ANNUAL REPORT 2008 - Gorenje Group

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54 2008 3.6.3 ENERGY, ECOLOGY AND SERVICE DIVISION Technological processes were optimised in the field of wood pulp production and purchasing and sales activities were centralised. Resale of coal is based on long-term contracts, but they have become less stable due to the existing conditions. The development of the complete services of industrial waste management continued. A pilot project of residual waste processing to high-calorie alternative fuel was successfully completed in the company Surovina. This fuel may be used as energy in thermal-plant facilities in form of co-incineration or in independent energy facilities intended exclusively for the thermal energy generation from alternative fuel. The company Kemis has built its own waste management centre in Slovenia in order to gain a competitive advantage and enable further expansion of the activity.
55 3.7 PRODUCTION The majority of production activities of the household appliances division were carried out in scope of the parent company. In Velenje 77 % of all appliances were produced and the rest in the cooking appliance factory in Mora in the Czech Republic and in the factory refrigeration and freezing appliances in Valjevo, Serbia. The production was focused on constant quality improvement of products and cost optimisation. The key challenges in the last months of the year 2008 included maximal adjustment of the scope of production to the orders. In spite of the exceptional fluctuations in orders and difficult planning the efficient organisation of production followed the demand in the market. Pieces 2008 2007 2006 2005 2004 Slovenia 2,699,647 3,016,916 3,167,252 2,998,196 3,007,484 Czech Rep. 419,894 413,875 434,766 388,090 / Serbia 385,499 445,626 52,972 / / TOTAL 3,505,040 3,876,417 3,654,990 3,386,286 3,007,484 Average annual growth 2004-2008 Slovenia: - 2.5 % annually Average annual growth 2004-2008 - total: + 4.3 % annually NEW TECHNOLOGIES • The majority of novelties in production technology were introduced in the cooking appliance factory in Velenje. • The modernisation included 70 % of the production programme of cooking appliances that completely modernised the factory in terms of technology. • The productivity and flexibility of production increased significantly, the work method has been improved and is now friendlier to the employees and thus the possibilities of failures substantially decreased and the workmanship quality increased. • The technology park of the cooking appliance plant was up-graded by the best equipment available. • It is important that the costs of the cooking appliances production were maintained at the same level as in the previous generation. INCREASE IN PRODUCTIVITY AND COST OPTIMISATION • The cost control was directed to the introduction of components from China and Turkey and in the programme of refrigeration and freezing appliances. • The activities of productivity improvement continued as well as the optimisation of overheads. • Rejects were reduced in the factory of mechanical components and progress was made in material consumption and machine utilisation. • In Gorenje, I.P.C., the information support increased level of traceability of installation of individual components. Jobs were adjusted to the disability levels of disabled persons employed, which resulted in an increase in work productivity, quality of products and services. • The company Tiki, d.o.o. continued to increase the scope of production and to restructure the production programme, mainly by improvements and organisational measures.
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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 and 22: 21 • On 16 January 2008, Gorenje,
Page 23 and 24: 23 Gorenje Budapest Kft., Hungary 1
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: 53 The appliances have been classif
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
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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
Page 116 and 117:
116 2008 Movement of property, plan
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118 2008 Both deferred tax assets a
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120 2008 Net profit or loss is dist
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122 2008 Note 35 - Current financia
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124 2008 Liquidity risk Shown below
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126 2008 31 December 2007 in TEUR N
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128 2008 A portion of hedged items
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130 2008 Note 42 - Business segment
Page 132 and 133:
132 2008 4.1.1.3 POROČILO REVIZORJ
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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
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143 (b) Financial instruments (i) N
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145 is based on an independent appr
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147 and work in progress, cost incl
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149 bates. Revenue is recognised wh
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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
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161 Note 18 - Investments in subsid
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163 Note 20 - Deferred tax assets a
Page 165 and 166:
165 Trade receivables - Group compa
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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
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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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181
Page 183 and 184:
183 ATAG Europe BV Managing Directo
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185 KEMIS, kemični izdelki, predel
Page 187 and 188:
187 Istrabenz Gorenje projekt, svet
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189 Gorenje Bulgaria EOOD Managing
Page 191:
191 REPRESENTATIVE OFFICES Gorenje,
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ANNUAL REPORT 2008 - Gorenje Group

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