Annual Report Gorenje Group 2009

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Property, plant and equipment under construction 2,030 TEUR Property, plant and equipment under construction mainly include equipment for production of combined refrigerators, width 750, for the US market. In 2008, land was appraised on the basis of fair value determined by an independent certified appraiser of real property. The effect of revaluation to fair value amounted to TEUR 7,455. The conditions for impairment were not established. In 2009, the appraisal of property, plant and equipment to determine their recoverable value was carried out. No conditions for impairment were established. COMPANY - INVESTMENT PROPERTY Note 18 – Investment property 4,462 TEUR in TEUR 2009 2008 Land 3,752 3,752 Buildings 710 710 Total 4,462 4,462 Investment property includes land and buildings intended for sale or to increase investment property. In 2008, investment property was appraised by an independent certified appraiser to determine fair value recognised in profit or loss. Changes in investment property in TEUR 2009 2008 Opening balance at 1 January 4,462 2,698 Additions 0 249 Revaluation 0 2,154 Disposals 0 -753 Transfer from property, plant and equipment 0 114 Closing balance at 31 December 4,462 4,462 203 Annual Report Gorenje Group 2009
COMPANY - INVESTMENTS IN SUBSIDIARIES Note 19 – Investments in subsidiaries 232.375 TEUR in TEUR Equity share Investment at 31 Dec 2009 Investment at 31 Dec 2008 Gorenje I.P.C.. d.o.o.. Velenje 100.00 % 377 377 LINEA SP. d.o.o.. Velenje 0.00 % 0 125 Gorenje GTI. d.o.o.. Velenje 100.00 % 8,795 8,795 Gorenje Gostinstvo. d.o.o.. Velenje 100.00 % 5,958 5,958 Gorenje Orodjarna. d.o.o.. Velenje 100.00 % 3,038 3,038 Indop. d.o.o.. Šoštanj 100.00 % 1,000 1,000 Gorenje Notranja oprema. d.o.o.. Velenje 99.89 % 18,215 18,215 Gorenje Tiki. d.o.o.. Ljubljana 99.98 % 7,001 7,001 Energygor. d.o.o.. Velenje 100.00 % 58 58 Kemis. d.o.o.. Radomlje 100.00 % 1,353 1,353 Surovina. d.d.. Maribor 51.00 % 12,036 12,036 ERICo. d.o.o.. Velenje 51.00 % 256 256 ZEOS. d.o.o.. Ljubljana 51.00 % 242 242 Gorenje Zagreb. d.o.o.. Croatia 100.00 % 14,553 12,604 Gorenje Skopje. d.o.o.. Macedonia 100.00 % 538 538 Gorenje Beteiligungs GmbH. Austria 0.00 % 0 31,257 Gorenje Tiki. d.o.o.. Serbia 86.22 % 10,947 7,947 Mora Moravia. a.s.. Czech Republic 67.95 % 8,750 8,750 STB Nekretnine. d.o.o.. Serbia 1.60 % 50 50 Istrabenz Gorenje energetski sistemi. d.o.o.. Ljubljana 49.34 % 5,755 5,755 Gorenje Projekt d.o.o.. Ljubljana 100.00 % 87 87 Publicus. d.o.o.. Ljubljana 51.00 % 2,000 2,000 Gorenje design studio. d.o.o.. Velenje 52.00 % 260 260 ATAG Europe B V. The Netherlands 0.00 % 0 131,038 Gorenje Nederland B.V.. The Netherlands 100.00 % 131,106 90 Total 232,375 258,830 Changes in investments in subsidiaries in 2009 in TEUR Investments in subsidiaries Balance at 1 Jan 2009 258,830 Increase 12,193 Transfer 0 Decrease -38,648 Balance at 31 Dec 2009 232,375 Increase in investments in subsidiaries in the Group includes: • capital increase in the subsidiary Gorenje Zagreb, d.o.o., Croatia, in the amount of TEUR 1,949, • capital increase in the subsidiary Gorenje Beteiligungs GmbH, Austria, in the amount of TEUR 7,244, • capital increase in the subsidiary Gorenje Tiki, d.o.o., Serbia, in the amount of TEUR 3,000. 204 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
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Movement of provisions in 2009 in T
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Some non-current borrowings are sim
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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 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: Carrying amount at 1 Jan 2008 12,95
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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