Annual Report Gorenje Group 2009

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Equity interests of foreign investors by country Country Equity interest Netherlands 7.74 % Austria 4.95 % Switzerland 2.97 % Luxembourg 0.79 % USA 0.43 % France 0.42 % Sweden 0.30 % Croatia 0.30 % Finland 0.15 % Ireland 0.13 % United Kingdom 0.06 % Belgium 0.05 % Germany 0.04 % Cyprus 0.03 % Bosnia & Herzegovina 0.02 % Macedonia 0.02 % Montenegro 0.01 % Czech Republic 0.01 % Italy 0.01 % Canada 0.01 % Serbia 0.01 % Israel 0.01 % Source: Central Securities Clearing Corporation http://www.kdd.si/ Also among the shareholders are investors from Japan, Argentina, Paraguay, Australia, Hungary, and Russia. On 31 December 2009, foreign investors owned 18.44 percent of Gorenje's shares. Number of shares owned by members of the Supervisory and Management Boards 31 Dec 2009 31 Dec 2009 No. of shares Equity interest No. of shares Equity interest Supervisory Board total 14,146 0.1008 % Management Board total 13,230 0.0943 % Ivan Atelšek 9,497 0.0677 % Franjo Bobinac 2,096 0.0149 % Peter Kobal 1,355 0.0097 % Drago Bahun 9,032 0.0644 % Drago Krenker 920 0.0066 % Franc Košec 1,380 0.0098 % Krešimir Martinjak 115 0.0008 % Mirjana Dimc Perko 96 0.0007 % Jurij Slemenik 1,738 0.0124 % Branko Apat 626 0.0045 % Jože Zagožen 466 0.0033 % Gregor Sluga 55 0.0004 % Source: Gorenje Group data 25 Annual Report Gorenje Group 2009
OWN SHARES AND VOTING RIGHTS On the last day of 2009, Gorenje, d.d. had 121,311 own shares, which represents a 0.8647-percent share in the capital of the Company. The Company's Articles of Association stipulate that one share entitles its holder to one vote, but own shares do not have voting rights. The Articles of Association do not contain any provisions invalidating the proportionality of rights arising from share ownership, such as the rights of minority shareholders or restrictions of voting rights, and do not have any adopted resolutions on conditional increase of capital. GENERAL MEETING OF SHAREHOLDERS AND THE DIVIDEND POLICY Summary of resolutions adopted at the 13th General Meeting of shareholders of Gorenje, d.d. on 18 June 2009: 1. The accumulated profit for the 2008 financial year in the amount of EUR 35,062,963.38 shall be appropriated as follows: • part of the accumulated profit in the amount of EUR 28,050,370.70 shall be utilised for the creation of other revenue reserves; • the remainder of the accumulated profit in the amount of EUR 7,012,592.68 shall remain unappropriated. 2. The members of the Management Board and the Supervisory Board of the Company shall be discharged of their duties in the 2008 financial year. Determination of meeting attendance fees for members of the Supervisory Board: Pursuant to Article 25 of the Articles of Association of Gorenje, d.d., the meeting attendance fee for the period from 18 June 2009 to 31 December 2010 shall be EUR 536.25 for the Chairman of the Supervisory Board and EUR 412.50 for members of the Supervisory Board. An 80-percent meeting attendance fee shall be payable for correspondence sessions and meetings of Supervisory Board committees. For the validity of this resolution, the resolution adopted by the General Meeting of Shareholders on 14 June 2007 shall not be applicable. Change of registered business activities and amendment of Articles of Association: The General Meeting authorizes the Supervisory Board, in accordance with the provision of Article 2 of the Decree amending the Decree on the Standard Classification of Activities (Official Gazette of the Republic of Slovenia, no. 17/2008), to bring the existing activities specified in the Articles of Association in line with the new activities specified in the Decree and, on the basis of activities harmonised in such manner, to adopt the consolidated version of the Articles of Association. Appointment of auditor: The auditing company KPMG Slovenija, podjetje za revidiranje, d.o.o., Ljubljana, Železna cesta 8a, is appointed auditor for the 2009 financial year. DIVIDEND POLICY The dividend policy of the Gorenje Group for the 2010-2013 period specifies that up to one third of the net profit of the Group shall be allocated for the annual payment of dividends. The dividends paid out in previous years are presented in the table. 26 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 and 28: Production and quality Home Applian
Page 29 and 30: Shares of Gorenje and investor rela
Page 31: OWNERSHIP STRUCTURE Ten Major Share
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
Page 79 and 80: At the end of 2009 equity capital a
Page 81 and 82: Cash flow of the Gorenje Group (in
Page 83 and 84:
Investments of the Gorenje Group an
Page 85 and 86:
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
Page 213 and 214:
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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