PRESENTATION OF THE GORENJE GROUP

Slovenian Equity Market Day 2012
Ljubljana, Slovenia, 24 April 2012
Gorenje representatives:
► Mr. Peter Groznik, CFO
► Mr. Štefan Kuhar, Executive Director for
Finance, Tax and Assets Management
► Mrs. Bojana Rojc, Head of IR
1
PRESENTATION OF THE GORENJE GROUP

One of the leading European manufacturers of products for home
Core business
• Products and services for Home (MDA, SDA, HVAC, kitchen
furniture)
Gorenje Group
• Main company Gorenje, d.d., and 102 Companies (79
International)
Number of employees
• 10.932 / 2011
Consolidated revenue
• 1.4 bn EUR / 2011
2
Global presence
• 70 Countries Worldwide, mostly in Europe, USA, Australia,
Near and Far East
Own production
• Slovenia, Sweden, Czech Rep., Serbia, Finland
Export
• 95% of sales
Legend:
MDA (major domestic appliances)
SDA (small domestic appliances)
HVAC (heating, ventilation, air conditioning)

Only the very best from Gorenje … already 62 years!
1950-1960
1961-1970
1971-1980
► 1950 founded in the village of Gorenje
► 1958 manufacturing stoves
► Production of washing machines and refrigerators
► 1961 first exports to Germany
► Acquisition of companies with synergy to the core business
► Setting-up own distribution network in Western Europe
1981-1990 ► Major Focus on core business - household appliances
1991-1996
1997-2005
2006-2007
2008 - 2009
2010
2011
► Restructuring and ownership transformation
► Strong expansion into foreign markets
► Gorenje, d.d., becomes a Public Company
► Investing into new products and technology
► Strategicaly Gorenje has infused new life into its business doctrine familiarly known as: "Everything for Home“
► Acquisition of Mora Moravia, the cooking appliance manufacturer from the Czech Republic
► Opening of the new refrigerator & freezer Plant in Valjevo, Serbia
► New design of product lines Gorenje Pininfarina II; Gorenje Swarovski; Gorenje Ora-Ïto
► Acquisition of Gorenje Surovina, d.d., Maribor, Slovenia
► 15% capital increase and additional shares were listed on a prime market of Ljubljana Stock Exchange
► New design of product lines Gorenje Pininfarina Black and Gorenje Ora-Ïto White
► Acquisition of the company ATAG
► New generation of cooking appliances;Innovative fridge freezer “Gorenje for iPod“
► Gorenje designed by Karim Rashid; Gorenje Retro Collection; Gorenje Simplicity
► Acquisition of the company ASKO
► Entering IFC, member of the World Bank into the ownership structure
► Launching of the new brand name Gorenje+
► Start-up of the factory in Zaječar, Srbia
► Confirmation of the new strategy 2015
3

Public limited company since 1998
Ten major shareholders No. of shares %
KAPITALSKA DRUŽBA, D.D. 3,534,615 22.2207%
Employees
and former
employees
5.18%
Private
Individuals
17.22%
Treasury
Stock
0.76%
Pension
Fund
22.91%
IFC 1,876,876 11.7991%
HOME PRODUCTS EUROPE B.V. 1,070,000 6.7267%
NFD 1, delniški podsklad 820,045 5.1553%
INGOR, d.o.o., & co. k.d. 794,473 4.9945%
EECF AG 411,727 2.5884%
RAIFFEISEN BANK AUSTRIA D.D. 375,889 2.3631%
TRIGLAV VZAJEMNI SKLADI 297,090 1.8677%
PROBANKA, d.d. 297,061 1.8675%
4
Financial
Investors
53.93%
ERSTE GROUP BANK AG 222,204 1.3969%
Top 10 Shareholders 9,699,980 60.9798%
Other Shareholders 6,206,896 39.0202%
Total* 15,906,876 100%
Two-tier Corporate Governance System
Supervisory Board: 6 Representatives of capital and 4 Representatives of employees
Management Board: 6 Members
121,311 Own Shares (0.7626%)
Slovenian Corporate Governance Code
*Ownership structure on 31 December 2011

