ANNUAL REPORT 2008 - Gorenje Group

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22 2008 • On 10 November 2008, the company Vitales Čakovec d.o.o. was established and is fully (100%) owned by Istrabenz Gorenje, d.o.o. • On 10 November 2008, the company »Euro Lumi & Surovina« SH.P.K, Kosovo was established and is mainly engaged in the recycling of wastes. The company’s 51% owner is Surovina, d.d.. • On 17 November 2008 the company Vitales Energie Biomasse Italia S.R.L. was established. Its 51% owner is Istrabenz Gorenje. • On 24 November 2008 the company RVT, d.o.o. merged with Surovina, d.d.. In addition to the holding company, the Gorenje Group was comprised of the following subsidiary and jointly controlled companies: HA home appliances HI home interior EES ecology, energy and services Companies operating in Slovenia Ownership share (%) Division Gorenje I.P.C., d.o.o., Velenje 100.00 HA Gorenje Tiki, d.o.o., Ljubljana 99.982 HA Gorenje GTI, d.o.o., Velenje 100.00 EES Gorenje Notranja oprema, d.o.o., Velenje 99.98 HI Gorenje Gostinstvo, d.o.o., Velenje 100.00 EES LINEA SP, d.o.o., Velenje 100.00 EES ENERGYGOR, d.o.o., Velenje 100.00 EES KEMIS, d.o.o., Radomlje 100.00 EES Gorenje Orodjarna, d.o.o., Velenje 100.00 HA ZEOS, d.o.o., Ljubljana 51.00 EES ISTRABENZ GORENJE, d.o.o., Nova Gorica 49.344 EES GEN-I, d.o.o., Krško 24.67 EES Istrabenz investicijski inženiring, d.o.o., Nova Gorica 49.344 EES SUROVINA, d.d., Maribor 51.00 EES INDOP, d.o.o., Šoštanj 100.00 EES ERICo, d.o.o., Velenje 51.00 EES Istrabenz Gorenje inženiring, d.o.o., Ljubljana 49.344 EES Gorenje Projekt, d.o.o., Ljubljana 100.00 EES Gorenje design studio, d.o.o., Velenje 52.00 HA Vitales Nova Gorica, d.o.o., Nova Gorica 49.344 EES PUBLICUS, d.o.o., Ljubljana 51.00 EES IG AP, d.o.o., Kisovec 49.344 EES Istrabenz Gorenje Projekt, d.o.o., Trbovlje 24.67 EES BPC, d.o.o., Solkan 49.344 EES Companies operating abroad Ownership share (%) Division Gorenje Beteiligungsgesellschaft m.b.H., Austria 100.00 HA Gorenje Austria Handelsgesellchaft m.b.H., Austria 100.00 HA Gorenje Vertriebsgesellschaft m.b.H., Germany 100.00 HA Gorenje Körting Italia S.r.l., Italy 100.00 HA Gorenje France S.A.S., France 100.00 HA Gorenje BELUX S.a.r.l., Belgium 100.00 HA Gorenje Espana, S.L., Spain 100.00 HA Gorenje UK Ltd., Great Britain 100.00 HA Gorenje Skandinavien A/S, Denmark 100.00 HA Gorenje AB, Sweden 100.00 HA Gorenje OY, Finland 100.00 HA Gorenje AS, Norway 100.00 HA OÜ Gorenje, Estonia 100.00 HA SIA Gorenje, Latvia 100.00 HA Gorenje spol. s r.o., Czech Republic 100.00 HA Gorenje real spol. s r.o., Czech Republic 100.00 HA Gorenje Slovakia s.r.o., Slovakia 100.00 HA
23 Gorenje Budapest Kft., Hungary 100.00 HA Gorenje Polska Sp. z o.o., Poland 100.00 HA Gorenje Bulgaria EOOD, Bulgaria 100.00 HA Gorenje Zagreb, d.o.o., Croatia 100.00 HA Gorenje Skopje, d.o.o., Macedonia 100.00 HA Gorenje Commerce, d.o.o., Bosnia & Herzegovina 100.00 HA Gorenje, d.o.o., Serbia 100.00 HA Gorenje Podgorica, d.o.o., Montenegro 99.972 HA Gorenje Romania S.R.L., Romania 100.00 HA Gorenje aparati za domaćinstvo, d.o.o., Serbia 100.00 HA Mora Moravia s r.o., Czech Republic 100.00 HA Gorenje Küchen GmbH, Austria 99.98 HI Gorenje - kuchyně spol. s r.o., Czech Republic 99.98 HI Kemis-Termoclean, d.o.o., Croatia 100.00 EES Kemis - BH, d.o.o., Bosnia & Herzegovina 100.00 EES Gorenje Invest, d.o.o., Serbia 100.00 HA Gorenje Gulf FZE, United Arab Emirates 100.00 HA Gorenje Tiki, d.o.o., Serbia 99.982 HA GEN-I Zagreb, d.o.o., Croatia 24.67 EES Intrade energija, d.o.o., Bosnia & Herzegovina 25.17 EES Vitales, d.o.o., Nova Bila, Bosnia & Herzegovina 49.344 EES Gorenje Istanbul Ltd., Turkey 100.00 HA Sirovina, a.d., Serbia 51.00 EES Gorenje TOV, Ukraine 100.00 HA Vitales, d.o.o., Bihać, Bosnia & Herzegovina 24.67 EES GEN-I, d.o.o, Serbia 24.67 EES Vitales, d.o.o., Sokolac, Bosnia & Herzegovina 24.67 EES ST Bana Nekretnine, d.o.o., Serbia 100.00 EES GEN-I Budapest, Kft., Hungary 24.67 EES Kemis d.o.o. Valjevo, Serbia 100.00 EES Kemis – SRS d.o.o., Bosnia & Herzegovina 100.00 EES ATAG Europe BV, the Netherlands 100.00 HA ATAG Nederland BV, the Netherlands 100.00 HA ATAG België NV, Belgium 100.00 HA ATAG Financiele Diensten BV, the Netherlands 100.00 HA ATAG Financial Sevices BV, the Netherlands 100.00 HA Intell Properties BV, the Netherlands 100.00 HA ATAG Special Product BV, the Netherlands 100.00 HA Gorenje Holding B.V., the Netherlands 100.00 HA Gorenje Kazakhstan, TOO, Kazakhstan 100.00 HA Gorenje kuhinje, d.o.o., Ukraine 69.986 HI Vitales Energie Biomasse S.R.L., Italy 25.17 EES Vitales Čakovec d.o.o., Croatia 49.344 EES »Euro Lumi & Surovina« SH.P.K., Kosovo 26.01 EES HA home appliances HI home interior EES ecology, energy and services Representatives offices of Gorenje, d.d. abroad: Moscow (Russian Federation), Krasnoyarsk (Russian Federation), Kiev (Ukraine), Athens (Greece), Shanghai (China), and Almaty (Kazakhstan).
