Annual Report Gorenje Group 2009

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GROUP - NOTE: LIQUIDITY RISK Note 40 - Liquidity risk The maturity of financial liabilities is show below: 31 December 2009 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years Over 5 years Non-derivative financial liabilities Bank borrowings 431,017 457,685 206,329 103,415 145,327 2,614 Borrowings from other entities 1,977 2,056 2,056 Other financial liabilities 7,698 7,698 7,698 Trade and other payables 287,837 287,837 287,837 Total 728,529 755,276 503,920 103,415 145,327 2,614 Derivative financial liabilities Interest rate swaps -10,017 -10,017 -6,177 -3,840 Forward exchange contracts used for hedging Outflow -250 -250 -250 Inflow Total -10,267 -10,267 -6,427 -3,840 31 December 2008 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years Over 5 years Non-derivative financial liabilities Bank borrowings 466,093 492,980 259,155 69,700 161,545 9,626 Borrowings from other entities 2,121 2,206 2,206 Other financial liabilities 7,807 7,807 7,807 Trade and other payables 304,641 304,641 304,641 Total 780,662 807,634 573,809 69,700 161,545 9,626 Derivative financial liabilities Interest rate swaps -10,078 -10,078 985 -11,013 -50 0 Forward exchange contracts used for hedging 4,858 4,858 4,858 Outflow Inflow 4,858 4,858 4,858 Total -5,220 -5,220 5,843 -11,013 -50 0 The periods in which cash flows from derivatives, which are cash flow hedge, are expected to occur and their impact on profit and loss are shown below: 153 Annual Report Gorenje Group 2009
in TEUR Carrying amount Expected cash flows 1 year or less 1–5 years Over 5 years Interest rate swaps Assets (Liabilities) -10,017 -10,017 -6,177 -3,840 Forward exchange contracts Assets (Liabilities) -250 -250 -250 Total -10,267 -10,267 -6,427 -3,840 in TEUR Carrying amount Expected cash flows 1 year or less 1–5 years Over 5 years Interest rate swaps Assets (Liabilities) -10,078 -10,078 985 -11,063 0 Forward exchange contracts Assets (Liabilities) 4,793 4,793 4,793 Total -5,285 -5,285 5,778 -11,063 0 154 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
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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
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 and 134: GROUP - COST OF GOODS, MATERIALS AN
Page 135 and 136: GROUP - NET FINANCE EXPENSES Note 1
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: Impairment loss 8,780 3,512 Allowan
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
Page 185 and 186: Cash flow hedges When a derivative
Page 187 and 188: (iv) Depreciation Depreciation is r
Page 189 and 190: i) Impairment (i) Financial assets
Page 191 and 192: (iii) Onerous contracts A provision
Page 193 and 194: Deferred tax is measured at the tax
Page 195 and 196: IFRIC 18 Transfers of Assets from C
Page 197 and 198: COMPANY - 5. FINANCIAL RISK MANAGEM
Page 199 and 200: Capital management The Company's po
Page 201 and 202: Rental income in TEUR 2009 2008 Ren
Page 203 and 204: in TEUR 2009 2008 Interest expenses
Page 205 and 206: COMPANY - NOTES TO THE FINANCIAL PO
Page 207 and 208: Changes in intangible assets in 200
Page 209 and 210: 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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