Annual Report Gorenje Group 2009

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At the end of 2009 loans and borrowings amounted to 452.2 million EUR and reduced by 35.6 million EUR or 7.3 % in a year. Structure of loans and borrowings of the Gorenje Group as at 31 Dec. 2009 Maturity structure Share Long-term loans 54.4 % Short-term loans 45.6 % Currency structure Euor 95.1 % CZK (Czech koruna) 3.2 % Other currencies 1.7 % Variability of interest rates Fixed 47.5 % Variable 52.5 % Source: Data of the Gorenje Group In 2009 the value of investments reduced by 2.4 million EUR as a result of sale of a minor part of investments and impairment of their values to market levels. INVESTMENTS In 2009 the Gorenje Group intended 28.5 million EUR for investments. Out of this amount 24 million EUR were allocated to property, plant and equipment and 4.5 million EUR to intangible assets. Their total value reduced by 48.3 million EUR or 62 % over the year 2008. The main reason for such development is the world financial crisis due to which the Gorenje Group took the anti-crisis measures, limited the investments and thus increased prudence. Two thirds of all investments were made in the Household Appliances Division. The investments in 2009 were exclusively intended for the continuation of activities in the field of development of products and key markets since the Group has considered them as of crucial importance for the time when markets will start growing again: • the project of Combi 750 cooling-freezing appliances for an industrial customer, • expansion of a product range of cooking appliances for the Russian market, • introduction of appliances of energy classes A+ and A++. • transfer of production of Atag appliances to the parent company. 75 Annual Report Gorenje Group 2009
Investments of the Gorenje Group and their share in sales revenue Source: Data of the Gorenje Group Investments in fixed assets of the Gorenje Group by division (in 000 EUR) 2009 2008 Household Appliances Division 19,072 58,550 Home Interior Division 1,792 1,524 Ecology, Energy and Services Division 7,868 16,733 Total 28,732 76,807 Source: Data of the Gorenje Group RISKS The Gorenje Group decentralised risks management in 2009 and transferred it to individual divisions. A risk management council operates at the level of the Group and includes committees that cover operational, financial and operating risks within individual divisions. Each committee is responsible for the detection and valuation of risks relating to: • potential influence on the budgeted result, • evaluation of likelihood for the occurrence or frequency of occurrence of an individual influence. The Committee prepares measures for the reduction in influence of risks on the operation of the Group as well as a cost estimate for their implementation on the basis of valuations. Subsequently, the risk management committee analyses the interconnection of risks, directs and co-ordinates all the measures in the field of their reduction. Risk valuation is also the basis for the plan of audit controls. Efficiency of their control is analysed on a quarterly basis 76 Annual Report Gorenje Group 2009
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It was a difficult year. 2009 Annua
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03 And that is why we are growing.
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05 We are actively involved in seve
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07 Ideas give us energy. We have re
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Content Letter of the President of
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As for our traditional markets in E
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The Supervisory Board devoted speci
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Gorenje Group The Gorenje Group is
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Vision, mission, values VISION To b
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BASIC STRATEGIC OBJECTIVES To succe
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The performance of the Division's b
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The products of the Gorenje Group a
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Innovations and products The crisis
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Production and quality Home Applian
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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
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: Cash flow of the Gorenje Group (in
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
Page 107 and 108: ) Foreign currency (i) Foreign curr
Page 109 and 110: 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
Page 117 and 118: s) Comparative information Comparat
Page 119 and 120: IFRIC 12 Service Concession Arrange
Page 121 and 122: anticipated reversionary increases,
Page 123 and 124: of the Gorenje Group’s lending po
Page 125 and 126: GROUP - 8. COMPOSITION OF THE GOREN
Page 127 and 128: 83. GEN-I Tirana Sh.p.k., Albania 2
Page 129 and 130: GROUP - 11. DISPOSAL OF COMPANIES T
Page 131 and 132: 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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