With the new strategy changes to the Group organization
Previous Gorenje Group organization: three divisions:
HOME APPLIANCES
HOME INTERIOR
ECOLOGY, ENERGY,
AND SERVICES
1 - REFRIGERATION APPLIANCES (COLD APP.)
2 - COOKING APPLIANCES (HOT APP.)
3 - WASHING MACHINES, DRYERS, DISHWASHERS
(WET APP.)
COMPLEMENTARY PRODUCTS
SUPPLEMENTARY PRODUCTS
Water heaters, radiators, and air conditioners
Kitchens
Other furniture
Ceramics
Bathrooms
Ecology
Energy
Tools and industrial
equipment
Trade
Engineering
Brokerage
Tourism
5
Change in the new organization:
Changes in the new
organization:
Changes in the new
organization:
A wide product range – major domestic appliances, small
domesticappliances, HVAC, services
.
Gorenje's core activity is manufacturing HOME products; in 2015, it
will represent approximately 90% of total operations.
• Focus on kitchen
furniture
• Preparing a new
business model
• field of ENERGY divested
• further development of the
field of ECOLOGY
• SERVICES seen as portfolio
investments.

Greater focus on core activities until 2015
► The main activity amounted to 77% of revenues in 2011.
► The growth of core activities to 90% of revenues by 2015.
CORE ACTIVITY SUPPLEMENTARY PORTFOLIO INVESTMENTS
HOME
Products and services for the home
ECOLOGY
Ecology-related services
OTHER
6
MDA (major domestic appliances)
SDA (small domestic appliances)
HVAC (heating, ventilation, air conditioning)
SERVICES related to the home
KITCHEN
FURNITURE
Comprehensive
waste management
Tool-making
Engineering
Hotels and hospitality
services
Trade
Design services
KEY ORIENTATION
SUPPORT
role

New strategy, new vision
VISION
TO BECOME WORLD BEST
DESIGN DRIVEN INNOVATOR
OF HOME PRODUCTS
MISSION
TO CREATE INNOVATIVE, DESIGN-DRIVEN PRODUCTS AND
SERVICES THAT BRING SIMPLICITY TO OUR USERS.
7
AMBITION CREATIVITY RESPONSIBILITY HONESTY SIMPLICITY
FUNDAMENTAL VALUES

Strategic goals - Home
► Price index 29 European Countries increase for 2 p.p. per year till 2015 – MDA 8;
► Target structure by markets in 2015 WE / EE /GLOBAL: 45 / 45 / 10; in 2010* (46 / 47 / 7)
►
Strengthening of position on new markets active presence (sales office) in 15 megacities
► Share of concepts in Gorenje brand 25% (volume) till 2015
► Product complexity reduction for 30% till 2013
► Growth of SDA for 2 p.p. in structure till 2015
► Growth of HVAC for 1.5 p.p. in structure till 2015
8
►
New businesses up to 1% 2015 in HOME structure
► Growth of Kitchen furniture from 11.5 MEUR 2010 to 23.5 MEUR 2015
►
Use of Gorenje Group Synergies
WE…Western Europe
EE…Eastern Europe
GLOBAL…outside Europe

Why to focus to built in
Freestanding business will be more and more
competitive and less and less profitable –
especially for Gorenje since we can not have
same economy of scale and real LCC
production
Build-in business still driven by local habits
and still less competitive
HIGH DEBT means LOWER POWER to
INVEST means NEED to FOCUS
9
BI in Gorenje Group has strong BI platforms
innovative BI OVENS and HOBS, strong BI cooling
platform, strong hoods platforms
Currently BI categories in GorenjeGroup (hobs,
hoods, ovens) – most profitable categories

Product portfolio strategies - MAKE or BUY
Premium: existing / new premium platforms or buy
Assure efficient
make or buy
process in order to
assure
competitiveness of
the product range
for all brands
(in order to assure long-term competitiveness in premium
segment we need to have own unique solutions/platforms)
Mid+: existing platforms with added innovative features
Mid: existing platforms or buy (with co-development)
Budget: old generations or buy (off the shelve)
CONCEPT: mid and mid+ platforms (make or buy)
All MAKE or BUY decisions will be evaluated based on
following criteria:
1. Target cost needed
2. Platform differentiation between budget, mid, premium
segment
3. Production utilization
10

Multi-brand strategy to cover all price segments
BUILT-IN
PREMIUM
SPECIALIST
BUILT-IN
SPECIALIST
PREMIUM
MID+
WET PREMIUM
SPECIALIST
BUILT-IN
LOCAL
SPECIALIST
CONCEPTS
MID
11
MAINSTREAM
LOWER
(BUDGET)
SEGMENT
BUDGET
FREE
STANDING
LOCAL
BUILT-IN (FREE
STANDING) LOCAL
LOWER
(BUDGET)
SEGMENT
FOR BENELUX

