Annual Report Gorenje Group 2009

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GROUP - AMORTISATION AND DEPRECIATION EXPENSE Note 17 – Amortisation and depreciation expense 56,050 TEUR in TEUR 2009 2008 Amortisation of intangible assets 5,989 5,221 Depreciation of property, plant and equipment 50,061 51,900 Total 56,050 57,121 GROUP - OTHER OPERATING EXPENSES Note 18 – Other operating expenses 18,404 TEUR in TEUR 2009 2008 Write-down of inventories to realisable value 4,748 1,727 Disposal of assets 282 565 Other taxes and charges 3,272 3,687 Other expenses 10,102 13,068 Total 18,404 19,047 Other taxes and charges include charges for the use of building plot, water charge, environmental taxes, membership fees in mandatory associations, and other mandatory taxes and charges Other expenses include expenditure on ecology, of which the majority under the Directive on Waste Electrical and Electronic Equipment, scholarships expense, and compensation in damages. 127 Annual Report Gorenje Group 2009
GROUP - NET FINANCE EXPENSES Note 19 – Net finance expenses Finance income 21,457 TEUR 19,516 TEUR in TEUR 2009 2008 Dividend income from available-for-sale investments 373 1,048 Interest income 3,964 3,885 Income from interest rate swap transactions 1,252 2,048 Change in fair value of interest rate swap 0 327 Income from net exchange differences 2,372 0 Gain on disposal of companies 132 3,382 Gain on disposal of available-for-sale investments 3,168 4,066 Income from forward exchange transactions 4,274 1,285 Change in fair value of forward exchange transactions 0 2,821 Other finance income 3,981 741 Total 19,516 19,603 Finance expenses 40,973 TEUR in TEUR 2009 2008 Interest expenses 20,137 25,296 Expense for interest rate swap transactions 1,096 0 Change in fair value of interest rate swap transactions 526 0 Expense for net foreign exchange differences 0 4,486 Expense for forward exchange transactions 740 1,267 Change in fair value of forward exchange transactions 3,507 0 Impairment loss on available-for-sale investments 2,308 5,012 Impairment loss on trade receivables 8,780 3,511 Impairment loss on loans 2,000 0 Other finance expenses 1,879 1,451 Total 40,973 41,023 Impairment loss on available-for-sale investments in the amount of TEUR 2,308 (in 2008: TEUR 5,012) relates to available-for-sale investments revalued to market value. Finance expenses recognised directly in other comprehensive income (net) in TEUR 2009 2008 Net change in effective portion of gains and losses on hedging instruments in a cash flow hedge 2,659 -8,576 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge, transferred to profit or loss -1,611 -84 Net change in fair value of available-for-sale financial assets -712 -2,947 Net change in fair value of available-for-sale financial assets transferred to profit or loss -2,746 -1,785 Foreign currency translation differences for foreign operations -2,903 5,767 Finance expenses recognised in other comprehensive income -5,313 -7,625 Finance expenses recognised in other comprehensive income attributable to equity holders of the Company -5,313 -7,625 Finance expenses recognised in other comprehensive income attributable to minority interest 0 0 128 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
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Due to the circumstances described
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At the end of 2009 equity capital a
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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 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: GROUP - COST OF GOODS, MATERIALS AN
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
Page 179 and 180: STATEMENT OF CHANGES IN EQUITY Stat
Page 181 and 182: NOTES TO THE FINANCIAL STATEMENTS C
Page 183 and 184: 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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