6EnEXKI4 KbM OI4HAHCOBI4' OTqET HA 3E "EBpOt4HC" AA3A rOAnHATA,3ABbpUlBAtlA HA 31 AEKEMBpt4 2007

l4HBecMq oHHhre uMorl4 ce npeAcTaBtT no cnpaBeAnr,4Bara xM croiHoct, onpeAeneHa oTnuqeH3l4paH oLleHxTen, cnpaBearuBaTa cToltrHocT ce onpeaeng Ha 6a3a TeKyull4 qeHu HaaKTuBeH na3ap 3a noAo6H uMoTu. lleqar6aTa unl4 3afy6aTa, B!3Hr4KBaula oT npoMgHa BcnpaBeAnuBaTa cToriHocT, ce np[3HaBa B oT!]eTa 3a aoxoarlTe. flpt4xoal,4Te oT HaeM HauHBecTuLltloHHy r,4MoTr ce npu3HaBaT Ha 6a3a TeKyu]o HaltrcfigBaHe, KaTo "Eoxoa oTT4HBeCTIU!th Ha '4 HBeCThLlrr OHH 14 yMOTr-.

4.10,1" CnpaBeAnxBa croiHocr l|a OrHaHcoBl4Te aKTrBlt yt nacl,|Bh

ClrflacHo MCC 32 'Or4HaHcoBr,1 hHcTpyMeHn4: OnoBecrrBaHe u npeAcTaBqHe", (aKTo t4 BnocTaHoBKUTe 3a OnOBeCT9BaHe, npeACTaBeHU B IVICOO 7-OUHaHCOBT4 !lHCrpyireHTX-onoBecTgBaHe, e Heo6xoa!1Mo aa ce onoBecTu Haae)l(AHaTa la3apHa xHoopMaqr4gTa 3acnpaBeAlr,4BaTa cToiHocT Ha npuTexaBaHuTe oT apyxecTBoTo QtlHaHcoBtTe afiuBr4 1,4tactlsu. CitpaBeAJltlBaTa cToiHocT ce AeO,4Hrpa KaTo cToiHocfia, 3a kotTo eA,tH aKrIBMoXe Aa 6!Ae 3aMeHeH xnu eAHo 3aA!uxeH!1e i,loxe Aa 6EAe ypeAeHo np, qectHa cAeIKa^reMy uHQopNtlpaHrt !l xenaeull oclqecTBgBaHeTo Ha cnenKaTa cTpaHr.

AcoqnxpaHn npeAnpngTrt

AcoqhrapaHu npeAnpugTl,4t ca ApyxecrBa, B Kot4To KoMnaHutTa ynpaxHcBa 3Ha'rhrenHoBIll4tH!1e, HO He 14 (OHTpOn Brpxy QrHaHCOBaTa !1 OnepaT BHaTa nOnuTUXa, l,4HaeCTuqr4l,rTe Bacoql4upaHI npeanp!19Tr49 ce npeacTaBF no MeToaa Ha coocTBeH[t (anr4Tan, n)M aaTaTa HanoclleAHhl h3foTBeH (puHaHcoB oTLreT, cBrnacHo l43rlcKBaH,1tTa Ha IVICC 28,,LlHBecT 4rr BacoLl,4upaHu npeanpx9Th9- .

4.1l . MareDnarHu 3anacr

MareplarHure 3anac[ ce oqeHqBar no AocraBHa croliHocr, Koqro BKnlo!]Ba Bc['it4t pa3xoAt4no 3alqnyBaHeTo, Kamo I apyft4 pa3xoalr, HanpaBeH!1 BbB Bp]3Ka c aocTaBgHero !1M aocerauHoTo Mec.ono,to)l{eHhe u cbcTocHl4eflpr4 u3nl4cBaHero Ha MarepMarure ce 3non3Ba i,leroAa Ha KoHKperHoonpeAeneHa qeHa.

4.12. B3eMaHxe no 3acrDaxoBKtl

B3eMaHutra no 3acrpaxoBKl4 orpa3tBat HaghcneH Te 3acrpaxoBarenHu npeMrl, npli3Han43a nprxoa, Bb3HllKHarl4 npe3 TeKyult4t !1n[ npeaxoaHx oTqeTH!1 neproar4. oTguTaT ce noTrxHaTa o'raKBaHa pearu3r,4pyeMa cTotiHocl KlM kpat Ha oTqeTH g neproa ce npaBllnpernea Ha Bcu,rK!1 B3eMaHvr, KaTo ce onpeaengT TpyaHocb6 paeM Te !1 Heclol4paeMuTeB3eMaHltt, Hecb6upaeMI,4Te B3eMaHht ce h3nr4cBaT npe3 nephoaa, npe3 (ofiTo caonpeAeneH Karo ra(rBa. B3eMaHrrra ce o6e3rleHsBaT no peAa Ha MCC 36.