Page 1 and 2: ANNUAL REPORT 2008
Page 3 and 4: LETTER OF THE PRESIDENT OF THE MANA
Page 5 and 6: 5 A review of the operations of man
Page 8 and 9: 8 2008 KEY ACHIEVEMENTS OF THE GORE
Page 10 and 11: FINANCIAL HIGHLIGHTS OF THE GORENJE
Page 12 and 13: 12 2008 EVENTS IN 2008 BUSINESS ACT
Page 14 and 15: 14 2008 REPORT OF THE SUPERVISORY B
Page 16 and 17: 16 2008 The Annual Report of Gorenj
Page 19 and 20: CORPORATE GOVERNANCE
Page 21: 21 • On 16 January 2008, Gorenje,
Page 25 and 26: 25 members of the Management Board,
Page 27 and 28: 27 d. On the Company’s rules on t
Page 29 and 30: 29 of the Management and Supervisor
Page 31: 31 1.3 STATEMENT OF MANAGEMENT RESP
Page 34 and 35: 34 2008 Owing to the intensively ch
Page 37 and 38: BUSINESS REPORT
Page 39 and 40: 39 SLOVENIA • Considerable slowdo
Page 41 and 42: 41 3.2.1 HOME APPLIANCES DIVISION 3
Page 43 and 44: 43 AUSTRIA SCANDINAVIA • Rapid gr
Page 45 and 46: 45 BUSINESS OPERATION OF ATAG EUROP
Page 47 and 48: 47 ENERGY • Sales revenue doubled
Page 49 and 50: 49 3.4 PURCHASING Raw material mark
Page 51 and 52: 51 included a connection to the nat
Page 53 and 54: 53 The appliances have been classif
Page 55 and 56: 55 3.7 PRODUCTION The majority of p
Page 57 and 58: 57 3.9 FINANCIAL MANAGEMENT The uni
Page 59 and 60: 59 Sales risks are associated with
Page 61 and 62: 61 3.10.3 OPERATING RISK MANAGEMENT
Page 63 and 64: 63 3.11 CREATING VALUE FOR SHAREHOL
Page 65 and 66: 65 3.12 BUSINESS PLAN AND ANTICIPAT
Page 67 and 68: 67 3.13 REPORT ON SOCIAL RESPONSIBI
Page 69 and 70: 69 3.13.2 RESPONSIBILITY TO USERS O
Page 71 and 72: 71 The Kemis Group has co-operated
Page 73 and 74:
73 Costs of goods, materials and se
Page 77 and 78:
ACCOUNTING REPORT
Page 79 and 80:
79 Consolidated balance sheet of th
Page 82 and 83:
82 2008 Consolidated statement of c
Page 84 and 85:
84 2008 4.1.1.2 NOTES TO THE CONSOL
Page 86 and 87:
86 2008 (ii) Foreign operations The
Page 88 and 89:
88 2008 tributable to bringing the
Page 90 and 91:
90 2008 or services or for administ
Page 92 and 93:
92 2008 (i) Warranties A provision
Page 94 and 95:
94 2008 that are expected to be app
Page 96 and 97:
96 2008 4. Determination of fair va
Page 98 and 99:
98 2008 hedging of currency risk an
Page 100 and 101:
100 2008 East Europe: Ukraine, Russ
Page 102 and 103:
102 2008 9. Minority interest Minor
Page 104 and 105:
104 2008 The calculation of goodwil
Page 106 and 107:
106 2008 Gorenje Imobilia, d.o.o.,
Page 108 and 109:
108 2008 GEN-I Zagreb, d.o.o. in TE
Page 110 and 111:
110 2008 Other employee benefits ex
Page 112 and 113:
112 2008 and projected on the basis
Page 114 and 115:
114 2008 Movement of intangible ass
Page 116 and 117:
116 2008 Movement of property, plan
Page 118 and 119:
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 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 and 178:
177 Information on groups of person
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,
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ANNUAL REPORT 2008 - Gorenje Group

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