Annual Report Gorenje Group 2009

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Statement of Comprehensive Income of the Gorenje Group in TEUR Notes 2009 2008 Net profit or loss for the period -12,232 10,181 Other comprehensive income Change in fair value of land 22 -4 9,243 Net change in fair value of available-for-sale financial assets -878 -3,883 Net change in fair value of available-for-sale financial assets transferred to profit or loss 19 -3,097 -2,288 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge 597 -8,576 Change in effective portion of gains and losses on hedging instruments in a cash flow hedge, transferred to profit or loss 19 -1,611 -84 Income tax on other comprehensive income 25 2,663 -1,164 Translation reserve -2,903 5,767 Other comprehensive income for the period -5,233 -985 Total comprehensive income for the period -17,465 9,196 Attributable to equity holders of the parent -16,737 7,887 Attributable to minority interest -728 1,309 91 Annual Report Gorenje Group 2009
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated Statement of Financial Position of the Gorenje Group in TEUR Notes 2009 2008 ASSETS 1,178,677 1,257,732 Non-current assets 574,307 606,027 Intangible assets 21 161,560 162,986 Property, plant and equipment 22 382,801 412,953 Investment property 23 7,802 7,090 Non-current investment 24 6,614 12,721 Deferred tax assets 25 15,530 10,277 Current assets 604,370 651,705 Assets classified as held for sale 1,137 954 Inventories 26 217,981 253,004 Current investments 27 68,218 64,470 Trade receivables 28 251,740 262,017 Other current assets 29 35,796 43,866 Current tax assets 2,368 3,279 Cash and cash equivalents 30 27,130 24,115 EQUITY AND LIABILITIES 1,178,677 1,257,732 Equity 31 369,644 394,522 Share capital 58,546 58,546 Capital surplus (share premium) 158,487 158,487 Legal and statutory reserves 21,697 21,697 Retained earnings 97,788 110,324 Own shares -3,170 -3,170 Translation reserve 17,405 20,308 Fair value reserve 12,822 15,087 Equity attributable to equity holders of the parent 363,575 381,279 Minority interest 6,069 13,243 Non-current liabilities 311,313 294,893 Provisions 33 62,158 55,366 Provisions created from government grants 34 1,211 8,936 Deferred tax liabilities 25 5,585 6,472 Non-current financial liabilities 35 242,359 224,119 Current liabilities 497,720 568,317 Current financial liabilities 36 209,883 263,676 Trade payables 37 196,296 223,660 Other current liabilities 38 87,260 79,164 Current tax liabilities 4,281 1,817 92 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
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Culture We realise how important bo
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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 and 94: 52. Kemis-Termoclean, d.o.o., Croat
Page 95 and 96: Achievement of goals in the year 20
Page 97: Financial statements of Gorenje Gro
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
Page 145 and 146: GROUP - NON-CURRENT INVESTMENTS Not
Page 147 and 148: 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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