Annual Report Gorenje Group 2009

Capital management
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and
market confidence and to sustain future development of the Company. As one of the strategic ratios,
the Company defines the return on capital as net profit for the period attributable to majority
shareholders divided by average shareholders' equity, excluding minority interests. The Company
seeks to maintain a balance between the higher returns, which are rendered possible by a higher level
of borrowings, and the advantages and security ensured by a strong capital structure. The Company's
objective in the 2010-2013 Strategic Plan is to achieve a 5.2 percent rate of return on invested capital.
The dividend policy is based on the investment plans, optimum capital structure policy, and
shareholders' expectations and interests. The amount of dividend per share is proposed by the
Management Board and the Supervisory Board of the controlling company. Dividends are paid from the
accumulated profit of the controlling company determined in accordance with the relevant regulations
in Slovenia. The resolution on the appropriation of accumulated profit is adopted by the Shareholders'
Meeting.
The Company has no employee share-owning scheme and no share option programme. There were
no changes in the approach to capital management in 2009. Neither the controlling company nor its
subsidiaries were subject to capital requirements determined by the regulatory authorities.
There are no provisions in the Articles of Incorporation that would invalidate the proportionality of rights
arising from shares, such as the rights of minority shareholders or the limitation of voting rights, and
there are not resolutions adopted on conditionally increased capital.
COMPANY - 6. SEGMENT REPORTING
The Company has no reportable segment. Segment information is presented in the consolidated
financial statements.
COMPANY - 7. NOTE TO THE STATEMENT OF CASH FLOWS
The statement of cash flows has been compiled under the indirect method on the basis of the items in
the statement of financial position at 31 December 2009, the statement of financial position at 31
December 2008, the income statement for the year ended 31 December 2009, and the additional
information required for the adjustment of inflows and outflows.
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Annual Report Gorenje Group 2009