Annual Report Gorenje Group 2009

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Financial statements of Gorenje d.d. according to IFRS as adopted by the EU FINANCIAL STATEMENTS OF GORENJE, D.D. INCOME STATEMENT Income statement of Gorenje, d.d. in TEUR Notes 2009 2008 Revenue 8 586,643 764,106 Changes in inventories -13,069 2,043 Other operating income 9 13,573 11,196 Gross profit 587,147 777,345 Cost of goods, materials and services 10 -458,817 -613,986 Employee benefits expense 11 -100,769 -110,305 Amortisation and depreciation expense 12 -32,801 -35,605 Other operating expenses 13 -4,575 -3,355 Results from operating activities -9,815 14,094 Finance income 26,835 24,973 Finance expenses -25,760 -27,183 Net finance income 14 1,075 -2,210 Profit or loss before income tax -8,740 11,884 Income tax expense 15 2,656 88 Profit or loss for the period -6,084 11,972 Basic and diluted earnings per share (in EUR) -0.44 0.89 STATEMENT OF COMPREHENSIVE INCOME Statement of comprehensive income of Gorenje, d.d. in TEUR Notes 2009 2008 Net profit or loss for the period -6,084 11,972 Other comprehensive income Change in fair value of land 17 0 7,454 Net change in fair value of available-for-sale financial assets -843 -3,883 Net change in fair value of available-for-sale financial assets transferred to profit or loss 14 -3,097 -2,288 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge 597 -8,576 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge, transferred to profit or loss 14 -1,611 -84 Income tax on other comprehensive income 21 2,668 -200 Other comprehensive income for the period -2,286 -7,577 Total comprehensive income for the period -8,370 4,395 169 Annual Report Gorenje Group 2009
STATEMENT OF FINANCIAL POSITION Statement of financial position of Gorenje, d.d. in TEUR Notes 2009 2008 ASSETS 775,820 873,840 Non-current assets 436,865 489,141 Intangible assets 16 15,999 17,440 Property, plant and equipment 17 172,267 195,692 Investment property 18 4,462 4,462 Investments in subsidiaries 19 232,375 258,830 Other non-current investments 20 1,773 7,444 Deferred tax assets 21 9,989 5,273 Current assets 338,955 384,699 Inventories 22 75,215 105,948 Current investments 23 87,684 86,817 Trade receivables 24 165,181 172,327 Other current assets 25 10,442 18,825 Current tax assets 25 347 708 Cash and cash equivalents 26 86 74 EQUITY AND LIABILITIES 775,820 873,840 Equity 27 304,196 312,566 Share capital 58,546 58,546 Share premium 140,624 140,624 Legal reserves and statutory reserves 21,697 21,697 Retained earnings 87,975 94,059 Fair value reserve -1,476 810 Own shares -3,170 -3,170 Non-current liabilities 171,783 221,990 Provisions 29 26,113 24,187 Deferred tax liabilities 21 1,480 2,087 Non-current financial liabilities 30 144,190 195,716 Current liabilities 299,841 339,284 Current financial liabilities 31 136,792 162,727 Trade payables 32 143,918 160,692 Other current liabilities 33 19,131 15,865 170 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,
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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 and 174: Gorenje UK Ltd., Great Britain Gore
Page 175: FOREIGN CURRENCY EXCHANGE RATES App
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
Page 225 and 226: 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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