Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
• Note 19 and 20 - acquisition and disposal of companies • Note 29 and accounting policy (k) - measurement of liabilities for retirement benefits and jubilee premiums • Note 29 - provisions for litigations • Note 29 and accounting policy (k) - provisions for warranties • Note 23 - valuation of investments • Accounting policy (i) - impairment of financial assets, including receivables e) Changes in accounting policies (i) Overview Starting as of 1 January 2009, the Company has changed its accounting policies in the following areas: • accounting for borrowing costs, • presentation of financial statements. (ii) Accounting for borrowing costs In respect of borrowing costs relating to qualifying assets for which the commencement date for capitalisation is on or after 1 January 2009, the Company capitalises borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Previously the Company immediately recognised all borrowing costs as an expense. This change in accounting policy was due to the adoption of IAS 23 Borrowing Costs (2007) in accordance with the transitional provisions of such standard; comparative figures have not been restated. The change in accounting policy had no material impact on earnings per share. The Company has capitalised borrowing costs with respect to property, plant and equipment under construction (see note 3(d)(iii)) and development costs (see note 3(e)(i)). (iii) Presentation of financial statements The Company applies revised IAS 1 Presentation of Financial Statements (2007), which became effective as of 1 January 2009. As a result, the Company presents in the statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the statement of comprehensive income. Comparative information has been re-presented so that it also is in conformity with the revised standard. Since the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. 175 Annual Report Gorenje Group 2009
COMPANY - 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these financial statements, and have been applied consistently by the Company. a) Foreign currency Transactions in foreign currencies are translated to EUR (functional currency of the Company) at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to EUR at the exchange rate at that date. The foreign currency gain and loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to EUR at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity instruments, or a non-financial liability designated as a hedge. b) Financial instruments (i) Non-derivative financial instruments The Company initially recognises bonds and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company has the following non-derivative financial assets: liabilities and receivables, and available-for-sale financial assets. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand form an integral part of the Company’s current financial liabilities. 176 Annual Report Gorenje Group 2009
- 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 and 180: STATEMENT OF CHANGES IN EQUITY Stat
- Page 181: NOTES TO THE FINANCIAL STATEMENTS C
- 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
- Page 231 and 232: Sensitivity analysis A 5 percent in
• Note 19 and 20 - acquisition and disposal of companies<br />
• Note 29 and accounting policy (k) - measurement of liabilities for retirement benefits and<br />
jubilee premiums<br />
• Note 29 - provisions for litigations<br />
• Note 29 and accounting policy (k) - provisions for warranties<br />
• Note 23 - valuation of investments<br />
• Accounting policy (i) - impairment of financial assets, including receivables<br />
e) Changes in accounting policies<br />
(i) Overview<br />
Starting as of 1 January <strong>2009</strong>, the Company has changed its accounting policies in the following areas:<br />
• accounting for borrowing costs,<br />
• presentation of financial statements.<br />
(ii) Accounting for borrowing costs<br />
In respect of borrowing costs relating to qualifying assets for which the commencement date for<br />
capitalisation is on or after 1 January <strong>2009</strong>, the Company capitalises borrowing costs directly<br />
attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that<br />
asset. Previously the Company immediately recognised all borrowing costs as an expense. This<br />
change in accounting policy was due to the adoption of IAS 23 Borrowing Costs (2007) in accordance<br />
with the transitional provisions of such standard; comparative figures have not been restated. The<br />
change in accounting policy had no material impact on earnings per share. The Company has<br />
capitalised borrowing costs with respect to property, plant and equipment under construction (see note<br />
3(d)(iii)) and development costs (see note 3(e)(i)).<br />
(iii) Presentation of financial statements<br />
The Company applies revised IAS 1 Presentation of Financial Statements (2007), which became<br />
effective as of 1 January <strong>2009</strong>. As a result, the Company presents in the statement of changes in<br />
equity all owner changes in equity, whereas all non-owner changes in equity are presented in the<br />
statement of comprehensive income. Comparative information has been re-presented so that it also is<br />
in conformity with the revised standard. Since the change in accounting policy only impacts<br />
presentation aspects, there is no impact on earnings per share.<br />
175<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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