Strategy by brands – Brand profiles
Gorenje Group will serve all (price) segments of the market with multi-brand strategy
Full range of premium BI selective expansion to
WE, 2014 EE, high-end KRT
NEW focus: premium WET, other products
supportive role , selective expansion EE, global
Full range of mid+ BI products, introduced
D,A,CZ,SLO,UA,RU;SCAN, new markets 2013
KRT specialist,
12
Main pan-European brand in portfolio, strong
focus to Concepts, focus growth in mainstream
(focus to BI segment, reducing cost in FS,
implementing selective design driven
innovations, reduction of complexity), develop
sales of accessories
Budget platforms, protective brand for SEE
Adjusted product portfolio, brands will be
developed&supported only if they can perform
long-term sustainable profit

Europe domestic market, strengthening global presence till 2015
11% market share in Finland
10% market share in Denmark
9% market share in Norway
6% market share in Sweden
Top 1 foreign brand in Germany
7 % market share in Russia
4% of the Group
revenue comes
from USA &
Australia
Leading brand
in Slovenia & on
the Balkan
In Hong Kong luxury
residential towers
furnished with designer
appliances
13
5% market share in the
segment of dishwashers
in Australia
► Sales in 70 markets around the world: Europe = traditional domestic market, the USA,
Australia, China, Middle East

Strategy markets
RU
NORDIC
USA
AUS
ASKO
P
SLO
CZ
BIH
UA
RS
GLOBAL
MEGA
CITIES
GORENJE
UA
ASIA
14
RU
I
BENELUX
ATAG
F
UK
STRONG RESOURCES MID RESOURCES LOW RESOURCES
Focus resources to markets with strong position (&profitability) or to markets that
represent strategic priorities

The difference is built on design and innovation
15

Awards for design, innovations and brand recognition
Design:
• BIO Design Award, 1979, 1996, 2002, 2006, 2008
• DIDA - Delo Industrial Design Award, 1997
• Plus X Award TM , 2004 - 2011
• Red Dot Design Award, 2005, 2010, 2011
• The Design Awards, 2006, 2010
• Timeless Slovenian design 2011 for Simple&Logical
• Design 2011 (The Month of Design)
• Good Industrial Design Award 2010, 2011
• Golden Link Award, 2006, 2008
• Observeur Design 08 Award, 2007
• Wallpaper nomination, 2008
Innovation:
• SCC Innovation Award, 2003 - 2009, 2010, 2011
• Formatool Award, 2005, 2007, 2011
• Hevreka!06 Award, 2006
• Get Connected Product of the Year Award, 2006, 2010, 2011
• Le Grand Prix de l'Innovation nomination, 2007
• Podium de l'Innovation inomination, 2008
• Grüner Stecker prize, 2010
16
Brand name:
• Trend Award, 2005
• Success Story Award, 2005
• Superbrands, 2006, 2007
• Trusted Brand, 2007, 2008, 2009, 2010, 2011
• Eurobrand, 2007, 2008, 2009
• SiBrand 2011
• China Home Style Award, 2008

Awards for product excellence
Oven with the innovative electronic control module - the world revolution in the management of
household appliances
17

Awards for product excellence
Hob designer line Magna – Atag brand
18
3 Classic Line Dishwasher - Asko brand

Awards for product excellence
Washing machine from Gorenje RedSet line
19

Awards for product excellence
Gorenje SensoCARE washing machine and Gorenje IQcook cooking hob
20

Sales Structure of Major Domestic Appliances in Europe 2011 – MDA ( 9 Product Groups)
EUROPE (Market)
~63.7 m units
-1.3%
WEST EUROPE (Market)
~87% (share of total market sales)
-3.2%
Belgium; 2%
3% Austria ;
Netherlan
2%
ds; 3%
Poland;
5%
Skandinav
ia*; 6%
2% Others,
7%
2%
Germany;
19%
France;
15%
Ohranjanje tržnih
deležev Gorenja
EAST EUROPE (Market)
~22% (share of total market sales)
+5.7%
21
GORENJE (West Europe)*
~ 43%
-3.0%
Spain;
6%
Russia ;
10%
UK;
10%
Italy;
11%
GORENJE (East Europe)
~ 57%
-8.2%
CECED Figures do not include sales of groups Atag & Asko
MDA9 (Refrigerators, Freezers, Dishwashers, Washing Machines, Dryers, Freestanding Cookers, Built-in Ovens, Hobs, Hoods)
wo. Microwave Ovens
Members: BSH, Candy, Electrolux, Fagor -Brandt, Gorenje, Indesit, Liebherr, Whirlpool, Miele, Smeg
Source: CECED

