2.8 MEUR - Gorenje - Gorenje Group

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Consolidated Statement of Financial Position of the Gorenje Group ANNUAL REPORT 2011 in TEUR Note 2011 2010 ASSETS 1,251,658 1,317,754 Non-current assets 556,345 563,435 Intangible assets 20 158,620 160,161 Property, plant and equipment 21 358,840 375,400 Investment property 22 15,219 4,518 Non-current investments 23 1,973 5,313 Investments in associates 24 996 0 Deferred tax assets 25 20,697 18,043 Current assets 695,313 754,319 Non-current assets held for sale 1 1,066 Inventories 26 245,608 257,593 Current investments 27 42,317 48,002 Trade receivables 28 255,911 306,284 Other current assets 29 48,746 55,438 Current tax receivables 1,110 3,208 Cash and cash equivalents 30 101,620 82,728 EQUITY AND LIABILITIES 1,251,658 1,317,754 Equity 31 397,819 392,096 Share capital 66,378 66,378 Share premium 175,575 175,575 Legal reserves and statutory reserves 22,719 21,990 Retained earnings 115,618 107,382 Own shares -3,170 -3,170 Translation reserve 9,990 8,842 Fair value reserve 8,886 13,294 Equity of holders of the parent 395,996 390,291 The Management Board of Equity the company of non-controlling Gorenje, d.d. interests 1,823 1,805 Non-current liabilities 385,330 356,027 Provisions 33 76,321 88,167 Deferred revenue 34 617 866 Deferred tax liabilities 25 5,933 6,062 Non-current financial liabilities 35 302,459 260,932 Current liabilities 468,509 569,631 Current financial liabilities 36 181,649 223,015 Trade payables 37 194,248 237,020 Other current liabilities 38 90,806 106,698 Current tax liabilities 1,806 2,898 The Management Board of the company Gorenje, d.d. 118
Consolidated Statement of Cash Flows of the Gorenje Group ANNUAL REPORT 2011 in TEUR Note 2011 2010 A. CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period Adjustments for: 9,106 20,024 - depreciation of property, plant and equipment 21 43,767 46,227 - amortisation of intangible assets 20 6,431 6,010 - investment income 18 -15,199 -12,485 - finance expenses 18 40,587 46,451 - gain on sale of property, plant and equipment 13 -3,644 -2,321 - negative goodwill 13 0 -13,337 - revaluation operating income 13 -3,563 0 - income tax expense 19 2,006 2,448 Operating profit before changes in net operating current assets and provisions 79,491 93,017 Change in trade and other receivables 10,297 -80,635 Change in inventories 11,344 -39,612 Change in provisions -12,021 25,664 Change in trade and other liabilities -38,265 60,162 Cash generated from operations -28,645 -34,421 Interest paid -24,194 -23,607 Taxes paid -4,595 -7,272 Net cash from operating activities 22,057 27,717 B. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 7,302 6,775 Proceeds from sale of financial assets available for sale 0 5,621 Interest received 3,678 3,046 Dividends received 118 305 Liquidation of subsidiary 10,747 0 Disposal of subsidiary 7,143 0 Acquisition of subsidiary 0 1,144 Acquisition of property, plant and equipment -41,089 -39,358 The Management Board of the company Acquisition Gorenje, of investment d.d. property -9,819 0 Available-for-sale investments -33 -1,695 Loans 9,325 -2,564 Acquisition of other investments -14,246 14,341 Acquisition of intangible assets -6,379 -5,310 Net cash used in investing activities -33,253 -17,695 C. CASH FLOWS FROM FINANCING ACTIVITIES Repurchase of non-controlling interest 0 -6,902 Capital increase 0 24,920 Borrowings / Repayment of borrowings 30,088 27,558 Net cash used in financing activities 30,088 45,576 Net increase in cash and cash equivalents 18,892 55,598 Cash and cash equivalents at beginning of period 82,728 27,130 Cash and cash equivalents at end of period 101,620 82,728 The Management Board of the company Gorenje, d.d. 119
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Annual report 2013 Annual report 20
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Cash Flow Management ..............
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Letter from the President of the Ma
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Presentation of the Gorenje Group C
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Production and Products In 2011 pro
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Table 3: Awards received by Gorenje
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Movements in Share Prices 62.9 % Ta
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Investor Relations 53 meetings with
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Financial Calendar for the Year 201
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II. New Strategy 2012 - 2015 The Ma
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Picture 2: Vision, mission, values
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Volatile Raw Materials Market We ex
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Measures for Performance Improvemen
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Niche Orientation of Operation In n
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of operating liabilities. This is k
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Operative time frame of the strateg
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Net profitability The anticipated l
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III. Corporate Governance Statement
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Members of the Management Board Fra
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Supervisory Board A high degree of
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Dr. Peter Kraljič, Member of the S
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Supervisory Board Committees Audit
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of toolmaking and industrial equipm
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the development of operations and t
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Trading in Shares of Management and
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Corporate Governance Code Complianc
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General Meeting of Shareholders In
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IV. Social Responsibility In Gorenj
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of reduced demand for our products.
