Annual Report Gorenje Group 2009

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Wet and Dry Programme The manufacture of washers and dryers is carried out at the production location in Velenje within the framework of the parent company. In 2009, the majority of activities in this programme were focused on the development of an energy-efficient condenser dryer with a capacity of up to nine kilograms of laundry, equipped with an integrated steam generator and a LED light, with which we are following world trends in increased washer and dryer loads. The launch of production of steam generator dryers is scheduled in April 2010. Special attention was devoted to energy efficiency, which in washers with six and seven kilogramme loads was improved from class A to class A+ (-10 percent). A novelty in the market is a self-cleaning programme which eliminates problems caused by environment-friendly laundry washing methods. The latest washing programmes enable washing at much lower temperatures and with considerably less water than in the past. We developed a super-short, only 17-minute-long washing programme for less dirty laundry. Other Programmes In addition to the above-mentioned, the division also has the following programmes: • two supporting programmes which manufacture in-built components for home appliances: o the Mekom mechanical component programme carried out within the framework of the parent company and at production locations in Velenje, Šoštanj, Bistrica ob Sotli, and Rogatec; o the IPC programme (entrepreneurial centre for disabled persons) carried out within the framework of the Gorenje I.P.C. company, with programmes at locations in Velenje and Šoštanj; • a programme of thermic and heating appliances carried out within the framework of the company Gorenje Tiki, d.o.o. at production locations in Ljubljana and in Stara Pazova in Serbia; • and a factory for the manufacture and assembly of wheeled vehicles, Indop, d.o.o., in Šoštanj. Home Interior Division The Home Interior Division comprises six basic production programmes. Of these, three are kitchen programmes: Gorenje, Marles and KA kitchens, and three are other programmes: furniture, bathrooms, and ceramics. The division has production locations in Velenje, Šoštanj, the village of Gorenje, Nazarje, and Maribor. In 2009, its activities were focused on the continuous improvement of product quality as well as the optimisation of production costs. Special attention was devoted to the introduction of components from the Far East (China), as well as the unification of materials and semi-finished products at several production locations. Work was also begun on a project aimed at increasing productivity, which will be continued in 2010. 21 Annual Report Gorenje Group 2009
Shares of Gorenje and investor relations SHARE PRICE IN 2009 The high level of uncertainty caused by the financial crisis and the recession reduced the prices of shares on international stock exchanges in 2008. The shares of household appliance manufacturers are among those that were most hard hit by the price drop. In 2009 followed a strong rebound on developed markets, which for various reasons was not entirely followed by Slovenian shares. Consequently, the Ljubljana Stock Exchange index, SBI 20, rose only ten percent in 2009. Gorenje shares surpassed the index growth by eight percentage points, increased by 18.1 percent, and concluded the year at EUR 12.4. Relative Price Movements of Gorenje Shares and the SBI 20 Index in 2009 Source: Ljubljana Stock Exchange 22 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 and 24: The products of the Gorenje Group a
Page 25 and 26: Innovations and products The crisis
Page 27: Production and quality Home Applian
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,
Page 75 and 76: The main reasons for the reduction
Page 77 and 78: 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
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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
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COMPANY - EVENTS AFTER THE DATE OF
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Imprint: Publisher: Gorenje, d.d.,
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Annual Report Gorenje Group 2009

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