Annual Report Gorenje Group 2009

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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 2008 58,546 143,714 45,034 84,025 -27,693 14,541 21,960 340,127 10,858 350,985 Total comprehensive income for the period Net profit or loss for the period 8,872 8,872 1,309 10,181 Total other comprehensive income 5,767 -6,752 -985 -985 Total comprehensive income for the period 8,872 5,767 -6,752 7,887 1,309 9,196 Transactions with owners (when acting as owners) recognised directly in equity Contributions by owners and distributions to owners Creation of reserve for own shares 112 -112 -112 -112 -112 Creation of statutory reserves 1,186 -1,186 0 0 Payment of dividends -5,781 -5,781 -5,781 Remuneration to the Supervisory Board members in line with the resolution of the Shareholders' Meeting -129 -129 -129 Disposal of own shares 14,773 24,635 39,408 39,408 Reversal of reserve for own shares -24,635 24,635 0 0 Total contributions by owners and distributions to owners 0 14,773 -23,337 17,427 24,523 0 0 33,386 0 33,386 Changes in ownership interests in subsidiaries that do not result in a loss of control. Acquisition of non-controlling interests -121 -121 1,076 955 Total changes in ownership interests in subsidiaries 0 0 0 0 0 0 -121 -121 1,076 955 Total transactions with owners 0 14,773 -23,337 17,427 24,523 0 -121 33,265 1,076 34,341 Closing balance at 31 December 2008 58,546 158,487 21,697 110,324 -3,170 20,308 15,087 381,279 13,243 394,522 95 Annual Report Gorenje Group 2009
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS GROUP - 1. REPORTING ENTITY Gorenje, d.d. is a company domiciled in Slovenia. The address of the Company’s registered office is Partizanska 12, 3503 Velenje. The consolidated financial statements of Gorenje, d.d. at and for the year ended 31 December 2009 comprise the parent company and its subsidiaries (together referred to as the “Group”), and the Group’s interests in jointly controlled entities. The Group is mainly engaged in the production and sale of household appliances. GROUP - 2. BASIS OF PREPARATION a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted in EU, and provisions of the Companies Act. The financial statements were approved by the Management Board of Gorenje, d.d. on 29 March 2010. b) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis, except for the following items which are measured at fair value: • derivative financial instruments • available-for-sale financial assets • land • investment property The methods used to measure fair values are discussed further in note 4. c) Functional and presentation currency These financial statements are presented in euro, which is the Company’s functional currency. All financial information presented in euro has been rounded to the nearest thousand. d) Use of estimates and judgements The preparation of financial statements in conformity with IFRSs as adopted by EU requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the notes below: Note 10, 11 - acquisition and disposal of companies 96 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
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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 and 100: CONSOLIDATED STATEMENT OF FINANCIAL
Page 101: CONSOLIDATED STATEMENT OF CHANGES I
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
Page 151 and 152: 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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