ANNUAL REPORT 2008 - Gorenje Group

121
Movement of provisions in 2007
Discontinued
operations
Acquisition
of
companies
in TEUR
Balance
1 Jan 07 Use
Exchange
difference Reversal
Creation
Balance
31 Dec 07
Provisions for warranties 27,087 -14,331 -115 -2,226 18,925 29,340
Provisions for retirement benefits and
jubilee premiums
19,318 -1,730 1 -401 -176 822 1,016 18,850
Other provisions 2,055 -115 5 -19 1,537 3,463
Total 48,460 -16,176 -109 -2,646 -176 21,284 1,016 51,653
Note 33 – Deferred income from government grants
8,936 TEUR
in TEUR
Balance
1 Jan 2008 Depreciation Creation
Balance
31 Dec 2008
Deferred income from government grants 8,717 -2,951 3,170 8,936
Total 8,717 -2,951 3,170 8,936
in TEUR
Balance
1 Jan 2007 Depreciation Creation
Balance
31 Dec 2007
Deferred income from government grants 7,901 -2,568 3,384 8,717
Total 7,901 -2,568 3,384 8,717
Note 34 – Non-current financial liabilities
224,119 TEUR
in TEUR 2008 2007
Financial liabilities to banks 280,716 188,974
Other financial liabilities 7,807 5,495
Transfer to current financial liabilities -64,404 -49,367
Total 224,119 145,102
Maturity of non-current financial liabilities to banks
in TEUR
1–2 years 61,716
2–4 years 124,401
4–6 years 28,202
6–9 years 1,993
Total 216,312
Non-current borrowings from banks
Currency
Amount in currency
(in 000)
Amount in
TEUR
Interest rate
from
To
EUR 216,312 2.40 % 4.14 %
Other 0
Total 216,312
The effective interest rate is equal to the contractual interest rate.
Collateralisation
in TEUR
Bills 214,875
Financial covenants 197,397
Guarantees 15,599
Mortgage 0
Some non-current borrowings are simultaneously secured by several forms of collateralisation.
Guarantees include guarantees and sureties issued by Gorenje, d.d. and Gorenje BeteiligungsGmbH
to the commercial banks to secure liabilities of Group companies.