ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
116 2008 Movement of property, plant and equipment in 2007 in TEUR Land Buildings Manufacturing plant and equipment PPE under construction Cost 1 January 2007 30,510 287,130 498,261 15,916 831,817 Acquisition 44 4,745 10,472 50,771 66,032 Acquisition through business combinations 3,565 6,245 9,569 1,217 20,596 Disposal of Group companies -1,185 -2,273 -1,792 -9 -5,259 Disposals, writedowns -915 -3,610 -16,061 -2,992 -23,578 Revaluation 10,797 10,797 Transfer to investment property -133 -5,996 1,297 -4,832 Other transfers 2,433 13,927 29,393 -46,611 -858 Exchange differences 52 -9 124 -116 51 Cost 31 December 2007 45,168 300,159 531,263 18,176 894,766 Accumulated depreciation 1 January 2007 134,684 344,497 479,181 Disposal of Group companies -1,658 -1,574 -3,232 Disposals, writedowns -915 -13,253 -14,168 Depreciation expense 9,271 40,517 49,788 Transfer to investment property -358 -358 Other transfers 785 -2,615 -1,830 Exchange differences 105 489 594 Accumulated depreciation 31 December 2007 141,914 368,061 509,975 Carrying amount 1 January 2008 30,510 152,446 153,764 15,916 352,636 Carrying amount 31 December 2008 45,168 158,245 163,202 18,176 384,791 Total Note 23 – Investment property 7,090 TEUR in TEUR 2008 2007 Land 4,332 2,225 Buildings 2,758 7,949 Total 7,090 10,174 Investment property includes land and buildings acquired for resale or increase in investment. Investment property is stated using fair value model. The valuation of investment property by an independent certified appraiser of real property was carried out in 2008. Movement of investment property in TEUR 2008 2007 Opening balance at 1 January 10,174 984 Acquisitions 559 3,705 Revaluation 2,566 0 Decrease -1,187 -286 Disposal of Group companies -1,981 0 Transfer from property, plant and equipment 114 5,771 Transfer to property, plant and equipment -3,155 0 Closing balance at 31 December 7,090 10,174
117 Note 24 – Non-current investments 12,721 TEUR in TEUR 2008 2007 Available-for-sale investments in shares and interests 0 12,440 Long-term loans (1 to 5 years) 6,093 5,734 Long-term deposits 449 449 Other non-current investments 6,179 594 Total 12,721 19,217 Other non-current investments include long-term receivables recorded by Gorenje, d.d., and arising from the disposal of non-operating assets and subsidiaries in the amount of TEUR 5,261. Movement of long-term loans in TEUR 2008 2007 Opening balance at 1 January 5,734 5,313 Increase 1,036 3,741 Acquisition through business combinations 0 11 Decrease -677 -3,270 Change in fair value 0 0 Transfer to current investments 0 -61 Closing balance at 31 December 6,093 5,734 Long-term loans include loans extended by the holding company of the Gorenje Group and its subsidiaries to non-group companies. The interest rate, which depends on the currency in which the loan is denominated, ranges from 2.0 % to 7.0 %. Note 25 – Deferred tax assets and liabilities Deferred taxes are calculated based on the temporary differences using the balance sheet liability method. The applied tax rate is the current tax rate applicable in the country in which the respective Group company is domiciled. in TEUR Deferred tax assets Deferred tax liabilities Tax assets – tax liabilities 2008 2007 2008 2007 2008 2007 Property, plant and equipment 44 25 4,918 -4,874 25 Investments 1,337 319 461 2,090 876 -1,771 Receivables 1,155 784 3 0 1,152 784 Inventories 153 332 688 0 -535 332 Liabilities arising from litigations 12 35 6 0 6 35 Provisions under local standards and tax laws 916 383 65 1,049 851 -666 Provisions for retirement benefits 3,871 4,146 0 0 3,871 4,146 Provisions for warranties 2,789 3,382 333 72 2,456 3,310 Total 10,277 9,406 6,474 3,211 3,803 6,195 Tax assets – tax in TEUR liabilities Through profit or loss Through equity 2008 2007 2008 2007 2008 2007 Property, plant and equipment -4,874 25 -17 98 -2,604 0 Investments 876 -1,771 1,020 -912 1,440 103 Receivables 1,152 784 -171 47 0 Inventories -535 332 93 -17 0 Liabilities arising from litigations 6 35 -29 23 0 Provisions under local standards and tax laws 851 -666 -209 -357 0 Provisions for retirement benefits 3,871 4,146 -240 -218 0 Provisions for warranties 2,456 3,310 13 890 0 Total 3,803 6,195 460 -446 -1,164 103
- 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 114 and 115: 114 2008 Movement of intangible ass
- 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
- Page 165 and 166: 165 Trade receivables - Group compa
116<br />
<strong>2008</strong><br />
Movement of property, plant and equipment in 2007<br />
in TEUR Land Buildings<br />
Manufacturing<br />
plant and<br />
equipment<br />
PPE<br />
under<br />
construction<br />
Cost 1 January 2007 30,510 287,130 498,261 15,916 831,817<br />
Acquisition 44 4,745 10,472 50,771 66,032<br />
Acquisition through business<br />
combinations<br />
3,565 6,245 9,569 1,217 20,596<br />
Disposal of <strong>Group</strong> companies -1,185 -2,273 -1,792 -9 -5,259<br />
Disposals, writedowns -915 -3,610 -16,061 -2,992 -23,578<br />
Revaluation 10,797 10,797<br />
Transfer to investment property -133 -5,996 1,297 -4,832<br />
Other transfers 2,433 13,927 29,393 -46,611 -858<br />
Exchange differences 52 -9 124 -116 51<br />
Cost 31 December 2007 45,168 300,159 531,263 18,176 894,766<br />
Accumulated depreciation<br />
1 January 2007<br />
134,684 344,497 479,181<br />
Disposal of <strong>Group</strong> companies -1,658 -1,574 -3,232<br />
Disposals, writedowns -915 -13,253 -14,168<br />
Depreciation expense 9,271 40,517 49,788<br />
Transfer to investment property -358 -358<br />
Other transfers 785 -2,615 -1,830<br />
Exchange differences 105 489 594<br />
Accumulated depreciation<br />
31 December 2007<br />
141,914 368,061 509,975<br />
Carrying amount<br />
1 January <strong>2008</strong><br />
30,510 152,446 153,764 15,916 352,636<br />
Carrying amount<br />
31 December <strong>2008</strong><br />
45,168 158,245 163,202 18,176 384,791<br />
Total<br />
Note 23 – Investment property<br />
7,090 TEUR<br />
in TEUR <strong>2008</strong> 2007<br />
Land 4,332 2,225<br />
Buildings 2,758 7,949<br />
Total 7,090 10,174<br />
Investment property includes land and buildings acquired for resale or increase in investment. Investment<br />
property is stated using fair value model. The valuation of investment property by an independent<br />
certified appraiser of real property was carried out in <strong>2008</strong>.<br />
Movement of investment property<br />
in TEUR <strong>2008</strong> 2007<br />
Opening balance at 1 January 10,174 984<br />
Acquisitions 559 3,705<br />
Revaluation 2,566 0<br />
Decrease -1,187 -286<br />
Disposal of <strong>Group</strong> companies -1,981 0<br />
Transfer from property, plant and equipment 114 5,771<br />
Transfer to property, plant and equipment -3,155 0<br />
Closing balance at 31 December 7,090 10,174
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