Annual Report Gorenje Group 2009

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CONTACT Bojana Rojc IR Officer Gorenje, d.d. Partizanska 12, 3503 Velenje, Slovenia Direct line: +386 3 899 13 45 Mobile: +386 51 351 706 FAX: +386 3 899 25 27 bojana.rojc@gorenje.si 29 Annual Report Gorenje Group 2009
Report on corporate social responsibility EMPLOYEES At Gorenje, our belief in the significance of employees for the success and development of the Company strengthened in the past year when, despite the sharp decline in the volume of orders, we managed to do a great deal to guarantee social security and the preservation of jobs. We are well aware what the preservation of jobs means for social security and the quality of life of employees and their families. Moreover, we have assessed that the situation in our key markets will soon improve. When it does, it will be necessary to quickly respond by increasing the production volume, and the demands regarding quality and responsiveness to customer needs will be even more rigorous than in the past. Those employees who have adequate knowledge, experience, are motivated, and see opportunities for personal and career development in the Gorenje Group will then represent an important competitive advantage against certain other companies in the branch which had aggressively begun to dismiss workers. EMPLOYEES OF THE GORENJE GROUP BY DIVISION Source: Gorenje Group data EMPLOYEES OF THE GORENJE GROUP BY COUNTRY OF EMPLOYMENT Source: Gorenje Group data 30 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 and 32: OWNERSHIP STRUCTURE Ten Major Share
Page 33 and 34: OWN SHARES AND VOTING RIGHTS On the
Page 35: For the second consecutive year, we
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
Page 87 and 88:
Information system risks are relate
Page 89 and 90:
Ecology, energy and services divisi
Page 91 and 92:
RESEARCH AND DEVELOPMENT Household
Page 93 and 94:
52. Kemis-Termoclean, d.o.o., Croat
Page 95 and 96:
Achievement of goals in the year 20
Page 97 and 98:
Financial statements of Gorenje Gro
Page 99 and 100:
CONSOLIDATED STATEMENT OF FINANCIAL
Page 101 and 102:
CONSOLIDATED STATEMENT OF CHANGES I
Page 103 and 104:
NOTES TO THE CONSOLIDATED FINANCIAL
Page 105 and 106:
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
Page 111 and 112:
Acquisition of minority interests A
Page 113 and 114:
current economic and credit conditi
Page 115 and 116:
(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
Page 135 and 136:
GROUP - NET FINANCE EXPENSES Note 1
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in TEUR 2008 Pre-tax amount Tax Aft
Page 139 and 140:
Impairment testing of goodwill aris
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Movement of intangible assets in 20
Page 143 and 144:
Transfers include transfers from re
Page 145 and 146:
GROUP - NON-CURRENT INVESTMENTS Not
Page 147 and 148:
GROUP - INVENTORIES Note 26 - Inven
Page 149 and 150:
GROUP - OTHER CURRENT ASSETS Note 2
Page 151 and 152:
GROUP - EARNINGS PER SHARE Note 32
Page 153 and 154:
Movement of provisions in 2009 in T
Page 155 and 156:
Some non-current borrowings are sim
Page 157 and 158:
GROUP - TRADE PAYABLES Note 37 - Tr
Page 159 and 160:
Impairment loss 8,780 3,512 Allowan
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in TEUR Carrying amount Expected ca
Page 163 and 164:
Sensitivity analysis A 5 percent in
Page 165 and 166:
Fair value scale The table shows me
Page 167 and 168:
GROUP - EVENTS AFTER THE REPORTING
Page 169 and 170:
GROUP - INDEPENDENT AUDITOR'S REPOR
Page 171 and 172:
Mora Moravia s r.o., Czech Republic
Page 173 and 174:
Gorenje UK Ltd., Great Britain Gore
Page 175 and 176:
FOREIGN CURRENCY EXCHANGE RATES App
Page 177 and 178:
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 and 230:
31 December 2008 in TEUR Carrying a
Page 231 and 232:
Sensitivity analysis A 5 percent in
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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