PRESENTATION OF THE GORENJE GROUP

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.