ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
118 2008 Both deferred tax assets and deferred tax liabilities were recognised by the Group companies in 2008. Deferred tax liabilities decreased (through profit or loss) and deferred tax assets increased the tax base of the Group companies in 2008. Deferred tax assets and deferred tax liabilities were not set off in the balance sheet. Note 26 – Inventories 253,004 TEUR in TEUR Home appliances 2008 2007 Other Total Home appliances Other Materials 72,401 9,584 81,985 60,413 9,173 69,586 Work in progress 18,448 3,704 22,152 13,468 3,346 16,814 Products 104,064 10,326 114,390 103,316 10,094 113,410 Merchandise 29,942 1,196 31,138 13,529 1,241 14,770 Advances 3,177 162 3,339 2,882 9 2,891 Total 228,032 24,972 253,004 193,608 23,863 217,471 Total As at 31 December 2008, inventories showed an increase by TEUR 35,533 over the previous year’s figure. An increase in inventories of merchandise was due to the inclusion of Atag Europe BV in the Gorenje Group, and an increase in raw materials and materials was due to early, cost-effective purchases of raw materials and materials. Inventories writedowns amounted to TEUR 1,727 in 2008. Advances include advances for inventories of raw materials and materials. Note 27 – Current investments 64,470 TEUR in TEUR 2008 2007 Available-for-sale investments 22,224 17,276 Short-term deposits 2,140 3,106 Short-term loans 34,729 4,518 Interest receivable 192 182 Fair value of derivatives 5,185 2,026 Other current financial receivables 0 2 Total 64,470 27,110 A change in the fair value of available-for-sale investments in the amount of TEUR 8,895 refers to a decrease in the fair value of shares to their stock market price as at 31 December 2008. The fair value reserve in shareholders’ equity was reversed in the amount of TEUR 3,883 and the remaining amount of TEUR 5,012, established by applying the valuation model based on conditions on the limited active market, was recorded under financial expenses. The shares were transferred by the Group from non-current investments to current investments in order to uniformly present available-for-sale financial instruments. Short-term interest receivable includes interest receivable from short-term loans accounted for until the end of 2008. Short-term loans include cash surplus deposited in short-term time deposits with banks and entities. The interest rate for bank deposits and loans ranges from 2.8 % to 7.0%. Movement of investments in available-for-sale investments in TEUR 2008 2007 Opening balance at 1 January 17,276 7,936 Increase 6,452 8,576 Disposal of Group companies -53 0 Decrease -4,680 -7,228 Change in fair value -8,895 7,992 Transfer from non-current investments 12,124 0 Closing balance at 31 December 22,224 17,276
119 Note 28 – Trade receivables 262,017 TEUR The book value of trade receivables corresponds, in all major items, to their fair value. Trade receivables are measured at settlement value. As at 31 December 2008, allowance for trade receivables amounted TEUR 15,444 (2007: TEUR 12,484). The movement of allowance for trade receivables is shown in note 38 (Financial instruments). Note 29 – Other current assets 43,866 TEUR in TEUR 2008 2007 Other short-term receivables 28,050 17,493 Short-term advances and collaterals given 6,016 3,078 Short-term deferred costs 7,375 4,746 Other current assets 2,425 2,587 Total 43,866 27,904 Other short-term receivables include, as a major item, short-term VAT receivables which were recorded by the Gorenje Group in the amount of TEUR 14,493 at the year-end 2008 (2007: TEUR 12,384). A significant portion of other current assets includes receivables recorded by Gorenje, d.d.. Shortterm deferred costs include costs of services paid but not yet received. Note 30 – Cash and cash equivalents 24,115 TEUR in TEUR 2008 2007 Cash in hand 409 464 Cash balances in banks and other financial institutions 23,706 17,220 Total 24,115 17,684 Note 31 – Equity 394,522 TEUR In accordance with the resolution of the 10th Shareholders’ Meeting of Gorenje, d.d., on 12 December 2006 and the Court Order of 7 November 2007 on the change in share capital, the share capital was increased by 1,830,000 ordinary, freely transferable, no par value shares. At 31 December 2008, the share capital of Gorenje, d.d., amounted to EUR 58,546,152.56 (at 31 December 2007: EUR 58,546.152.56) and was divided into 14,030,000 ordinary, freely transferable, no par value shares. Capital surplus (share premium) in the amount of TEUR 158,487 includes paid-in surplus in excess of par value of shares in the amount of TEUR 47,264, surplus in excess of book value of disposed own shares in the amount of TEUR 15,312 (1,070,000 own shares were disposed in 2008 in order to purchase the Atag company), general equity revaluation adjustment in the amount of TEUR 78,048, and other effects of the transition to IFRS. Legal and statutory reserves in the amount of TEUR 21,697 include legal reserves in the amount of TEUR 12,895 (31 December 2007: TEUR 12,895), reserves for own shares in the amount of TEUR 3,170 (31 December 2007: 27,693), and statutory reserves in the amount of TEUR 5,632 (31 December 2007: TEUR 4,446). Equity translation adjustments include foreign exchange differences arising from the translation of the financial statements of foreign operations into the reporting currency. Fair value reserve in the amount of TEUR 15,208 results from the change in fair value of availablefor-sale investments in the amount of TEUR -6,171, the change in the value of cash flow hedge in the amount of TEUR -8,660, and the creation of fair value reserve relating to land in the amount of TEUR 9,243. The change in the amount of TEUR -1,164 refers to the creation of deferred tax liabilities.
