Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
COMPANY - AMORTISATION AND DEPRECIATION EXPENSE Note 12 – Amortisation and depreciation expense 32,801 TEUR In TEUR 2009 2008 Amortisation expense of intangible assets 3,285 3,832 Depreciation expenses of property, plant and equipment 29,516 31,773 Total 32,801 35,605 COMPANY - OTHER OPERATING EXPENSES Note 13 – Other operating expenses 4,575 TEUR in TEUR 2009 2008 Impairment of assets 3 73 Write-down of inventories to net realisable value 1,133 579 Other taxes and charges 1,085 1,320 Environmental levies 665 438 Scholarships 115 183 Creation of provisions for litigations 1,072 190 Other operating expenses 502 572 Total 4,575 3,355 Other taxes and charges include charges for the use of building plot, water charge, environmental taxes, and other mandatory taxes and charges. Other operating expenses mainly include compensations in respect of accidents at work in the amount of TEUR 292 (in 2008: TEUR 389). COMPANY - NET FINANCE INCOME Note 14 – Net finance income Finance income 1,075 TEUR 26,835 TEUR in TEUR 2009 2008 Dividend income and income from other profit shares 6,322 7,443 Interest income from transactions with Group companies 2,878 2,378 Interest income from transactions with other entities 1,204 1,089 Income from interest rate swap transactions 1,252 2,048 Income from net exchange differences 1,747 0 Change in fair value of interest rate swaps 0 327 Gain on disposal of subsidiaries 5,677 3,382 Gain on disposal of available-for-sale investments 3,169 4,066 Income from forward exchange transactions 4,273 1,285 Change in fair value of forward exchange transactions 0 2,821 Other finance income 313 134 Total 26,835 24,973 Other finance income mostly includes income from commissions for loan guarantees issued to subsidiaries and other entities. Finance expenses 25,760 TEUR 195 Annual Report Gorenje Group 2009
in TEUR 2009 2008 Interest expenses from transactions with Group companies 1,132 816 Interest expenses from transactions with other entities 11,459 15,514 Expenses from interest rate swap transactions 1,096 0 Change in fair value of interest rate swaps 526 0 Expenses for net exchange differences 0 4,047 Expenses from forward exchange transactions 740 1,267 Change in fair value of forward exchange transactions 3,507 0 Impairment loss on investments 2,068 4,809 Impairment loss on trade receivables 2,917 310 Impairment loss on loans 2,000 0 Other finance expenses 315 420 Total 25,760 27,183 Impairment loss on investments in the amount of TEUR 2,068 (in 2008: TEUR 4,809) refers to available-for-sale financial assets that were revalued to market value. Impairment of trade receivables in the amount of TEUR 4,917 (in 2008: TEUR 310) provides for fair value of trade receivables and loans. Finance income and expenses recognised directly in other comprehensive income (net) in TEUR 2009 2008 Net change in effective portion of gains and losses on hedging instruments in a cash flow hedge 2,659 -8,576 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge, transferred to profit or loss -1,611 -84 Net change in fair value of available-for-sale financial assets -662 -2,947 Net change in fair value of available-for-sale financial assets transferred to profit or loss -2,746 -1,785 Finance expenses recognised in other comprehensive income -2,360 -13,392 In the above table, net effect from the statement of comprehensive income is shown, which does not only include the change in fair value of land. COMPANY - INCOME TAX EXPENSE Note 15 – Income tax expense -2,656 TEUR Due to a tax loss in the amount of TEUR 6,680, income tax expense is recorded based on deferred tax assets and deferred tax liabilities. in TEUR 2009 2008 Current tax expense 0 728 Deferred tax assets (through income statement) -2,656 -816 Deferred tax liabilities (through income statement) 0 0 Total -2,656 -88 196 Annual Report Gorenje Group 2009
- 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 and 200: Capital management The Company's po
- Page 201: Rental income in TEUR 2009 2008 Ren
- 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.,
COMPANY - AMORTISATION AND DEPRECIATION EXPENSE<br />
Note 12 – Amortisation and depreciation expense<br />
32,801 TEUR<br />
In TEUR <strong>2009</strong> 2008<br />
Amortisation expense of intangible assets 3,285 3,832<br />
Depreciation expenses of property, plant and equipment 29,516 31,773<br />
Total 32,801 35,605<br />
COMPANY - OTHER OPERATING EXPENSES<br />
Note 13 – Other operating expenses<br />
4,575 TEUR<br />
in TEUR <strong>2009</strong> 2008<br />
Impairment of assets 3 73<br />
Write-down of inventories to net realisable value 1,133 579<br />
Other taxes and charges 1,085 1,320<br />
Environmental levies 665 438<br />
Scholarships 115 183<br />
Creation of provisions for litigations 1,072 190<br />
Other operating expenses 502 572<br />
Total 4,575 3,355<br />
Other taxes and charges include charges for the use of building plot, water charge, environmental<br />
taxes, and other mandatory taxes and charges. Other operating expenses mainly include<br />
compensations in respect of accidents at work in the amount of TEUR 292 (in 2008: TEUR 389).<br />
COMPANY - NET FINANCE INCOME<br />
Note 14 – Net finance income<br />
Finance income<br />
1,075 TEUR<br />
26,835 TEUR<br />
in TEUR <strong>2009</strong> 2008<br />
Dividend income and income from other profit shares 6,322 7,443<br />
Interest income from transactions with <strong>Group</strong> companies 2,878 2,378<br />
Interest income from transactions with other entities 1,204 1,089<br />
Income from interest rate swap transactions 1,252 2,048<br />
Income from net exchange differences 1,747 0<br />
Change in fair value of interest rate swaps 0 327<br />
Gain on disposal of subsidiaries 5,677 3,382<br />
Gain on disposal of available-for-sale investments 3,169 4,066<br />
Income from forward exchange transactions 4,273 1,285<br />
Change in fair value of forward exchange transactions 0 2,821<br />
Other finance income 313 134<br />
Total 26,835 24,973<br />
Other finance income mostly includes income from commissions for loan guarantees issued to<br />
subsidiaries and other entities.<br />
Finance expenses<br />
25,760 TEUR<br />
195<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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