Annual Report Gorenje Group 2009

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COMPANY - NOTE: CURRENCY RISK Note 35 – Currency risk Exposure to currency risk: 31 December 2009 in TEUR EUR HRK DKK PLN USD HUF Other currencies Trade receivables 113,024 21,916 13,430 8,350 2,622 3,820 2,019 Financial liabilities -267,075 Trade payables -142,119 -1 -1,312 -485 Statement of financial position exposure -296,170 21,916 13,430 8,349 1,310 3,820 1,534 Forward exchange contracts 6,378 -2,202 Net exposure -296,170 21,916 13,430 8,349 7,688 1,618 1,534 31 December 2008 in TEUR EUR HRK DKK PLN USD HUF Other currencies Trade receivables 128,226 14,725 13,191 6,501 3,461 2,172 2,953 Financial liabilities -344,556 -2,227 Trade payables -159,097 -4 -3,763 -8 -47 Statement of financial position exposure -375,427 14,725 13,187 6,501 -2,529 2,164 2,906 Forward exchange contracts 0 -16,391 -17,985 15,420 -1,999 Net exposure -375,427 -1,666 13,187 -11,484 12,891 2,164 907 The following significant exchange rates were applied during the year: Average rate Reporting date spot rate 2009 2008 2009 2008 HRK 7.341 7.224 7.300 7.356 DKK 7.446 7.455 7.441 7.451 PLN 4.329 3.515 4.104 4.154 USD 1.393 1.470 1.440 1.392 HUF 280.543 251.737 270.420 266.700 223 Annual Report Gorenje Group 2009
Sensitivity analysis A 5 percent increase in the euro’s value against the above stated currencies as at 31 December would have resulted in an increase (decrease) in net profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain unchanged. The analysis has been performed on the same basis as for 2008. 31 December 2009 in TEUR Net profit or loss HRK -1,096 DKK -672 PLN -417 USD -384 HUF -81 Other currencies -77 31 December 2008 in TEUR Net profit or loss HRK 83 DKK -659 PLN 574 USD -645 HUF -108 Other currencies -45 A 5 percent decrease in the euro’s value against the above stated currencies as at 31 December would have had equal yet opposite effect, provided that all other variables remain unchanged. 224 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
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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 and 228: COMPANY - FINANCIAL INSTRUMENTS COM
Page 229: 31 December 2008 in TEUR Carrying a
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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