ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group
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168<br />
<strong>2008</strong><br />
Note 28 – Provisions TEUR 24,187<br />
in TEUR <strong>2008</strong> 2007<br />
Provisions for warranties 11,773 13,553<br />
Provisions for retirement benefits and jubilee premiums 11,143 10,827<br />
Other provisions 1,271 1,832<br />
Total 24,187 26,212<br />
Movement of provisions in <strong>2008</strong><br />
Balance<br />
in TEUR<br />
1 Jan<br />
<strong>2008</strong> Use Reversal Creation<br />
Balance 31<br />
Dec <strong>2008</strong><br />
Provisions for warranties 13,553 -12,632 -1,968 12,820 11,773<br />
Provisions for retirement benefits and<br />
jubilee premiums<br />
10,827 -417 0 733 11,143<br />
Other provisions 1,832 -420 -331 190 1,271<br />
Total 26,212 -13,469 -2,299 13,743 24,187<br />
Movement of provisions in 2007<br />
Balance<br />
1 Jan<br />
2007 Use Reversal Creation<br />
Balance 31<br />
Dec 2007<br />
in TEUR<br />
Rezervacije za prodajne garancije 14,041 -10,182 -1,018 10,712 13,553<br />
Rezervacije za odpravnine in pokojnine 10,972 -472 327 10,827<br />
Druge rezervacije 1,648 -23 207 1,832<br />
Skupaj 26,661 -10,677 -1,018 11,246 26,212<br />
Long-term provisions for warranties were created on the basis of estimated costs of warranties<br />
made from known data on the quality level of products and the costs of warranties. Provisions for<br />
retirement benefits and jubilee premiums are based on the actuarial calculation of estimated future<br />
payments of retirement benefits and jubilee premiums, which was made as at 31 December <strong>2008</strong>.<br />
In <strong>2008</strong>, the newly formed provisions are due to new recruitments and the method applied in the<br />
actuarial calculation; they were charged against the profit for the period in the amount of TEUR 733<br />
(2007: TEUR 327). Other provisions refer to payments that shall be made for compensation claims<br />
in respect of the actions brought against the Company.<br />
Note 29 – Non-current financial liabilities TEUR 195,716<br />
in TEUR <strong>2008</strong> 2007<br />
Financial liabilities to banks 257,624 156,252<br />
Financial liabilities to other entities 12 12<br />
Current portion of non-current liabilities -62,008 -45,746<br />
Non-current finance lease 88 108<br />
Total 195,716 110,626<br />
Non-current financial liabilities are denominated in EUR. As at 31 December <strong>2008</strong>, long-term borrowings<br />
bear interest at the variable interest rate with basic points ranging between 60 and 125.
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