Annual Report Gorenje Group 2009

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Payments -51 -113 Write-down of receivables -1,310 -256 Balance at 31 December 5,496 3,940 COMPANY - NOTE: LIQUIDITY RISK Note 35 – Liquidity risk Financial liabilities by maturity: 31 December 2009 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years More than 5 year Non-derivative financial liabilities Bank borrowings 245,204 255,542 105,129 67,915 82,498 Other financial liabilities 25,511 25,511 25,511 Trade payables 143,918 143,918 143,918 Other payables 19,131 19,131 19,131 Total 433,764 444,102 293,689 67,915 82,498 Derivative financial liabilities Interest rate swaps -10,017 -10,017 -6,177 -3,840 Forward exchange contracts used for hedging -250 -250 -250 Outflow -250 -250 -250 Inflow Other forwards exchange contracts Outflow Inflow Total -10,267 -10,267 -6,427 -3,840 221 Annual Report Gorenje Group 2009
31 December 2008 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years More than 5 year Non-derivative financial liabilities Bank borrowings 346,783 369,922 161,092 69,321 139,509 Other financial liabilities 1,582 1,582 1,582 Trade payables 160,692 160,692 160,692 Other payables 15,865 15,865 15,865 Total 524,922 548,061 339,231 69,321 139,509 Derivative financial liabilities Interest rate swaps -10,078 -10,078 985 -11,013 -50 Forward exchange contracts used for hedging 4,793 4,793 4,793 Outflow Inflow 4,793 4,793 4,793 Other forwards exchange contracts Outflow Inflow Total -5,285 -5,285 5,778 -11,013 -50 The table below shows the periods in which the cash flows from cash flow hedge derivatives are expected to occur and their impact on profit and loss. Derivative financial receivables and liabilities 2009 in TEUR Carrying amount Expected cash flows 1 year or less 1 – 5 years More than 5 year Interest rate swaps Assets (Liabilities) -10,017 -10,017 -6,177 -3,840 Forward exchange contracts Assets (Liabilities) -250 -250 -250 Total -10,267 -10,267 -6,427 -3,840 2008 in TEUR Carrying amount Expected cash flows 1 year or less 1 – 5 years More than 5 year Interest rate swaps Assets (Liabilities) -10,078 -10,078 985 -11,063 Forward exchange contracts Assets (Liabilities) 4,793 4,793 4,793 Total -5,285 -5,285 5,778 -11,063 222 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
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Fair value scale The table shows me
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GROUP - EVENTS AFTER THE REPORTING
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GROUP - INDEPENDENT AUDITOR'S REPOR
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Mora Moravia s r.o., Czech Republic
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Gorenje UK Ltd., Great Britain Gore
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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 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: COMPANY - FINANCIAL INSTRUMENTS COM
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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