ANNUAL REPORT 2008 - Gorenje Group

167
Own shares in the amount of TEUR - 3,170 are stated as a deductible item of equity and are measured
at acquisition cost.
No. of shares 1 Jan 2008 Purchase Sale 31 Dec 2008
Repurchased own shares 1,183,342 7,969 -1,070,000 121,311
Earnings per share amounted to EUR 0.89 in 2008 (2007: EUR 1.18).
To calculate the EPS ratio, the net profit or loss and the weighted average number of ordinary
shares in the period are taken into account:
in TEUR 2008 2007
Net profit or loss 11,972 13,212
Weighted average number of ordinary shares 13,469,497 11,169,158
Basic / Diluted earnings per share (in EUR) 0.89 1.18
No dilutive instruments have been issued by the Company, therefore basic earnings per share is
equal to diluted earnings per share.
Dividends: In 2008, the dividend per share amounted to EUR 0.45. In 2007, dividend per share
amounted to EUR 0.42 (2006: EUR 0.42).
Note 27 – Establishment of the accumulated profit and proposal on its appropriation in accordance
with the provisions of the Companies Act
In accordance with the Companies Act and the bylaws of Gorenje, d.d., the Management Board decided
to use part of the 2008 net profit for:
• creation of reserves for own shares (EUR 111,820.58) for the purpose of acquiring
7,969 own shares,
• creation of statutory reserves (EUR 1,186,028.37),
• creation of other revenue reserves (EUR 5,337,127.67).
The proposed creation of reserves for own shares, for statutory reserves and other revenue reserves
was approved by the Supervisory Board and adequately disclosed in the Company’s financial
statements.
The formation of accumulated profit for 2008 is presented in the following chart:
in EUR
Net profit for the period 11,972,104.28
+ retained earnings 5,091,065.65
+ decrease in reserves for own shares 24,634,770.07
- creation of reserves for own shares -111,820.58
- creation of statutory reserves -1,186,028.37
- creation of other revenue reserves under the resolution of the
Management Board and the Supervisory Board
-5,337,127.67
= accumulated profit 35,062,963.38
The Management Board and the Supervisory Board of the Company propose to the Shareholders’
Meeting to use the 2008 accumulated profit in the amount of EUR 35,062,963.38 for the following
purposes:
• EUR 28,050,370.70 of accumulated profit shall be used for the creation of other
revenue reserves,
• the remaining amount of the accumulated profit stated at EUR 7,012,592.68 remains
unallocated.
Dividends for 2008 shall not be paid out as the proposed use of the accumulated profit indicates a
strengthening of the equity and provision of own funds during the present financial crisis.