Annual Report Gorenje Group 2009

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GROUP - 9. MINORITY INTEREST Minority interests as at 31 December 2009: Equity interest in % 2009 2008 Share in net profit Equity or loss in interest in TEUR % Minority interest in TEUR Minority interest in TEUR Share in net profit or loss in TEUR Gorenje Tiki d.o.o., Ljubljana 0.018 3 0 0.018 3 0 Gorenje Tiki, d.o.o., Serbia 0.018 2 0 0.018 2 0 Gorenje Podgorica, d.o.o., Montenegro 0.028 1 0 0.028 1 0 Gorenje Notranja oprema, d.o.o., Velenje 0.020 3 -1 0.020 4 0 Gorenje Küchen GmbH, Austria - - - 0.020 0 0 Gorenje kuchyne spol. s r.o., Czech Republic 0.020 0 0 0.020 0 0 ZEOS, d.o.o., Ljubljana 49.000 343 15 49.000 327 14 SUROVINA, d.d., Maribor 21.710 4,562 -629 49.000 11,711 1,539 »Euro Lumi & Surovina« SH.P.K., Kosovo 60.070 240 -20 - - - Sirovina, a.d., Serbia 21.710 -99 -61 49.000 41 1 ERICo, d.o.o., Velenje 49.000 552 42 49.000 510 74 Gorenje Kuhinje, d.o.o., Kiew 30.014 97 -39 30.014 244 -111 PUBLICUS, d.o.o., Ljubljana 49.000 180 26 49.000 153 -214 Gorenje design studio, d.o.o., Velenje 48.000 185 -61 48.000 247 6 Total 6,069 -728 13,243 1,309 The ownership transfer between the Gorenje Group companies did not have any impact on the consolidated financial statements of the Gorenje Group, because the intra-group transactions were eliminated in the consolidation process. GROUP - 10. ACQUISITION OF NON-CONTROLLING INTEREST In 2009, the Group acquired an additional 27.29 % interest in Surovina d.d., for which the amount of TEUR 7,554 was paid. Thus, the ownership interest increased from 51 % to 78.29 %. Net assets of Surovina d.d. amounted to TEUR 21,014 as at the date of acquisition. The Group recognised a decrease in the minority interest in the amount of TEUR 6,522 and a decrease in retained earnings in the amount of TEUR 1,032. in TEUR 2009 Controlling interest at the period's beginning 12,189 Effect of increase in the controlling interest 6,522 Share in comprehensive income -2,259 Controlling interest at the period's end 16,452 121 Annual Report Gorenje Group 2009
GROUP - 11. DISPOSAL OF COMPANIES The disposal of LINEA SP, d.o.o., Velenje had the following effect on the Group's assets and liabilities: in TEUR 2009 Property, plant and equipment -31 Investment property 0 Investments -688 Operating receivables -617 Cash -22 Operating liabilities 1,090 Net difference (assets – liabilities) -268 Contractual purchase price -400 Payments received in 2009 -285 Cash 22 Net inflow -263 GROUP - 12. JOINT VENTURES The Group holds a proportionate 49.344 percent share in Istrabenz Gorenje energetski sistemi, d.o.o., Nova Gorica and its subsidiaries. The Group and the holding company Istrabenz, d.d. hold an equivalent share in the company. The proportionate shares of assets, liabilities, revenue and expenses are included in the consolidated financial statements. 122 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
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PETER KOBAL Member of the Superviso
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FRANJO BOBINAC President of the Man
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DRAGO BAHUN member of the managemen
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FRANC KOŠEC member of the manageme
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GENERAL MEETING OF SHAREHOLDERS The
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EXTERNAL AUDIT The audit of financi
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CODE OBSERVANCE The contents of the
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Business report ECONOMIC ENVIRONMEN
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SALE IN TERMS OF DIVISIONS The Home
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A sharper fall in the market was su
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HOME INTERIOR DIVISION South-Easter
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Structure of sales of the Ecology,
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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 and 102: CONSOLIDATED STATEMENT OF CHANGES I
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: 83. GEN-I Tirana Sh.p.k., Albania 2
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
Page 153 and 154: Movement of provisions in 2009 in T
Page 155 and 156: Some non-current borrowings are sim
Page 157 and 158: GROUP - TRADE PAYABLES Note 37 - Tr
Page 159 and 160: Impairment loss 8,780 3,512 Allowan
Page 161 and 162: in TEUR Carrying amount Expected ca
Page 163 and 164: Sensitivity analysis A 5 percent in
Page 165 and 166: Fair value scale The table shows me
Page 167 and 168: GROUP - EVENTS AFTER THE REPORTING
Page 169 and 170: GROUP - INDEPENDENT AUDITOR'S REPOR
Page 171 and 172: Mora Moravia s r.o., Czech Republic
Page 173 and 174: Gorenje UK Ltd., Great Britain Gore
Page 175 and 176: FOREIGN CURRENCY EXCHANGE RATES App
Page 177 and 178: 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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