Annual Report Gorenje Group 2009

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CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated Statement of Cash Flows of the Gorenje Group in TEUR Notes 2009 2008 A. CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period -12,232 10,181 Adjustments for: - Depreciation of property, plant and equipment 22 50,061 51,900 - Amortisation of intangible assets 21 5,989 5,221 - Investment income 19 -19,516 -19,603 - Finance expenses 19 40,973 41,023 - Gain on sale of property, plant and equipment 14 -416 -1,807 - Gain from revaluation of investment property 14 0 -2,566 - Income tax expense 20 2,924 5,292 Operating profit before changes in net operating current assets and provisions 67,783 89,641 Change in trade and other receivables 6,579 -17,336 Change in inventories 35,023 -35,533 Change in provisions -933 3,932 Change in trade and other liabilities -19,267 31,017 Cash generated from operations 21,402 -17,920 Interest paid -21,223 -26,019 Income taxes paid -2,385 -6,786 Net cash from operating activities 65,577 38,916 B. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 1,517 2,398 Proceeds from sale of investments 5,598 6,208 Interest received 4,153 7,208 Dividends received 373 1,048 Disposal of subsidiary, net of cash disposed 263 641 Acquisition of subsidiary, net of cash acquired 0 -95,011 Acquisition of property, plant and equipment -24,198 -71,289 Available-for-sale investments 3,958 -1,403 Loans 3,824 -30,570 Acquisition of other investments -10,412 -5,050 Acquisition of intangible assets -4,534 -5,518 Net cash used in investing activities -19,458 -191,338 C. CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of minority interest -7,551 0 Repurchase of own shares and interests 0 -112 Borrowings / Repayment of borrowings -35,553 164,875 Dividends and premiums paid 0 -5,910 Net cash used in financing activities -43,104 158,853 Net increase in cash and cash equivalents 3,015 6,431 Cash and cash equivalents at beginning of period 24,115 17,684 Cash and cash equivalents at end of period 27,130 24,115 93 Annual Report Gorenje Group 2009
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Statement of Changes in Equity of the Gorenje Group in TEUR Share capital Capital surplus (share premium) Legal and statutory reserves Retained earnings Own shares Translation reserve Fair value reserve Equity attributable to equity holders of the parent Minority interest Total Opening balance at 1 Jan 2009 58,546 158,487 21,697 110,324 -3,170 20,308 15,087 381,279 13,243 394,522 Total comprehensive income for the period Net profit or loss for the period -11,504 -11,504 -728 -12,232 Total other comprehensive income -2,903 -2,330 -5,233 -5,233 Total comprehensive income for the period 0 0 0 -11,504 0 -2,903 -2,330 -16,737 -728 -17,465 Transactions with owners (when acting as owners) recognised directly in equity Contributions by owners and distributions to owners Payment of dividends Total contributions by owners and distributions to owners 0 0 0 0 0 0 0 0 0 0 Changes in ownership interests in subsidiaries that do not result in a loss of control Acquisition of noncontrolling interests -1,032 65 -967 -6,446 -7,413 Total changes in ownership interests in subsidiaries 0 0 0 -1,032 0 0 65 -967 -6,446 -7,413 Total transactions with owners 0 0 0 -1,032 0 0 65 -967 -6,446 -7,413 Closing balance at 31 December 2009 58,546 158,487 21,697 97,788 -3,170 17,405 12,822 363,575 6,069 369,644 94 Annual Report Gorenje Group 2009
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It was a difficult year. 2009 Annua
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03 And that is why we are growing.
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05 We are actively involved in seve
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07 Ideas give us energy. We have re
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Content Letter of the President of
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As for our traditional markets in E
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The Supervisory Board devoted speci
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Gorenje Group The Gorenje Group is
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Vision, mission, values VISION To b
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BASIC STRATEGIC OBJECTIVES To succe
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The performance of the Division's b
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The products of the Gorenje Group a
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Innovations and products The crisis
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Production and quality Home Applian
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Shares of Gorenje and investor rela
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OWNERSHIP STRUCTURE Ten Major Share
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OWN SHARES AND VOTING RIGHTS On the
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For the second consecutive year, we
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Report on corporate social responsi
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AVERAGE AGE AND HEALTH CARE In the
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Staff Training Rapid development in
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Culture We realise how important bo
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Quantity of hazardous wastes (kg/pi
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Energy consumption of Gorenje washe
Page 49 and 50: DR. JOŽE ZAGOŽEN Chairman of the
Page 51 and 52: PETER KOBAL Member of the Superviso
Page 53 and 54: FRANJO BOBINAC President of the Man
Page 55 and 56: DRAGO BAHUN member of the managemen
Page 57 and 58: FRANC KOŠEC member of the manageme
Page 59 and 60: GENERAL MEETING OF SHAREHOLDERS The
Page 61 and 62: EXTERNAL AUDIT The audit of financi
Page 63 and 64: CODE OBSERVANCE The contents of the
Page 65 and 66: Business report ECONOMIC ENVIRONMEN
Page 67 and 68: SALE IN TERMS OF DIVISIONS The Home
Page 69 and 70: A sharper fall in the market was su
Page 71 and 72: HOME INTERIOR DIVISION South-Easter
