ANNUAL REPORT 2008 - Gorenje Group

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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
161 Note 18 – Investments in subsidiaries TEUR 258,830 in TEUR Share in equity of the company Investment at 31 Dec 2008 Investment at 31 Dec 2007 Gorenje I.P.C., d.o.o., Velenje 100.00 % 377 377 LINEA SP, d.o.o., Velenje 100.00 % 125 125 Gorenje GTI, d.o.o., Velenje 100.00 % 8,795 8,795 Gorenje Gostinstvo, d.o.o., Velenje 100.00 % 5,958 5,958 Gorenje Orodjarna, d.o.o., Velenje 100.00 % 3,038 3,038 Indop, d.o.o., Šoštanj 100.00 % 1,000 1,000 Gorenje Notranja oprema, d.o.o., Velenje 99.89 % 18,215 18,105 Gorenje Tiki, d.o.o., Ljubljana 99.979 % 7,001 5,738 Energygor, d.o.o.,Velenje 100.00 % 58 58 Kemis, d.o.o., Radomlje 100.00 % 1,353 1,353 Surovina, d.d., Maribor 51.00 % 12,036 11,727 ERICo, d.o.o., Velenje 51.00 % 256 256 ZEOS, d.o.o., Ljubljana 51.00 % 242 242 Gorenje Zagreb, d.o.o., Croatia 100.00 % 12,604 12,604 Gorenje Skopje, d.o.o., Macedonia 100.00 % 538 538 Gorenje Beteiligungs GmbH, Austria 100.00 % 31,257 21,658 Gorenje Imobilia, d.o.o., Serbia 100.00 % 0 1,486 Gorenje Tiki, d.o.o., Serbia 82.04 % 7,947 6,449 Mora Moravia, a.s., The Czech Republic 100.00 % 8,750 8,750 Gorenje Adria nekretnine, d.o.o., Croatia 100.00 % 0 410 STB Nekretnine, d.o.o., Serbia 1.61 % 50 50 Istrabenz Gorenje energetski sistemi, d.o.o., Ljubljana 49.344 % 5,755 5,145 Gorenje Projekt d.o.o., Ljubljana 100% 87 0 Publicus, d.o.o. Ljubljana 51% 2,000 0 Gorenje design studio, d.o.o., Velenje 52% 260 0 ATAG Europe B V, The Netherlands 100% 131,038 0 Gorenje Holding B.V., The Netherlands 100% 90 0 Total 258,830 113,862 Changes in investments in subsidiaries in 2008 in TEUR Naložbe v odvisne družbe Balance at 1 Jan 2007 89,679 Increase 18,890 Transfer 5,621 Decrease -328 Balance at 31 Dec 2007 113,862 Increase 107,483 Acquisition of subsidiary Atag based on sale of own shares 39,409 Establishment of Gorenje Holding 72 Decrease -1,996 Balance at 31 Dec 2008 258,830 Increase of investments in subsidiaries of the Gorenje group is attributable to: • capital insrease in the subsidiary Gorenje Notranja oprema, d.o.o. (TEUR 110), • capital increase in the subsidiary Gorenje Tiki, d.o.o. (TEUR 1,263), • capital increase in the subisidiary Surovina, d.d. (TEUR 308), • capital increase in the subsidiary Gorenje Beteiligungs GmbH, Austria (TEUR 9,599), • capital increase in the subsidiary Gorenje Tiki, d.o.o., Serbia (TEUR 1,498), • capital increase in the subsidiary Istrabenz Gorenje energetski sistemi, d.o.o. (TEUR 610), • founding of the company Gorenje projekt, d.o.o. (TEUR 87), • acquisition of the 51 % share in PUBLICUS, d.o.o. (TEUR 2,000),
Page 1 and 2:
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
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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
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84 2008 4.1.1.2 NOTES TO THE CONSOL
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86 2008 (ii) Foreign operations The
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88 2008 tributable to bringing the
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90 2008 or services or for administ
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92 2008 (i) Warranties A provision
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94 2008 that are expected to be app
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96 2008 4. Determination of fair va
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98 2008 hedging of currency risk an
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100 2008 East Europe: Ukraine, Russ
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102 2008 9. Minority interest Minor
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104 2008 The calculation of goodwil
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106 2008 Gorenje Imobilia, d.o.o.,
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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 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: 159 Note 16 - Property, plant and e
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
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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,
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ANNUAL REPORT 2008 - Gorenje Group

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