- Page 67 and 68: 67 3.13 REPORT ON SOCIAL RESPONSIBI
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- Page 79 and 80: 79 Consolidated balance sheet of th
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- Page 86 and 87: 86 2008 (ii) Foreign operations The
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- Page 108 and 109: 108 2008 GEN-I Zagreb, d.o.o. in TE
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- 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
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- Page 161 and 162: 161 Note 18 - Investments in subsid
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119<br />
Note 28 – Trade receivables<br />
262,017 TEUR<br />
The book value of trade receivables corresponds, in all major items, to their fair value. Trade receivables<br />
are measured at settlement value.<br />
As at 31 December <strong>2008</strong>, allowance for trade receivables amounted TEUR 15,444 (2007: TEUR<br />
12,484). The movement of allowance for trade receivables is shown in note 38 (Financial instruments).<br />
Note 29 – Other current assets<br />
43,866 TEUR<br />
in TEUR <strong>2008</strong> 2007<br />
Other short-term receivables 28,050 17,493<br />
Short-term advances and collaterals given 6,016 3,078<br />
Short-term deferred costs 7,375 4,746<br />
Other current assets 2,425 2,587<br />
Total 43,866 27,904<br />
Other short-term receivables include, as a major item, short-term VAT receivables which were recorded<br />
by the <strong>Gorenje</strong> <strong>Group</strong> in the amount of TEUR 14,493 at the year-end <strong>2008</strong> (2007: TEUR<br />
12,384).<br />
A significant portion of other current assets includes receivables recorded by <strong>Gorenje</strong>, d.d.. Shortterm<br />
deferred costs include costs of services paid but not yet received.<br />
Note 30 – Cash and cash equivalents<br />
24,115 TEUR<br />
in TEUR <strong>2008</strong> 2007<br />
Cash in hand 409 464<br />
Cash balances in banks and other financial institutions 23,706 17,220<br />
Total 24,115 17,684<br />
Note 31 – Equity<br />
394,522 TEUR<br />
In accordance with the resolution of the 10th Shareholders’ Meeting of <strong>Gorenje</strong>, d.d., on 12 December<br />
2006 and the Court Order of 7 November 2007 on the change in share capital, the share capital<br />
was increased by 1,830,000 ordinary, freely transferable, no par value shares. At 31 December<br />
<strong>2008</strong>, the share capital of <strong>Gorenje</strong>, d.d., amounted to EUR 58,546,152.56 (at 31 December 2007:<br />
EUR 58,546.152.56) and was divided into 14,030,000 ordinary, freely transferable, no par value<br />
shares.<br />
Capital surplus (share premium) in the amount of TEUR 158,487 includes paid-in surplus in excess<br />
of par value of shares in the amount of TEUR 47,264, surplus in excess of book value of disposed<br />
own shares in the amount of TEUR 15,312 (1,070,000 own shares were disposed in <strong>2008</strong> in order<br />
to purchase the Atag company), general equity revaluation adjustment in the amount of TEUR<br />
78,048, and other effects of the transition to IFRS.<br />
Legal and statutory reserves in the amount of TEUR 21,697 include legal reserves in the amount of<br />
TEUR 12,895 (31 December 2007: TEUR 12,895), reserves for own shares in the amount of TEUR<br />
3,170 (31 December 2007: 27,693), and statutory reserves in the amount of TEUR 5,632 (31 December<br />
2007: TEUR 4,446).<br />
Equity translation adjustments include foreign exchange differences arising from the translation of<br />
the financial statements of foreign operations into the reporting currency.<br />
Fair value reserve in the amount of TEUR 15,208 results from the change in fair value of availablefor-sale<br />
investments in the amount of TEUR -6,171, the change in the value of cash flow hedge in the<br />
amount of TEUR -8,660, and the creation of fair value reserve relating to land in the amount of TEUR<br />
9,243. The change in the amount of TEUR -1,164 refers to the creation of deferred tax liabilities.
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