ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
102 2008 9. Minority interest Minority interests at 31 December 2008 are: 2008 2007 Share in equity in % Minority interest in TEUR Share in net profit or loss in TEUR Share in equity in % Minority interest in TEUR Share in net profit or loss in TEUR Gorenje Tiki d.o.o., Ljubljana 0.018 3 0 0.018 3 0 Gorenje Tiki, d.o.o., Serbia 0.018 2 0 0.018 2 0 Gorenje Podgorica, d.o.o., Montenegro 0.028 1 0 0.028 1 0 Gorenje Notranja oprema, d.o.o., Velenje 0.02 4 0 0.4 88 4 Gorenje Küchen GmbH, Austria 0.02 0 0 0.4 -6 -4 Gorenje kuchyne spol. s r.o., Czech Republic 0.02 0 0 0.4 8 1 ZEOS, d.o.o., Ljubljana 49.0 327 14 49.0 313 123 SUROVINA, d.d., Maribor 49.0 11,711 1,539 49.0 10,713 1,100 RVT, d.o.o., Maribor 0 0 0 70.01 -746 -233 Sirovina, a.d., Serbia 49.0 41 1 55.88 49 -63 ERICo, d.o.o., Velenje 49.0 510 74 49.0 433 64 Gorenje Kuhinje, d.o.o., Ukraine 30.014 244 -111 PUBLICUS, d.o.o., Ljubljana 49.0 153 -214 Gorenje design studio, d.o.o., Velenje 48.0 247 6 Total 13,243 1,309 10,858 992 The transfer of ownership between the companies of the Gorenje Group did not have any impact on the consolidated financial statements of the Gorenje Group, for the intra-group transactions were eliminated from consolidation. 10. Acquisition of companies The following companies were acquired in 2008: PUBLICUS, d.o.o., Ljubljana on 25 March 2008, Istrabenz Gorenje Avtomatizacija procesov, d.o.o., Kisovec on 22 April 2008, Radolad, Kiew in May 2008, and Atag Europe BV end of June 2008. The fair value of net assets of the acquired companies was estimated. The effect of the acquisition on assets and liabilities of the Group is shown below. The allocation of differences found between the book value and the fair value of assets and liabilities of the acquired company to its separate identifiable assets is shown below:
103 ATAG Europe BV in TEUR Carrying amount prior to acquisition Adjustment to fair value Recognised value after the acquisition Intangible assets 2,808 2,808 Property, plant and equipment 10,756 10,756 Trademark 61,964 61,964 Deffered tax assets 378 378 Inventories 18,423 18,423 Operating receivables 16,047 16,047 Cash 116 116 Financial liabilities -8,344 -8,344 Operating liabilities -24,350 -24,350 Provisions -6,824 -6,824 Deffered tax liabilities -2,066 -2,066 Net difference (assets – liabilities) 6,944 61,964 68,908 Acquired share (100 %) 68,908 Goodwill 62,130 Purchase price 131,038 Paid with shares 39,409 Cash -116 Net outflow 91,513 The trademarks Atag, Etna and Pelgrim were valued using the royalty relief method and the discounted cash flow method. The royalty relief method is premised on the royalty that a company would have to pay for the use of the trademark if it had to license it from a third party. The hypothetical royalty rate is estimated for each year of the remaining useful life and discounted to present value. The estimate is based on the projection of operations for 20 years. The discount rate of 14.79 % was applied. Recognised trademark Applied growth rates ATAG 39,412 1.5 % ETNA 7,960 1.0 % PELGRIM 14,592 0.5 % Total 61,964 The difference which could not be assigned to individual types of acquired assets and liabilities includes goodwill recognised upon acquisition and amounts to TEUR 62,130. Through the acquisition of the ATAG company, Gorenje acquires a significant market share in Benelux and, at the same time, rounds up its set of trademarks with a top price trademark, which will help the Gorenje Group to significantly consolidate its position in Europe. In this way Gorenje realizes its strategic plan and the role of an active connecting link in the line of household appliances. There are numerous expected synergies between the two companies in the area of marketing, purchases, product management, and production. P U B L I C U S , d . o . o . , L j u b l j a n a in TEUR 2008 Property, plant and equipment 1,173 Operating receivables 860 Cash 86 Provisions -118 Financial liabilities -811 Operating liabilities -439 Net difference (assets – liabilities) 751 Acquired share (51 %) 383 Goodwill 1,617 Purchase price 2,000 Cash -86 Net outflow 1,914
- Page 51 and 52: 51 included a connection to the nat
- Page 53 and 54: 53 The appliances have been classif
- Page 55 and 56: 55 3.7 PRODUCTION The majority of p
- Page 57 and 58: 57 3.9 FINANCIAL MANAGEMENT The uni
- Page 59 and 60: 59 Sales risks are associated with
- Page 61 and 62: 61 3.10.3 OPERATING RISK MANAGEMENT
- Page 63 and 64: 63 3.11 CREATING VALUE FOR SHAREHOL
- Page 65 and 66: 65 3.12 BUSINESS PLAN AND ANTICIPAT
