Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009
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Content<br />
Letter of the President of the Management Board ................................................................................... 3<br />
<strong>Report</strong> of the Supervisory Board ............................................................................................................. 5<br />
<strong>Gorenje</strong> <strong>Group</strong> ......................................................................................................................................... 8<br />
<strong>Gorenje</strong> <strong>Group</strong> and its divisions .............................................................................................................. 9<br />
Vision, mission, values .......................................................................................................................... 10<br />
Strategic objectives ............................................................................................................................... 11<br />
<strong>Gorenje</strong> <strong>Group</strong> and its business activities ............................................................................................. 15<br />
Innovations and products ...................................................................................................................... 18<br />
Communication and marketing .............................................................................................................. 19<br />
Production and quality ........................................................................................................................... 20<br />
Shares of <strong>Gorenje</strong> and investor relations .............................................................................................. 22<br />
<strong>Report</strong> on corporate social responsibility ............................................................................................... 30<br />
Corporate Governance report ................................................................................................................ 41<br />
Business report ..................................................................................................................................... 58<br />
Economic environment ..................................................................................................................... 58<br />
Sales and market position ................................................................................................................ 59<br />
Sale in terms of divisions .................................................................................................................. 60<br />
Profit or loss performance ................................................................................................................. 67<br />
Financial position .............................................................................................................................. 71<br />
Investments ...................................................................................................................................... 75<br />
Risks ................................................................................................................................................. 76<br />
Purchasing ........................................................................................................................................ 80<br />
Research and development .............................................................................................................. 84<br />
<strong>Gorenje</strong> <strong>Group</strong> companies ................................................................................................................ 85<br />
Events after the reporting date ......................................................................................................... 87<br />
Objectives and forecasts for 2010 .................................................................................................... 87<br />
Financial statements of <strong>Gorenje</strong> <strong>Group</strong> according to IFRS as adopted by the EU ................................ 90<br />
Consolidated financial statements .................................................................................................... 90<br />
Notes to the consolidated financial statements ................................................................................. 96<br />
Independent Auditor's <strong>Report</strong> ......................................................................................................... 162<br />
Data on <strong>Gorenje</strong> <strong>Group</strong> Companies ............................................................................................... 163<br />
Financial statements of <strong>Gorenje</strong> d.d. according to IFRS as adopted by the EU .................................. 169<br />
Financial statements of <strong>Gorenje</strong>, d.d. ............................................................................................. 169<br />
Notes to the financial statements .................................................................................................... 174<br />
Independent Auditor's <strong>Report</strong> ......................................................................................................... 233<br />
2<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>