2.8 MEUR - Gorenje - Gorenje Group

ANNUAL REPORT 2011
The fair value of trade receivables and loans was provided by impairment of trade receivables and loans in the
amount of TEUR 3,350 (2010: TEUR 6,293). Impairment loss on investments in the amount of TEUR 1,242 (2010:
TEUR 523) relates to available-for-sale financial assets that were revalued to market value, and to impairment of
the associate company Gorenje Projekt, d.o.o.
Finance income and expenses recognised directly in other comprehensive income (net)
in TEUR 2011 2010
Net change in fair value of available-for-sale financial assets -91 -101
Net change in fair value of available-for-sale financial assets
transferred to profit or loss
0 112
Net change in effective portion of gains and losses on
hedging instruments in a cash flow hedge
Change in effective portion of gains and losses on hedging
-6,215 63
instruments in a cash flow hedge, transferred to profit or
loss
2,155 0
Finance income / expense recognised in other comprehensive
income
-4,151 74
Net effect from the statement of comprehensive income is shown in the above table; it does not, however,
include a change in fair value of land.
Note 15 – Income tax expense TEUR -653
Due to a tax loss in the amount of TEUR 2,463, income tax expense is recorded based on deferred tax assets
and deferred tax liabilities.
in TEUR 2011 2010
Current tax expense 0 0
Deferred tax assets through the income statement 653 1,008
Deferred tax liabilities through the income statement 0 0
Total 653 1,008
Effective income tax rates calculated on the basis of the commercial statement of financial position:
in TEUR 2011 2011 2010 2010
Profit before tax 6,635 1,917
Income tax using the domestic tax rate 20.00% 1,327 20.00% 383
Non-deductible expenses 33.44% 2,219 86.12% 1,651
Tax exempt income -57.54% -3,818 -132.00% -2,530
Tax incentives
The Management Board of the company Gorenje, d.d.
-5.75% -381 -26.71% -512
Income tax expense -9.85% -653 -52.59% -1,008
The Management Board of the company Gorenje, d.d. 196