GROUP - 12. JOINT VENTURES The <strong>Group</strong> holds a proportionate 49.344 percent share in Istrabenz <strong>Gorenje</strong> energetski sistemi, d.o.o., Nova Gorica and its subsidiaries. The <strong>Group</strong> 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. Proportionate shares of assets, liabilities, revenue and expenses included in the <strong>2009</strong> consolidated financial statements: Company Non-current assets Current assets Non-current liabilities Current liabilities Revenue Expenses Income tax in TEUR Net profit or loss Istrabenz <strong>Gorenje</strong>, d.o.o., Nova Gorica 10,952 5,356 -8,809 -7,499 9,529 -8,510 1 1,020 GEN-I, d.o.o., Krško 667 14,133 -5,750 -9,050 106,897 -104,014 -446 2,437 Intrade energija, d.o.o., Sarajevo 2,445 50 -2,299 -196 270 -393 0 -123 Vitales, d.o.o., Nova Bila 5,137 410 -2,792 -2,755 1,650 -2,603 0 -953 Istrabenz investicijski inženiring, d.o.o., Nova Gorica 6,496 630 -6,070 -1,056 338 -334 -1 3 Istrabenz <strong>Gorenje</strong> inženiring, d.o.o., Ljubljana 197 227 -77 -347 645 -784 21 -118 GEN – I Zagreb, d.o.o. 0 1,662 -140 -1,522 6,301 -6,226 -15 60 GEN – I, d.o.o., Beograd 7 4,891 -1,533 -3,365 21,881 -20,396 -134 1,351 Vitales, d.o.o., Bihać 1,388 139 -1,031 -496 320 -561 0 -241 GEN – I Budapest, Kft. 0 4,894 -587 -4,307 31,881 -31,514 -103 264 GEN-I d.o.o. Sarajevo 0 1,652 -143 -1,509 4,418 -4,399 -2 17 GEN-I DOOEL Skopje 0 641 -300 -341 1,861 -1,550 0 311 GEN-I Athens SMLLC 0 463 -61 -402 1,305 -1,273 -8 24 GEN-I Tirana Sh.p.k 1 8 -1 -8 0 -10 0 -10 S.C. GEN-I Bucharest 0 193 -121 -72 192 -193 0 -1 Vitales, d.o.o., Sokolac 0 30 -1 -29 0 -2 0 -2 Vitales Čakovec d.o.o. 0 1 -1 0 0 0 0 0 Vitales inženjering d.o.o. Prijedor 0 13 -13 0 0 0 0 0 Vitales Energie Biomasse S.R.L. 1 1 5 -7 0 -8 0 -8 IGP, d.o.o., Trbovlje 3 52 -14 -41 208 -202 -1 5 VITALES Nova Gorica, d.o.o. 0 7 -7 0 0 -1 0 -1 IG AP, d.o.o., Kisovec 259 448 -160 -547 371 -646 53 -222 123 <strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
Proportionate shares of assets, liabilities, revenue and expenses included in the 2008 consolidated financial statements: Company Non-current assets Current assets Non-current liabilities Current liabilities Revenue Expenses Income tax in TEUR Net profit or loss Istrabenz <strong>Gorenje</strong>, d.o.o., Nova Gorica 8,817 3,939 -20 -6,739 8,097 -7,015 -6 1,076 GEN-I, d.o.o., Krško 440 18,638 -11 -15,751 79,295 -77,622 -386 1,287 Intrade energija, d.o.o., Sarajevo 2,514 55 -2,470 -738 235 -429 0 -194 Vitales, d.o.o., Nova Bila 5,307 404 -3,098 -2,204 1,036 -1,440 0 -404 Istrabenz investicijski inženiring, d.o.o., Nova Gorica 6,746 224 -5,560 -625 533 -467 -15 51 Istrabenz <strong>Gorenje</strong> inženiring, d.o.o., Ljubljana 181 184 -27 -159 584 -1,127 110 -433 GEN – I Zagreb, d.o.o. 0 2,223 0 -2,193 4,610 -4,582 -6 22 GEN – I, d.o.o., Beograd 0 6,207 0 -5,161 20,118 -19,102 -100 916 Vitales, d.o.o., Bihać 1,360 84 -1,210 -75 139 -133 0 6 GEN – I Budapest, Kft. 0 3,072 0 -2,752 11,002 -10,632 -73 297 124 <strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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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
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Due to the circumstances described
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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.,