Benchmarking
Competition in the home appliances industry worsened results compared to 2010
Electrolux
Whirlpool
Indesit
Arcelik
Gorenje
Sales: -4.4%
(to 11,263 M €)
EBIT: -44.4%
(to 335 M €)
Negative FCF
(to -721 M €)
Sales: +1.6%
(to 13,417 M €)
EBIT: -21.4%
(to 569 M €)
Negative FCF
(to -40 M €)
Sales: -1.8%
(to 2,825 M €)
EBIT: -18.2%
(to 150 M €)
Negative FCF
(to -39 M €)
Sales: +21.6%
(to 3,624 M €)
EBIT: +1.3%
(to 278 M €)
Negative FCF
(to -60 M €)
Sales: +2.9%
(to 1,422 M €)
EBIT: -15.3%
(to 37 M €)
Positive FCF
(to +36 M €)
Strong drop of
EBIT and PDT,
acquisition of
Olympic Group
and CTI,
Adaptation of
production
capacity,
Reduction of
overhead costs.
Strong drop of
FCF, Aggressive
actions taken to
reduce fixed cost
structure
(N.America
achieves 2X EBIT
improvement,
Significantly lower
inventory levels).
The negative
effects of material
costs and lower
volume of
demand on
profitability, a
negative FCF.
Strong growth in
sales, negative
FCF, takeover
Defy Appliances.
Lower reduction
in profitability
regard to
competition and
positive FCF.
22
▼ Significant deterioration in the results compared with 2010, negative trend continued in Q4 2011
▼
▼
All analyzed companies, except of Gorenje, have a negative FCF
Adjustment of structural (fix) costs to the scale and structure of business activities.

Business performance 2011: Highlights
in EUR million 2011 2010 2009 2008
comparable
2011 2010
Change
(%)
Consolidated revenue 1,422.2 1,382.2 1,185.9 1,330.8 1,288.1 1,221.8 5.4%
EBITDA 86.7 108.7 68.2 94.0 85.4 91.4 -6.6%
EBITDA Margin, % 6.1% 7.9% 5.8% 7.1% 6.6% 7.5% /
EBIT 36.5 56.4 12.1 36.9 41.1 41.9 -1.9%
EBIT Margin, % 2.6% 4.1% 1.0% 2.8% 3.2% 3.4% /
Profit before tax 11.1 22.5 -9.3 15.5 15.1 8.0 88.8%
Net income 9.1 20.0 -12.2 10.2 11.3 4.9 130.6%
ROS, % 0.6% 1.4% -1.0% 0.8% 0.9% 0.4% /
Free cash flow (narrow)* 35.8 17.8 33.0 -45.1 18.4 7.2 154.7%
Net financial debt** 382.5 401.2 425.1 463.7 388.5 377.6 2.9%
Net financial debt / EBITDA 4.4 3.7 6.2 4.9 4.5 4.1 10.1%
Earnings per share (in EUR) 0.57 1.34 -0.83 0.66 0.71 0.32 119.5%
23
* Profit after tax + depreciation and amortization expense – CAPEX + divestment –+ change in inventories –+ allowances for trade receivables –+ change in trade payables
** Long-term financial liabilities + short-term financial liabilities – cash and cash equivalents

