ANNUAL REPORT 2008 - Gorenje Group

More documents

Recommendations

Info

64 2008 Movement of the uniform price of the GRVG share and daily turnover in the period 2007 – 2008 GRVG 50.00 2,500 turnover in 000 EUR 40.00 2,000 30.00 1,500 20.00 1,000 10.00 500 Trading with the GRVG share and ratios 2008 2007 ANNUAL TURNOVER in million EUR 46.0 123.3 AVERAGE MARKET CAPITALISATION in million EUR 412.1 473.3 VALUE TURNOVER (turnover/average market capitalisation) 0.11 0.26 BOOK VALUE PER SHARE in EUR equity / (no. of shares – own shares) 22.47 21.39 MARKET / BOOK VALUE 0.47 1.72 DIVIDEND YIELD (uniform price at the end of the year considered) 4.3% 1.0% EPS in EUR (net profit of Gorenje, d.d./ no. of shares – own shares) 0.89 1.18 P/E (uniform price at the end of the year / profit per share) 11.8 41.2 Gorenje pursues the policy of stable dividends. It has been defined in the strategic plan that a third of the annual net profit of the Group shall be allocated to dividends and thereby investment and development plans and the financial position of the Group shall be considered. Dividends shall be paid from the accumulated profit of the company and a resolution on its use shall be adopted by the shareholders’ meeting. In 2008 a gross dividend amounting to EUR 0.45 per share was paid for the year 2007. No. of shares owned by the members of the supervisory and the management boards: 31.12.2008 31.12.2008 Supervisory board 14,146 0.1009% Management board 13,230 0.0943% Mr. Ivan Atelšek 9,497 0.0677% Mr. Franc Bobinac 2,096 0.0149% Mr. Peter Kobal 1,355 0.0097% Mr. Drago Bahun 9,032 0.0644% Mr. Drago Krenker 920 0.0066% Mr. Franc Košec 1,380 0.0098% Mr. Krešimir Martinjak 115 0.0008% Mrs. Mirjana Dimc Perko 96 0.0007% Mr. Jurij Slemenik 1,738 0.0124% Mr. Branko Apat 626 0.0045% Mr. Jože Zagožen 466 0.0033% Mr. Gregor Sluga 55 0.0004% The planned supervised and price-sensitive information have been published on the website of the Ljubljana Stock Exchange through the SEOnet system (www.ljse.si) and on the website www. gorenje.com. An appropriate message on possible changes in the planned dates of publications will be given timely on websites of www.gorenje.com.
65 3.12 BUSINESS PLAN AND ANTICIPATED OPERATING CONDITIONS IN THE YEAR 2009 THE ASSUMPTIONS CONSIDERED IN THE BUSINESS PLAN PREPARATION Different scenarios of the business plan 2009 have been prepared due to the changed conditions of operation that were strongly evident in the last weeks of the year 2008 and partly already in the orders known for the first three months of the year 2009. Various activities and measures for the adjustment of the scope of operation, structure of costs and cash flows in case of materially relevant fluctuations in orders have been determined. OPERATING COSTS Optimisation activities relating to the cost control shall be carried out for the control of operations in a crisis situation. • Materials and raw materials, with temporarily favourable forward purchases of raw materials with additionally accelerated development of supply sources in Asia, in other dollar purchasing markets and in the countries of the South-Eastern Europe; a decrease in costs of raw materials in world markets shall have a certain positive impact on the cost structure, • services referring to the control activities • costs of logistics that will depend on oil prices in the market and new negotiations with the providers of such services, • costs of market communications that shall be limited exclusively to the activities referring directly to sales promotion, • all kinds of general costs related to the performance of overhead activities, • labour – our objective is higher productivity and flexibility due to better organisation of work and better adjustment of labour costs due to the level of orders in scope of the social agreement. In spite of a large share in costs of material and raw materials being almost completely changeable costs that exceed 60 % in the structure of costs the Household Appliances Division has a high share of fixed costs. The adjustment of costs to the scope of production and sales is of key importance for the achievement of the planned profitability of the Division. FREE CASH FLOW The projects of process arrangement and economic are at the implementation stage and they will enable quick introduction of changes, optimisation of processes and reduction in current capital and complexity. The results will reflect in the planned decrease in current assets (inventories, receivables), which will contribute to the increase in free cash flow and thus to the decrease in the financial liabilities of the Group.
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 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 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: 63 3.11 CREATING VALUE FOR SHAREHOL
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,
show all

ANNUAL REPORT 2008 - Gorenje Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?