2.8 MEUR - Gorenje - Gorenje Group

Recommendations

Info

Chapter: Management Board Recommendation under 16.1: The earnings of members of the Management Board are comprised of a fixed and a variable part. Until 31 December 2011 all members of the Management Board signed annexes to their employment contracts, in which their salaries were reduced on average by 25 percent. The salary of the President of the Management Board was reduced by 35 percent with respect to the provisions of his employment contract. As of 1st January 2012, the President and members of the Management Board receive a salary that conforms to their initial employment contracts, and meets the criteria laid down by the Code. The Management Board of the company Gorenje, d.d. ANNUAL REPORT 2011 52
General Meeting of Shareholders In 2011 the Company held its 16th general meeting of shareholders, where 58.98 % of all voting rights in the capital were represented. The General Meeting of Shareholders is the highest body of the Company at which shareholders decide on all issues prescribed by law, the most important being the appropriation of accumulated profit and statutory issues. The General Meeting is generally convened at least once a year by the Management Board. All shareholders have equal rights during voting, as all the Company’s shares comprise a single share class, and each share entitles its holder to one vote. Own shares, which under applicable law do not have voting rights, are an exception. Between fifty and sixty percent of the capital is normally represented at general meetings. Shareholders may participate in general meetings directly or indirectly by selecting one of the proposed proxies, who collect the authorisations of shareholders in accordance with the law. The option of indirect participation in general meetings, which the Company has provided for several years now, is an incentive in particular for small shareholders to exercise their voting rights. On the last day of 2011, the Company had as many as 19,265 shareholders, of which small sharehold- The Management Board of the company Gorenje, d.d. ers owned 39.02 percent of the capital. Owing to their relatively small investments in shares, direct participation in general meetings is usually not economical for small shareholders (especially for those residing abroad). In addition to voting rights, indirect participation in general meetings also provides for better informing on the convening of general meetings and the contents of resolutions to be adopted. All information on general meetings of shareholders is provided in a manner ensuring equal informing of shareholders and the interested public via announcements in electronic form on the website of the Ljubljana Stock Exchange in accordance with its rules and instructions, and on the Company’s website in both Slovenian and English. The Company also publishes information on general meetings in the Delo daily newspaper. General meetings are closed to the general public, and the entire content and course of meetings are known only to the shareholders present. However, the Company’s resolutions are publicly announced and explained in press releases. The official language of general meetings is Slovenian, but simultaneous interpreting into English or from English into Slovenian is provided. In 2011 the Company held its 16th General Meeting of Shareholders, which took place on 5 July. The shareholders present represented 58.98 percent of all voting rights in the capital. At this meeting, the Annual Report for the 2010 financial year and the Report of the Supervisory Board on the review of the said report ANNUAL REPORT 2011 were presented to shareholders. The General Meeting of Shareholders discharged the Management Board and the Supervisory Board of their duties in the previous financial year. The shareholders appointed an auditor for the 2011 financial year, supported the proposal of the Management and Supervisory Boards that the accumulated profit in the amount of EUR 2,244,820.69 remain unappropriated, and voted in favour of new, lower meeting attendance fees and the introduction of an annual remuneration to members of the Supervisory Board and its committees. The General Meeting also adopted the proposal of Kapitalska družba (KAD) to finance the training of Supervisory Board members, which is urgently required for the performance of their work and is in the interest of the Company, and to pay their membership fees to the Association of Supervisory Board Members of Slovenia. The General Meeting supported the proposal that Gorenje continue to finance the training of members of the Supervisory Board to the extent necessary for the performance of their work, but not their membership fees in the Association of Supervisory Board Members of Slovenia. The proposal to authorise the Management Board to acquire and dispose of own shares up to a total amount equal to 10 percent of the share capital was not adopted at this general meeting. No challenging actions were announced at the general meetings held on 5th July 2011 and 3rd February 2012. The next General Meeting of Shareholders will be held on 5 July 2012. 53
Page 1 and 2: Annual report 2013 Annual report 20
Page 3 and 4: Cash Flow Management ..............
Page 5 and 6: Letter from the President of the Ma
Page 7 and 8: Presentation of the Gorenje Group C
Page 9 and 10: Production and Products In 2011 pro
Page 11 and 12: Table 3: Awards received by Gorenje
Page 13 and 14: Movements in Share Prices 62.9 % Ta
Page 15 and 16: Investor Relations 53 meetings with
Page 17 and 18: Financial Calendar for the Year 201
Page 19 and 20: II. New Strategy 2012 - 2015 The Ma
Page 21 and 22: Picture 2: Vision, mission, values
Page 23 and 24: Volatile Raw Materials Market We ex
Page 25 and 26: Measures for Performance Improvemen
Page 27 and 28: Niche Orientation of Operation In n
Page 29 and 30: of operating liabilities. This is k
Page 31 and 32: Operative time frame of the strateg
Page 33 and 34: Net profitability The anticipated l
Page 35 and 36: III. Corporate Governance Statement
Page 37 and 38: Members of the Management Board Fra
Page 39 and 40: Supervisory Board A high degree of
Page 41 and 42: Dr. Peter Kraljič, Member of the S
Page 43 and 44: Supervisory Board Committees Audit
Page 45 and 46: of toolmaking and industrial equipm
Page 47 and 48: the development of operations and t
Page 49 and 50: Trading in Shares of Management and
Page 51: Corporate Governance Code Complianc
Page 55 and 56: IV. Social Responsibility In Gorenj
Page 57 and 58: of reduced demand for our products.
Page 59 and 60: The absenteeism control team plays
Page 61 and 62: Education In past years our educati
Page 63 and 64: Social Environment Acting responsib
Page 65 and 66: Ecology EMAS Statement The EU Eco-M
Page 67 and 68: from the first phase of this projec
Page 69 and 70: 7. Environmental Management Efficie
Page 71 and 72: Šoštanj Site The quantity of gene
Page 73 and 74: Listed below are the media that fea
Page 75 and 76: Environmental Auditor’s Statement
Page 77 and 78: Events Impacting Interim Comparabil
Page 79 and 80: Gorenje Group Performance 35.8 MEUR
Page 81 and 82: Chart 16: Revenue per divisions (in
Page 83 and 84: low share in the Gorenje Group’s
Page 85 and 86: Chart 21: Quarterly movement of the
Page 87 and 88: Chart 23: Revenue by programmes of
Page 89 and 90: Under consideration of the period J
Page 91 and 92: Chart 27: Quarterly movement of pro
Page 93 and 94: Chart 29: Revenue by HI Division pr
Page 95 and 96: Added value per employee in the amo
Page 97 and 98: Volume of Business Activities 21.7
Page 99 and 100: esult of a very low potential of in
Page 101 and 102: Financial Position and Liquidity 18
Page 103 and 104:
Investments In the area of investme
Page 105 and 106:
was due to long-term borrowings in
Page 107 and 108:
Risks Risk management in the Gorenj
Page 109 and 110:
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 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 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
show all

2.8 MEUR - Gorenje - Gorenje Group

Create successful ePaper yourself

Delete template?

Save as template?