ANNUAL REPORT 2008 - Gorenje Group

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124 2008 Liquidity risk Shown below is the maturity of financial liabilities: 31 December 2008 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years More than 5 years Non-derivative financial liabilities Bank borrowings 466,093 492,980 259,155 69,700 161,545 2,580 Other financial liabilities 27,701 27,701 27,701 Trade and other payables 308,441 308,441 308,441 Total 802,235 829,122 595,297 69,700 161,545 2,580 Derivative financial liabilities Interest rate swaps -10,078 -10,078 985 -11,013 -50 Forward exchange contracts used for hedging 4,858 4,858 4,858 Outflow Inflow 4,858 4,858 4,858 Total -5,220 -5,220 5,843 -11,013 -50 31 December 2007 in TEUR Carrying amount Contractual cash flows 1 year or less 1 – 2 years 2 – 5 years More than 5 years Non-derivative financial liabilities Bank borrowings 302,666 331,749 160,372 52,594 109,157 9,626 Other financial liabilities 8,776 8,776 8,776 Trade and other payables 273,707 273,707 273,707 Total 585,149 614,232 442,855 52,594 109,157 9,626 Derivative financial liabilities Interest rate swaps 2,026 4,194 1,948 1,641 605 0 Forward exchange contracts used for hedging -1,073 -1,073 -1,073 Outflow -1,273 -1,273 -1,273 Inflow 200 200 200 Total 953 3,121 875 1,641 605 0 The following table shows the periods in which the cash flows from derivatives, which are cash flow hedge, are expected to occur and their impact on profit and loss: 2008 in TEUR Carrying amount Expected cash flows 1 year or less 1 – 5 years Interest rate swaps Assets (Liabilities) -10,078 -10,078 985 -11,063 Forward exchange contracts Assets (Liabilities) 4,793 4,793 4,793 Total -5,285 -5,285 5,778 -11,063 More than 5 years
125 2007 in TEUR Carrying amount Expected cash flows 1 year or less 1 – 5 years More than 5 years Interest rate swaps Assets (Liabilities) 2,026 4,194 1,948 2,246 0 Forward exchange contracts Assets (Liabilities) -1,073 -1,073 -1,073 Total 953 3,121 875 2,246 0 Currency risk The Group’s exposure to foreign currency risk: 31 December 2008 in TEUR EUR HRK DKK PLN RSD CZK Other Trade receivables 187,758 24,325 3,297 7,697 15,767 3,280 25,805 Financial liabilities (borrowings) -440,194 - -4,719 -1,225 -168 -17,276 -4,632 Operating liabilities -219,253 -2,652 -957 -1,296 -4,331 -4,361 -9,176 Balance sheet exposure -471,689 21,673 -2,379 5,176 11,268 -18,357 11,997 Forward exchange contracts 0 -16,391 0 -17,985 0 0 13,421 Net exposure -471,689 5,282 -2,379 -12,809 11,268 -18,357 25,418 31 December 2007 in TEUR EUR HRK DKK PLN RSD CZK Other Trade receivables 153,139 32,551 10,445 8,956 9,896 11,042 29,689 Financial liabilities (borrowings) -282,948 - -4,367 -1,616 - -19,580 -2,931 Operating liabilities -197,411 -1,887 -2,154 -2,352 -3,913 -5,771 -6,773 Balance sheet exposure -327,220 30,664 3,924 4,988 5,983 -14,309 19,985 Forward exchange contracts - -6,145 - -15,926 -17,718 -5,943 5,031 Net exposure -327,220 24,519 3,924 -10,938 -11,735 -20,252 25,016 The following significant exchange rates were applied during the year: Average rate Reporting date spot rate 2008 2007 2008 2007 HRK 7.224 7.338 7.356 7.331 CZK 24.959 27.755 26.875 26.628 DKK 7.456 7.451 7.451 7.458 RSD 81.188 79.745 89.372 82.874 PLN 3.515 3.783 4.154 3.594 Sensitivity analysis A 5-percent increase of the euro against the stated currencies as at 31 December would have increased (decreased) net profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain unchanged. The analysis has been performed on the same basis as for 2007. 31 December 2008 in TEUR Net profit or loss HRK -264 DKK 119 PLN 640 RSD -563 CZK 918 Other currencies -1,284
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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
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63 3.11 CREATING VALUE FOR SHAREHOL
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65 3.12 BUSINESS PLAN AND ANTICIPAT
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67 3.13 REPORT ON SOCIAL RESPONSIBI
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69 3.13.2 RESPONSIBILITY TO USERS O
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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 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 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
Page 167 and 168: 167 Own shares in the amount of TEU
Page 169 and 170: 169 Maturity of non-current financi
Page 171 and 172: 171 Payables to other suppliers in
Page 173 and 174: 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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