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The absenteeism control team plays
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Education In past years our educati
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Social Environment Acting responsib
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Ecology EMAS Statement The EU Eco-M
Page 67 and 68: from the first phase of this projec
Page 69 and 70: 7. Environmental Management Efficie
Page 71 and 72: Šoštanj Site The quantity of gene
Page 73 and 74: Listed below are the media that fea
Page 75 and 76: Environmental Auditor’s Statement
Page 77 and 78: Events Impacting Interim Comparabil
Page 79 and 80: Gorenje Group Performance 35.8 MEUR
Page 81 and 82: Chart 16: Revenue per divisions (in
Page 83 and 84: low share in the Gorenje Group’s
Page 85 and 86: Chart 21: Quarterly movement of the
Page 87 and 88: Chart 23: Revenue by programmes of
Page 89 and 90: Under consideration of the period J
Page 91 and 92: Chart 27: Quarterly movement of pro
Page 93 and 94: Chart 29: Revenue by HI Division pr
Page 95 and 96: Added value per employee in the amo
Page 97 and 98: Volume of Business Activities 21.7
Page 99 and 100: esult of a very low potential of in
Page 101 and 102: Financial Position and Liquidity 18
Page 103 and 104: Investments In the area of investme
Page 105 and 106: was due to long-term borrowings in
Page 107 and 108: Risks Risk management in the Gorenj
Page 109 and 110: investment and development risks. T
Page 111 and 112: inability of the Group to settle it
Page 113 and 114: Risk management in the Home Interio
Page 115 and 116: VI. Accounting Report of the Gorenj
Page 117: Statement of Comprehensive Income o
Page 121 and 122: in TEUR Share capital Share premium
Page 123 and 124: Note 3 - Significant accounting pol
Page 125 and 126: ANNUAL REPORT 2011 (c) Financial in
Page 127 and 128: ANNUAL REPORT 2011 The gain or loss
Page 129 and 130: ANNUAL REPORT 2011 that a loss even
Page 131 and 132: ANNUAL REPORT 2011 (iv) Provisions
Page 133 and 134: ANNUAL REPORT 2011 (u) New standard
Page 135 and 136: ANNUAL REPORT 2011 � additional c
Page 137 and 138: Note 8 - Composition of the Gorenje
Page 139 and 140: Associates: � in Kishinev (Moldov
Page 141 and 142: Note 11 - Associates ANNUAL REPORT
Page 143 and 144: ANNUAL REPORT 2011 Note 17 - Other
Page 145 and 146: The following deferred tax amounts
Page 147 and 148: Movements of intangible assets in 2
Page 149 and 150: Movements of property, plant and eq
Page 151 and 152: Movements of investment property AN
Page 153 and 154: ANNUAL REPORT 2011 Note 26 - Invent
Page 155 and 156: in TEUR Changes in fair value reser
Page 157 and 158: in TEUR Movements of provisions in
Page 159 and 160: Currency ANNUAL REPORT 2011 Current
Page 161 and 162: Maturity of trade receivables at th
Page 163 and 164: The following significant exchange
Page 165 and 166: Fair value scale The table shows me
Page 167 and 168: Note 46 - Business segments in TEUR
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Appendix 1: Information on the Gore
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Appendix 2: Managing Directors In 2
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Appendix 3: Foreign exchange rates
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Income Statement of Gorenje, d.d. A
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Statement of Cash Flows of Gorenje,
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ANNUAL REPORT 2011 Notes to the Fin
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ANNUAL REPORT 2011 Impairment losse
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ANNUAL REPORT 2011 (iv) Depreciatio
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Financial assets measured at amorti
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ANNUAL REPORT 2011 (iv) Site restor
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ANNUAL REPORT 2011 Amendment to IFR
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ANNUAL REPORT 2011 � additional c
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ANNUAL REPORT 2011 Note 8 - Revenue
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ANNUAL REPORT 2011 Note 13 - Other
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The following deferred tax amounts
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Movements in intangible assets in 2
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The Management Board of the company
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Movements in investments in subsidi
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Tax assets - Tax liabilities Throug
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Current trade receivables due from
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ANNUAL REPORT 2011 Note 27 - Cash a
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ANNUAL REPORT 2011 Note 29 - Determ
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ANNUAL REPORT 2011 Note 32 - Curren
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ANNUAL REPORT 2011 Company 2011 201
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Movements in allowances for trade r
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The following significant exchange
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Year 2011 The Management Board of t
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ANNUAL REPORT 2011 Pursuant to the
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Gross earnings in the period Januar
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Note 40 - Events after the date of
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2.8 MEUR - Gorenje - Gorenje Group

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