2.8 MEUR - Gorenje - Gorenje Group

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31 December 2010 in TEUR Non-derivative financial liabilities Carrying amount Contractual cash flow 1 year or less 1–2 years 2–5 years ANNUAL REPORT 2011 More than 5 years Bank borrowings 459,513 496,294 225,736 105,381 158,796 6,382 Borrowings from other entities 1,946 2,102 2,102 Other financial liabilities 8,303 10,448 2,434 2,434 4,090 1,490 Trade and other payables 302,846 302,846 302,846 Total 772,608 811,690 533,118 107,815 162,886 7,872 Derivative financial liabilities Interest rate swaps -58 -68 -51 -17 Forward exchange contracts used for hedging -20 -20 -20 Outflow -20 -20 -20 Inflow Other forwards exchange contracts -14,107 -14,107 -14,107 Outflow Inflow -14,107 -14,107 -14,107 Total -14,185 -14,195 -14,178 -17 Currency risk Group’s exposure to currency risk: 31 December 2011 in TEUR EUR HRK DKK PLN RSD CZK Other Trade receivables 142,638 28,698 8,074 6,212 13,724 8,529 48,036 Financial liabilities (borrowings) -454,555 -3,651 -64 -8,345 -3,950 Trade payables -164,447 -1,665 -2,036 -1,565 -5,009 -4,597 -14,929 Financial position exposure -476,364 27,033 2,387 4,647 8,651 -4,413 29,157 Forward exchange contracts 7,600 Net exposure -476,364 27,033 2,387 4,647 8,651 -4,413 36,757 31 December 2010 in TEUR EUR HRK DKK PLN RSD CZK Other Trade receivables 189,874 31,762 4,490 6,682 13,919 7,446 52,111 Financial liabilities (borrowings) -423,861 The Management Board of the company Gorenje, d.d. -601 -684 -101 -939 -14,506 -18,821 Trade payables -201,795 -1,850 -1,491 -1,638 -6,799 -5,354 -18,093 Financial position exposure -435,782 29,311 2,315 4,943 6,181 -12,414 15,197 Forward exchange contracts -8,295 Net exposure -435,782 29,311 2,315 4,943 6,181 -12,414 6,902 The Management Board of the company Gorenje, d.d. 162
The following significant exchange rates were applied during the year: ANNUAL REPORT 2011 Average rate Reporting date spot rate 2011 2010 2011 2010 HRK 7.438 7.289 7.537 7.383 CZK 24.589 25.294 25.787 25.061 DKK 7.451 7.447 7.434 7.454 RSD 101.910 102.762 103.630 107.470 PLN 4.119 3.995 4.458 3.975 Sensitivity analysis A 5 percent increase in the euro’s value against the above stated currencies as at 31 December would have resulted in an increase (decrease) in profit or loss for the period by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain unchanged. The analysis has been performed on the same basis as for 2010. 31 December 2011 in TEUR Profit or loss for the period HRK -1,352 DKK -119 PLN -232 RSD -433 CZK 221 Other currencies -779 31 December 2010 in TEUR Profit or loss for the period HRK -1,466 DKK -116 PLN -247 RSD -309 CZK 621 Other currencies -345 A 5 percent decrease in the euro’s value against the above stated currencies as at 31 December would have had equal yet opposite effect, provided that all other variables remain unchanged. The Management Board of the company Gorenje, d.d. Interest rate risk Group’s exposure to interest rate risk: in TEUR Fixed rate financial instruments 2011 2010 Financial assets 6,472 11,271 Financial liabilities 64,892 96,273 Variable rate financial instruments Financial assets 16,833 24,959 Financial liabilities 405,673 363,240 The Management Board of the company Gorenje, d.d. 163
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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
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from the first phase of this projec
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7. Environmental Management Efficie
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Šoštanj Site The quantity of gene
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Listed below are the media that fea
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Environmental Auditor’s Statement
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Events Impacting Interim Comparabil
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Gorenje Group Performance 35.8 MEUR
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Chart 16: Revenue per divisions (in
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low share in the Gorenje Group’s
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Chart 21: Quarterly movement of the
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Chart 23: Revenue by programmes of
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Under consideration of the period J
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Chart 27: Quarterly movement of pro
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Chart 29: Revenue by HI Division pr
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Added value per employee in the amo
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Volume of Business Activities 21.7
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esult of a very low potential of in
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Financial Position and Liquidity 18
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Investments In the area of investme
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was due to long-term borrowings in
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Risks Risk management in the Gorenj
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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 and 118: Statement of Comprehensive Income o
Page 119 and 120: Consolidated Statement of Cash Flow
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: Maturity of trade receivables at th
Page 165 and 166: Fair value scale The table shows me
Page 167 and 168: Note 46 - Business segments in TEUR
Page 169 and 170: Appendix 1: Information on the Gore
Page 171 and 172: Appendix 2: Managing Directors In 2
Page 173 and 174: Appendix 3: Foreign exchange rates
Page 175 and 176: Income Statement of Gorenje, d.d. A
Page 177 and 178: Statement of Cash Flows of Gorenje,
Page 179 and 180: ANNUAL REPORT 2011 Notes to the Fin
Page 181 and 182: ANNUAL REPORT 2011 Impairment losse
Page 183 and 184: ANNUAL REPORT 2011 (iv) Depreciatio
Page 185 and 186: Financial assets measured at amorti
Page 187 and 188: ANNUAL REPORT 2011 (iv) Site restor
Page 189 and 190: ANNUAL REPORT 2011 Amendment to IFR
Page 191 and 192: ANNUAL REPORT 2011 � additional c
Page 193 and 194: ANNUAL REPORT 2011 Note 8 - Revenue
Page 195 and 196: ANNUAL REPORT 2011 Note 13 - Other
Page 197 and 198: The following deferred tax amounts
Page 199 and 200: Movements in intangible assets in 2
Page 201 and 202: The Management Board of the company
Page 203 and 204: Movements in investments in subsidi
Page 205 and 206: Tax assets - Tax liabilities Throug
Page 207 and 208: Current trade receivables due from
Page 209 and 210: ANNUAL REPORT 2011 Note 27 - Cash a
Page 211 and 212: 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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