Page 73 and 74: Structure of sales of the Ecology,
Page 75 and 76: The main reasons for the reduction
Page 77 and 78: Due to the circumstances described
Page 79 and 80: At the end of 2009 equity capital a
Page 81 and 82: Cash flow of the Gorenje Group (in
Page 83 and 84: Investments of the Gorenje Group an
Page 85 and 86: The most important material of the
Page 87 and 88: Information system risks are relate
Page 89 and 90: Ecology, energy and services divisi
Page 91 and 92: RESEARCH AND DEVELOPMENT Household
Page 93 and 94: 52. Kemis-Termoclean, d.o.o., Croat
Page 95 and 96: Achievement of goals in the year 20
Page 97 and 98: Financial statements of Gorenje Gro
Page 99: CONSOLIDATED STATEMENT OF FINANCIAL
Page 103 and 104: NOTES TO THE CONSOLIDATED FINANCIAL
Page 105 and 106: A contingent liability of the acqui
Page 107 and 108: ) Foreign currency (i) Foreign curr
Page 109 and 110: value of the derivative is recognis
Page 111 and 112: Acquisition of minority interests A
Page 113 and 114: current economic and credit conditi
Page 115 and 116: (iv) Provisions for retirement bene
Page 117 and 118: s) Comparative information Comparat
Page 119 and 120: IFRIC 12 Service Concession Arrange
Page 121 and 122: anticipated reversionary increases,
Page 123 and 124: of the Gorenje Group’s lending po
Page 125 and 126: GROUP - 8. COMPOSITION OF THE GOREN
Page 127 and 128: 83. GEN-I Tirana Sh.p.k., Albania 2
Page 129 and 130: GROUP - 11. DISPOSAL OF COMPANIES T
Page 131 and 132: Proportionate shares of assets, lia
Page 133 and 134: GROUP - COST OF GOODS, MATERIALS AN
Page 135 and 136: GROUP - NET FINANCE EXPENSES Note 1
Page 137 and 138: in TEUR 2008 Pre-tax amount Tax Aft
Page 139 and 140: Impairment testing of goodwill aris
Page 141 and 142: Movement of intangible assets in 20
Page 143 and 144: Transfers include transfers from re
Page 145 and 146: GROUP - NON-CURRENT INVESTMENTS Not
Page 147 and 148: GROUP - INVENTORIES Note 26 - Inven
Page 149 and 150: GROUP - OTHER CURRENT ASSETS Note 2
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GROUP - EARNINGS PER SHARE Note 32
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Movement of provisions in 2009 in T
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Some non-current borrowings are sim
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GROUP - TRADE PAYABLES Note 37 - Tr
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Impairment loss 8,780 3,512 Allowan
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in TEUR Carrying amount Expected ca
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Sensitivity analysis A 5 percent in
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Fair value scale The table shows me
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GROUP - EVENTS AFTER THE REPORTING
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GROUP - INDEPENDENT AUDITOR'S REPOR
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Mora Moravia s r.o., Czech Republic
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Gorenje UK Ltd., Great Britain Gore
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FOREIGN CURRENCY EXCHANGE RATES App
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STATEMENT OF FINANCIAL POSITION Sta
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STATEMENT OF CHANGES IN EQUITY Stat
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NOTES TO THE FINANCIAL STATEMENTS C
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COMPANY - 3. SIGNIFICANT ACCOUNTING
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Cash flow hedges When a derivative
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(iv) Depreciation Depreciation is r
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i) Impairment (i) Financial assets
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(iii) Onerous contracts A provision
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Deferred tax is measured at the tax
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IFRIC 18 Transfers of Assets from C
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COMPANY - 5. FINANCIAL RISK MANAGEM
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Capital management The Company's po
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Rental income in TEUR 2009 2008 Ren
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in TEUR 2009 2008 Interest expenses
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COMPANY - NOTES TO THE FINANCIAL PO
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Changes in intangible assets in 200
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Carrying amount at 1 Jan 2008 12,95
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COMPANY - INVESTMENTS IN SUBSIDIARI
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Long-term loans to specific groups
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Short-term loans in TEUR 2009 2008
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Kemis-Termoclean, d.o.o., Croatia 2
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Changes in fair value reserve: in T
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Changes in provisions in 2009 in TE
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COMPANY - CURRENT FINANCIAL LIABILI
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Trade payables to suppliers in the
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COMPANY - FINANCIAL INSTRUMENTS COM
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31 December 2008 in TEUR Carrying a
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Sensitivity analysis A 5 percent in
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COMPANY - FAIR VALUE Note 36 - Fair
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Net earnings in 2009 in TEUR Manage
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Net earnings in 2008 in EUR Salarie
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COMPANY - EVENTS AFTER THE DATE OF
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Imprint: Publisher: Gorenje, d.d.,
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Annual Report Gorenje Group 2009

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