ANNUAL REPORT 2008 - Gorenje Group

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164 2008 The shares were transferred by the Company from non-current investments to current investments in order to uniformly present available-for-sale financial instruments. A change in the fair value of available-for-sale investments in the amount of TEUR 8,695 refers to the revaluation of shares as at 31 December 2008. The fair value reserve in shareholders’ equity was reversed in the amount of TEUR 3,886 and the remaining amount of TEUR 4,809 was recorded under financial expenses. Short-term loans in TEUR 2008 2007 Current portion of long-term loans to the Gorenje Group companies 16,437 1,359 Short-term loans to the Gorenje Group companies 29,521 7,066 Current portion of long-term loans to other entities 402 52 Short-term loans to others 15,888 1,155 Short-term deposits with banks 570 277 Total 62,818 9,909 Short-term loans bear interest at the nominal interest rate ranging from 2.73 % to 7.5 %. No shortterm loan is exposed to major financial risk as most of the loans granted relates to subsidiaries. Short-term loans to other companies are secured by bills and mortgages. Short-term loans extended to special groups of persons No short-term loans were extended to members of the Management Board, Supervisory Board, and internal owners. Note 23 – Trade receivables TEUR 172,327 in TEUR 2008 2007 Trade receivables - Gorenje Group companies 108,146 130,841 Trade receivables - other entities 64,181 69,830 Total 172,327 200,671 Trade receivables due from Group companies in TEUR 2008 2007 Trade receivables due from domestic customers 5,446 22,704 Trade receivables due from foreign customers 102,700 108,137 Total 108,146 130,841
165 Trade receivables – Group companies located in Slovenia in TEUR Company 2008 2007 Gorenje Tiki, d.o.o., Ljubljana 232 1,612 Gorenje Gostinstvo, d.o.o., Velenje 46 80 Gorenje Notranja oprema, d.o.o., Velenje 146 945 Gorenje I.P.C., d.o.o.,Velenje 1,497 1,951 Gorenje GTI, d.o.o., Velenje 2,608 16,619 LINEA SP, d.o.o., Velenje 28 28 Gorenje Orodjarna, d.o.o., Velenje 50 292 Indop, d.o.o., Šoštanj 588 879 Kemis, d.o.o., Radomlje 3 15 Energygor, d.o.o., Ljubljana 0 1 GEN–I, d.o.o., Krško 1 2 ZEOS, d.o.o., Ljubljana 6 40 ERICo, d.o.o., Velenje -1 1 Surovina, d.d., Maribor 213 239 Gorenje design studio, d.o.o., Velenje 25 0 PUBLICUS, d.o.o., Ljubljana 4 0 Total 5,446 22,704 Trade receivables – Group companies located abroad in TEUR Company 2008 2007 Gorenje Slovakia s.r.o., Slovakia 2,946 3,373 Gorenje spol. s.r.o., Czech Republic 1,998 380 Gorenje Skopje, d.o.o., Macedonia 1,137 1,263 Gorenje Zagreb, d.o.o., Croatia 15,236 23,539 Gorenje Commerce, d.o.o., Bosnia and Herzegovina 4,258 3,852 Gorenje Podgorica, d.o.o., Montenegro 3,875 2,511 Gorenje Budapest Kft., Hungary 3,852 4,826 Gorenje Polska Sp.z.o.o., Poland 9,316 10,530 Gorenje Bulgaria EOOD, Bulgaria 2,174 1,551 Gorenje d.o.o., Serbia 7,275 1,997 Gorenje Belux S.a.r.l., Belgium 980 961 Kemis Imobilia, d.o.o., Serbia 0 6 Gorenje Vertriebs GmbH, Germany 13,425 11,503 Gorenje Koerting Italia S.r.l., Italy 2,669 5,108 Gorenje Austria Handels GmbH, Austria 1,376 1,592 Gorenje Beteiligungs GmbH, Austria 2,245 6 Gorenje Skandinavien A/S, Denmark 13,190 14,285 Gorenje France S.A.S., France 8,366 10,016 Gorenje UK Ltd., Great Britain 1,871 2,575 Gorenje Adria Nekretnine, d.o.o., Croatia 0 1 Gorenje Imobilia, d.o.o., Serbia 0 6 Mora Moravia, a.s., Czech Republic 187 258 Gorenje aparati za domaćinstvo, d.o.o., Serbia 5,297 4,849 Gorenje Espana, s.l., Spain 1,116 1,823 Gorenje Tiki, d.o.o., Stara Pazova 17 7 Gorenje Istanbul Ltd., Turkey 1,364 660 Gorenje Gulf FZE, United Arab Emirates 273 410 Gorenje Invest, d.o.o., Serbia 13 0 GEN-I , Kft, Hungary 1 0 ATAG Nederland BV, The Netherlands 321 0 Exchange differences -2,078 249 Total 102,700 108,137
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
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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
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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 and 162: 161 Note 18 - Investments in subsid
Page 163: 163 Note 20 - Deferred tax assets a
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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