Annual Report Gorenje Group 2009

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Gorenje Group and its divisions Home Appliances Division The Home Appliances Division is the most important division of the Gorenje Group, contributing a 78- percent share to the Group's total sales revenue. The division is primarily focused on the manufacture and sale of highly innovative and superiorly designed refrigerators and freezers, cooking appliances, washers and dryers. These are complemented by a supplementary programme of consumer electronics and small household appliances, the manufacture and sale of heating-thermic appliances, toolmaking, and the manufacture of industrial equipment and mechanical components. The products of this division are available in seventy countries, its most important markets being Eastern and Western Europe. Read more about the division's sales here. Home Interior Division The Home Interior Division is engaged in the manufacture and sale of kitchen and bathroom furnishings, sanitary equipment and ceramic tiles. Its products are sold in the markets of Southeastern Europe, where the Company intends to strengthen its presence. The division generates approximately four percent of the total sales revenue of the Gorenje Group. Read more about the division's sales here. Ecology, Energy and Services Division The Ecology, Energy and Services Division provides services in the areas of trade, engineering, agency services, restaurant and catering services, tourism, and real estate management. Through the activities in this division, we are utilising our knowledge and forty years of experience in environmental protection, as well as identified business opportunities in various areas having a greater potential for growth than our core activity. This division contributes an 18-percent share to the total sales revenue of the Gorenje Group. Our key service in the field of environmental protection is integral waste management for the needs of industrial companies. Read more about the division's sales here. 9 Annual Report Gorenje Group 2009
Vision, mission, values VISION To become the most original, design-minded creator of home appliances devoted to sustainable development and able to flexibly adapt to customers' needs. MISSION We create original, technologically perfected, superiorly designed, user and environment friendly products for a comfortable home. We are focused on increasing customer satisfaction and creating value for all our stakeholders in a socially responsible manner. Strongly aware of key global trends and challenges, we are developing rapidly growing fields with above-average returns. VALUES In pursuing our vision, mission and strategic objectives, we foster those values that are united in the word POLKA: probity, openness, loyalty, creativity and ambition. To achieve the goals embodied in our new strategic plan, we have added two new values: responsibility and effectiveness. Probity - In our operations we are honest to ourselves, co-workers, the Company, and all stakeholders. We follow high legal and moral standards, and expect high standards from our co-workers and business partners. Openness - We are open to new challenges, changes, and different opinions. We operate transparently, and promptly inform the public on all important events in our group. Loyalty - One of our most important competitive advantages is motivated employees committed to achieving the goals of the Gorenje Group. Creativity - We are seeking solutions enabling us to improve the quality of business processes and create products and services providing a better lifestyle quality for our users. Ambition - We are upgrading the attained goals with new ones. 10 Annual Report Gorenje Group 2009
Page 1 and 2: It was a difficult year. 2009 Annua
Page 3 and 4: 03 And that is why we are growing.
Page 5 and 6: 05 We are actively involved in seve
Page 7 and 8: 07 Ideas give us energy. We have re
Page 9 and 10: Content Letter of the President of
Page 11 and 12: As for our traditional markets in E
Page 13 and 14: The Supervisory Board devoted speci
Page 15: Gorenje Group The Gorenje Group is
Page 19 and 20: BASIC STRATEGIC OBJECTIVES To succe
Page 21 and 22: The performance of the Division's b
Page 23 and 24: The products of the Gorenje Group a
Page 25 and 26: Innovations and products The crisis
Page 27 and 28: Production and quality Home Applian
Page 29 and 30: Shares of Gorenje and investor rela
Page 31 and 32: OWNERSHIP STRUCTURE Ten Major Share
Page 33 and 34: OWN SHARES AND VOTING RIGHTS On the
Page 35 and 36: For the second consecutive year, we
Page 37 and 38: Report on corporate social responsi
Page 39 and 40: AVERAGE AGE AND HEALTH CARE In the
Page 41 and 42: Staff Training Rapid development in
Page 43 and 44: Culture We realise how important bo
Page 45 and 46: Quantity of hazardous wastes (kg/pi
Page 47 and 48: Energy consumption of Gorenje washe
Page 49 and 50: DR. JOŽE ZAGOŽEN Chairman of the
Page 51 and 52: PETER KOBAL Member of the Superviso
Page 53 and 54: FRANJO BOBINAC President of the Man
Page 55 and 56: DRAGO BAHUN member of the managemen
Page 57 and 58: FRANC KOŠEC member of the manageme
Page 59 and 60: GENERAL MEETING OF SHAREHOLDERS The
Page 61 and 62: EXTERNAL AUDIT The audit of financi
Page 63 and 64: CODE OBSERVANCE The contents of the
Page 65 and 66: 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
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Investments of the Gorenje Group an
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The most important material of the
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Information system risks are relate
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Ecology, energy and services divisi
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RESEARCH AND DEVELOPMENT Household
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52. Kemis-Termoclean, d.o.o., Croat
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Achievement of goals in the year 20
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Financial statements of Gorenje Gro
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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NOTES TO THE CONSOLIDATED FINANCIAL
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A contingent liability of the acqui
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) Foreign currency (i) Foreign curr
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value of the derivative is recognis
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Acquisition of minority interests A
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current economic and credit conditi
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(iv) Provisions for retirement bene
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s) Comparative information Comparat
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IFRIC 12 Service Concession Arrange
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anticipated reversionary increases,
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of the Gorenje Group’s lending po
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GROUP - 8. COMPOSITION OF THE GOREN
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83. GEN-I Tirana Sh.p.k., Albania 2
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GROUP - 11. DISPOSAL OF COMPANIES T
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Proportionate shares of assets, lia
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GROUP - COST OF GOODS, MATERIALS AN
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GROUP - NET FINANCE EXPENSES Note 1
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in TEUR 2008 Pre-tax amount Tax Aft
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Impairment testing of goodwill aris
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Movement of intangible assets in 20
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Transfers include transfers from re
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GROUP - NON-CURRENT INVESTMENTS Not
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GROUP - INVENTORIES Note 26 - Inven
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GROUP - OTHER CURRENT ASSETS Note 2
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GROUP - EARNINGS PER SHARE Note 32
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Movement of provisions in 2009 in T
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Some non-current borrowings are sim
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GROUP - TRADE PAYABLES Note 37 - Tr
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Impairment loss 8,780 3,512 Allowan
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in TEUR Carrying amount Expected ca
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Sensitivity analysis A 5 percent in
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Fair value scale The table shows me
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GROUP - EVENTS AFTER THE REPORTING
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GROUP - INDEPENDENT AUDITOR'S REPOR
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Mora Moravia s r.o., Czech Republic
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Gorenje UK Ltd., Great Britain Gore
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FOREIGN CURRENCY EXCHANGE RATES App
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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
Page 213 and 214:
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
Page 241:
Imprint: Publisher: Gorenje, d.d.,
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Annual Report Gorenje Group 2009

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