Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
COMPANY - NON-CURRENT FINANCIAL LIABILITIES Note 30 – Non-current financial liabilities 144,190 TEUR in TEUR 2009 2008 Non-current financial liabilities to banks 203,104 257,624 Non-current financial liabilities to other entities 12 12 Short-term portion of non-current financial liabilities -59,026 -62,008 Long-term finance lease 100 88 Total 144,190 195,716 Non-current financial liabilities are denominated in euro. At the year end 2009, borrowings bore interest at the variable interest rate ranging from 1.4 % to 5.6 %. Non-current financial liabilities by maturity in TEUR 2009 2008 Maturity from 1 to 2 years 65,015 62,919 Maturity from 2 to 3 years 41,136 66,882 Maturity from 3 to 4 years 20,849 40,039 Maturity from 4 to 5 years 17,178 21,109 Maturity over 5 years 12 4,679 Total 144,190 195,628 Collateralisation of non-current financial liabilities in TEUR 2009 2008 Bills 144,178 194,189 Pari-Passu Clause, Negative Pledge Clause 141,911 181,376 Financial covenants (ratios) 137,711 177,597 Guarantee Scheme of the Republic of Slovenia 24,500 0 The major portion of borrowings is collateralised by blank bills, financial covenants, and the Pari-Passu and Negative Pledge clauses, as stipulated in individual contracts. Some borrowings are simultaneously secured by several types of collaterals. The provision of collateral through the Guarantee Scheme of the Republic of Slovenia includes the nominal value of borrowing secured by a guarantee through the Guarantee Scheme of the Republic of Slovenia. The average amount of a Guarantee Scheme of the Republic of Slovenia is 30 percent. 215 Annual Report Gorenje Group 2009
COMPANY - CURRENT FINANCIAL LIABILITIES Note 31 – Current financial liabilities 136,792 TEUR in TEUR 2009 2008 Short-term borrowings from banks 42,100 71,029 Short-term borrowings from related companies 21,872 18,132 Current interest payable 352 840 Current dividends payable 175 176 Current portion of non-current financial liabilities 59,026 62,008 Other current financial liabilities 13,267 10,542 Total 136,792 162,727 Other current financial liabilities include liabilities from derivatives used to hedge liabilities in amount of TEUR 10,267 and capital increase of Gorenje Tiki, d.o.o., Serbia, not yet paid up. As at 31 December 2009, forward exchange contracts were concluded for the total value of hedged items in the amount of TEUR 8,580. The forward exchange contracts were used in the financial year 2009 to hedge against the change in foreign exchange rates: EUR/PLN, EUR/AUD, EUR/USD, EUR/HRK, EUR/HUF, EUR/GBP, and EUR/RSD. At the year end, hedging of the following foreign exchange rates was recorded: EUR/USD and EUR/HUF. Maturities of forward contracts are short (up to one year). The total value of hedged items as at 31 December 2009, for which interest rate swap contracts were concluded, amounted to TEUR 106,071. The interest rate swap contracts are used to hedge against the fluctuation of the variable interest rate EURIBOR. Maturities of interest rate swap contracts are long, i.e. progressively until 31 January 2012. Collateralisation of current financial liabilities in TEUR 2009 2008 Bills 101,126 131,965 Pari-Passu Clause, Negative Pledge Clause 95,558 80,554 Financial covenants (ratios) 65,627 62,003 A significant portion of borrowings is collateralised by blank bills, financial covenants, and the Pari- Passu and Negative Pledge clauses, as stipulated in individual contracts. Some borrowings are simultaneously secured by several types of collaterals. The loan contracts concluded with the banks include financial covenants, which were breached in the financial year 2009 due to the aggravated macroeconomic situation and the consequent drop in sales. The covenants are reviewed on the basis of the audited consolidated financial statements for the respective financial year. Because of the anticipated breach of financial covenants, the Company contacted its banks at the year end 2009 requesting for waiver of the financial covenants in the 2009 financial statements. The Company received the approval of waiver request from all its banks for all its borrowing and guarantee deals secured by financial covenants. The waiver of financial covenants is effective and valid for the 2009 financial year. 216 Annual Report Gorenje Group 2009
- 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
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- Page 191 and 192: (iii) Onerous contracts A provision
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- 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 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: Changes in provisions in 2009 in TE
- 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 - NON-CURRENT FINANCIAL LIABILITIES<br />
Note 30 – Non-current financial liabilities<br />
144,190 TEUR<br />
in TEUR <strong>2009</strong> 2008<br />
Non-current financial liabilities to banks 203,104 257,624<br />
Non-current financial liabilities to other entities 12 12<br />
Short-term portion of non-current financial liabilities -59,026 -62,008<br />
Long-term finance lease 100 88<br />
Total 144,190 195,716<br />
Non-current financial liabilities are denominated in euro. At the year end <strong>2009</strong>, borrowings bore interest<br />
at the variable interest rate ranging from 1.4 % to 5.6 %.<br />
Non-current financial liabilities by maturity<br />
in TEUR <strong>2009</strong> 2008<br />
Maturity from 1 to 2 years 65,015 62,919<br />
Maturity from 2 to 3 years 41,136 66,882<br />
Maturity from 3 to 4 years 20,849 40,039<br />
Maturity from 4 to 5 years 17,178 21,109<br />
Maturity over 5 years 12 4,679<br />
Total 144,190 195,628<br />
Collateralisation of non-current financial liabilities<br />
in TEUR <strong>2009</strong> 2008<br />
Bills 144,178 194,189<br />
Pari-Passu Clause, Negative Pledge Clause 141,911 181,376<br />
Financial covenants (ratios) 137,711 177,597<br />
Guarantee Scheme of the Republic of Slovenia 24,500 0<br />
The major portion of borrowings is collateralised by blank bills, financial covenants, and the Pari-Passu<br />
and Negative Pledge clauses, as stipulated in individual contracts. Some borrowings are<br />
simultaneously secured by several types of collaterals. The provision of collateral through the<br />
Guarantee Scheme of the Republic of Slovenia includes the nominal value of borrowing secured by a<br />
guarantee through the Guarantee Scheme of the Republic of Slovenia. The average amount of a<br />
Guarantee Scheme of the Republic of Slovenia is 30 percent.<br />
215<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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