Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
in TEUR Share capital Share premium Legal and statutory reserves Retained earnings Own shares Fair value reserve Total Opening balance at 1 Jan 2008 58,546 125,851 45,034 64,660 -27,693 8,387 274,785 Total comprehensive income for the period Net profit or loss for the period 11,972 11,972 Total other comprehensive income -7,577 -7,577 Total comprehensive income for the period 0 0 0 11,972 0 -7,577 4,395 Transactions with owners (when acting as owners) recognised directly in equity Contributions by owners and distributions to owners Creation of reserves for own shares 112 -112 -112 -112 Creation of statutory reserves 1,186 -1,186 0 Payment of dividends -5,781 -5,781 Remuneration to the Supervisory Board under the resolution of the Shareholders' Meeting -129 -129 Disposal of own shares 14,773 24,635 39,408 Reversal of reserves for own shares -24,635 24,635 0 Total contributions by owners and distributions to owners 0 14,773 -23,337 17,427 24,523 0 33,386 Total transactions with owners 0 14,773 -23,337 17,427 24,523 0 33,386 Closing balance at 31 Dec 2008 58,546 140,624 21,697 94,059 -3,170 810 312,566 173 Annual Report Gorenje Group 2009
NOTES TO THE FINANCIAL STATEMENTS COMPANY - 1. REPORTING COMPANY Gorenje, d.d. (the “Company”) is the controlling company in the Gorenje Group with its registered office at Partizanska 12, 3503 Velenje, Slovenia. The financial statements of the Company have been prepared for the financial year ended 31 December 2009. COMPANY - 2. BASIS OF PREPARATION a) Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted in EU, and with the provisions of the Companies Act. The financial statements were approved by the Management Board of Gorenje, d.d. on 29 March 2010. b) Basis of measurement The financial statements have been prepared on the historical cost basis, except for the following items which are measured at fair value: • derivative financial instruments • available-for-sale financial assets • land and investment property The methods used to measure fair values are discussed further in Note 4. c) Functional and presentation currency These financial statements are presented in euro, which is the Company’s functional currency. All financial information presented in euro has been rounded to the nearest thousand. d) Use of estimates and judgements The preparation of financial statements in conformity with IFRSs as adopted by EU requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the notes below: 174 Annual Report Gorenje Group 2009
- 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 and 178: STATEMENT OF FINANCIAL POSITION Sta
- Page 179: STATEMENT OF CHANGES IN EQUITY Stat
- 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
- Page 229 and 230: 31 December 2008 in TEUR Carrying a
in TEUR Share capital Share premium<br />
Legal and<br />
statutory<br />
reserves<br />
Retained<br />
earnings Own shares Fair value reserve Total<br />
Opening balance at 1 Jan 2008 58,546 125,851 45,034 64,660 -27,693 8,387 274,785<br />
Total comprehensive income for the period<br />
Net profit or loss for the period 11,972 11,972<br />
Total other comprehensive income -7,577 -7,577<br />
Total comprehensive income for the period 0 0 0 11,972 0 -7,577 4,395<br />
Transactions with owners (when acting as owners)<br />
recognised directly in equity<br />
Contributions by owners and distributions to owners<br />
Creation of reserves for own shares 112 -112 -112 -112<br />
Creation of statutory reserves 1,186 -1,186 0<br />
Payment of dividends -5,781 -5,781<br />
Remuneration to the Supervisory Board under the<br />
resolution of the Shareholders' Meeting -129 -129<br />
Disposal of own shares 14,773 24,635 39,408<br />
Reversal of reserves for own shares -24,635 24,635 0<br />
Total contributions by owners and distributions to<br />
owners 0 14,773 -23,337 17,427 24,523 0 33,386<br />
Total transactions with owners 0 14,773 -23,337 17,427 24,523 0 33,386<br />
Closing balance at 31 Dec 2008 58,546 140,624 21,697 94,059 -3,170 810 312,566<br />
173<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
Change language