ANNUAL REPORT 2008 - Gorenje Group

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114 2008 Movement of intangible assets in 2007 in TEUR Long-term deferred development costs Concessions, patents, licenses, trademarks and similar rights Goodwill Intangible assets under construction Cost 1 January 2007 18,560 22,491 2,875 777 44,703 Acquisition 60 558 4,060 4,678 Acquisition through business combinations 224 120 1,722 2,066 Disposal of Group companies -114 -114 Disposals, writedowns -3 -566 -569 Transfer to PPE 1,168 -211 -4,396 -3,439 Exchange differences 36 80 116 Cost 31 December 2007 20,045 22,358 4,597 441 47,441 Accumulated amortisation 1 January 2007 6,184 15,686 21,870 Disposal of Group companies -76 -76 Disposals, writedowns -564 -564 Amortisation expense 1,554 1,869 3,423 Transfer to PPE -2,466 -2,466 Exchange differences 29 131 160 Accumulated amortisation 31 December 2007 7,767 14,580 22,347 Carrying amount 1 January 2007 12,376 6,805 2,875 777 22,833 Carrying amount 31 December 2007 12,278 7,778 4,597 441 25,094 Total Note 22 – Property, plant and equipment 412,953 TEUR in TEUR 2008 2007 Land 57,270 45,168 Buildings 162,982 158,245 Manufacturing and other equipment 164,546 163,202 Property, plant and equipment under construction 28,155 18,176 Total 412,953 384,791
115 Movement of property, plant and equipment in 2008 in TEUR Land Buildings Manufacturing plant and equipment PPE under construction Cost 1 January 2008 45,168 300,159 531,263 18,176 894,766 Acquisition 1,577 6,128 7,356 55,607 70,668 Acquisition through business combinations 287 706 2,966 245 4,204 Disposal of Group companies -223 -64 -287 Disposals, writedowns -1,067 -8,358 -14,401 -756 -24,582 Revaluation 9,684 9,684 Transfer to investment property -114 -114 Transfer from investment property 3,295 3,295 Other transfers 1,851 8,312 33,763 -44,881 -955 Exchange differences -230 -1,131 -1,272 -236 -2,869 Cost 31 December 2008 57,270 308,774 559,611 28,155 953,810 Accumulated depreciation 1 January 2008 0 141,914 368,061 0 509,975 Additional investments -3 -59 -62 Disposal of Group companies -14 -24 -38 Disposals, writedowns -5,547 -13,725 -19,272 Depreciation expense 9,738 42,162 51,900 Transfer to investment property Transfer from investment property 140 140 Other transfers -71 -423 -494 Exchange differences -365 -927 -1,292 Accumulated depreciation 31 December 2008 0 145,792 395,065 0 540,857 Carrying amount 1 January 2008 45,168 158,245 163,202 18,176 384,791 Carrying amount 31 December 2008 57,270 162,982 164,546 28,155 412,953 Total An increase in property, plant and equipment arising from the inclusion of new companies in the amount of TEUR 4,204 refers to the inclusion of the companies Atag Europe BV, PUBLICUS, d.o.o., IG AP, d.o.o., and Gorenje Kuhinje, d.o.o., in consolidated financial statements. The transfers include the transfers from property to investments property, the transfers from intangible assets to property, plant and equipment, and the transfers between individual items. The disposal of property, plant and equipment includes the sale of non-operating assets. The Group’s land was re-valued in 2008. The valuation was performed on the basis of its fair market value determined by an independent certified appraiser of real estate. The effect of revaluation in 2008 amounted to TEUR 9,684. The conditions for impairment of assets were not identified in 2008. As at 31 December 2008, financial liabilities were not secured by mortgage on property.
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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
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59 Sales risks are associated with
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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 110 and 111: 110 2008 Other employee benefits ex
Page 112 and 113: 112 2008 and projected on the basis
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
Page 161 and 162: 161 Note 18 - Investments in subsid
Page 163 and 164: 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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