Annual Report Gorenje Group 2009

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STATEMENT OF CASH FLOWS Statement of cash flows of Gorenje, d.d. in TEUR Notes 2009 2008 A. CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period -6,084 11,972 Adjustments for: Depreciation of property, plant and equipment 12, 17 29,516 31,773 Amortisation of intangible assets 12, 16 3,285 3,832 Investment income 14 -26,835 -24,973 Finance expenses 14 25,760 22,790 Gain on sale of property, plant and equipment -40 -586 Gain from revaluation of investment property 0 -2,154 Income tax expense 15 -2,656 -88 Operating profit before changes in net operating current assets and provisions 22,946 42,566 Change in trade and other receivables 12,613 24,884 Change in inventories 22 30,732 -12,079 Change in provisions 29 1,925 -2,025 Change in trade and other liabilities -13,510 -22,622 Cash generated from operations 31,760 -11,842 Interest paid -15,901 -17,598 Income taxes paid 489 -1,540 Net cash from operating activities 39,294 11,586 B. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 339 1,946 Interest received 8,378 5,924 Dividends received 6,322 7,443 Disposal of available-for-sale investments 5,004 6,111 Disposal of subsidiary, net of cash disposed 42,685 789 Acquisition of subsidiary, net of cash acquired -5,000 -107,483 Acquisition of property, plant and equipment -6,745 -33,196 Loans -9,319 -52,373 Acquisition of other investments 434 -6,118 Acquisition of intangible assets -1,844 -3,035 Net cash used in investing activities 40,254 -179,992 C. CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of own shares 0 -112 Borrowings / Repayment of borrowings -79,536 174,471 Dividends and premiums paid 0 -5,910 Net cash used in financing activities -79,536 168,449 Net increase in cash and cash equivalents 12 43 Cash and cash equivalents at beginning of period 74 31 Cash and cash equivalents at end of period 86 74 171 Annual Report Gorenje Group 2009
STATEMENT OF CHANGES IN EQUITY Statement of changes in equity of Gorenje, d.d. in TEUR Share capital Share premium Legal and statutory reserves Retained earnings Own shares Fair value reserve Total Opening balance at 1 Jan 2009 58,546 140,624 21,697 94,059 -3,170 810 312,566 Total comprehensive income for the period Net profit or loss for the period -6,084 -6,084 Total other comprehensive income -2,286 -2,286 Total comprehensive income for the period 0 0 0 -6,084 0 -2,286 -8,370 Transactions with owners (when acting as owners) recognised directly in equity Contributions by owners and distributions to owners Payment of dividends Total contributions by owners and distributions to owners 0 0 0 0 0 0 0 Total transactions with owners 0 0 0 0 0 0 0 Closing balance at 31 Dec 2009 58,546 140,624 21,697 87,975 -3,170 -1,476 304,196 172 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
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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 and 176: FOREIGN CURRENCY EXCHANGE RATES App
Page 177: STATEMENT OF FINANCIAL POSITION Sta
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
Page 227 and 228: 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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