ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
176 2008 Forward exchange transactions At 31 December 2008, forward exchange transactions were recorded by Gorenje, d.d. in the total amount of TEUR 51,795. Forward exchange transactions were used in 2008 to hedge against changes in the currency parity between EUR/PLN, EUR/AUD, EUR/USD, EUR/HRK, EUR/HUF, EUR/GBP and EUR/RSD. At the year-end 2008, the hedge of the following currency parities was shown: EUR/PLN, EUR/USD, EUR/HRK and EUR/GBP. The maturity of forward exchange transactions is a short-term maturity (up to one year). The basis for determination of fair value of financial instruments is provided on the Reuters portal. The decisive values are the values of the opposite forward exchange transactions with the same maturities effective at the reporting date. The fair value of forward exchange transactions at the balance sheet date is the difference between the value of actually concluded forward exchange transactions and the value of the opposite forward exchange transactions at the balance sheet date, taking into consideration the same maturities of separate forward exchange transactions. The total fair value of forward exchange transactions amounted to TEUR 4,793 at 31 December 2008 and was recorded under other current investments. Interest rate swap transactions The amount of hedged items recorded by Gorenje, d.d., for which interest rate swap transactions were concluded, totalled TEUR 150,429 at 31 December 2008. Interest rate swap transactions are used to hedge against changes in the variable interest rate EURIBOR. The maturity of transactions is a long-term maturity; they mature successively until 31 January 2012. The basis for determination of fair value of financial instruments is provided on the Reuters portal; the decisive values are the values of interest rate swap transactions with the same maturities effective at the balance sheet. The fair value of interest rate swap transactions at the balance sheet date is the discounted difference between the interest cash flow under the interest rate swap contracts and the interest cash flow under the interest rate swap contracts of equal value at the balance sheet date. The fair value of interest rate swap transactions totalled TEUR -10,078 at 31 December 2008 and was recorded under other current assets in the amount of TEUR 327 and under financial liabilities in the amount of TEUR 10,405. A portion of hedged items under the interest rate swap contracts and the forward exchange contracts, which relate to hedged items in the balance sheet, were recorded in equity under fair value reserve. Loans and borrowings are measured on the basis of recalculation using the effective interest rates, which do not differ essentially from the stipulated interest rates. Therefore, the stipulated interest rate is used in calculations. Current trade receivables are not discounted due to short-term maturity. However, impairment loss on fair value is considered. Note 36 – Related party transactions The related party transactions recorded by the Company were consummated based on the sale/ purchase contracts concluded with related parties on terms equivalent to those prevailing in the arm’s-length transactions. The individual transactions with related parties were disclosed under the respective balance sheet disclosures.
177 Information on groups of persons In 2008, the following gross emoluments were paid to the below groups of persons in Gorenje, d.d.: Gross emoluments in 2008 in TEUR Management Board Supervisory Board Employees under individual employment contract - salaries 1,255 5,944 - incentive bonuses 306 129 877 - other emoluments 106 425 - attendance fees 75 - other refund of expenses 1 Total 1,667 205 7,246 Net emoluments in 2008 in TEUR Management Board Supervisory Board Employees under individual employment contract - salaries 572 3,030 - incentive bonuses 145 100 432 - other emoluments 104 383 - attendance fees 58 - other refund of expenses 1 Total 821 159 3,845 Gross emoluments in 2007 in TEUR Management Board Supervisory Board Employees under individual employment contract - salaries 798 5,645 - incentive bonuses 263 108 896 - other emoluments 89 470 - attendance fees 60 - other refund of expenses 2 Total 1,150 170 7,011 Net emoluments in 2007 in TEUR Management Board Supervisory Board Employees under individual employment contract - salaries 342 2,818 - incentive bonuses 123 84 447 - other emoluments 85 437 - attendance fees 47 - other refund of expenses 1 Total 550 132 3,702
- 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 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: 175 Interest rate risk The Company
- 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,
177<br />
Information on groups of persons<br />
In <strong>2008</strong>, the following gross emoluments were paid to the below groups of persons in <strong>Gorenje</strong>,<br />
d.d.:<br />
Gross emoluments in <strong>2008</strong><br />
in TEUR<br />
Management<br />
Board<br />
Supervisory<br />
Board<br />
Employees under individual<br />
employment contract<br />
- salaries 1,255 5,944<br />
- incentive bonuses 306 129 877<br />
- other emoluments 106 425<br />
- attendance fees 75<br />
- other refund of expenses 1<br />
Total 1,667 205 7,246<br />
Net emoluments in <strong>2008</strong><br />
in TEUR<br />
Management<br />
Board<br />
Supervisory<br />
Board<br />
Employees under individual<br />
employment contract<br />
- salaries 572 3,030<br />
- incentive bonuses 145 100 432<br />
- other emoluments 104 383<br />
- attendance fees 58<br />
- other refund of expenses 1<br />
Total 821 159 3,845<br />
Gross emoluments in 2007<br />
in TEUR<br />
Management<br />
Board<br />
Supervisory<br />
Board<br />
Employees under individual<br />
employment contract<br />
- salaries 798 5,645<br />
- incentive bonuses 263 108 896<br />
- other emoluments 89 470<br />
- attendance fees 60<br />
- other refund of expenses 2<br />
Total 1,150 170 7,011<br />
Net emoluments in 2007<br />
in TEUR<br />
Management<br />
Board<br />
Supervisory<br />
Board<br />
Employees under individual<br />
employment contract<br />
- salaries 342 2,818<br />
- incentive bonuses 123 84 447<br />
- other emoluments 85 437<br />
- attendance fees 47<br />
- other refund of expenses 1<br />
Total 550 132 3,702