ANNUAL REPORT 2008 - Gorenje Group

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162 2008 • founding of the company Gorenje design studio, d.o.o. (TEUR 260), • acquisition of the 100 % share in the company ATAG Evrope BV together with related costs (TEUR 131,038), • founding of the company Gorenje Holding B.V. (TEUR 90), • founding of the company Gores, d.o.o. (TEUR 100). Decrease of investments in subsidiaries of the Gorenje Group refers to Gorenje Adria nekretnine, d.o.o., which was sold for TEUR 705 and to Gorenje Imobilia, d.o.o. which was sold for TEUR 1,953. In 2008 the Company founded the subsidiary Gores, d.o.o. and thereupon sold it for TEUR 2,720. The sale of subsidiaries generated a profit of TEUR 3,382 that is recorded among Gain on disposal of available-for-sale investments. Note 19 – Other non-current investments TEUR 7,444 Other non-current investments refer to long-term loans in the amount of TEUR 1,494 (2007: TEUR 2,031), other non-current investments in the amount of TEUR 5,950 (2007: TEUR 10,176) relating to the disposal of non-operating assets, and receivables relating to the sale of subsidiaries. Changes in non-current investments in TEUR 2008 2007 Opening balance at 1 Jan 10,176 5,651 Increase 5,269 4,553 Decrease 0 -28 Transfer of non-current available for sale investments to current investments -9,495 0 Closing balance 5,950 10,176 As for non-current investments, the Company is not exposed to major financial risks since most of investments are made in subsidiaries. Long-term loans extended to others are secured by bills. Movement of long-term loans in TEUR 2008 2007 Opening balance at 1 January 2,031 623 Increase 15,000 4,031 Decrease -136 -1,213 Transfer to current investments -15,401 -1,410 Closing balance 1,494 2,031 Long-term loans by maturity in TEUR 2008 2007 Maturity of 1 to 2 years 426 402 Maturity of 2 to 3 years 452 426 Maturity of 3 to 4 years 418 452 Maturity of 4 to 5 years 0 420 Maturity in excess of 5 years 198 331 Total 1,494 2,031 Long-term loans bear interest at the nominal interest rate ranging from 5.783 % to 6.00 %. The loans with the maturity in excess of 5 years represent housing loans under the Housing Act of 1991. Short-term loans extended to specific groups of persons No short-term loans were granted to members of the Management Board, Supervisory Board, and internal owners.
163 Note 20 – Deferred tax assets and liabilities TEUR 5,273 Tax assets – tax Deferred tax assets Deferred tax liabilities in TEUR liabilities 2008 2007 2008 2007 2008 2007 PPE 66 25 1,640 0 -1,574 25 Investments 1,060 42 447 1,886 613 -1,844 Receivables 373 454 0 0 373 454 Inventories 76 87 0 0 76 87 Liabilities arising from litigations 12 35 0 0 12 35 Provisions for termination pays 2,343 2,453 0 0 2,343 2,453 Provisions for warranties 1,343 1,360 0 0 1,343 1,360 Total 5,273 4,456 2,087 1,886 3,186 2,570 Tax assets – Tax in TEUR liabilities Through profit or loss Through equity 2008 2007 2008 2007 2008 2007 PPE -1,574 25 41 98 -1,640 0 Investments 613 -1,844 1,017 -58 1,440 -824 Receivables 373 454 -81 29 0 0 Inventories 76 87 -11 10 0 0 Liabilities arising from litigations 12 35 -23 24 0 0 Provisions for termination pays 2,343 2,453 -110 -71 0 -219 Provisions for warranties 1,343 1,360 -17 -619 0 0 Total 3,186 2,570 816 -587 -200 -1,043 Note 21 – Inventories TEUR 105,948 in TEUR 2008 2007 Materials 54,820 48,250 Work in progress 10,146 10,609 Finished products 28,492 26,034 Merchandise 7,219 6,175 Advances 5,271 2,801 Total 105,948 93,869 Note 22 – Current investments TEUR 86,817 in TEUR 2008 2007 Available for sale financial assets 18,353 16,016 Short-term loans 62,818 9,909 Interest receivable 462 223 Current receivables - dividend payout to other entities 0 2 Other current investments 5,184 1,973 Total 86,817 28,123 Movement of available-for-sale shares and interests in TEUR 2008 2007 Opening balance at 1 Jan 16,016 5,701 Increase 5,869 8,105 Decrease -4,332 -6,033 Transfer from non-current investments 9,495 0 Value adjustment -8,695 8,243 Closing balance 18,353 16,016
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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
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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
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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 and 160: 159 Note 16 - Property, plant and e
Page 161: 161 Note 18 - Investments in subsid
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,
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ANNUAL REPORT 2008 - Gorenje Group

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