Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
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Currency<br />
Amount in the<br />
currency (in<br />
000)<br />
Amount in<br />
TEUR from to<br />
EUR 1,977 4.10 % 6.50 %<br />
Total 1,977<br />
The effective interest rate is equal to the contractual interest rate.<br />
Collateralisation<br />
in TEUR<br />
Bills 196,356<br />
Financial covenants 72,990<br />
Guarantees 56,829<br />
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> companies.<br />
The loan contracts concluded by <strong>Gorenje</strong> d.d. with the banks include financial covenants, which were<br />
breached in the financial year <strong>2009</strong> due to the aggravated macroeconomic situation and the<br />
consequent drop in sales. The covenants are reviewed on the basis of the audited consolidated<br />
financial statements for the respective financial year.<br />
Because of the anticipated breach of financial covenants, <strong>Gorenje</strong> d.d. contacted its banks at the year<br />
end <strong>2009</strong> requesting for waiver of the financial covenants in the <strong>2009</strong> financial statements. The<br />
Company received the approval of waiver request from all its banks for all its borrowing and guarantee<br />
deals secured by financial covenants. The waiver of financial covenants is effective and valid for the<br />
<strong>2009</strong> financial year.<br />
149<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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