ANNUAL REPORT 2008 - Gorenje Group

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110 2008 Other employee benefits expense includes vacation bonuses, meal allowances, commuting allowances, retirement benefits and jubilee premiums, in compliance with the national labour legislation and the company’s internal regulations. Number of employees by division At 31 December Average 2008 2007 2008 2007 Home Appliances Division 9,306 9,381 9,384 9,465 Other divisions 2,017 2,029 2,048 1,991 Total 11,323 11,410 11,432 11,456 Note 17 – Amortisation and depreciation expense 57,121 TEUR in TEUR 2008 2007 Amortisation of intangible assets 5,221 3,423 Depreciation of property, plant and equipment 51,900 49,788 Total 57,121 53,211 Note 18 – Other operating expenses 19,047 TEUR in TEUR 2008 2007 Write-down of inventories to net realisable value 1,727 2,767 Impairment, disposal of assets 565 1,030 Other taxes and charges 3,687 2,589 Other expenses 13,068 11,413 Total 19,047 17,799 Other taxes and charges include charges for the use of building plot, water charge, environmental taxes, membership fees in mandatory associations, and other mandatory taxes and charges. Other expenses include expenditure on environmental protection, of which the majority under the Directive on Waste Electrical and Electronic Equipment, scholarships expense, and compensation in damages. Note 19 – Net finance expense Finance income 21,420 TEUR 19,603 TEUR in TEUR 2008 2007 Dividend income from available-for-sale investments 1,048 1,693 Interest income 3,885 3,831 Income from interest rate swap transactions 2,048 741 Change in fair value of interest rate swap 327 124 Gain on disposal of companies 3,382 478 Gain on disposal of available-for-sale investments 4,066 7,390 Income from forward exchange transactions 1,285 397 Change in fair value of forward exchange transactions 2,821 0 Other finance income 741 3,801 Total 19,603 18,455 Finance expense 41,023 TEUR in TEUR 2008 2007 Interest expense 25,296 19,665 Expense for net foreign exchange differences 4,486 654 Expense for forward exchange transactions 1,267 1,523 Change in fair value of forward exchange transactions 0 1,104 Impairment loss on available-for-sale investments 5,012 95 Other finance 4,962 5,668 Total 41,023 28,709
111 Impairment loss on available-for-sale investments recorded under finance expense amounts to TEUR 5,012. Note 20 – Income tax expense 5,292 TEUR Income tax expense is recorded by taking into account current tax liabilities, deferred tax assets, and deferred tax liabilities. in TEUR 2008 2007 Current tax expense 5,752 5,290 Deferred tax expense -460 446 Total 5,292 5,736 Effective income tax rate in TEUR 2008 2007 Profit excluding income tax 15,473 29,400 Income tax using the domestic tax rate 22.0 % 3,404 23.0 % 6,762 Effect of tax rates in foreign jurisdictions 3.1 % 472 2.4 % 715 Non-deductible expenses 40.2 % 6,219 8.0 % 2,340 Tax exempt income -3.6 % -555 -5.2 % -1,517 Tax incentives -27.5 % -4,248 -8.5 % -2,492 Other differences -0.2 % -72 Income tax expense 34.2 % 5,292 19.5 % 5,736 Note 21 – Intangible assets 162,986 TEUR in TEUR 2008 2007 Long-term deferred development costs 14,054 12,278 Long-term concessions, patents, licenses, trademarks and similar rights 17,340 7,778 Trademark Atag 61,964 Goodwill 69,358 4,597 Intangible assets under construction 270 441 Total 162,986 25,094 An increase in the value of intangible assets includes, in a significant portion thereof, deferred costs of development of the new generation of appliances in Gorenje, d.d., and costs of development in Atag Europe BV. An increase in the value of intangible assets resulting from the acquisition or purchase of shares refers to goodwill in the in the amount of TEUR 62,130 and fair value of the trademark Atag in the amount of TEUR 61,964 established upon the acquisition of Atag Europe BV, goodwill established upon the purchase of the majority share in PUBLICUS, d.o.o., in the amount of TEUR 1,617, goodwill established upon the purchase of a proportionate share in IG AP, d.o.o., in the amount of TEUR 705, and inclusion of intangible assets of the acquired companies in the amount of TEUR 10,756. Goodwill in the amount of TEUR 2,875 was recorded in 2005 upon the acquisition of Mora Moravia, s r. o. in the Czech Republic and Gorenje Invest, d.o.o., in Serbia. Goodwill in the amount of TEUR 2,030, which arises from the purchase of the majority share in Surovina, d.d., was adjusted by the amount of TEUR 308 due to the adjustment of the temporary initial accounting of business combination in line with the fair value determination. Impairment testing of goodwill and trademarks Impairment testing of goodwill and trademarks ATAG, ETNA and PELGRIM arising from the acquisition of Atag Europe BV was carried out. The calculations are based on cash flow projections for Atag, which have been prepared on the basis of the accepted business plans for the following year
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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
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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 108 and 109: 108 2008 GEN-I Zagreb, d.o.o. in TE
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
Page 159 and 160: 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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ANNUAL REPORT 2008 - Gorenje Group

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