2.8 MEUR - Gorenje - Gorenje Group

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Note 3 – Significant accounting policies ANNUAL REPORT 2011 The accounting policies set out below have been applied consistently to all periods presented in these financial statements. a) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to euro (the functional currency of the Company) at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain and loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to euro at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of: � available-for-sale equity instruments, � a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective, or � qualifying cash flow hedges to the extent that the hedge is effective. b) Financial instruments (i) Non-derivative financial assets The Company initially recognises loans and receivables and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company classifies non-derivative financial instruments into the following categories: liabilities and re- The Management Board of the company Gorenje, d.d. ceivables, available-for-sale financial assets, cash and cash equivalents. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits that are subject to a risk of changes in their fair value, and are used by the Company in the management of its short-term commitments. Bank overdrafts that are repayable on demand form an integral part of the Company’s current financial liabilities. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or are not classified in any of the above categories of financial assets. Subsequent to initial recognition, they are measured at fair value plus any directly attributable transaction costs. The Management Board of the company Gorenje, d.d. 180
ANNUAL REPORT 2011 Impairment losses (see note 3(j)(i)) and foreign currency differences on available-for-sale equity instruments (see note 3(a)) are recognised in other comprehensive income and presented in the fair value reserve in equity. When an investment is derecognised, the gain or loss accumulated in equity is reclassified to profit or loss. Available-for-sale financial assets comprise equity securities and debt securities. (ii) Non-derivative financial liabilities The Company initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Company classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Other financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables. (iii) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects. Repurchase of share capital (treasury shares) When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. Dividends are recognised as a liability in the period in which a resolution on dividend payment is adopted by the Shareholders’ Meeting. (iv) Derivative financial instruments, including hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through profit or loss. On initial designation of the derivative as the hedging instrument, the Company formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be The Management Board used of the company to assess Gorenje, the effectiveness d.d. of the hedging relationship. The Company makes an assessment, both at the inception of the hedging relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items attributable to the hedged risk, and whether the actual results of each hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. Derivatives are recognised initially at fair value; attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised The Management Board of the company Gorenje, d.d. 181
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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
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in TEUR Share capital Share premium
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Note 3 - Significant accounting pol
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ANNUAL REPORT 2011 (c) Financial in
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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 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: ANNUAL REPORT 2011 Notes to the Fin
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
Page 223 and 224: ANNUAL REPORT 2011 Pursuant to the
Page 225 and 226: Gross earnings in the period Januar
Page 227 and 228: Note 40 - Events after the date of
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2.8 MEUR - Gorenje - Gorenje Group

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