ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
154 2008 Capital management The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the Company. The Company monitors the return on capital, which the Company defines, as one of the strategic ratios, as net profit for the period attributable to equity holders of the Company divided by average shareholders’ equity, excluding minority interests. The Company seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position. The dividend policy is based on the investment plans, optimum capital structure policy, and shareholders’ expectations and interests. The amount of dividend per share is proposed by the Management Board and the Supervisory Board of the controlling company. Dividends are paid from the accumulated profit of the controlling company determined in accordance with the relevant regulations in Slovenia. The resolution on the appropriation of accumulated profit is adopted by the Shareholders’ Meeting. Pursuant to the resolution of the Shareholders’ Meeting, an own share fund has been formed by the Company amounting up to 10 % of the share capital. At 31 December 2008, the Company recorded 121,311 own shares, which is 0.8647 % of share capital. At the 10th Shareholders’ Meeting of Gorenje, d.d. on 12 December 2006, the Management Board of Gorenje, d.d. was authorised to increase, subject to the prior consent of the Supervisory Board and not later than five years after the entry of the amendment of the Articles of Incorporation, share capital by up to 15 percent of the amount of share capital entered in the register on the date of adoption of the respective resolution, or by not more than SIT 1,830,000,000 (approved capital). Capital should be increased by issuing up to 1,830,000 new ordinary, freely transferable, registered no par value shares against cash contributions. The procedure of the increase in share capital, the increase in the number of shares, and the amendment of the Articles of Incorporation was completed by the Order of the District Court in Celje no. Srg 2007/02253 of 7 November 2007. The respective Order relates to the entry of a change in share capital from EUR 50,909,697.88 to EUR 58,546,152.56, a change in the number of shares from 12,200,000 to 14,030,000, and the amendment of the Articles of Incorporation referring to the above mentioned changes. The Company has no special goals regarding employee shareowning and no share option programme. There were no changes in the Company’s approach to capital management in 2008. Neither the controlling company nor its subsidiaries were subject to capital requirements determined by the regulatory authorities. There are no provisions in the Articles of Incorporation that would invalidate the proportionality of rights arising from shares, such as the rights of minority shareholders or the limitation of voting rights, and there are not resolutions adopted on conditionally increased capital.
155 6. Segment reporting Segment information is presented within the consolidated financial statements. Note 7 – Revenue TEUR 764,106 in TEUR 2008 2007 Revenue from the sale of products – domestic market 34,496 41,990 Revenue from the sale of products – foreign market 511,617 563,464 Revenue from the sale of merchandise – domestic market 42,473 33,128 Revenue from the sale of merchandise – foreign market 111,300 116,123 Revenue from the sale of services – domestic market 11,924 11,277 Revenue from the sale of services – foreign market 11,784 10,634 Revenue from the sale of materials and work in progress – domestic market 15,750 20,432 Revenue from the sale of materials and work in progress – foreign market 24,762 34,225 Total 764,106 831,273 Revenue from the sale to subsidiaries in the Gorenje Group are recorded at TEUR 427,209 i.e. denoting a decrease of 12.07 percent over the previous year. Note 8 – Other operating income TEUR 11,196 in TEUR 2008 2007 Income from subsidies, grants and compensations 159 448 Income from license fees 1,102 2,174 Rental income 1,581 1,519 Compensation for damage received 3,152 2,876 Reversal of long-term provisions 2,298 1,018 Revaluation of investment property to fair value 2,154 0 Gain on disposal of investment property 169 0 Gain on disposal of property, plant and equipment 417 1,199 Other operating income 164 2,236 Total 11,196 11,470 Income from license fees includes income from fees for the right to use the Gorenje trademark. Compensations for damage received mostly refer to suppliers. Rental income in TEUR 2008 2007 Future minimum lease payments – up to 1 year (the Group companies) 1,462 1,406 Future minimum lease payments – up to 1 year (other entities) 119 113 Future minimum lease payments – from 2 to 5 years (the Group companies) 5,975 5,624 Future minimum lease payments – from 2 to 5 years (other entities) 393 452 Total 7,949 7,595 Rental income mostly refers to real properties that are partly leased to subsidiaries and partly used by the Company itself. Note 9 – Cost of goods, materials and services TEUR 613,986 in TEUR 2008 2007 Cost of merchandise sold 157,028 162,078 Cost of materials 354,356 413,803 Cost of services 102,602 105,818 Total 613,986 681,699
- 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 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: 153 The exposure to each type of ri
- 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
- Page 189 and 190: 189 Gorenje Bulgaria EOOD Managing
- Page 191: 191 REPRESENTATIVE OFFICES Gorenje,
155<br />
6. Segment reporting<br />
Segment information is presented within the consolidated financial statements.<br />
Note 7 – Revenue TEUR 764,106<br />
in TEUR <strong>2008</strong> 2007<br />
Revenue from the sale of products – domestic market 34,496 41,990<br />
Revenue from the sale of products – foreign market 511,617 563,464<br />
Revenue from the sale of merchandise – domestic market 42,473 33,128<br />
Revenue from the sale of merchandise – foreign market 111,300 116,123<br />
Revenue from the sale of services – domestic market 11,924 11,277<br />
Revenue from the sale of services – foreign market 11,784 10,634<br />
Revenue from the sale of materials and work in progress –<br />
domestic market<br />
15,750 20,432<br />
Revenue from the sale of materials and work in progress –<br />
foreign market<br />
24,762 34,225<br />
Total 764,106 831,273<br />
Revenue from the sale to subsidiaries in the <strong>Gorenje</strong> <strong>Group</strong> are recorded at TEUR 427,209 i.e. denoting<br />
a decrease of 12.07 percent over the previous year.<br />
Note 8 – Other operating income TEUR 11,196<br />
in TEUR <strong>2008</strong> 2007<br />
Income from subsidies, grants and compensations 159 448<br />
Income from license fees 1,102 2,174<br />
Rental income 1,581 1,519<br />
Compensation for damage received 3,152 2,876<br />
Reversal of long-term provisions 2,298 1,018<br />
Revaluation of investment property to fair value 2,154 0<br />
Gain on disposal of investment property 169 0<br />
Gain on disposal of property, plant and equipment 417 1,199<br />
Other operating income 164 2,236<br />
Total 11,196 11,470<br />
Income from license fees includes income from fees for the right to use the <strong>Gorenje</strong> trademark.<br />
Compensations for damage received mostly refer to suppliers.<br />
Rental income<br />
in TEUR <strong>2008</strong> 2007<br />
Future minimum lease payments – up to 1 year (the <strong>Group</strong> companies) 1,462 1,406<br />
Future minimum lease payments – up to 1 year (other entities) 119 113<br />
Future minimum lease payments – from 2 to 5 years<br />
(the <strong>Group</strong> companies)<br />
5,975 5,624<br />
Future minimum lease payments – from 2 to 5 years (other entities) 393 452<br />
Total 7,949 7,595<br />
Rental income mostly refers to real properties that are partly leased to subsidiaries and partly used<br />
by the Company itself.<br />
Note 9 – Cost of goods, materials and services TEUR 613,986<br />
in TEUR <strong>2008</strong> 2007<br />
Cost of merchandise sold 157,028 162,078<br />
Cost of materials 354,356 413,803<br />
Cost of services 102,602 105,818<br />
Total 613,986 681,699
Change language