Annual Report Gorenje Group 2009

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TRAINING AND RECRUITMENT EDUCATION STRUCTURE OF THE GORENJE GROUP Source: Gorenje Group data Owing to the large-scale production of home appliances and interior furnishings, a relatively large share of employees in the Gorenje Group is unskilled or have a lower level of education. The Gorenje Group is continuing the practice of granting scholarships to young people on the middle, higher and high levels of education even in a time when the total number of employees is declining. Scholarship holders have the possibility of undergoing practical training at Gorenje, the Company provides relevant data required in the preparation of seminar projects and graduation theses, and some of our employees also act as mentors to students. Employees who wish to continue their studies are encouraged to enrol in part-time studies and are offered financial assistance from the Company. The key criteria for the granting of such assistance are: the selection of a field of study that meets Gorenje's staff requirements, good performance, and an assessment of the employee's potential. Assistance includes the payment of tuition and some other costs, study leave, mentorship, and assistance in the preparation of seminar projects and graduation theses. All staff needs cannot be covered by scholarships and part-time study, which is why we present our company at job fairs. An important role in the acquisition of new staff is also played by our website and advertisements in the media. Special mention should be made of our collaboration with universities in individual development projects. Universities include students in such projects, and during their work they become acquainted with employment opportunities at Gorenje. 33 Annual Report Gorenje Group 2009
Staff Training Rapid development in all areas of activity calls for the continuous professional training of employees. This is mostly provided by the Company in the form of internal training. The organisation of this type of training is less costly and more timesaving, allowing for the inclusion of more employees. This is particularly important upon the introduction of new technologies, working procedures, and new methods of operation. Whenever required, employees are also enrolled in training programmes outside the Gorenje Group - primarily to acquire the most up-to-date knowledge and practices, and discover new trends. Priority is given to key professionals and managerial staff, who are responsible for transferring the acquired knowledge to other employees. Gorenje Management Academy The awareness of the need to provide our own staff was the principal reason for the establishment of the Gorenje Management Academy. In 2010, the 22nd generation of students is enrolled in the Academy programme. Promising young staff members are sent to the Academy who have shown high potential for the performance of key professional, development and managerial tasks. Training is organised in several module in the areas of business operation, problem solving, management, and mutual relations. The Academy's lecturers and mentors are recognised Slovenian experts, professors, as well as professionals and managerial staff members from Gorenje who are authorities in their respective fields of work. Special emphasis is laid on an interdisciplinary approach to work and learning about different fields. In this way, participants acquire a more comprehensive view of the contents and problems they will face in their work. The key part of training is the preparation of business plans, which demands creativity, integrality, and participation in searching for business opportunities and solving actual problems. These are then presented to the management of the Gorenje Group. Teamwork stimulates the openness of Academy participants for cooperation and mutual assistance, and contributes to the formation of their social and business networks. And such teamwork strengthens loyalty to the Gorenje Group, as well as the professional and business boldness and confidence of young, promising staff. Stimulating an Innovative Environment The creation of new and the renewal of existing products and processes is the fundamental task of individual professional fields in the Gorenje Group. Stimulating the innovativeness of all employees is therefore of special importance to the Company. For this purpose we have established the Iskrice system, which is designed to identify, discuss and reward innovative proposals of employees regarding products, work procedures, and working conditions. The system has been well received and has attracted a large number of employees. Material remuneration is generally not the principal motive, much more important is the recognition received from the working environment, co-workers and the individual's realisation that he has solved a problem with his own innovativeness, knowledge and experience, and thus contributed to the improved results of the Company. HEALTH AND SAFETY The Gorenje Group operates in line with the requirements for a system of safe and healthy work under the OHSAS 18001 standard (Occupational Health and Safety Management Systems). The parent company acquired the certificate in March 2006, followed in April 2007 by the companies Gorenje I.P.C., d.o.o. and Gorenje Orodjarna, d.o.o. By implementing the activities defined in environmental management and health & safety at work programmes, we have managed to reduce the number of occupational injuries. 34 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 and 36: For the second consecutive year, we
Page 37 and 38: Report on corporate social responsi
Page 39: AVERAGE AGE AND HEALTH CARE In the
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
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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
Page 231 and 232:
Sensitivity analysis A 5 percent in
Page 233 and 234:
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
Page 241:
Imprint: Publisher: Gorenje, d.d.,
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Annual Report Gorenje Group 2009

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