ANNUAL REPORT 2008 - Gorenje Group

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136 2008 Gorenje kuhinje, d.o.o., Ukraine Kemis - SRS, d.o.o., Bosnia and Herzegovina ATAG Nederland BV, The Netherlands ATAG België NV, Belgium ATAG Financiele Diensten BV, The Netherlands ATAG Financial Services BV, The Netherlands Intell Properties BV, The Netherlands ATAG Europe BV, The Netherlands ATAG Special Products BV, The Netherlands Gorenje Holding B.V., The Netherlands Gorenje Kazakhstan, TOO, Kazakhstan Elena Tirleckaya Mladen Đekić Philip Alexander Sluiter, Berend Johannes Hofenk Jackie Haeck, Guy De Mey Philip Alexander Sluiter, Berend Johannes Hofenk Philip Alexander Sluiter, Berend Johannes Hofenk Philip Alexander Sluiter, Berend Johannes Hofenk Philip Alexander Sluiter, Berend Johannes Hofenk Philip Alexander Sluiter, Berend Johannes Hofenk Franc Bobinac, Janez Živko Roman Jeglič Appendix 3: Foreign exchange rates Country Currency Unit Final exchange rate in EUR 2008 2007 Average exchange rate in EUR Final exchange rate in EUR Average exchange rate in EUR Australia AUD 1 2.027 1.742 1.676 1.636 Czech Republic CZK 1 26.875 24.959 26.628 27.755 Denmark DKK 1 7.451 7.456 7.458 7.451 Great Britain GBP 1 0.953 0.797 0.733 0.685 Croatia HRK 1 7.356 7.224 7.331 7.338 Hungary HUF 1 266.700 251.738 253.730 251.256 Norway NOK 1 9.750 8.225 7.958 8.018 Poland PLN 1 4.154 3.515 3.594 3.783 Sweden SEK 1 10.870 9.617 9.442 9.252 Slovak Republic SKK 1 30.126 31.272 33.583 33.772 USA USD 1 1.392 1.471 1.472 1.371 Turkey TRY 1 2.149 1.907 1.717 1.787 Bosnia and Herzegovina BAM 1 1.956 1.956 1.956 1.956 Bulgaria BGN 1 1.956 1.956 1.956 1.956 Macedonia MKD 1 60.600 61.697 61.568 61.387 Switzerland CHF 1 1.485 1.583 1.655 1.642 Romania RON 1 4.023 3.684 3.608 3.338 Serbia RSD 1 89.372 81.188 82.874 79.745 Estonia EEK 1 15.647 15.647 15.647 15.647 Ukraine UAH 1 6.571 7.617 7.479 6.879 Latvia LVL 1 0.708 0.703 0.696 0.700 United Arab Emirates AED 1 4.675 5.442 5.396 5.016 Kazakhstan KZT 1 153.210 167.804 178.379 168.374
137 4.1.2 ACCOUNTING REPORT OF GORENJE, D.D. 4.1.2.1 FINANCIAL STATEMENTS OF GORENJE, D.D. Income statement of Gorenje, d.d. in TEUR Notes 2008 2007 Revenue 7 764,106 831,273 Changes in inventories 2,043 4,988 Other operating income 8 11,196 11,470 Gross profit 777,345 847,731 Cost of goods, materials and services 9 -613,986 -681,699 Employee benefits expense 10 -110,305 -107,623 Amortisation and depreciation expense 11 -35,605 -33,991 Other operating expenses 12 -3,355 -4,154 Results from operating activities 14,094 20,264 Finance income 24,973 11,629 Finance expenses -27,183 -16,554 Net finance expense 13 -2,210 -4,925 Profit before tax 11,884 15,339 Income tax expense 14 88 -2,127 Profit for the period 11,972 13,212 Earnings per share – basic / diluted (in EUR) 0.89 1.18 Balance Sheet of Gorenje, d.d. in TEUR Pojasnila 2008 2007 ASSETS 873,840 676,375 Non-current assets 489,141 340,858 Intangible assets 15 17,440 18,243 Property, plant and equipment 16 195,692 189,392 Investment property 17 4,462 2,698 Investments in subsidiaries 18 258,830 113,862 Other non-current investments 19 7,444 12,207 Deferred tax assets 20 5,273 4,456 Current assets 384,699 335,517 Inventories 21 105,948 93,869 Current investments 22 86,817 28,123 Trade receivables 23 172,327 200,671 Other current assets 24 18,825 12,823 Current tax assets 24 708 0 Cash and cash equivalents 25 74 31 EQUITY AND LIABILITIES 873,840 676,375 Equity 26 312,566 274,785 Share capital 58,546 58,546 Share premium 140,624 125,851 Legal reserves and statutory reserves 21,697 45,034 Retained earnings 94,059 64,660 Fair value reserve 810 8,387 Own shares -3,170 -27,693 Non-current liabilities 221,990 138,724 Provisions 28 24,187 26,212 Deferred tax liabilities 20 2,087 1,886 Non-current financial liabilities 29 195,716 110,626 Current liabilities 339,284 262,866 Current financial liabilities 30 162,727 63,221 Trade and other payables 31 160,692 177,265 Other current liabilities 32 15,865 22,117 Current tax liabilities 0 263
Page 1 and 2:
ANNUAL REPORT 2008
Page 3 and 4:
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
Page 37 and 38:
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
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ACCOUNTING REPORT
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79 Consolidated balance sheet of th
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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 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 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
Page 179 and 180: 179 • the cost management of raw
Page 181 and 182: 181
Page 183 and 184: 183 ATAG Europe BV Managing Directo
Page 185 and 186: 185 KEMIS, kemični izdelki, predel
Page 187 and 188:
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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