Annual Report Gorenje Group 2009

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Eastern European markets are particularly interesting for the Company because the profitability achieved in these markets is higher than in other markets. In 2010 the Company will further strengthen its position in existing markets, e.g. Kazakhstan, and conquer new markets in this region. A seven percent growth of sales volume is planned in Eastern European markets in 2010. GOAL-ORIENTED ACTIVITIES Sales targets will be achieved through the implementation of strategic policies of the Gorenje Group, i.e. by successful management of the Group's brand names, increased sale of upmarket products, and the expansion of our product portfolio (introduction of new product lines). In addition, we plan to expand our own retail network in markets where our brands are highly recognisable, increase our presence in all distribution channels, and search for new buyers and new markets. 17 Annual Report Gorenje Group 2009
Innovations and products The crisis in our key markets additionally motivated us to present to customers in 2009 even more products and lines featuring a high degree of innovation both in technology and design. We launched a new line, Gorenje Simplicity, featuring simple control of appliances with a single logical knob. The line was created as a response to modern lifestyle trends and the needs and wishes of today's consumers for a simpler and fuller life. At the IFA fair in Berlin, the Company presented, for the first time, the Gorenje designed by Karim Rashid collection (link: Gorenje pop up products), remaining faithful to its strategy of cooperating with great names in design. Designer Karim Rashid describes the collection as a minimal fusion of functionality, interactivity and purity. Special attention should certainly be drawn to its innovative MoodLite technology, whose vertical LED light strip is the main distinguishing element of these superiorly designed appliances. Its many colour versions allow the user to freely adjust the ambience to one's lifestyle or simply to one's current mood or inspiration. In our new Gorenje Retro collection, we upgraded the form of the past with the technology of the future, adding a touch of trendy boldness in an exciting array of new colours championed by fashion pundits. Contemporary consumers desire more individualism and daring, lively, playful and invigorating colours in their homes. The appliances in this collection are available in three styles: Chic, Vintage, and Funky. We also began to sell Gorenje for iPod products, a unique combination of refrigerator and iPod touch music player. The goal of this new product is to bring the use of home appliances closer to contemporary consumers with the help of information technology, making them increasingly easier to use and more entertaining. The functionality of this high-tech fridge-freezer appliance is complemented by a wireless internet connection enabling one to search, browse, and play videos featuring advice, recipes and other contents. Gorenje continued to introduce a new generation of patent-protected cooking appliances, such as the HomeMade oven and the DirecTouch function. New innovative solutions featuring lower energy consumption were continuously being incorporated in these products. A range of new products of the A++ energy class were introduced in the fridge-freezer line of appliances. New products were developed in the Home Interior Division, uniting the knowledge and experience of all business segments within the division. Strong emphasis was also placed on research activities, cooperation with external institutions, and the unification of kitchen programmes. The new kitchen models are based on recent furniture trends, feature stylish elements and trendy colours, and offer buyers a multitude of possibilities for adjusting forms. The most important achievements in the development of home interior products were: • commencement of a unified kitchen furnishings project, • completed development of the Taja bedroom, • development of new designs of ceramic tiles, • development of new bathroom fittings and sinks, • development of living rooms and vestibules. In 2010 the Company plans to completely renew its product line of kitchen furnishings. 18 Annual Report Gorenje Group 2009
Page 1 and 2: It was a difficult year. 2009 Annua
Page 3 and 4: 03 And that is why we are growing.
Page 5 and 6: 05 We are actively involved in seve
Page 7 and 8: 07 Ideas give us energy. We have re
Page 9 and 10: Content Letter of the President of
Page 11 and 12: As for our traditional markets in E
Page 13 and 14: The Supervisory Board devoted speci
Page 15 and 16: Gorenje Group The Gorenje Group is
Page 17 and 18: Vision, mission, values VISION To b
Page 19 and 20: BASIC STRATEGIC OBJECTIVES To succe
Page 21 and 22: The performance of the Division's b
Page 23: The products of the Gorenje Group a
Page 27 and 28: Production and quality Home Applian
Page 29 and 30: Shares of Gorenje and investor rela
Page 31 and 32: OWNERSHIP STRUCTURE Ten Major Share
Page 33 and 34: OWN SHARES AND VOTING RIGHTS On the
Page 35 and 36: For the second consecutive year, we
Page 37 and 38: Report on corporate social responsi
Page 39 and 40: AVERAGE AGE AND HEALTH CARE In the
Page 41 and 42: Staff Training Rapid development in
Page 43 and 44: Culture We realise how important bo
Page 45 and 46: Quantity of hazardous wastes (kg/pi
Page 47 and 48: Energy consumption of Gorenje washe
Page 49 and 50: DR. JOŽE ZAGOŽEN Chairman of the
Page 51 and 52: PETER KOBAL Member of the Superviso
Page 53 and 54: FRANJO BOBINAC President of the Man
Page 55 and 56: DRAGO BAHUN member of the managemen
Page 57 and 58: FRANC KOŠEC member of the manageme
Page 59 and 60: GENERAL MEETING OF SHAREHOLDERS The
Page 61 and 62: EXTERNAL AUDIT The audit of financi
Page 63 and 64: CODE OBSERVANCE The contents of the
Page 65 and 66: Business report ECONOMIC ENVIRONMEN
Page 67 and 68: SALE IN TERMS OF DIVISIONS The Home
Page 69 and 70: A sharper fall in the market was su
Page 71 and 72: HOME INTERIOR DIVISION South-Easter
Page 73 and 74: 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
Page 97 and 98:
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
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NOTES TO THE FINANCIAL STATEMENTS C
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COMPANY - 3. SIGNIFICANT ACCOUNTING
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Cash flow hedges When a derivative
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(iv) Depreciation Depreciation is r
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i) Impairment (i) Financial assets
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(iii) Onerous contracts A provision
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Deferred tax is measured at the tax
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IFRIC 18 Transfers of Assets from C
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COMPANY - 5. FINANCIAL RISK MANAGEM
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Capital management The Company's po
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Rental income in TEUR 2009 2008 Ren
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in TEUR 2009 2008 Interest expenses
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COMPANY - NOTES TO THE FINANCIAL PO
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Changes in intangible assets in 200
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Carrying amount at 1 Jan 2008 12,95
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COMPANY - INVESTMENTS IN SUBSIDIARI
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Long-term loans to specific groups
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Short-term loans in TEUR 2009 2008
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Kemis-Termoclean, d.o.o., Croatia 2
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Changes in fair value reserve: in T
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Changes in provisions in 2009 in TE
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COMPANY - CURRENT FINANCIAL LIABILI
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Trade payables to suppliers in the
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COMPANY - FINANCIAL INSTRUMENTS COM
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31 December 2008 in TEUR Carrying a
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Sensitivity analysis A 5 percent in
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COMPANY - FAIR VALUE Note 36 - Fair
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Net earnings in 2009 in TEUR Manage
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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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