BUSINESS PERFORMANCE 2011: Events that affect the comparability of data
Effect of the elimination of the Asko Group and disposal of Istrabenz Gorenje on the profitability of the Gorenje Group
in MEUR 2011 2010
comparable
Q4 Q4
Q4 Q4
2011 2010 2011 2010
2011 2010
Revenue 1,422.2 1,382.2 362.1 416.4 1,288.1 1,221.8 331.9 323.2
= Contribution margin (CM1) / gross
margin
534,2 525.4 133.3 144.0 464.7 491.1 118.2 122.9
CM 1 37.6% 38.0% 36.8% 34.6% 36.1% 40.2% 35.6% 38.0%
= Added value / AV 352.6 353.1 92.8 94.4 309.8 316.8 85.9 80.3
AV in revenue 24.8% 25.5% 25.6% 22.7% 24.1% 25.9% 25.9% 24.8%
= EBITDA 86.7 108.7 24.6 25.3 85.4 91.4 28.1 22.5
EBITDA margin 6.1% 7.9% 6.8% 6.1% 6.6% 7.5% 8.5% 7.0%
= EBIT 36.5 56.4 13.1 12,0 41.1 41.9 18.0 10.9
EBIT margin 2.6% 4.1% 3.6% 2.9% 3.2% 3.4% 5.4% 3.4%
= Profit for the period 9.1 20.0 1.3 3.2 11.3 4.9 3.1 1.5
ROS 0.6% 1.4% 0.4% 0.8% 0.9% 0.4% 0.9% 0.5%
24
in MEUR 2011 2010
comparable
2010
NET ASSETS 735.0 740.0 718.4
Net current assets 470.5 463.0 451.6
Net working capital 264.5 277.0 266.8
Working capital 551.4 623.6 590.8
- Current liabilities -286.9 -346.6 -324.0
NET EQUITY INVESTED 735.0 740.0 718.4
Equity 397.8 392.1 385.1
Net debt equity 337.2 347.9 333.3
Effect of disposal of Istrabenz Gorenje on the
financial position of the Gorenje Group

Business Plan 2012: Goals
Goal:
STRENGTHENING THE PROFITABILITY – CASH FLOW GROWTH - REDUCING DEBT
through the realization of the model of
BUSINESS EXCELLENCE.
►
►
Improving sales and diversifying geographically and product range;
►
Launching new products;
Decreasing inventories and receivables - increasing free cash flow;
►
►
►
►
Factoring and other activities to improve capital structure;
Optimizing material costs, faster purchasing from LCC;
Restructuring of Asko Group, HI Division, Trade companies;
Restructuring of production companies, transfers of production
►
►
Divesting of some real estate;
►
Reducing headcount;
Exploring new listing locations;
► Implementing new Strategy 2015.
25

Business Plan 2012 – Highlights / Gorenje Group (1)
MEUR B 2012
Change
vs. 2011
Change
vs. 2011
comparable
2011
2011
comparable
Sales 1,391.4 -2.2% 5.6% 1,422.2 1,317.4 1,382.2
CM 585.6 9.6% 10.4% 534.2 530.5 525.4
% CM 42.1% / / 37.6% 40.3% 38.0%
EBITDA 101.3 16.8% 17.6% 86.7 86.2 108.7
2010
% from sales 7.3% / / 6.1% 6.5% 7.9%
EBIT 50.0 36.8% 37.1% 36.5 36.4 56.4
26
% from sales 3.6% / / 2.6% 2.8% 4.1%
PBT 15.9 43.4% 60.9% 11.1 9.9 22.5
% from sales 1.1% / / 0.8% 0.8% 1.6%
PAT 13.4 47.2% 66.3% 9.1 8.1 20.0
% from sales 1.0% / / 0.6% 0.6% 1.4%
• B – Budget
• CM - Contribution margin at the level of difference between sales
revenue and costs of goods and material
Comparable: In the base year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012 – Highlights / Gorenje Group (2)
MEUR B 2012
Change
vs. 2011
2011
Change
vs. 2010
2010
FCF / narrow 28.6 / 35.8 / 17.8
Net debt 380.3 -0.6% 382.5 -4.7% 401.2
27
Net debt / EBITDA 3.8 -14.9% 4.4 19.5% 3.7
Legend:
FCF Narrow = NCF – Capex + Disinvestment +- Changes in Net Working Capital
Net debt = Financial debt – Cash and Cash Equivalents
Net debt / EBITDA = Net financial debt / EBITDA

