Annual Report Gorenje Group 2009

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GROUP - RELATED PARTY TRANSACTIONS Note 43 - Related party transactions The transactions with related parties were conducted by the Group companies on the basis of sale/purchase contracts. The prices used in these related party transactions were the market prices of products and services.Information on groups of persons In 2009, the following gross personal earnings were paid by the Group companies to the groups of persons stated below: Type of earnings Management Board Supervisory Board in TEUR Employees under individual employment agreements Salaries 6,184 9,208 Bonuses and other income 987 59 749 Total 7,171 59 9,957 No non-current and current loans were extended by the Group companies to the Management Board and Supervisory Board members and internal owners. In 2008, the following gross personal earnings were paid by the Group companies to the groups of persons stated below: Type of earnings Management Board Supervisory Board in TEUR Employees under individual employment agreements Salaries 6,577 10,763 Bonuses and other income 1,338 205 737 Total 7,915 205 11,500 Joint venture transactions undertaken by the Group companies: in TEUR Transaction value Balance 2009 2008 2009 2008 Financial revenue Holding company 6 5 0 0 Revenue Joint venture companies 1,533 1,545 207 231 159 Annual Report Gorenje Group 2009
GROUP - EVENTS AFTER THE REPORTING DATE Note 44 - Events after the date of the statement of financial position • On 26 January 2010, the Management Board of Gorenje, d.d. announced the Summary of the Strategic Plan of the Gorenje Group for the period 2010 - 2013. • On 25 January 2010, the District Court in Kranj issued a court order on the entry in the register of the incorporation of EKOGOR, družba za predelavo in obdelavo odpadkov, d.o.o., Jesenice, of which one of the shareholders (majority shareholder owning 51% of the company) is the company PUBLICUS, d.o.o., Ljubljana. • The supervisory board of Gorenje, d.d., appointed a five-member nomination board for the commission of the supervisory board in its meeting of 2 March 2010. The nomination board met on 5 March 2010. The meeting was chaired by the Chairman of the board Bachtiar Djalil. In the meeting the nomination board took a decision about the beginning of the procedure for the preparation of proposal for the appointment of members of the supervisory board of the company that has to be concluded until 6 April 2010. • In the meeting of 11 March 2010 the supervisory board confirmed the members of the nomination board, expanded the composition of the board by one member and in compliance with the provisions of the Companies Act Peter Ješovnik, M.Sc. was appointed chairman of the nomination board. Members of the nomination board are the chairman of the supervisory board Jože Zagožen, Ph.D., Bachtiar Djalil, representative of Kapitalska družba, d. d., Andraž Grahek, representative of KD Skladi, d. o. o., Philip Alexander Sluiter, representative of Home Products Europe B. V., and Bogomir Kovač, Ph.D. representative of the human resources - accreditation board. GROUP - TRANSACTIONS WITH THE AUDITING FIRM Note 45 - Transactions with the auditing firm In 2009 the cost of auditing the Company’s financial statements as well as the consolidated financial statements of the Gorenje Group were recorded at TEUR 739. 160 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
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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
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 and 164: Sensitivity analysis A 5 percent in
Page 165: Fair value scale The table shows me
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
Page 215 and 216: 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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