ANNUAL REPORT 2008 - Gorenje Group

74
2008
As of 31 December 2008 the total assets of the Gorenje Group amounted to EUR 1,257,732 thousand,
which is an increase of 25.7 % over the end of the year 2007.
The value of long-term assets increased nominally mostly because of the investments made, revaluation
of land to fair value and inclusion of the companies taken over in the Group. Their share
increased by 3.4 percentage points in the asset structure and accounted for 48.2 % of assets.
At the end of the year current assets were higher by 18.0 % over the end of the year 2007, which
is mainly a consequence of the increase in the value of inventories, operating and other receivables
and joining of new companies to the Gorenje Group.
Assets of
the Gorenje
Group
(in million
EUR)
1,200
1,000
800
600
1,000.8
mio EUR
44.8%
1,257.7
mio EUR
48.2%
Current assets
400
200
55,2%
2007 2008
51.8% Long-term assets
Equity and
liabilities of
the Gorenje
Group
(in million
EUR)
1,200
1,000
800
600
1,000.8
mio EUR
44.1%
1,257.7
mio EUR
45.2%
Short-term liabilities
400
20.8%
23.4%
Long-term liabilities
200
35.1%
2007 2008
31.4% Equity
At the end of the year 2008 the equity amounted to EUR 394,522 thousand and increased by 12.4
% over the end of the year 2007.
The equity increased nominally mostly because of the earned net profit , disposal of own shares
and revaluation of land to fair value; the revaluation of investments and hedging of cash flows to
fair value and the amount of dividends paid and remuneration to the supervisory board in accordance
with the resolution of the general meeting influenced the decrease. Its share decreased in the
structure of liabilities due to the structural increase in financial liabilities.
Short-term operating liabilities are higher by EUR 30,934 thousand which had a favourable influence
on the net current assets. Their share in the structure of liabilities decreased by 3.2 percentage
points.
Financial liabilities increased by EUR 175,280 thousand or 56.1 %. More than half of this amount includes
a long-term loan for the purchase of the company Atag. In the structure of financial liabilities
long-term financial liabilities accounted for 45.9 % and the rest was short-term financial liabilities.
Total long-term assets and portion of current assets have been covered by durable and longterm
sources of finance which provides additional financial stability.