2.8 MEUR - Gorenje - Gorenje Group

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ANNUAL REPORT 2011 Company Managing Director Gorenje AS, Norway Kristian Hansen Gorenje Romania S.r.l., Romania Anton Prislan Gorenje aparati za domaćinstvo, d.o.o., Serbia Mirko Meža Mora Moravia s r.o., Czech Republic Vitezslav Ružička Simon Kumer Gorenje – kuchyně spol. s r.o., Czech Republic Viktor Faktor ST Bana Nekretnine, d.o.o., Serbia Rudolf Krebl KEMIS – Termoclean, d.o.o., Croatia Zoran Matić Kemis – BH, d.o.o., Bosnia and Herzegovina Maid Hadžimujić Gorenje Gulf FZE, United Arab Emirates Nermin Salman Gorenje Espana, S.L., Spain Jernej Hren Gorenje Tiki, d.o.o., Serbia Branko Apat Doga Yarman (until 31 August 2011) Doga Yarman and Boštjan Vodeb Gorenje Istanbul Ltd., Turkey (from 1 September 2011 to 30 December 2011) Boštjan Vodeb (since 31 December 2011) Gorenje TOV, Ukraine Matjaž Podlogar Gorenje kuhinje, d.o.o., Ukraine Beryei Yozikov Kemis – SRS, d.o.o., Bosnia and Herzegovina Slobodan Sjenčić ATAG Nederland BV, The Netherlands Berend Johannes Hofenk ATAG België NV, Belgium Robert Meenink ATAG Financiele Diensten BV, The Netherlands Berend Johannes Hofenk ATAG Financial Solutions BV, The Netherlands Berend Johannes Hofenk Intell Properties BV, The Netherlands Berend Johannes Hofenk ATAG Europe BV, The Netherlands Berend Johannes Hofenk ATAG Special Products BV, The Netherlands Berend Johannes Hofenk Gorenje Nederland BV, The Netherlands Marko Šefer Gorenje Kazakhstan, TOO, Kazakhstan Igor Gobec OOO Gorenje BT, Russia Marko Špan »Euro Lumi & Surovina« SH.P.K., Kosovo Amir Pira Kemis Valjevo d.o.o., Serbia Zoran Milovanović Gorenje GTI d.o.o., Beograd, Serbia Miloš Leković Asko Appliances AB, Sweden The Management Board of the company Gorenje, d.d. Staffan Billinger (until 31 March 2011) Berend Johannes Hofenk (since 1 April 2011) Asko Hvitevarer AS, Norway Staffan Billinger (until 31 March 2011) Henning Meier (since 1 April 2011) AM Hvidevarer A/S, Denmark Michael Bilde Jensen Asko Appliances Inc, USA Stevo Piro (until 25 May 2011) Berend Johannes Hofenk (from 26 May 2011 to 31 December 2011) Maya Chowdhury (since 1 January 2012) Asko Appliances Pty, Australia Richard Sim Asko Appliances OOO, Russia Dime Rangelov »Gorenje Albania« SHPK, Albania Gregor Verbič Gorenje Home d.o.o., Zaječar, Serbia Mirko Meža (until 6 October 2011) Vlado Krebs (since 7 October 2011) ORSES d.o.o., Beograd, Serbia Mirko Meža Gorenje Ekologija d.o.o., Stara Pazova, Serbia Jure Fišer The Management Board of the company Gorenje, d.d. 172
Appendix 3: Foreign exchange rates Country Currency Unit The Management Board of the company Gorenje, d.d. Final exchange rate in EUR 2011 2010 Average exchange rate in EUR Final exchange rate in EUR ANNUAL REPORT 2011 Average exchange rate in EUR Australia AUD 1 1.272 1.348 1.314 1.444 Czech Republic CZK 1 25.787 24.589 25.061 25.294 Denmark DKK 1 7.434 7.451 7.454 7.447 Great Britain GBP 1 0.835 0.868 0.861 0.858 Croatia HRK 1 7.537 7.438 7.383 7.289 Hungary HUF 1 314.580 279.310 277.950 275.354 Norway NOK 1 7.754 7.793 7.800 8.006 Poland PLN 1 4.458 4.119 3.975 3.995 Sweden SEK 1 8.912 9.028 8.966 9.547 USA USD 1 1.294 1.392 1.336 1.327 Turkey TRY 1 2.443 2.335 2.069 1.997 Bosnia and Herzegovina BAM 1 1.956 1.956 1.956 1.956 Bulgaria BGN 1 1.956 1.956 1.956 1.956 Macedonia MKD 1 62.060 61.772 60.977 61.453 Switzerland CHF 1 1.216 1.234 1.250 1.382 Romania RON 1 4.323 4.239 4.262 4.211 Serbia RSD 1 103.630 101.910 107.470 102.762 Ukraine UAH 1 10.755 11.211 10.361 10.565 Latvia LVL 1 0.700 0.706 0.709 0.709 United Arab Emirates AED 1 4.928 5.160 4.774 4.883 Kazakhstan KZT 1 198.200 205.969 191.980 196.012 Russia RUB 1 41.765 40.880 40.820 40.278 Albania ALL 1 140.840 140.733 138.790 137.981 The Management Board of the company Gorenje, d.d. 173
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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
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inability of the Group to settle it
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Risk management in the Home Interio
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VI. Accounting Report of the Gorenj
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Statement of Comprehensive Income o
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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 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
Page 169 and 170: Appendix 1: Information on the Gore
Page 171: Appendix 2: Managing Directors In 2
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
Page 213 and 214: ANNUAL REPORT 2011 Note 32 - Curren
Page 215 and 216: ANNUAL REPORT 2011 Company 2011 201
Page 217 and 218: Movements in allowances for trade r
Page 219 and 220: The following significant exchange
Page 221 and 222: 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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