Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
Fair value sensitivity analysis for variable rate instruments A change in the interest rate by 50 basis points at the reporting date would have increased (decreased) net profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain unchanged. The analysis has been performed on the same basis as for 2008. in TEUR Net profit or loss Other comprehensive income Increase Decrease Increase Decrease by 50 bp by 50 bp by 50 bp by 50 bp 31 December 2009 Variable rate instruments -1,180 1,180 0 0 Interest rate swap contracts 51 -51 304 -304 Cash flow variability (net) -1,129 1,129 304 -304 31 December 2008 Variable rate instruments -1,850 1,850 0 0 Interest rate swap contracts 56 -56 319 -319 Cash flow variability (net) -1,794 1,794 319 -319 GROUP - FAIR VALUE Note 41 – Fair value The fair value and the carrying amount of assets and liabilities: in TEUR Carrying amount Fair value Carrying amount Fair value 2009 2009 2008 2008 Available-for-sale investments 15,248 15,248 22,224 22,224 Non-current loans 5,691 5,691 6,542 6,542 Current loans 48,302 48,302 37,061 37,061 Derivatives -10,267 -10,267 -5,285 -5,285 Trade receivables 251,740 251,740 262,017 262,017 Other current assets 35,796 35,796 43,866 43,866 Cash and cash equivalents 27,130 27,130 24,115 24,115 Non-current financial liabilities -162,721 -162,721 -224,119 -224,119 Non-current financial liabilities (fixed interest rate) -79,638 -67,016 Current financial liabilities -199,616 -199,616 -253,206 -253,206 Trade payables -196,296 -196,296 -223,660 -223,660 Other payables -87,260 -87,260 -79,164 -79,164 Total -351,891 -339,269 -389,609 -389,609 Available-for-sale investments are valued at fair value on the basis of market prices. 157 Annual Report Gorenje Group 2009
Fair value scale The table shows method of valuing financial assets recorded at fair value. The levels are as follows: • Level 1: stock price (unadjusted) in the active market of identical assets and liabilities • Level 2: data differing from stock price data (these are included in Level 1) monitored with the intention of direct or indirect valuation of assets and liabilities • Level 3: data on the value of assets and liabilities not based on the active market Year 2009 in TEUR Level 1 Level 2 Level 3 Total Available-for-sale financial assets 3,770 - 11,478 15,248 Derivatives – assets - - - - Derivatives - liabilities - -10,267 - -10,267 Year 2008 in TEUR Level 1 Level 2 Level 3 Total Available-for-sale financial assets 4,897 - 17,327 22,224 Derivatives – assets - 4,793 - 4,793 Derivatives - liabilities - -10,078 - -10,078 Forward exchange contracts The total fair value of forward exchange contracts amounted to TEUR -250 as at 31 December 2009 and was recorded under other financial liabilities. Interest rate swaps The total fair value of interest rate swaps as at 31 December 2009 amounted to TEUR -10,017 and was recorded under other financial liabilities. Interest rate swap hedges, which refer to hedged items in the statement of financial position, are recorded in equity as a fair value reserve. GROUP - INVESTMENT-RELATED COVENANTS Note 42 - Covenants related to investments The value of contractually agreed investments in intangible assets and property, plant and equipment, not yet recognised in the financial statements at the date of the statement of financial position, amounts to TEUR 2,094. 158 Annual Report Gorenje Group 2009
- 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 and 160: Impairment loss 8,780 3,512 Allowan
- Page 161 and 162: in TEUR Carrying amount Expected ca
- Page 163: Sensitivity analysis A 5 percent in
- 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
- Page 211 and 212: COMPANY - INVESTMENTS IN SUBSIDIARI
- Page 213 and 214: Long-term loans to specific groups
Fair value sensitivity analysis for variable rate instruments<br />
A change in the interest rate by 50 basis points at the reporting date would have increased (decreased)<br />
net profit or loss by the amounts shown below. This analysis assumes that all other variables, in<br />
particular foreign currency rates, remain unchanged. The analysis has been performed on the same<br />
basis as for 2008.<br />
in TEUR Net profit or loss Other comprehensive income<br />
Increase Decrease Increase Decrease<br />
by 50 bp by 50 bp by 50 bp by 50 bp<br />
31 December <strong>2009</strong><br />
Variable rate instruments -1,180 1,180 0 0<br />
Interest rate swap contracts 51 -51 304 -304<br />
Cash flow variability (net) -1,129 1,129 304 -304<br />
31 December 2008<br />
Variable rate instruments -1,850 1,850 0 0<br />
Interest rate swap contracts 56 -56 319 -319<br />
Cash flow variability (net) -1,794 1,794 319 -319<br />
GROUP - FAIR VALUE<br />
Note 41 – Fair value<br />
The fair value and the carrying amount of assets and liabilities:<br />
in TEUR<br />
Carrying<br />
amount<br />
Fair value<br />
Carrying<br />
amount<br />
Fair value<br />
<strong>2009</strong> <strong>2009</strong> 2008 2008<br />
Available-for-sale investments 15,248 15,248 22,224 22,224<br />
Non-current loans 5,691 5,691 6,542 6,542<br />
Current loans 48,302 48,302 37,061 37,061<br />
Derivatives -10,267 -10,267 -5,285 -5,285<br />
Trade receivables 251,740 251,740 262,017 262,017<br />
Other current assets 35,796 35,796 43,866 43,866<br />
Cash and cash equivalents 27,130 27,130 24,115 24,115<br />
Non-current financial liabilities -162,721 -162,721 -224,119 -224,119<br />
Non-current financial liabilities (fixed interest<br />
rate) -79,638 -67,016<br />
Current financial liabilities -199,616 -199,616 -253,206 -253,206<br />
Trade payables -196,296 -196,296 -223,660 -223,660<br />
Other payables -87,260 -87,260 -79,164 -79,164<br />
Total -351,891 -339,269 -389,609 -389,609<br />
Available-for-sale investments are valued at fair value on the basis of market prices.<br />
157<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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