Annual Report Gorenje Group 2009

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Presentation of effective income tax rates calculated on the basis of commercial balance sheet: in TEUR 2009 2009 2008 2008 Profit excluding income tax -8,740 11,884 Income tax using the domestic tax rate 21.00% -1,835 22.00% 2,614 Non-deductible expenses -20.91% 1,828 19.19% 2,281 Tax exempt income 23.18% -2,026 -18.15% -2,157 Tax incentives 7.12% -623 -23.78% -2,826 Income tax expense 30.39% -2,656 -0.74% -88 The following deferred tax amounts were recognised in other comprehensive income: in TEUR 2009 Pre-tax amount Tax After-tax amount Change in fair value of available-for-sale financial assets -843 181 -662 Change in fair value of available-for-sale financial assets transferred to profit or loss -3,097 351 -2,746 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge 597 2,062 2,659 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge transferred to profit or loss -1,611 0 -1,611 Change in fair value of land 0 74 74 Total -4,954 2,668 -2,286 in TEUR 2008 Pre-tax amount Tax After-tax amount Change in fair value of available-for-sale financial assets -3,883 936 -2,947 Change in fair value of available-for-sale financial assets transferred to profit or loss -2,288 503 -1,785 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge -8,576 0 -8,576 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge transferred to profit or loss -84 0 -84 Change in fair value of land 7,454 -1,639 5,815 Total -7,377 -200 -7,577 197 Annual Report Gorenje Group 2009
COMPANY - NOTES TO THE FINANCIAL POSITION ITEMS COMPANY - INTANGIBLE ASSETS Notes referred to statement of financial position Note 16 – Intangible assets 15,999 TEUR in TEUR 2009 2008 Long-term deferred development costs 9,610 11,064 Long-term industrial property rights 5,826 6,318 Intangible assets under construction 563 58 Total 15,999 17,440 198 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
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GROUP - OTHER CURRENT ASSETS Note 2
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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 and 202: Rental income in TEUR 2009 2008 Ren
Page 203: in TEUR 2009 2008 Interest expenses
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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