ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
104 2008 The calculation of goodwill is provisional and is based on carrying amount of net assets. PUBLICUS, d.o.o., is the holder of a municipal waste management concession for the municipalities Komenda, Kamnik, Postojna and Pivka. Through the acquisition of the company, the Gorenje Group desires to complete the circle of activities in the area of waste management. The Gorenje Group manages hazardous waste through its company Kemis and secondary raw materials through its company Surovina. PUBLICUS is an important component part helping to realize the idea of global service for industry, in which all three types of waste are included. PUBLICUS is an important part of activities associated with ecology also in respect of mass flow of waste. This opens new possibilities under the new law governing waste disposal, such as alternative fuel production from highcaloric waste fractions. IG AP, d.o.o., Kisovec in TEUR 2008 Property, plant and equipment 223 Inventories 10 Investments 57 Operating receivables 761 Cash 44 Provisions -6 Financial liabilities -551 Operating liabilities -177 Net difference (assets – liabilities) 361 Acquired share (100 %) 361 Goodwill 705 Purchase price 1,066 Cash -44 Net outflow 1,022 Prior to the acquisition of IG AP, d.o.o., all disputable assets (disputable receivables) had been excluded from its balance sheet. The estimated fair value of acquired assets and liabilities does not essentially deviate from the book value. Consequently the goodwill, which was established upon the acquisition, has not been allocated to other assets. The strategy of Istrabenz Gorenje comprises three policies: production, trading and sale of electrical power, production and sale of wood biomass, and engineering in the process and power industry. The latter has developed with the help of certain staff which, however, has not sufficed for a breakthrough in this area where not only references but also experiences and concentrated knowhow are required. Through the acquisition of Avtomatizacija, the engineering area within the IG Group has filled up this gap and set the base for a quicker development of the respective area. G o r e n j e K u h i n j e , d . o . o . , K i e w in TEUR 2008 Property, plant and equipment 688 Inventories 453 Operating receivables 242 Cash 7 Financial liabilities -140 Operating liabilities -397 Net difference (assets – liabilities) 853 Acquired share (69.986 %) 597 Negative goodwill 28 Purchase price 569 Cash -7 Net outflows 562
105 Prior to the acquisition of Gorenje Kuhinje, d.o.o., all disputable assets (disputable receivables, slow selling inventories) had been excluded from its balance sheet. The estimated fair value of acquired assets and liabilities does not essentially deviate from the book value. The negative goodwill, which was established upon the acquisition, was recognised in profit or loss. The Radolad company had been owned by Ukrainian shareholders until 31 March 2008. The company had manufactured kitchens from the narrower Gorenje Kitchen Program and sold them, together with the Gorenje kitchens from Slovenia, in the Ukrainian market. Gorenje Notranja oprema, d.o.o. had concluded a contract with the company on business cooperation. In the contract, the possibility and the terms of possible capital expenditures had been defined. Upon a partial implementation of the project of the establishment of a franchising network of Gorenje Kitchen showrooms in all bigger Ukrainian cities and the achieved minimum monthly volume of sales, the conditions for a capital expenditure had thus been fulfilled. This is the realization of a long-term kitchen marketing strategy and the competitive advantages of a local manufacturer in the respective Ukrainian market. 11. Disposal of companies The disposal of Gores, d.o.o., Adria Nekretnine, d.o.o., and Gorenje Imobilia, d.o.o., had the following effect on the Gorenje Group’s assets and liabilities: Gores, d.o.o., Velenje in TEUR 2008 Property, plant and equipment -8 Investment property -2,582 Investments -2,668 Operating receivables -22 Cash -148 Operating liabilities 5,308 Net difference (assets – liabilities) -120 Contractual selling price -2,720 Payments received in 2008 -789 Cash 148 Net inflows -641 Gorenje Adria Nekretnine, d.o.o., Croatia in TEUR 2008 Property, plant and equipment -9 Investment property -313 Investments -320 Operating receivables -261 Cash -324 Operating liabilities 497 Net difference (assets – liabilities) -730 Contractual selling price -705 Cash 324 Net inflows -381
- 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 102 and 103: 102 2008 9. Minority interest Minor
- 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
- Page 153 and 154: 153 The exposure to each type of ri
105<br />
Prior to the acquisition of <strong>Gorenje</strong> Kuhinje, d.o.o., all disputable assets (disputable receivables, slow<br />
selling inventories) had been excluded from its balance sheet. The estimated fair value of acquired<br />
assets and liabilities does not essentially deviate from the book value. The negative goodwill, which<br />
was established upon the acquisition, was recognised in profit or loss.<br />
The Radolad company had been owned by Ukrainian shareholders until 31 March <strong>2008</strong>. The company<br />
had manufactured kitchens from the narrower <strong>Gorenje</strong> Kitchen Program and sold them, together<br />
with the <strong>Gorenje</strong> kitchens from Slovenia, in the Ukrainian market. <strong>Gorenje</strong> Notranja oprema,<br />
d.o.o. had concluded a contract with the company on business cooperation. In the contract, the<br />
possibility and the terms of possible capital expenditures had been defined. Upon a partial implementation<br />
of the project of the establishment of a franchising network of <strong>Gorenje</strong> Kitchen showrooms<br />
in all bigger Ukrainian cities and the achieved minimum monthly volume of sales, the conditions<br />
for a capital expenditure had thus been fulfilled. This is the realization of a long-term kitchen<br />
marketing strategy and the competitive advantages of a local manufacturer in the respective<br />
Ukrainian market.<br />
11. Disposal of companies<br />
The disposal of Gores, d.o.o., Adria Nekretnine, d.o.o., and <strong>Gorenje</strong> Imobilia, d.o.o., had the following<br />
effect on the <strong>Gorenje</strong> <strong>Group</strong>’s assets and liabilities:<br />
Gores, d.o.o., Velenje<br />
in TEUR <strong>2008</strong><br />
Property, plant and equipment -8<br />
Investment property -2,582<br />
Investments -2,668<br />
Operating receivables -22<br />
Cash -148<br />
Operating liabilities 5,308<br />
Net difference (assets – liabilities) -120<br />
Contractual selling price -2,720<br />
Payments received in <strong>2008</strong> -789<br />
Cash 148<br />
Net inflows -641<br />
<strong>Gorenje</strong> Adria Nekretnine, d.o.o., Croatia<br />
in TEUR <strong>2008</strong><br />
Property, plant and equipment -9<br />
Investment property -313<br />
Investments -320<br />
Operating receivables -261<br />
Cash -324<br />
Operating liabilities 497<br />
Net difference (assets – liabilities) -730<br />
Contractual selling price -705<br />
Cash 324<br />
Net inflows -381
Change language