Annual Report Gorenje Group 2009

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COMPANY - NOTES TO THE INCOME STATEMENT ITEMS COMPANY - REVENUE Notes referred to income statement Note 8 – Revenue 586,643 TEUR in TEUR 2009 2008 Revenue from the sale of products – domestic market 28,638 34,496 Revenue from the sale of products – foreign market 380,310 511,617 Revenue from the sale of merchandise – domestic market 36,735 42,473 Revenue from the sale of merchandise – foreign market 91,066 111,300 Revenue from the sale of services – domestic market 12,144 11,924 Revenue from the sale of services – foreign market 6,248 11,784 Revenue from the sale of materials and work in progress – domestic market 9,105 15,750 Revenue from the sale of materials and work in progress – foreign market 22,397 24,762 Total 586,643 764,106 Revenue from the sale to subsidiaries in the Gorenje Group are recorded in the amount of TEUR 386,206 (2008: TEUR 427,209) showing a 9.60 percent decrease over 2008. COMPANY - OTHER OPERATING INCOME Note 9 – Other operating income 13,573 TEUR in TEUR 2009 2008 Income from subsidies and donations 5,488 159 Income from license fees 961 1,102 Rental income 1,859 1,581 Income from compensation in damages 4,260 3,152 Income from reversal of long-term provisions 850 2,299 Income from valuation of investment property 0 2,154 Income from disposal of investment property 0 169 Gain on disposal of property, plant and equipment 41 417 Other operating income 114 163 Total 13,573 11,196 Income from license fees includes fees for the use of the Gorenje trademark rights. Income from compensation in damages includes damages charged to suppliers. Other operating income includes recovered written-off receivables. 193 Annual Report Gorenje Group 2009
Rental income in TEUR 2009 2008 Rentals - up to 1 year (companies in the Gorenje Group) 1,731 1,462 Rentals - up to 1 year (other companies) 128 119 Expected rentals – from 2 to 5 years (companies in the Gorenje Group) 7,844 5,975 Expected rentals (other companies) 528 393 Total 10,231 7,949 Rental income mainly refers to real property that is partly used by the Company and partly leased out to subsidiaries. COMPANY - COST OF GOODS, MATERIALS AND SERVICES Note 10 – Cost of goods, materials and services 458,817 TEUR in TEUR 2009 2008 Cost of goods sold 128,977 157,028 Cost of materials 257,153 354,356 Cost of services 72,687 102,602 Total 458,817 613,986 Cost of services includes cost of creation of provisions for warranties in the amount of TEUR 11,503 (in 2008: TEUR 12,820). COMPANY - EMPLOYEE BENEFITS COST Note 11 – Employee benefits expense 100,769 TEUR in TEUR 2009 2008 Wages and salaries 70,414 77,106 Social security costs 13,797 16,642 Provisions for retirement benefits and jubilee premiums 908 733 Provisions for restructuring 1,585 0 Other employee benefits expense 14,065 15,824 Total 100,769 110,305 Social security costs include costs of voluntary, additional, collective pension insurance in the amount of TEUR 2,683 (in 2008: TEUR 3,087). Provisions for restructuring are referring to adjustment of activity extent and to partial production removal of refrigerator-freezers to Valjevo in year 2010. Other employee benefits expense includes costs of annual leave bonus, meals allowance, commuting allowance, and other work-related payments to employees. 194 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
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83. GEN-I Tirana Sh.p.k., Albania 2
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GROUP - 11. DISPOSAL OF COMPANIES T
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Proportionate shares of assets, lia
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GROUP - COST OF GOODS, MATERIALS AN
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GROUP - NET FINANCE EXPENSES Note 1
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in TEUR 2008 Pre-tax amount Tax Aft
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Impairment testing of goodwill aris
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Movement of intangible assets in 20
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Transfers include transfers from re
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GROUP - NON-CURRENT INVESTMENTS Not
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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 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: Capital management The Company's po
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
Page 233 and 234: COMPANY - FAIR VALUE Note 36 - Fair
Page 235 and 236: Net earnings in 2009 in TEUR Manage
Page 237 and 238: Net earnings in 2008 in EUR Salarie
Page 239 and 240: COMPANY - EVENTS AFTER THE DATE OF
Page 241: Imprint: Publisher: Gorenje, d.d.,
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Annual Report Gorenje Group 2009

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