Annual Report Gorenje Group 2009

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COMPANY - NOTE: INTEREST RATE RISK Note 35 – Interest rate risk Exposure to interest rate risk: in TEUR 2009 2008 Fixed rate financial instruments Financial assets Financial liabilities 22,872 22,632 Variable rate financial instruments Financial liabilities 244,203 324,151 Fair value sensitivity analysis for fixed rate instruments No fixed rate financial instruments at fair value through profit or loss and derivatives designated as fair value hedge are recorded. Therefore a change in the interest rate at the reporting date would not have any impact on net profit or loss. Fair value sensitivity analysis for variable rate instruments A change in the interest rate by 50 basis points (bp) at the reporting date would have increased (decreased) net profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign exchange rates, remain unchanged. The analysis has been performed on the same basis as for 2008. in TEUR Net profit or loss Other comprehensive income Increase Decrease Increase Decrease by 50 bp by 50 bp by 50 bp by 50 bp 31 December 2009 Variable rate instruments -810 810 0 0 Interest rate swap contracts 51 -51 304 -304 Cash flow variability (net) -759 759 304 -304 31 December 2008 Variable rate instruments -1,337 1,337 0 0 Interest rate swap contracts 56 -56 319 -319 Cash flow variability (net) -1,281 1,281 319 -319 225 Annual Report Gorenje Group 2009
COMPANY - FAIR VALUE Note 36 – Fair value The fair value and the carrying amount of assets and liabilities in TEUR Carrying amount Fair value Carrying amount Fair value 2009 2009 2008 2008 Available-for-sale investments 12,175 12,175 19,036 19,036 Non-current loans 1,083 1,083 1,494 1,494 Current loans 70,532 70,532 62,818 62,818 Derivatives -10,267 -10,267 -5,285 -5,285 Trade receivables 165,181 165,181 172,327 172,327 Other current assets 10,442 10,442 18,825 18,825 Cash and cash equivalents 86 86 74 74 Non-current financial liabilities -144,190 -144,190 -195,716 -195,716 Current financial liabilities -126,525 -126,525 -152,257 -152,257 Trade payables -143,918 -143,918 -160,691 -160,691 Other payables -19,131 -19,131 -15,866 -15,866 Total -184,532 -184,532 -255,241 -255,241 Available-for-sale investments are valued at fair value on the basis of market prices. Fair value scale The table shows method of valuing financial assets recorded at fair value. The levels are as follows: • Level 1: stock price (unadjusted) in the active market of identical assets and liabilities • Level 2: data differing from stock price data (these are included in Level 1) monitored with the intention of direct or indirect valuation of assets and liabilities • Level 3: data on the value of assets and liabilities not based on the active market Year 2009 in TEUR Level 1 Level 2 Level 3 Total Available-for-sale financial assets 3,220 - 8,955 12,175 Derivatives – assets - - - - Derivatives - liabilities - -10,267 - -10,267 Year 2008 in TEUR Level 1 Level 2 Level 3 Total Available-for-sale financial assets 4,305 - 14,731 19,036 Derivatives – assets - 4,793 - 4,793 Derivatives - liabilities - -10,078 - -10,078 226 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
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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 and 230: 31 December 2008 in TEUR Carrying a
Page 231: Sensitivity analysis A 5 percent in
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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