ANNUAL REPORT 2008 - Gorenje Group

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78 2008 4.1 ACCOUNTING REPORT PREPARED UNDER IFRS 4.1.1 ACCOUNTING REPORT OF THE GORENJE GROUP 4.1.1.1 CONSOLIDATED FINANCIAL STATEMENTS OF THE GORENJE GROUP Consolidated income statement of the Gorenje Group in TEUR Notes 2008 2007 Revenue 13 1,330,753 1,293,438 Changes in inventories 10,362 5,170 Other operating income 14 26,341 25,365 Gross revenue 1,367,456 1,323,973 Cost of goods, materials and services 15 -1,027,908 -1,004,764 Employee benefits expense 16 -226,487 -208,553 Amortisation and depreciation expense 17 -57,121 -53,211 Other operating expenses 18 -19,047 -17,799 Results from operating activities 36,893 39,646 Share in profit of associates 0 8 Finance income 19 19,603 18,455 Finance expenses 19 -41,023 -28,709 Net finance expense 19 -21,420 -10,254 Profit before tax 15,473 29,400 Income tax expense 20 -5,292 -5,736 Profit for the period 10,181 23,664 Attributable to minority interest 1,309 992 Attributable to equity holders of the parent 8,872 22,672 Basic and diluted earnings per share (in EUR) 0.66 2.03
79 Consolidated balance sheet of the Gorenje Group in TEUR Notes 2008 2007 ASSETS 1,257,732 1,000,788 Non-current assets 606,027 448,694 Intangible assets 21 162,986 25,094 Property, plant and equipment 22 412,953 384,791 Investment property 23 7,090 10,174 Non-current investments 24 12,721 19,217 Investments in associates 0 12 Deferred tax assets 25 10,277 9,406 Current assets 651,705 552,094 Assets classified as held for sale 954 1,062 Inventories 26 253,004 217,471 Current investments 27 64,470 27,110 Trade receivables 28 262,017 258,535 Other current assets 29 43,866 27,904 Current tax assets 3,279 2,328 Cash and cash equivalents 30 24,115 17,684 LIABILITIES 1,257,732 1,000,788 Equity 31 394,522 350,985 Share capital 58,546 58,546 Capital surplus (share premium) 158,487 143,714 Legal reserves and statutory reserves 21,697 45,034 Retained earnings 110,324 84,025 Own shares -3,170 -27,693 Translation reserve 20,187 14,541 Fair value reserve 15,208 21,960 Equity attributable to equity holders of the parent 381,279 340,127 Minority interest 13,243 10,858 Non-current liabilities 294,893 208,683 Provisions 32 55,366 51,653 Deferred income from government grants 33 8,936 8,717 Deferred tax liabilities 25 6,472 3,211 Non-current financial liabilities 34 224,119 145,102 Current liabilities 568,317 441,120 Current financial liabilities 35 263,676 167,413 Trade payables 36 223,660 220,261 Other current liabilities 37 79,164 51,546 Current tax liabilities 1,817 1,900
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ANNUAL REPORT 2008
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LETTER OF THE PRESIDENT OF THE MANA
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5 A review of the operations of man
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8 2008 KEY ACHIEVEMENTS OF THE GORE
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FINANCIAL HIGHLIGHTS OF THE GORENJE
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12 2008 EVENTS IN 2008 BUSINESS ACT
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14 2008 REPORT OF THE SUPERVISORY B
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16 2008 The Annual Report of Gorenj
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CORPORATE GOVERNANCE
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21 • On 16 January 2008, Gorenje,
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23 Gorenje Budapest Kft., Hungary 1
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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: ACCOUNTING REPORT
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
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128 2008 A portion of hedged items
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130 2008 Note 42 - Business segment
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132 2008 4.1.1.3 POROČILO REVIZORJ
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134 2008 Gorenje Gulf FZE, United A
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136 2008 Gorenje kuhinje, d.o.o., U
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138 2008 Cash flow statement of Gor
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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
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153 The exposure to each type of ri
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155 6. Segment reporting Segment in
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157 Other finance income mostly rep
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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
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165 Trade receivables - Group compa
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167 Own shares in the amount of TEU
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169 Maturity of non-current financi
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171 Payables to other suppliers in
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173 31 December 2007 in TEUR Carryi
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175 Interest rate risk The Company
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177 Information on groups of person
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179 • the cost management of raw
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181
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183 ATAG Europe BV Managing Directo
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185 KEMIS, kemični izdelki, predel
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187 Istrabenz Gorenje projekt, svet
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189 Gorenje Bulgaria EOOD Managing
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191 REPRESENTATIVE OFFICES Gorenje,
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ANNUAL REPORT 2008 - Gorenje Group

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