Annual Report Gorenje Group 2009

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Decrease in investments in subsidiaries in the Group is due to the sale of the subsidiary Linea SP, d.o.o. and the subsidiary Gorenje Beteiligungs GmbH, Austria, which was sold to the subsidiary Gorenje Nederland B.V. for EUR 42.4 million. At the same time, Gorenje Nederland B.V. became the sole owner of the Atag Group, which means a unified monitoring and managing of the distribution companies network of the Division Household Appliances within one company. The holding company is the sole owner of Gorenje Nederland B.V.. COMPANY - OTHER NON-CURRENT INVESTMENTS Note 20 – Other non-current investments 1,773 TEUR Other non-current investments include long-term loans in the amount of TEUR 1,083 (31 Dec 2008: TEUR 1,494) and other non-current investments in the amount of TEUR 690 (31 Dec 2008: TEUR 5,950). Long-term receivables in the amount of TEUR 5,261 were transferred to current investments owing to their maturity. As for non-current investments, the Company is not exposed to higher financial risks because most of these investments are made in subsidiaries. Long-term loans to other entities are to a great extent secured by bills. Changes in other non-current investments in TEUR 2009 2008 Opening balance at 1 January 5,950 10,176 Increase 1 5,269 Decrease 0 0 Transfer to current investments -5,261 -9,495 Closing balance at 31 December 690 5,950 Changes in long-term loans in TEUR 2009 2008 Opening balance at 1 January 1,494 2,031 Increase 100 15,000 Decrease -400 -136 Transfer to current investments -111 -15,401 Closing balance at 31 December 1,083 1,494 Long-term loans by maturity in TEUR 2009 2008 Maturity from 1 to 2 years 486 426 Maturity from 2 to 3 years 432 452 Maturity from 3 to 4 years 0 418 Maturity from 4 to 5 years 0 0 Maturity over 5 years 165 198 Total 1,083 1,494 Long-term loans bear interest at the nominal interest rate ranging from 3.256 % to 6.50 %. Loans with a maturity over 5 years include housing loans under the Housing Act of 1991. 205 Annual Report Gorenje Group 2009
Long-term loans to specific groups of persons No long-term loans were granted to the members of the Management Board and the Supervisory Board, and internal owners. COMPANY - DEFERRED TAX ASSETS AND LIABILITIES Note 21 – Deferred tax assets and liabilities Tax assets Tax liabilities Tax assets – Tax liabilities in TEUR 2009 2008 2009 2008 2009 2008 PPE 87 66 1,565 1,640 -1,478 -1,574 Investments 1,450 1,060 -85 447 1,535 613 Receivables 662 373 662 373 Inventories 76 76 Liabilities from litigations 12 12 Provisions for retirement benefits and jubilee premiums 2,220 2,343 2,220 2,343 Provisions for warranties 1,482 1,343 1,482 1,343 Unused tax losses 1,403 1,403 Unused tax incentives 623 623 Cash flow hedge – interest rate swaps 2,062 2,062 Total 9,989 5,273 1,480 2,087 8,509 3,186 Tax assets – Tax liabilities Through profit or loss Through other comprehensive income in TEUR 2009 2008 2009 2008 2009 2008 PPE -1,478 -1,574 22 41 74 -1,640 Investments 1,535 613 392 1,017 532 1,440 Receivables 662 373 289 -81 Inventories 76 -76 -11 Liabilities from litigations 12 -13 -23 Provisions for retirement benefits and jubilee premiums 2,220 2,343 -123 -110 Provisions for warranties 1,482 1,343 139 -17 Unused tax losses 1,403 1,403 Unused tax incentives 623 623 Cash flow hedge – interest rate swaps 2,062 2,062 Total 8,509 3,186 2,656 816 2,668 -200 206 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
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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 and 210: Carrying amount at 1 Jan 2008 12,95
Page 211: COMPANY - INVESTMENTS IN SUBSIDIARI
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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