Annual Report Gorenje Group 2009

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04 We know only a positive flow. In strained circumstances, by focusing our investments exclusively on development projects and efficiently managing our net current assets, in 2009 we strongly surpassed the planned free cash flow as one of the most important building blocks in restructuring the sources of financing the business activities of the Gorenje Group.
05 We are actively involved in several activities. The Gorenje Group operates in mature, highly competitive sectors requiring us to continuously adapt to market conditions and constantly improve our performance. With the aim of optimising our business processes and attaining better business results, we operate in three divisions: Home Appliances, Home Interior, and Ecology, Energy and Services.
Page 1 and 2: It was a difficult year. 2009 Annua
Page 3: 03 And that is why we are growing.
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 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
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CODE OBSERVANCE The contents of the
Page 65 and 66:
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
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
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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
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
Page 195 and 196:
IFRIC 18 Transfers of Assets from C
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COMPANY - 5. FINANCIAL RISK MANAGEM
Page 199 and 200:
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
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
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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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