ANNUAL REPORT 2008 - Gorenje Group
ANNUAL REPORT 2008 - Gorenje Group ANNUAL REPORT 2008 - Gorenje Group
178 2008 In accordance with the Securities Market Act, the total payments, reimbursements, and other benefits of the members of the Management Board are given below: Gross emoluments in 2008 in TEUR Franc Bobinac Franc Košec Branko Apat Uroš Marolt Mirjana Dimc Perko Philip Alexander Sluiter Drago Bahun - salaries 239 201 194 177 184 66 194 - incentive bonuses 79 63 19 19 63 63 - other emoluments 24 18 10 24 17 13 Total 342 282 223 220 264 66 270 Net emoluments in 2008 in TEUR Franc Bobinac Franc Košec Branko Apat Uroš Marolt Mirjana Dimc Perko Philip Alexander Sluiter Drago Bahun - salaries 103 88 90 73 81 50 87 - incentive bonuses 37 30 9 9 30 30 - other emoluments 23 18 9 24 17 13 Total 163 136 108 106 128 50 130 Gross emoluments in 2007 in TEUR Franc Bobinac Franc Košec Branko Apat Uroš Marolt Mirjana Dimc Perko Drago Bahun - salaries 209 176 42 39 161 171 - incentive bonuses 77 62 62 62 - other emoluments 26 20 1 5 19 18 Total 312 258 43 44 242 251 Net emoluments in 2007 in TEUR Franc Bobinac Franc Košec Branko Apat Uroš Marolt Mirjana Dimc Perko Drago Bahun - salaries 88 75 20 16 69 74 - incentive bonuses 36 29 29 29 - other emoluments 25 19 1 5 18 17 Total 149 123 21 21 116 120 No non-current and current loans were extended by the Company to the members of the Management Board, Supervisory Board and internal owners. Note 37 – Events after the balance sheet date Considering the circumstances of the economical crisis faced by the Gorenje Group already in the last months of 2008, the management prepared several business scenarios for 2009 to facilitate a quick and efficient response to the turbulent business conditions. In the first two months of 2009, the Company faced a 20 to 25-percent drop in the operations, the downward trend remaining similar to the one in the last few months of 2008. The majority of the manufacturers operating in the business segment recorded a loss in the last Quarterly of 2008. Therefore numerous activities were launched in December 2008 whose purpose is to neutralize the negative impact of the extremely low sales. They are directed to all areas of the Company’s operations and all business processes, relating to
179 • the cost management of raw materials (inventory optimisation, favourable term purchase of raw materials, further development of supply sources from Asia in other dollar-based supply markets and South-Eastern European countries, further cost-cutting measures to be adopted in association with the cost of materials); • production process (flexibility in the adaptation of the production to the level of orders); • purchase of goods (adjustment of purchases to the current requirements); • sales (sales promotion, intensifying of customer contacts, search for new business opportunities, simplification); • costs of logistics (maximizing the utilization of transportation means); • investments (approval of solely the most urgent investments whose purpose is new product development); • marketing area (cost-cutting in all markets, limiting the costs to costs that are directly linked to sales promotion); • costs of services (decrease in the management and general administration costs, adaptation of costs to the range of sales, strengthening the control over the cost base); • assurance of positive cash flows (raising of new long-term loans, receivables optimisation, assuring short-term liquidity); • a decrease in current assets (management of inventories and receivables) and • labour cost optimisation (implementation of a 36-hour weekly working time, a 10-percent salary decrease, organisational restructuring and restructuring of business processes). Note 38 – Transactions with the audit firm In accordance with Article 57 of the Companies Act, an audit was carried out by the auditing company KPMG Slovenija, d.o.o., in the period between 19 January and 2 February 2009 and an auditor’s opinion was issued on 6 April 2009. In 2008, the fee for audit services amounted to TEUR 147 (in 2007: TEUR 178); TEUR 140 (2007: TEUR 140) of accrued expenses were recorded for the audit of the Annual Report.
- 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 and 176: 175 Interest rate risk The Company
- Page 177: 177 Information on groups of person
- 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,
178<br />
<strong>2008</strong><br />
In accordance with the Securities Market Act, the total payments, reimbursements, and other benefits<br />
of the members of the Management Board are given below:<br />
Gross emoluments in <strong>2008</strong><br />
in TEUR<br />
Franc<br />
Bobinac<br />
Franc<br />
Košec<br />
Branko<br />
Apat<br />
Uroš<br />
Marolt<br />
Mirjana<br />
Dimc<br />
Perko<br />
Philip<br />
Alexander<br />
Sluiter<br />
Drago<br />
Bahun<br />
- salaries 239 201 194 177 184 66 194<br />
- incentive bonuses 79 63 19 19 63 63<br />
- other emoluments 24 18 10 24 17 13<br />
Total 342 282 223 220 264 66 270<br />
Net emoluments in <strong>2008</strong><br />
in TEUR<br />
Franc<br />
Bobinac<br />
Franc<br />
Košec<br />
Branko<br />
Apat<br />
Uroš<br />
Marolt<br />
Mirjana<br />
Dimc<br />
Perko<br />
Philip<br />
Alexander<br />
Sluiter<br />
Drago<br />
Bahun<br />
- salaries 103 88 90 73 81 50 87<br />
- incentive bonuses 37 30 9 9 30 30<br />
- other emoluments 23 18 9 24 17 13<br />
Total 163 136 108 106 128 50 130<br />
Gross emoluments in 2007<br />
in TEUR<br />
Franc<br />
Bobinac<br />
Franc<br />
Košec<br />
Branko<br />
Apat<br />
Uroš<br />
Marolt<br />
Mirjana<br />
Dimc<br />
Perko<br />
Drago<br />
Bahun<br />
- salaries 209 176 42 39 161 171<br />
- incentive bonuses 77 62 62 62<br />
- other emoluments 26 20 1 5 19 18<br />
Total 312 258 43 44 242 251<br />
Net emoluments in 2007<br />
in TEUR<br />
Franc<br />
Bobinac<br />
Franc<br />
Košec<br />
Branko<br />
Apat<br />
Uroš<br />
Marolt<br />
Mirjana<br />
Dimc<br />
Perko<br />
Drago<br />
Bahun<br />
- salaries 88 75 20 16 69 74<br />
- incentive bonuses 36 29 29 29<br />
- other emoluments 25 19 1 5 18 17<br />
Total 149 123 21 21 116 120<br />
No non-current and current loans were extended by the Company to the members of the Management<br />
Board, Supervisory Board and internal owners.<br />
Note 37 – Events after the balance sheet date<br />
Considering the circumstances of the economical crisis faced by the <strong>Gorenje</strong> <strong>Group</strong> already in the<br />
last months of <strong>2008</strong>, the management prepared several business scenarios for 2009 to facilitate a<br />
quick and efficient response to the turbulent business conditions.<br />
In the first two months of 2009, the Company faced a 20 to 25-percent drop in the operations, the<br />
downward trend remaining similar to the one in the last few months of <strong>2008</strong>. The majority of the<br />
manufacturers operating in the business segment recorded a loss in the last Quarterly of <strong>2008</strong>.<br />
Therefore numerous activities were launched in December <strong>2008</strong> whose purpose is to neutralize the<br />
negative impact of the extremely low sales. They are directed to all areas of the Company’s operations<br />
and all business processes, relating to
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