Annual Report Gorenje Group 2009

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Short-term trade receivables due from Group companies – domestic market in TEUR Company 2009 2008 Gorenje Tiki, d.o.o., Ljubljana 583 232 Gorenje Gostinstvo, d.o.o., Velenje 50 46 Gorenje Notranja oprema, d.o.o., Velenje 270 146 Gorenje I.P.C., d.o.o.,Velenje 2,311 1,497 Gorenje GTI, d.o.o., Velenje 2,182 2,608 LINEA SP, d.o.o., Velenje 0 28 Gorenje Orodjarna, d.o.o., Velenje 193 50 Indop, d.o.o., Šoštanj 747 588 Kemis, d.o.o., Radomlje 6 3 Energygor, d.o.o., Velenje 7 0 GEN–I, d.o.o., Krško 1 1 ZEOS, d.o.o., Ljubljana 6 6 ERICo, d.o.o., Velenje 1 -1 Surovina, d.d., Maribor 223 213 Gorenje design studio, d.o.o., Velenje 35 25 PUBLICUS, d.o.o., Ljubljana 1 4 Total 6,616 5,446 Short-term trade receivables due from Group companies – foreign market in TEUR Company 2009 2008 Gorenje Slovakia s.r.o., Slovak Republic 3,113 2,946 Gorenje spol. s.r.o., Czech Republic -36 1,998 Gorenje Skopje, d.o.o., Macedonia 1,446 1,137 Gorenje Zagreb, d.o.o., Croatia 21,973 15,236 Gorenje Commerce, d.o.o., Bosnia and Herzegovina 1,288 4,258 Gorenje Podgorica, d.o.o., Montenegro 3,923 3,875 Gorenje Budapest Kft., Hungary 4,563 3,852 Gorenje Polska Sp.z.o.o., Poland 8,272 9,316 Gorenje Bulgaria EOOD, Bulgaria 971 2,174 Gorenje d.o.o., Serbia 5,049 7,275 Gorenje Belux S.a.r.l., Belgium 863 980 Gorenje Vertriebs GmbH, Germany 15,364 13,425 Gorenje Koerting Italia S.r.l., Italy 3,562 2,669 Gorenje Austria Handels GmbH, Austria 2,892 1,376 Gorenje Beteiligungs GmbH, Austria 8 2,245 Gorenje Skandinavien A/S, Denmark 13,195 13,190 Gorenje France S.A.S., France 7,393 8,366 Gorenje UK Ltd., Great Britain 1,749 1,871 Mora Moravia, a.s., Czech Republic 555 187 Gorenje aparati za domaćinstvo, d.o.o., Serbia 3,519 5,297 Gorenje Espana, s.l., Spain 1,285 1,116 Gorenje Tiki, d.o.o., Stara Pazova 40 17 Gorenje Istanbul Ltd., Turkey 2,328 1,364 Gorenje Gulf FZE, United Arab Emirates 744 273 Gorenje Invest, d.o.o., Serbia 1 13 GEN-I , Kft, Hungary 1 1 ATAG Nederland BV, The Netherlands 234 321 Gorenje Romania S.R.L. Rumania 1 0 209 Annual Report Gorenje Group 2009
Kemis-Termoclean, d.o.o., Croatia 2 0 Gorenje - real spol, s.r.o., Czech Republic 1 0 Gorenje - kuchyne spol,s.r.o., Czech Republic 1 0 Gorenje Nederland B.V., The Netherlands 208 0 Gorenje TOV, Ukraina 39 0 OOO Gorenje BT, Russia 4,358 0 Kemis BH, d.o.o., Bosnia and Herzegovina 1 0 Revaluation 223 -2,078 Total 109,129 102,700 COMPANY - OTHER CURRENT ASSETS Note 25 – Other current assets 10,789 TEUR in TEUR 2009 2008 Advances for services 1,909 3,644 Other current assets 7,835 13,310 Current tax receivable 347 708 Short-term deferred costs and expenses 698 1,871 Total 10,789 19,533 Advances for services mainly include advances for coal transportation in the amount of TEUR 1,764 (31 Dec 2008: TEUR 2,969). Other current assets include input VAT receivable in the Republic of Slovenia in the amount of TEUR 3,286 (31 Dec 2008: TEUR 5,707), VAT receivable in foreign countries in the amount of TEUR 1,326 TEUR (31 Dec 2008: TEUR 1,749), and receivables not yet charged in the amount of TEUR 1,391 and arising from uncompleted projects in the INDOP programme (31 Dec 2008: TEUR 2,138). Short-term deferred costs include deferred costs referring to subsequent periods. COMPANY - CASH AND CASH EQUIVALENTS Note 26 – Cash and cash equivalents 86 TEUR in TEUR 2009 2008 Cash in hand and readily liquid securities 27 3 Cash in banks 59 71 Total 86 74 210 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
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in TEUR Carrying amount Expected ca
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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 and 212: COMPANY - INVESTMENTS IN SUBSIDIARI
Page 213 and 214: Long-term loans to specific groups
Page 215: Short-term loans in TEUR 2009 2008
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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