ANNUAL REPORT 2008 - Gorenje Group

160
2008
Decrease in the value of property, plant and equipment refers to the sale of non-operating assets.
Borrowings are not secured by pledge of real properties. The loan secured by mortgage was repaid
on 3 January 2008 in the amount of 164 TEUR.
Manufacturing plant and equipment TEUR 108,965
Value of the equipment increases the value of the activated technological equipment and the hardware
and software equipment all of which was acquired in 2008 within the related annual upgrading.
As for the cooking appliances programme, investments in the new complex generation of integrated
and free-standing cooking appliances (600 mm wide) amounted to TEUR 16,584; as for the
washer-dryer programme TEUR 643 were invested into logistics and production equipment; as for
the refrigerator-freezer programme, investments in the new generation of 540 mm and 600 mm
wide appliances amounted to TEUR 1,164. The increase within the MEKOM programme includes
mostly tools for semi-finished products used in the new generation of integrated cooking appliances
and refrigerator-freezer appliances (540 mm) amounting to TEUR 783. Investments within the
information technology and telecommunications amounted to TEUR 363 thousand and refer mostly
to computer equipment.
Decrease applies to the equipment sold, as well as to the disposal of useless equipment.
Property, plant and equipment under construction TEUR 8,302
The major portion of property, plant and equipment under construction refers to the new warehouse
for household appliances amounting to TEUR 4,073.
Advances for property, plant and equipment
Advances for property, plant and equipment mostly apply to the import of the logistics
equipment.
Company’s land was revalued in 2008. The valuation was performed on the basis of its fair market
value determined by an independent certified appraiser of real estate. The effect of revaluation in
2008 amounted to TEUR 7,455. The conditions for impairment of assets were not identified in the
reporting period.
Note 17 – Investment property TEUR 4,462
in TEUR 2008 2007
Land 3,752 1,945
Buildings 710 753
Total 4,462 2,698
Investment property includes land and buildings acquired for resale or increase in investment. Investment
property is stated using fair value model. The valuation of investment property by an independent
certified appraiser of real property was carried out in 2008.
Movement of investment property
in TEUR 2008 2007
Opening balance 1 Jan 2,698 614
Additions 249 1,675
Revaluation 2,154 0
Disposals -753 -426
Transfer from property, plant and equipment 114 835
Closing balance 4,462 2,698