- Page 67 and 68: 67 3.13 REPORT ON SOCIAL RESPONSIBI
- Page 69 and 70: 69 3.13.2 RESPONSIBILITY TO USERS O
- Page 71 and 72: 71 The Kemis Group has co-operated
- Page 73 and 74: 73 Costs of goods, materials and se
- Page 77 and 78: ACCOUNTING REPORT
- Page 79 and 80: 79 Consolidated balance sheet of th
- Page 82 and 83: 82 2008 Consolidated statement of c
- Page 84 and 85: 84 2008 4.1.1.2 NOTES TO THE CONSOL
- Page 86 and 87: 86 2008 (ii) Foreign operations The
- Page 88 and 89: 88 2008 tributable to bringing the
- Page 90 and 91: 90 2008 or services or for administ
- Page 92 and 93: 92 2008 (i) Warranties A provision
- Page 94 and 95: 94 2008 that are expected to be app
- Page 96 and 97: 96 2008 4. Determination of fair va
- Page 98 and 99: 98 2008 hedging of currency risk an
- Page 100 and 101: 100 2008 East Europe: Ukraine, Russ
- Page 104 and 105: 104 2008 The calculation of goodwil
- Page 106 and 107: 106 2008 Gorenje Imobilia, d.o.o.,
- Page 108 and 109: 108 2008 GEN-I Zagreb, d.o.o. in TE
- Page 110 and 111: 110 2008 Other employee benefits ex
- Page 112 and 113: 112 2008 and projected on the basis
- Page 114 and 115: 114 2008 Movement of intangible ass
- Page 116 and 117: 116 2008 Movement of property, plan
- Page 118 and 119: 118 2008 Both deferred tax assets a
- Page 120 and 121: 120 2008 Net profit or loss is dist
- Page 122 and 123: 122 2008 Note 35 - Current financia
- Page 124 and 125: 124 2008 Liquidity risk Shown below
- Page 126 and 127: 126 2008 31 December 2007 in TEUR N
- Page 128 and 129: 128 2008 A portion of hedged items
- Page 130 and 131: 130 2008 Note 42 - Business segment
- Page 132 and 133: 132 2008 4.1.1.3 POROČILO REVIZORJ
- Page 134 and 135: 134 2008 Gorenje Gulf FZE, United A
- Page 136 and 137: 136 2008 Gorenje kuhinje, d.o.o., U
- Page 138: 138 2008 Cash flow statement of Gor
- Page 141 and 142: 141 Share premium Legal and statuto
- Page 143 and 144: 143 (b) Financial instruments (i) N
- Page 145 and 146: 145 is based on an independent appr
- Page 147 and 148: 147 and work in progress, cost incl
- Page 149 and 150: 149 bates. Revenue is recognised wh
- Page 151 and 152: 151 The amendments to IFRS 2 are no
102<br />
<strong>2008</strong><br />
9. Minority interest<br />
Minority interests at 31 December <strong>2008</strong> are:<br />
<strong>2008</strong> 2007<br />
Share in equity<br />
in %<br />
Minority<br />
interest<br />
in TEUR<br />
Share in net<br />
profit or loss in<br />
TEUR<br />
Share in equity<br />
in %<br />
Minority<br />
interest<br />
in TEUR<br />
Share in net<br />
profit or loss in<br />
TEUR<br />
<strong>Gorenje</strong> Tiki d.o.o., Ljubljana 0.018 3 0 0.018 3 0<br />
<strong>Gorenje</strong> Tiki, d.o.o., Serbia 0.018 2 0 0.018 2 0<br />
<strong>Gorenje</strong> Podgorica, d.o.o., Montenegro 0.028 1 0 0.028 1 0<br />
<strong>Gorenje</strong> Notranja oprema, d.o.o., Velenje 0.02 4 0 0.4 88 4<br />
<strong>Gorenje</strong> Küchen GmbH, Austria 0.02 0 0 0.4 -6 -4<br />
<strong>Gorenje</strong> kuchyne spol. s r.o., Czech Republic 0.02 0 0 0.4 8 1<br />
ZEOS, d.o.o., Ljubljana 49.0 327 14 49.0 313 123<br />
SUROVINA, d.d., Maribor 49.0 11,711 1,539 49.0 10,713 1,100<br />
RVT, d.o.o., Maribor 0 0 0 70.01 -746 -233<br />
Sirovina, a.d., Serbia 49.0 41 1 55.88 49 -63<br />
ERICo, d.o.o., Velenje 49.0 510 74 49.0 433 64<br />
<strong>Gorenje</strong> Kuhinje, d.o.o., Ukraine 30.014 244 -111<br />
PUBLICUS, d.o.o., Ljubljana 49.0 153 -214<br />
<strong>Gorenje</strong> design studio, d.o.o., Velenje 48.0 247 6<br />
Total 13,243 1,309 10,858 992<br />
The transfer of ownership between the companies of the <strong>Gorenje</strong> <strong>Group</strong> did not have any impact<br />
on the consolidated financial statements of the <strong>Gorenje</strong> <strong>Group</strong>, for the intra-group transactions<br />
were eliminated from consolidation.<br />
10. Acquisition of companies<br />
The following companies were acquired in <strong>2008</strong>: PUBLICUS, d.o.o., Ljubljana on 25 March <strong>2008</strong>,<br />
Istrabenz <strong>Gorenje</strong> Avtomatizacija procesov, d.o.o., Kisovec on 22 April <strong>2008</strong>, Radolad, Kiew in May<br />
<strong>2008</strong>, and Atag Europe BV end of June <strong>2008</strong>. The fair value of net assets of the acquired companies<br />
was estimated. The effect of the acquisition on assets and liabilities of the <strong>Group</strong> is shown<br />
below.<br />
The allocation of differences found between the book value and the fair value of assets and liabilities<br />
of the acquired company to its separate identifiable assets is shown below:
Change language