ANNUAL REPORT 2008 - Gorenje Group

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128 2008 A portion of hedged items under the interest rate swap contracts and the forward exchange contracts, which relate to hedged items in the balance sheet, were recorded in equity under fair value reserve. Loans and borrowings are measured on the basis of recalculation using the effective interest rates, which do not differ essentially from the stipulated interest rates. Therefore, the stipulated interest rate is used in calculations. The majority of loans and borrowings are measured using the variable interest rate. Current trade receivables are not discounted due to short-term maturity. However, impairment loss on fair value is considered. Note 40 – Related party transactions The related party transactions recorded by the Group companies were consummated based on the sale/purchase contracts concluded with related parties on terms equivalent to those prevailing in the arm’s-length transactions. Information on groups of persons The Gorenje Group companies paid to the below stated groups of persons in 2008 the following gross emoluments: in TEUR Type of emoluments Management Board and management of the companies Supervisory Board Employees under individual employment agreement Wages and salaries 6,577 10,763 Fringe benefits and other emoluments 1,338 205 737 Total 7,915 205 11,500 No non-current and current loans were extended by the Group companies to the members of the Management Board, Supervisory Board and internal owners. The Gorenje Group companies paid to the below stated groups of persons in 2007 the following gross emoluments: in TEUR Type of emoluments Management Board and management of the companies Supervisory Board Employees under individual employment agreement Wages and salaries 5,293 9,679 Fringe benefits and other emoluments 700 170 711 Total 5,993 170 10,390 Note 41 – Events after the balance sheet date Considering the circumstances of the economical crisis faced by the Gorenje Group already in the last months of 2008, the management prepared several business scenarios for 2009 to facilitate a quick and efficient response to the turbulent business conditions.
129 In the first two months of 2009, the Group faced a 20 to 25-percent drop in the operations, the downward trend remaining similar to the one in the last few months of 2008. The majority of the manufacturers operating in the business segment recorded a loss in the last Quarterly of 2008. Therefore numerous activities were launched in December 2008 whose purpose is to neutralize the negative impact of the extremely low sales. They are directed to all areas of the Group’s operations and all business processes, relating to: • the cost management of raw materials (inventory optimisation, favourable term purchase of raw materials, further development of supply sources from Asia in other dollar-based supply markets and South-Eastern European countries, further cost-cutting measures to be adopted in association with the cost of materials), • production process (flexibility in the adaptation of the production to the level of orders), • purchase of goods (adjustment of purchases to the current requirements), • sales (sales promotion, intensifying of customer contacts, search for new business opportunities, simplification), • costs of logistics (maximizing the utilization of transportation means), • investments (approval of solely the most urgent investments whose purpose is new product development), • marketing area (cost-cutting in all markets, limiting the costs to costs that are directly linked to sales promotion), • costs of services (decrease in the management and general administration costs, adaptation of costs to the range of sales, strengthening the control over the cost base), • assurance of positive cash flows (raising new long-term loans, receivables optimisation, assuring short-term liquidity), • a decrease in current assets (management of inventories and receivables) and • labour cost optimisation (implementation of a 36-hour weekly working time, a 10-percent salary decrease, organisational restructuring and restructuring of business processes).
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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 126 and 127: 126 2008 31 December 2007 in TEUR N
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
Page 177 and 178: 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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