Annual Report Gorenje Group 2009

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ATAG Europe BV, The Netherlands ATAG Special Products BV, The Netherlands Gorenje Nederland BV, The Netherlands Gorenje Kazakhstan, TOO, Kazakhstan OOO Gorenje BT, Russia »Euro Lumi & Surovina« SH.P.K., Kosovo Vitales, d.o.o., Sokolac, Bosnia and Herzegovina Vitales inženjering d.o.o., Prijedor, Bosnia and Herzegovina Vitales Energie Biomasse S.R.L., Italy Vitales Čakovec d.o.o., Croatia GEN-I d.o.o., Sarajevo, Bosnia and Herzegovina GEN-I DOOEL Skopje, Macedonia GEN-I Athens SMLLC, Greece GEN-I Tirana Sh.p.k., Albania S.C. GEN-I Bucharest, Romania Johannes Hofenk Philip Alexander Sluiter (until 1 Jul 2009) Berend Johannes Hofenk Philip Alexander Sluiter (until 1 Jul 2009) Berend Johannes Hofenk Franc Bobinac (until 31 Mar 2010), Janez živko (until 3 Sep 2009) Marko Šefer (since 4 Sep 2009) Philip Alexander Sluiter (since 31 Mar 2010) Roman Jeglič Marko Špan Amir Pira Matej Požun Tatjana Bojić Jure Špacal, President of the Management Board Robert Golob, Member of the Management Board Rado Kotar, Member of the Management Board Mirko Prevedello, Member of the Management Board Devis Facciani, Member of the Management Board Maurizio Pontarolo, Member of the Management Board Saša Matić dr. Igor Koprivnikar dr. Igor Koprivnikar dr. Igor Koprivnikar dr. Igor Koprivnikar dr. Igor Koprivnikar 167 Annual Report Gorenje Group 2009
FOREIGN CURRENCY EXCHANGE RATES Appendix 3: Foreign exchange rates 2009 2008 Country Currency Unit Final exchange rate in EUR Average exchange rate in EUR Final exchange rate in EUR Average exchange rate in EUR Australia AUD 1 1.601 1.775 2.027 1.742 Czech Republic CZK 1 26.473 26.455 26.875 24.959 Denmark DKK 1 7.442 7.446 7.451 7.456 Great Britain GBP 1 0.888 0.891 0.953 0.797 Croatia HRK 1 7.300 7.341 7.356 7.224 Hungary HUF 1 270.420 280.543 266.700 251.738 Norway NOK 1 8.300 8.729 9.750 8.225 Poland PLN 1 4.105 4.330 4.154 3.515 Sweden SEK 1 10.252 10.620 10.870 9.617 Slovak Republic SKK 1 1.000 1.000 30.126 31.272 USA USD 1 1.441 1.393 1.392 1.471 Turkey TRY 1 2.155 2.162 2.149 1.907 Bosnia and Herzegovina BAM 1 1.956 1.956 1.956 1.956 Bulgaria BGN 1 1.956 1.956 1.956 1.956 Macedonia MKD 1 62.100 61.649 60.600 61.697 Switzerland CHF 1 1.484 1.510 1.485 1.583 Romania RON 1 4.236 4.240 4.023 3.684 Serbia RSD 1 95.025 93.797 89.372 81.188 Estonia EEK 1 15.647 15.647 15.647 15.647 Ukraine UAH 1 12.016 11.151 6.571 7.617 Latvia LVL 1 0.709 0.706 0.708 0.703 United Arab Emirates AED 1 5.529 5.115 4.675 5.442 Kazakhstan KZT 1 223.500 203.035 153.210 167.804 Russia RUB 1 43.154 44.139 41.283 36.423 Albania ALL 1 138.900 131.547 121.721 122.547 168 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
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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,
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 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: Gorenje UK Ltd., Great Britain Gore
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
Page 217 and 218: Kemis-Termoclean, d.o.o., Croatia 2
Page 219 and 220: Changes in fair value reserve: in T
Page 221 and 222: Changes in provisions in 2009 in TE
Page 223 and 224: 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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