2.8 MEUR - Gorenje - Gorenje Group

Note 1 – Reporting entity
ANNUAL REPORT 2011
Notes to the consolidated financial
statements
Gorenje, d.d. (the “Company”) is the Gorenje Group’s controlling company domiciled in Slovenia. The address
of the Company’s registered office is Partizanska 12, 3503 Velenje.
The consolidated financial statements of Gorenje, d.d. at and for the year ended 31 December 2011 comprise
the parent company and its subsidiaries (together referred to as the “Group”), the Group’s interests in jointly
controlled entities and the Group’s interests in associates. The Group is engaged mainly in the production and
sale of household appliances.
Note 2 – Basis of preparation
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted in the European Union and with the provisions of the Companies act.
The financial statements were approved by the Management Board on 28 February 2012.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis, except for the following
items which are measured at fair value:
� derivative financial instruments,
� available-for-sale financial assets,
� land,
� investment property.
The methods used to measure fair values are discussed further in Note 4.
(c) Functional and presentation currency
The consolidated financial statements are presented in euro, which is the Company’s functional currency. All financial
information presented in euro has been rounded to the nearest thousand, except when otherwise indicated.
(d) Use of estimated and judgements
The preparation of financial statements in conformity with IFRSs, as adopted by the EU, requires management
to make judgements, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.
The Management Board of the company Gorenje, d.d.
Information about significant estimation of uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the financial statements is included in
the following notes:
Note 33 and accounting policy 3(l)(iv) - measurement of liabilities for retirement benefits and jubilee premiums
Note 33 – provisions for litigations
Note 33 and accounting policy 3(l)(i) – provisions for warranties
Note 40 and accounting policy 3 (i)(i) – valuation of financial instruments, including receivables
(e) Changes in accounting policies
The Group has not changed its accounting policies.
The Management Board of the company Gorenje, d.d. 122