Business Plan 2012: Sales by region in MEUR
Region B 2012
2011
comparable
Change
W Europe 559.8 (40%) 520.7 (40%) +7.5%
E/SE Europe 718.2 (52%) 701.7 (53%) +2.4%
Other 113.4 (8%) 95.0 (7%) +19.4%
28
Total sales 1,391.4 1,317.4 +5.6%
Comparable: In the year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012: Sales performance in MEUR
Sales
Group
1,422.2
-2.2% +5.6%
1,317.4
1,391.4
2011 2011 comparable B 2012
29
13.9%
1,202.4
Sales
HA
1,055.8 1,055.8
2011 2011 comparable B 2012
B2012
Business
Segment
Home
As % of
Group sales
74.2% 80.1%
86.4%
Comparable: In the year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012: EBIT performance
EBIT
Margin
2.6%
2.8%
3.6%
+36.8% +37.1%
EBIT
(MEUR)
36.5 36.4
50.0
30
2011 2011 comparable B 2012
Comparable: In the year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012 – EBITDA performance
7.3%
EBITDA
Margin
6.5%
6.1%
+16.8% +17.6%
101.3
EBITDA
(MEUR)
86.7 86.2
31
2011 2011 comparable B 2012
Comparable: In the year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012 – PAT performance
1.0%
ROS
0.6% 0.6%
PAT
(MEUR)
9.1 8.1
+47.2% +66.3%
13.4
32
2011 2011 comparable B 2012
Comparable: In the year 2011 are, to achieve comparability, eliminated the effects of sales Istrabenz Gorenje

Business Plan 2012 – FCF (narrow) performance
MEUR B 2012 2011 2010
PAT 13.4 9.1 20.0
Amortization 51.3 50.2 52.2
= NCF 64.7 59.3 72.3
Capex -47.6 -47.5 -44.7
Divestment 19.7 4.4 4.5
NWC -8.2 19.6 -14.2
* Inventories 8.6 12.0 -6.0
* Trade receivables -11.8 50.4 -25.3
* Trade payables -5.0 -42.8 17.1
= FCF (Narrow) 28.6 35.8 17.8
33
Effects of CF optimization in 2011 to 2010:
‒ Net cash flow by -12.9 MEUR / -17.9%
− Capex by -2.8 MEUR / +6.3%
− Divestment by -0.1 MEUR / -2.2%
+ Inventories by +18.0 MEUR
+ Trade receivables by +75.7 MEUR
‒ Trade payables by +59.9 MEUR
Effects of CF optimization in B2012 to 2011:
+ Net cash flow by +5.4 MEUR / +9.1%
‒ Capex by -0.1 MEUR / +0.2%
+ Divestment by +15.3 MEUR
− Inventories by -3.4 MEUR / -28.3%
− Trade receivables by -62.2 MEUR
+ Trade payables by +37.8 MEUR

Business Plan 2012 – Consolidated Balance Sheet
MEUR 2010 2011 B2012 MEUR 2010 2011 B2012
Net non-current
assets
463.0 470.5 438.9 Equity 392.1 397.8 409.3
Inventories 257.6 245.6 240.1 Financial
investments
as % in sales 18.6% 17.3% 17.3%
-53.3 -45.3 -48.9
Trade receivables 306.3 255.9 281.1 Cash and cash
equivalents
as % in sales 22.2% 18.0% 20.2%
-82.7 -101.6 -23.5
34
Trade payables -237.0 -194.2 -180.4 Financial liabilities
total
as % in sales 17.1% 13.7% 13.0%
Net Working Capital 326.9 307.3 340.8
as % in sales 23.6% 21.6% 24.5%
Other current assets /
liabilities
-49.9 -42.8 -39.0
483.9 484.1 403.8
Net Debt 347.9 337.2 331.4
Net Assets 740.0 735.0 740.7
Net Invested
Capital
740.0 735.0 740.7

Strategic plan 2015: Why a new strategy
►
Changes in the environment
• Due to the unstable economic environment stirred by the global financial
crisis, the operating conditions have changed drastically relative to the time
of announcement of the previous strategic plan (early 2010).
►
Changes at the Gorenje Group
• In August 2010, the Group acquired the Asko Group – a Swedish home
appliance manufacturer.
35
• In 2011, intensive activities were launched for divestment of non-core
property and activities (disposal of interest in the company Istrabenz-
Gorenje, divestments in France, Serbia etc.).
►
Adjustment to the requirements of effective management
• Taking a medium-term view of the Gorenje Group operating performance.

