2.8 MEUR - Gorenje - Gorenje Group

ANNUAL REPORT 2011
Note 14 – Cost of goods, materials and services TEUR 1,105,001
in TEUR 2011 2010
Cost of goods sold 344,749 366,075
Cost of materials 551,660 477,178
Cost of services 208,592 197,256
Total 1,105,001 1,040,509
Cost of services includes cost of provisions for warranties in the amount of TEUR 19,776 (2010: TEUR 23,834) and
cost of rentals in the amount of TEUR 16,241 (2010: TEUR 15,011).
Note 15 – Employee benefits expense TEUR 265,850
in TEUR 2011 2010
Wages and salaries 202,759 181,343
Social security costs 37,066 35,374
Other employee benefits expense 26,025 27,725
Total 265,850 244,442
Other employee benefits expense include cost of creation of provisions for retirement benefits and jubilee premiums
in the amount of TEUR 2,869 (2010: TEUR 2,939).
A portion of employee benefits expense (TEUR 3,567) was used to create provisions from government grants in
Gorenje I.P.C., d.o.o., which has the status of a company employing disabled persons.
Other employee benefits expense includes mainly annual leave bonuses, meal allowances, commuting allowances,
retirement benefits and jubilee premiums in compliance with the national labour legislation and the
companies’ internal regulations.
Number of employees by division As at 31 December Average
2011 2010 2011 2010
Home Appliances division 8,850 8,577 8,907 8,905
Home interior division 644 825 749 926
Ecology, energy and services division 1,226 1,319 1,276 1,343
Total 10,720 10,721 10,932 11,174
Note 16 – Amortisation and depreciation expense TEUR 50,198
The Management Board of the company Gorenje, d.d.
in TEUR 2011 2010
Amortisation expense of intangible assets 6,431 6,010
Depreciation expense of property, plant and equipment 43,767 46,227
Total 50,198 52,237
A lower amortisation and depreciation expense in 2011 is due to a lower scope of investments made in the past three
years, as well the extension of the service life of some of the major items of plant and equipment in 2010 and 2011,
mostly in the production centres of the Home Appliances Division.
The service life of these items was extended based on estimations made during the regular valuation assessments.
The Management Board of the company Gorenje, d.d. 142