ANNUAL REPORT 2008 - Gorenje Group

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126 2008 31 December 2007 in TEUR Net profit or loss HRK -1,226 DKK -196 PLN 547 RSD 587 CZK 1,013 Other currencies -1,251 A 5- percent decrease of the euro against the stated currencies as at 31 December would have had the equal yet opposite effect, provided that all other variables remain unchanged. Interest rate risk The Group’s exposure to interest rate risk: In TEUR 2008 2007 Fixed rate financial instruments Financial assets 2,267 Financial liabilities 28,118 31,763 Variable rate financial instruments Financial liabilities 432,256 279,679 Fair value sensitivity analysis for fixed rate instruments The Group does not record any fixed rate financial instruments at fair value through profit or loss and derivatives designated as fair value hedge. Therefore a change in the interest rate at the reporting date would not have any impact on net profit or loss. Fair value sensitivity analysis for variable rate instruments A change in the interest rate by 100 basis points (bp) at the reporting date would have increased (decreased) net profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain unchanged. The analysis has been performed on the same basis as for 2007. Net profit or loss in TEUR Increase Decrease 100 bp 100 bp 31 December 2008 Variable rate instruments -3,700 3,700 Interest rate swap 749 -749 Cash flow sensitivity -2,951 +2,951 31 December 2007 Variable rate instruments -2,375 2,375 Interest rate swap 1,403 -1,401 Cash flow sensitivity -972 974
127 Note 39 – Fair value The fair value and the carrying amount of assets and liabilities: In TEUR Carrying amount Fair value Carrying amount Fair value 2008 2008 2007 2007 Available-for-sale investments 22,224 22,224 29,716 29,716 Non-current loans 6,542 6,542 6,183 6,183 Current loans 37,061 37,061 7,808 7,808 Derivatives -5,285 -5,285 953 953 Trade receivables 262,017 262,017 258,535 258,535 Other current assets 43,866 43,866 27,904 27,904 Cash and cash equivalents 24,115 24,115 17,684 17,684 Non-current financial liabilities -224,119 -224,119 -145,102 -145,102 Current financial liabilities -253,206 -253,206 -166,340 -166,340 Trade payables -223,660 -223,660 -220,261 -220,261 Other payables -79,164 -79,164 -51,546 -51,546 Total -389,609 -389,609 -234,466 -234,466 Available-for-sale investments are measured at fair value based on market prices. Forward exchange transactions At 31 December 2008, forward exchange transactions were recorded by Gorenje, d.d., in the total amount of TEUR 51,795. Forward exchange transactions were used in 2008 to hedge against changes in the currency parity between EUR/PLN, EUR/AUD, EUR/USD, EUR/HRK, EUR/HUF, EUR/GBP and EUR/RSD. At the year-end 2008, the hedge of the following currency parities was shown: EUR/PLN, EUR/USD, EUR/HRK and EUR/GBP. The maturity of forward exchange transactions is a short-term maturity (up to one year). The basis for determination of fair value of financial instruments is provided on the Reuters portal. The decisive values are the values of the opposite forward exchange transactions with the same maturities effective at the reporting date. The fair value of forward exchange transactions at the balance sheet date is the difference between the value of actually concluded forward exchange transactions and the value of the opposite forward exchange transactions at the balance sheet date, taking into consideration the same maturities of separate forward exchange transactions. The total fair value of forward exchange transactions amounted to TEUR 4,858 at 31 December 2008 and was recorded under other investments. Interest rate swap transactions The amount of hedged items recorded by Gorenje, d.d., for which interest rate swap transactions were concluded, totalled TEUR 150,429 at 31 December 2008. Interest rate swap transactions are used to hedge against changes in the variable interest rate EURIBOR. The maturity of transactions is a long-term maturity; they mature successively until 31 January 2012. The basis for determination of fair value of financial instruments is provided on the Reuters portal; the decisive values are the values of interest rate swap transactions with the same maturities effective at the balance sheet date. The fair value of interest rate swap transactions at the balance sheet date is the discounted difference between the interest cash flow under the interest rate swap contracts and the interest cash flow under the interest rate swap contracts of equal value at the balance sheet date. The fair value of interest rate swap transactions totalled TEUR -10,078 at 31 December 2008 and was recorded under other current assets.
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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
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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 124 and 125: 124 2008 Liquidity risk Shown below
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
Page 175 and 176: 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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