ANNUAL REPORT 2008 - Gorenje Group

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170 2008 Note 31 – Trade payables TEUR 160,692 in TEUR 2008 2007 Payables to suppliers in the Gorenje Group 22,778 23,015 Payables to other suppliers 137,914 154,250 Total 160,692 177,265 Payables to suppliers in the Gorenje Group In TEUR 2008 2007 Payables to domestic suppliers 9,543 10,264 Payables to foreign suppliers 13,235 12,751 Total 22,778 23,015 Payables to domestic suppliers in the Gorenje Group in TEUR Company 2008 2007 Gorenje Tiki, d.o.o., Ljubljana 247 466 Gorenje Gostinstvo, d.o.o., Velenje 197 234 Gorenje Notranja oprema, d.o.o, Velenje 32 130 Gorenje I.P.C., d.o.o., Velenje 4,813 5,277 Gorenje GTI, d.o.o., Velenje 2,574 2,679 LINEA SP, d.o.o., Velenje 5 0 Gorenje Orodjarna, d.o.o., Velenje 730 961 Surovina, d.d., Maribor 5 5 ERICo, d.o.o., Velenje 0 4 Kemis, d.o.o., Radomlje 41 4 GEN-I, d.o.o., Krško 349 504 Indop, d.o.o, Šoštanj 81 0 Gorenje design studio, d.o.o., Velenje 469 0 Total 9,543 10,264 Payables to foreign suppliers in the Gorenje Group in TEUR Company 2008 2007 Gorenje Polska Sp.z.o.o., Poland 72 70 Gorenje spol. s.r.o., Czech Republic 42 -34 Gorenje Podgorica, d.o.o., Montenegro 0 27 Gorenje Budapest Kft., Hungary 28 46 Gorenje, d.o.o., Serbia 61 87 Gorenje Belux S.a.r.l., Belgium 15 21 Gorenje Vertriebs GmbH, German 541 463 Gorenje Koerting Italia S.r.l., Italy 273 -1 Gorenje Beteiligungs GmbH, Austria 323 571 Gorenje Skandinavien A/S, Denmark 2,249 231 Gorenje France S.A.S., France 124 137 Gorenje UK Ltd., Great Britain 16 91 Gorenje Romania S.R.L., Romania 220 148 Mora Moravia, a.s., Czech Republic 9,025 9,903 Gorenje Slovakia s.r.o., Slovakia 1 0 Gorenje aparati za domaćinstvo, d.o.o., Serbia 143 985 Gorenje Espana, S.L., Spain -20 -22 Gorenje Gulf FZE, United Arab Emirates 109 43 Gorenje Istanbul Ltd., Turkey 7 0 ATAG BV, The Netherlands 6 0 Exchange differences 0 -15 Total 13,235 12,751
171 Payables to other suppliers in TEUR 2008 2007 Payables to domestic suppliers 55,635 59,251 Payables to foreign suppliers 82,279 94,999 Total 137,914 154,250 Note 32 – Other current liabilities TEUR 15,865 in TEUR 2008 2007 Payables to employees 6,952 7,107 Payables to state institutions 1,028 1,140 Current liabilities from advances 724 2,545 Other current liabilities 609 830 Short-term accrued costs and expenses 6,552 10,495 Total 15,865 22,117 As at the balance sheet date payables to employees include: in TEUR 2008 2007 Wages and salaries and continued pay 3,498 3,505 Contributions on wages and salaries 1,328 1,404 Taxes on wages and salaries 656 705 Other emoluments from employment 162 185 Deductions from wages and salaries 1,260 1,282 Other payables 48 26 Total 6,952 7,107 Advances refer mostly to finished products (TEUR 588) and to the Indop projects amounting to TEUR 104 (2007: TEUR 2,417). Short-term accrued costs and expenses were formed for accrued costs of services in the amount of TEUR 4,373 (2007: TEUR 7,658), accrued interest expenses on borrowings in the amount of TEUR 2,018 (2007: TEUR 1,790), accrued expenses relating to bonus payments in 2008 in the amount of TEUR 162 (2007: TEUR 677). Note 33 – Contingent liabilities The Company keeps separate records of contingent liabilities arising from guarantees granted to financial institutions for liabilities recorded by subsidiaries in the amount of TEUR 48,729 (2007: TEUR 63,427) and by third entities in the amount of TEUR 1,645 (2007: TEUR 2,269). In addition, the Company separately discloses liabilities relating to performance bonds in the amount of TEUR 20,727 (2007: TEUR 12,052). Note 34 – Financial instruments Credit risk Knjigovodska vrednost finančnih sredstev predstavlja največjo izpostavljenost kreditnemu tveganju. Največja izpostavljenost kreditnemu tveganju na dan poročanja je bila: in TEUR 2008 2007 Available-for-sale financial assets 18,353 26,192 Loans 64,312 11,940 Trade and other receivables excluding income tax receivables 191,152 212,593 Cash and cash equivalents 74 31 Interest rate swaps used for hedging: assets 327 1,973 Forward exchange contracts used for hedging: assets 4,793 0 Total 279,011 252,729
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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
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112 2008 and projected on the basis
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114 2008 Movement of intangible ass
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116 2008 Movement of property, plan
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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 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: 169 Maturity of non-current financi
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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