Annual Report Gorenje Group 2009

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EVENTS AFTER THE REPORTING DATE On 25 January 2010 a decision of the District Court in Kranj was issued relating to the entry of the establishment of the company EKOGOR družba za predelavo in obdelavo odpadkov, d.o.o., Jesenice; the company PUBLICUS, d.o.o. Ljubljana is among the partners of the company (a major one holding 51 %). On 26 January 2010 the management board of Gorenje, d.d., published a summary of the strategic plan of the Gorenje Group for the period 2010-2013. The supervisory board of Gorenje, d.d., appointed a five-member nomination board for the commission of the supervisory board in its meeting of 2 March 2010. The nomination board met on 5 March 2010. The meeting was chaired by the Chairman of the board Bachtiar Djalil. In the meeting the nomination board took a decision about the beginning of the procedure for the preparation of proposal for the appointment of members of the supervisory board of the company that has to be concluded until 6 April 2010. In the meeting of 11 March 2010 the supervisory boars confirmed the members of the nomination board, expanded the composition of the board by one member and in compliance with the provisions of the Companies Act Peter Ješovnik, M.Sc. was appointed chairman of the nomination board. Members of the nomination board are the chairman of the supervisory board Jože Zagožen, Ph.D., Bachtiar Djalil, representative of Kapitalska družba, d. d., Andraž Grahek, representative of KD Skladi, d. o. o., Philip Sluiter, representative of Home Products Europe B. V., and Bogomir Kovač, Ph.D. representative of the human resources - accreditation board. OBJECTIVES AND FORECASTS FOR 2010 In the last quarter of 2009 the conditions of operation importantly improved in our key markets when compared to the beginning of the year. World economy came out of the recession and the decrease in currencies in South-East and Eastern European markets stopped. In spite of some problems that are still evident (uncertain conditions in the labour market and difficult accessibility to bank financing) customers responded to the improved conditions by greater demand for durable goods including our products. It has been estimated in the Gorenje Group that the positive trend will continue also in the year 2010 and will again enable achievement of growth in revenue and operation with a positive result. In spite of optimism we are aware that we still operate in severe market conditions demanding continuation of measures taken already in the year 2009 and whose goals are generation of a positive cash flow and growth in market shares along with the maintenance of production jobs. One of the most important measures will remain selective limitation of investments to 28.8 million EUR or 2.3 % of sales revenue (the same share as in 2009) in 2010. Above all, the technological and product development of the household appliances division will be strengthened, since 76.1 % of the Group's investments will be made in this division. 87 Annual Report Gorenje Group 2009
Achievement of goals in the year 2010 The highest (9.7 %) growth in sales revenue has been planned in the Ecology, Energy and Services Division, which will be achieved by a larger sales volume of services from the field of energy. The largest division (Household Appliances) being the largest in terms of revenue will grow at a 6.6 % rate and the sale of cooking and cooling-freezing appliances will increase, but the scope of washing - dish washing appliances will remain at the level of the year 2009. The strongest penetration of the Home Interior Division into the South-Eastern European markets will most probably reflect in a 5.2 % growth in revenue. 88 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
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OWNERSHIP STRUCTURE Ten Major Share
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OWN SHARES AND VOTING RIGHTS On the
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For the second consecutive year, we
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Report on corporate social responsi
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AVERAGE AGE AND HEALTH CARE In the
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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: 52. Kemis-Termoclean, d.o.o., Croat
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
Page 133 and 134: GROUP - COST OF GOODS, MATERIALS AN
Page 135 and 136: GROUP - NET FINANCE EXPENSES Note 1
Page 137 and 138: in TEUR 2008 Pre-tax amount Tax Aft
Page 139 and 140: Impairment testing of goodwill aris
Page 141 and 142: Movement of intangible assets in 20
Page 143 and 144: 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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