ANNUAL REPORT 2008 - Gorenje Group

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108 2008 GEN–I Zagreb, d.o.o. in TEUR 2008 2007 Non-current assets 0 0 Current assets 2,223 1,165 Non-current liabilities 0 0 Current liabilities -2,193 -1,156 Revenue 4,610 3,086 Expenses -4,582 -3,074 Income tax -6 0 Net profit or loss for the period 22 12 GEN–I, d.o.o., Belgrade in TEUR 2008 2007 Non-current assets 0 0 Current assets 6,207 1,949 Non-current liabilities 0 0 Current liabilities -5,161 -1,730 Revenue 20,118 6,193 Expenses -19,102 -5,971 Income tax -100 0 Net profit or loss for the period 916 222 Vitales, d.o.o., Bihać in TEUR 2008 2007 Non-current assets 1,360 662 Current assets 84 113 Non-current liabilities -1,210 -581 Current liabilities -75 -39 Revenue 139 0 Expenses -133 -4 Income tax 0 0 Net profit or loss for the period 6 -4 The jointly controlled company stated below was founded in 2008 by GEN-I, d.o.o., Krško. G E N - I B u d a p e s t , K f t . in TEUR 2008 2007 Non-current assets 0 0 Current assets 3,072 0 Non-current liabilities 0 0 Current liabilities -2,752 0 Revenue 11,002 0 Expenses -10,632 0 Income tax -73 0 Net profit or loss for the period 297 0
109 Note 13 – Revenue 1,330,753 TEUR in TEUR 2008 2007 Revenue from the sale of products and merchandise 1,259,264 1,241,084 Revenue from the sale of services 71,489 52,354 Total 1,330,753 1,293,438 Note 14 – Other operating income 26,341 TEUR in TEUR 2008 2007 Income from subsidies, grants and compensations 1,130 1,572 Rental income 930 759 Reversal of long-term provisions 4,452 2,646 Deferred income from government grants 2,951 2,568 Gain on sale of property, plant and equipment 1,807 1,983 Revaluation of investment property to fair value 2,566 0 Negative goodwill 28 128 Other operating income 12,477 15,709 Total 26,341 25,365 Negative goodwill recognised directly in the 2008 income statement in the amount of TEUR 28 resulted from the acquisition of the majority share in Gorenje Kuhinje, d.o.o. Other operating income includes, as its major item, income from compensations in damages, income from the reversal of allowances for receivables, income from the implementation of the Directive on Waste Electrical and Electronic Equipment, and other operating income. Rental income in TEUR 2008 2007 Future minimum lease payments – up to 1 year 930 759 Future minimum lease payments – from 2 to 5 years 2,286 3,053 Total 3,216 3,812 Note 15 – Cost of goods, materials and services 1,027,908 TEUR in TEUR 2008 2007 Cost of merchandise sold 289,877 249,106 Cost of materials 531,752 562,073 Cost of services 206,279 193,585 Total 1,027,908 1,004,764 The cost of services includes cost of creation of provisions for warranties in the amount of TEUR 22,485 (in 2007: TEUR 18,925). Note 16 – Employee benefits expense 226,487 TEUR in TEUR 2008 2007 Wages and salaries 161,519 145,350 Social security contributions 36,232 34,233 Other employee benefits expense 28,736 28,970 Total 226,487 208,553 Other employee benefits expense includes costs of creation of provisions for retirement benefits in the amount of TEUR 1,408 (in 2007: TEUR 753). A portion of employee benefits expense in the amount of TEUR 3,170 was used to create deferred income from government grants in Gorenje I.P.C., d.o.o., which has the status of a company employing disabled persons.
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ANNUAL REPORT 2008
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LETTER OF THE PRESIDENT OF THE MANA
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5 A review of the operations of man
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8 2008 KEY ACHIEVEMENTS OF THE GORE
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FINANCIAL HIGHLIGHTS OF THE GORENJE
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12 2008 EVENTS IN 2008 BUSINESS ACT
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14 2008 REPORT OF THE SUPERVISORY B
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16 2008 The Annual Report of Gorenj
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CORPORATE GOVERNANCE
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21 • On 16 January 2008, Gorenje,
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23 Gorenje Budapest Kft., Hungary 1
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25 members of the Management Board,
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27 d. On the Company’s rules on t
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29 of the Management and Supervisor
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31 1.3 STATEMENT OF MANAGEMENT RESP
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34 2008 Owing to the intensively ch
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BUSINESS REPORT
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39 SLOVENIA • Considerable slowdo
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41 3.2.1 HOME APPLIANCES DIVISION 3
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43 AUSTRIA SCANDINAVIA • Rapid gr
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45 BUSINESS OPERATION OF ATAG EUROP
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47 ENERGY • Sales revenue doubled
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49 3.4 PURCHASING Raw material mark
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51 included a connection to the nat
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53 The appliances have been classif
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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 104 and 105: 104 2008 The calculation of goodwil
Page 106 and 107: 106 2008 Gorenje Imobilia, d.o.o.,
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
Page 155 and 156: 155 6. Segment reporting Segment in
Page 157 and 158: 157 Other finance income mostly rep
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159 Note 16 - Property, plant and e
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161 Note 18 - Investments in subsid
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163 Note 20 - Deferred tax assets a
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165 Trade receivables - Group compa
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167 Own shares in the amount of TEU
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169 Maturity of non-current financi
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171 Payables to other suppliers in
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173 31 December 2007 in TEUR Carryi
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175 Interest rate risk The Company
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177 Information on groups of person
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179 • the cost management of raw
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181
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183 ATAG Europe BV Managing Directo
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185 KEMIS, kemični izdelki, predel
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187 Istrabenz Gorenje projekt, svet
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189 Gorenje Bulgaria EOOD Managing
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191 REPRESENTATIVE OFFICES Gorenje,
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