2.8 MEUR - Gorenje - Gorenje Group

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ANNUAL REPORT 2011 Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions and contingent consideration, losses on disposal of available-for-sale financial assets, dividends on preference shares classified as liabilities, fair value losses on financial assets at fair value through profit or loss, losses on hedging instruments that are recognised in profit or loss, and reclassifications of amounts previously recognised in other comprehensive income. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance expenses. r) Income tax expense Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: � temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; � temporary differences related to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future; and � taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. s) Basic earnings per share The Management Board of the company Gorenje, d.d. The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees. t) Comparative information Comparative information has been harmonised with the presentation of information in the current year. Where required, adjustment of comparative information has been carried out in order to comply with the presentation of information in the current year. u) New standards and interpretations not yet adopted The following Amendment becomes effective for the financial year beginning on or after 1 January 2012 and has not been applied in preparing these financial statements. The Amendment is not expected to have any impact on the financial statements of the Company. The Management Board of the company Gorenje, d.d. 188
ANNUAL REPORT 2011 Amendment to IFRS 7 Disclosures – Transfers of Financial Assets (Effective for annual periods beginning on or after 1 July 2011; to be applied prospectively. Earlier application is permitted.) The Amendments require disclosure of information that enables users of financial statements: � to understand the relationship between transferred financial assets that are not derecognised in their entirety and the associated liabilities; and � to evaluate the nature of, and risks associated with, the entity’s continuing involvement in derecognised financial assets. The Amendments define “continuing involvement” for the purposes of applying the disclosure requirements. The Company does not expect the amendments to IFRS 7 to have material impact on the financial statements, because of the nature of the Company’s operations and the types of financial assets that it holds. Note 4 – Determination of fair value A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/ or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (i) Property, plant and equipment The fair value of property, plant and equipment recognised as a result of a business combination is the estimated amount for which a property could be exchanged on the date of acquisition between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably. The fair value of items of plant, equipment, fixtures and fittings is based on the market approach and cost approaches using quoted market prices for similar items when available and replacement cost when appropriate. Depreciated replacement cost estimates reflect adjustments for physical deterioration as well as functional and economic obsolescence. A revaluation of land is based on the independent valuer’s report and is carried out every five to eight years. The Company examines, on an annual basis, if revaluation of land is required. (ii) Intangible assets The fair value of patents and trademarks acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the patent or trademark being owned. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. (iii) Investment property An external, independent valuation company, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, values the Company’s invest- The Management Board ment of the company property Gorenje, portfolio d.d. every five years. Assessments are carried out in the intermediate period to determine whether any revaluations are required to be made. The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly. In the absence of current prices in an active market, the valuations are prepared by considering the estimated rental value of the property. A market yield is applied to the estimated rental value to arrive at the gross property valuation. When actual rents differ materially from the estimated rental value, adjustments are made to reflect actual rents. Valuations reflect, when appropriate, the type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting vacant accommodation, the allocation of maintenance and insurance responsibilities between the Company and the lessee, and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices, and when appropriate counter-notices, have been served validly and within the appropriate time. The Management Board of the company Gorenje, d.d. 189
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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
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ANNUAL REPORT 2011 that a loss even
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ANNUAL REPORT 2011 (iv) Provisions
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ANNUAL REPORT 2011 (u) New standard
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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 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: ANNUAL REPORT 2011 (iv) Site restor
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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