Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
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Some non-current borrowings are simultaneously secured by several forms of collateralisation.<br />
Guarantees include guarantees and sureties issued by <strong>Gorenje</strong>, d.d. and <strong>Gorenje</strong> BeteiligungsGmbH<br />
to the commercial banks to secure liabilities of the <strong>Group</strong> company.<br />
The provision of collateral through the Guarantee Scheme of the Republic of Slovenia includes the<br />
nominal value of borrowing secured by a guarantee through the Guarantee Scheme of the Republic of<br />
Slovenian. The average amount of a guarantee is 30 percent of the nominal value of the loans.<br />
GROUP - CURRENT FINANCIAL LIABILITIES<br />
Note 36 – Current financial liabilities<br />
209,883 TEUR<br />
in TEUR <strong>2009</strong> 2008<br />
Short-term borrowings from banks 133,944 185,377<br />
Transfer from long-term borrowings 62,412 64,404<br />
Short-term borrowings from other entities 1,977 2,121<br />
Current interest payable 653 1,100<br />
Current dividend payable 630 204<br />
Derivatives - liabilities 10,267 10,470<br />
Total 209,883 263,676<br />
As at 31 December <strong>2009</strong>, forward exchange contracts were concluded by <strong>Gorenje</strong>, d.d. for the total<br />
value of hedged items in the amount of TEUR 8,580. The forward exchange contracts were used in the<br />
financial year <strong>2009</strong> to hedge against the change in foreign exchange rates: EUR/PLN, EUR/AUD,<br />
EUR/USD, EUR/HRK, EUR/HUF, EUR/GBP, and EUR/RSD. At the year end, hedging of the following<br />
foreign exchange rates was recorded: EUR/USD and EUR/HUF. Maturities of forward contracts are<br />
short (up to one year).<br />
The total value of hedged items recorded by <strong>Gorenje</strong>, d.d. as at 31 December <strong>2009</strong>, for which interest<br />
rate swap contracts were concluded, amounted to TEUR 106,071. The interest rate swap contracts are<br />
used to hedge against the fluctuation of the variable interest rate EURIBOR. Maturities of interest rate<br />
swap contracts are long, i.e. progressively until 31 January 2012.<br />
Short-term borrowings from banks<br />
Interest rate<br />
Currency<br />
Amount in the<br />
currency (in<br />
000)<br />
Amount in<br />
TEUR from to<br />
EUR 175,412 1.28 % 6.20 %<br />
CZK 367,181 13,870 1.88 % 4.79 %<br />
HUF 588,163 2,175 8.40 %<br />
TRY 3,488 1,619 12.00 % 17.00 %<br />
HRK 8,249 1,130 4.76 %<br />
RSD 90,559 953 15.50 %<br />
DKK 5,745 772 4.01 % 5.31 %<br />
PLN 1,744 425 4.26 %<br />
Total 196,356<br />
Short-term borrowings from other entities<br />
Interest rate<br />
148<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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