ANNUAL REPORT 2008 - Gorenje Group

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Short-term accrued costs and expenses were created for accrued costs of discounts, accrued interest
expense, and other accrued costs of services.
Note 38 – Financial instruments
Credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum
credit risk exposure at the reporting date was:
in TEUR 2008 2007
Available-for-sale financial assets 22,224 29,716
Loans 40,822 10,252
Trade and other receivables 305,883 286,439
Cash and cash equivalents 24,115 17,684
Interest rate swaps used for hedging: assets 327 2,026
Forward exchange contracts used for hedging: assets 4,793 0
Total 398,164 346,117
The maximum credit risk exposure of trade receivables at the reporting date - by geographic region:
in TEUR 2008 2007
EU countries 210,299 206,886
East European countries 49,700 51,427
Other regions 2,018 222
Total 262,017 258,535
The maximum credit risk exposure of trade receivables at the reporting date - by type of
customer:
in TEUR 2008 2007
Wholesale customers 223,982 224,592
Retail customers 28,836 28,198
Other customers 9,199 5,745
Total 262,017 258,535
The aging of trade receivables at the reporting date:
in TEUR
Gross amount Allowance Gross amount Allowance
2008 2008 2007 2007
Not past due 202,740 206,014
Past due 1 - 45 days 36,223 36,829
Past due 46 - 90 days 9,806 5,736
Past due 91 - 180 days 7,284 4,566
Past due more than 180 days 21,408 15,444 17,874 12,484
Total 277,461 15,444 271,019 12,484
Movement in allowances for trade receivables
in TEUR 2008 2007
Opening balance at 1 January 12,484 13,011
Impairment loss 3,512 3,413
Recovered bad debt -307 -3,462
Write-off of receivables -245 -51
Disposal of companies 0 -427
Closing balance at 31 December 15,444 12,484