CrrnacHo Koae(ca 3a 3acrpaxoBaHe B cnygaure Ha pa3cpoqeHo nnaulaHe BHocKara or3acTpaxoBaTe,tHaTa npeMllt ce nnau]a B cpoka, yroBopeH B 3acrpaxoBaTenHl49 aoloBop.ClrracHo 9n.202, an.2, 3acrpaxoBaren9l rlMa npaBo aa npeKparu AoroBopa npt4HennaulaHe Ha pa3cpoqeHa BHoc(a. B apyxecTBoro npeKpaTFBaHeTo Ha3acTpaxoBaTeIu!1Te aoroBop!1 BM3a B cltna 15 aHl4 cnea t13TrgaHe Ha aarara Ha naaexa Hapa3cpoLreHara BHocKa. HecropaHlare Fe[4aNt4t 3a BHocK!4 no 3acrpaxoBaTenHu aotoBopu ceoTnucBaT u3qqno cltea npe(paTgBaHe Ha aorcBopa.

4-13.B3eMaHtr l4 3aAtnxeHur no npe3acrpaxoBatenHa AeiHocT

B3eMaHugra 3aA}txeHutra no npe3acrpaxoBarenHa AeiHocr orpa3gBar Ha'tl,4cneHurenpe3acTpaxoBaTenHu np[xoah I pa3xoAr4 no nacuBHo np4acTpaxoBate, Bb3Hl,4KHanu npe3TeKyu.ll,4c un, irIHafi,4 oTlieTHrl nepuoal4.

SENEXKI4 KbM O14HAHCOBI4-F OTIIET HA 34 "EBPO14HC" AA3A TOAhHATA, 3AB'bPtUBAU.IA HA 31 AEKEMBpt4 2007

4.14. AoxoAn Ha Hae nuqa

KoMnaH gTa npli3HaBa Karo 3aAlnxeHhe HeAucKoHTupaHara cyMa Ha oqeHeHure pa3xoAl,4no nrraTeH foal,4LleH oTnycK r,1 Haquc'leHut 3a HOrl, oqaGaH Aa 6raaT 3annaTeHll tacrryxhTeltuTe 3a !13tvt4Hanx9 oTqeTeH nephoa,. cbrnacHo 143l4cKBaHt4n1a Ha Nlcc 19,qoxoa14Ha HaeTx nuqa, pa3xoat4Te ce r'rpr43HaBaT s otqeTa 3a aoxoafiTe.

4,l5.fpaH|lua Ha Bnarexocnoco6Hocr

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" t43V CneHIt Cnp9MO npeMfillTe,- rr39ucneH!19 cnp9iro cpeaHofoauulHr4c pa3Mep Ha npeTeHq!1fiTe

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5,3anrcat| . | noeMun

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floMout np nrryBaHe66,578 52,685

npe3 3reM e orqereH nephoA Hai-aonrM Arn B 3acrpaxoBarerHrl9 noprQelifl HaapyxecTBoTo !1MaT 3acTpaxoBknre KacKo Ha I\InC" c 29,726 xr4fl. neBa 3anrlcaH4 flpeM 14 h"Tpa(AaHcKa orroBopHocr Ha aBToMoorlnucrure" c 22.720 x/'n. neBa, (o!1To npeAcraBnqBar78,8070 or qerrue 3acrpaxoBaTeneH nopTdein. OT Trx npeHeceHr4 B cneaBaul oTqereHnepxoa qpe3 npeHoc npeMrliHlrrg pe3epB ca crorBerHo 8,845 xMn.fieBa 3a,,KacKo Ha lVnc" u9,298 xun.neBa 3a,,Tpa)l{AaHcKa orroBopHocr Ha aBToMo6!rr14crure"

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6. HaqrcreHl.| o6e3qeTeHn9, HerHu oT npe3acrpaxoaaHe

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8. AoxoA or rHBecrrqnl.!

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neTeH aoxoa oT t4 |.] BecTt4 tlu 14

9. CTpyrcypa Ha l.|HBecrxqnl,tre

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10. B3eMaHne n Apyrn TeKyuIn aKrlBtl

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Apyf reKyqu aKr&Br4

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24,146 18.545

31.12.2007 31.12.20061.982340807807662564

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10

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31.'12.2007 31.,t2.2006

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31.12.2007 31.12.200621,582 12 ,9176.430 4.659

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14.2. Pe3epB 3a npeAcroql{u nnat4aHre

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31.12.2007 31,12.200615,765 10 ,3786.463 5.300

I 302 5.078

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31.12.2007 31.,t2.20069,4305,170 3.499

4,264 753

3't.12.2007 31.12.2006121 75

31.12.2007 31.12.2006403

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