Strategic plan 2015: Measures to adjust to the new circumstances
1. Increase robustness to the effects financial crises
►
►
►
►
Profitable increase in volume of business operations
Short-term generation of value: increase in free cash flow
Long-term generation of value: improvement in economic profit / EVA
Debt management: improving the capacity of self-financing, divestment of noncore
assets and activities, diversification of financing sources → possibility of
listing the share in an international stock exchange.
36
2. Seizing the opportunities in the core industry
►
►
►
►
►
Simplifying/streamlining the operations – new organization.
Looking for market niches (both in terms of geographical distribution and
products)
Even more focus on design and innovation
Multi-brand strategy to cover all price segments
A shift from pan-European to global presence, especially with niche products.

Strategic plan 2015: New Gorenje Group Business Model
FOCUS
HOME
DIFFERENTIATION
THROUGH DESIGN
INNOVATION
GLOBALIZATION
STRATEGIC
ALLIANCES
R&D, SALES,
PRODUCTION
INTERNATIONAL
DRIVEN
PERMANENT
CREATION OF VALUE
FOR THE CUSTOMERS,
SHAREHOLDERS, AND
EMPLOYEES
BRAND/
PRODUCT
PORTFOLIO
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RESEARCH AND
DEVELOPMENT
NICHE
MANAGEMENT
INDUSTRIAL
KNOW-HOW
DESIGN
SCOPE
&
FLEXIBILITY
CULTURE
OPERATIONAL EXCELLENCE

Strategic plan 2015: Gorenje Group key strategic goals
Profitability of
operating volume
Creating value,
short term
FCF (narrow) at least
EUR 40 million,
in 2015
Turnover (sales
revenue)
> EUR 1.5 billion in
2015
(CAGR 3.8 %)*
Share of brands/
concepts in the
premium price
segment
over 25% in 2015
Creating value,
long term
EBIT above 5% in
2015
MAJOR
STRATEGIC GOALS
Turnover (sales
revenue) beyond
Europe
more than EUR 150
million
in 2015
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Debt
management
Net debt/EBITDA
not more than 3.0
from 2014 on
* Base year 2011 (eliminated effect of
Istrabenz-Gorenje divestment)
New business model,
organizational
structure/human
resource management,
and corporate
governance
Core activity
shall represent
approximately 90%
in 2015
Financial/business goals
Markets/marketing goals
Business platforms

Strategic plan 2015: Specific goal s by 2015
1
Higher
volume of
operations
2
Improved
profitability
3
Improving
robustness to
financial
crisis
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• Sales
͌ 1.5 bn €
3.5% CAGR
> 5.0%
• EBIT Margin
• Net debt /
EBITDA
max. 3.0

Strategy without implementation is an illusion and therefore …
►
Annual update of the strategy.
►
The Management Board shall monitor
strategy implementation on a monthly
basis:
►
KPI, key strategic goals
►
Key implementation projects
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►
The Management Board shall report at
each Supervisory Board session
about the strategy implementation
activities.
STRATEGIC
PLANNING
►
Annual review and adjustment of
strategy – once per year, to be
performed by the Strategic Business
Council.

Factors affecting forward-looking statements
This Presentation contains “forward-looking” statements and information – that is, statements related to future, not
past, events, within the meaning of the Securities Market Act and the Rules and Regulations of the Ljubljana Stock
Exchange. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. Such statements
include, among others, the financial goals and targets of parent company Gorenje, d.d., and Gorenje Group for
future periods and future business and financial plans. These statements are based on current expectations and
are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. A
variety of factors, many of which are beyond Gorenje's control, affect Gorenje’s operations, performance, business
strategy and results and could cause the actual results, performance or achievements of Gorenje to be materially
different from any future results, performance or achievements that may be expressed or implied by such forwardlooking
statements. These factors include, but may not be limited to the following: consumer demand and market
conditions in the geographical areas and industries in which Gorenje Group operates, effects of currency
fluctuations, competitive pressures to reduce prices, significant loss of business from major retailers, the possibility
that customers may delay the conversion of booked orders into revenue or that prices will decline as a result of
continued adverse market conditions to a greater extent than currently anticipated by Gorenje's management, the
success in developing new products and marketing initiatives, developments in product liability litigation, progress in
achieving operational and capital efficiency goals, the success in identifying growth opportunities and acquisition
candidates and the integration of these opportunities with existing businesses, continued volatility and a further
deterioration of the capital markets, progress in achieving structural and supply-chain reorganization goals. Should
one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in the relevant forward-looking statement as expected, anticipated,
intended, planned, believed, sought, estimated or projected. Gorenje does not intend or assume any obligation to
update or revise these forward-looking statements in light of developments which differ from those anticipated.
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