2.8 MEUR - Gorenje - Gorenje Group

Financial Position and Liquidity
18.7 MEUR
reduction of net financial debt.
Financial liabilities increased by EUR 161 thousand
(0.03 percent) in 2011. At the same time, the funds on
the account increased by EUR 18.9 mio, thus reducing
the net financial debt by EUR 18.7 mio (4.7 percent).
We managed to achieve this result by implementing
measures for improving the management of liabilities
and inventories, and through disinvestments.
In the structure of sources of financing, the share of
trade liabilities decreased by EUR 42.8 mio in 2011. This
was due to the optimisation of the purchasing process
in the goods and material stocks segment and the
sale of the Istrabenz Gorenje company. On the other
side, the share of equity increased to 31.8 percent and
financial liabilities increased by two percentage points
to 38.7 percent.
The value of the net financial debt / EBITDA ratio worsened
in the past year, despite the decrease in net financial
debt, due to lower EBITDA. The main reason for lower
EBITDA is primarily in the one-off effect of the acquisition
of the Asko Group in 2010 and the negative operation of
the Home Interior Division. In 2010, Asko had a significant
positive effect on the Group’s profitability due to its
negative goodwill.
The Management Board of the company Gorenje, d.d.
Table 45: Financial soundness of the Gorenje Group
in MEUR 2011 2010
Financial debt 484.1 483.9
- Current 181.6 223.0
- Non-current 302.5 260.9
- In EUR 468.1 448.3
- In other currencies 16.0 35.6
- With fixed interest rate 222.0 72.4
- With variable interest rate 262.1 411.5
Total liabilities 1,251.7 1,317.8
Table 46: Financial soundness ratios of the Gorenje Group
Ratios 2011 2010
Equity / Total assets 0.32 0.30
Financial debt / EBITDA 5.58 4.45
Net financial debt / EBITDA 4.41 3.69
Current ratio 1.44 1.30
Quick ratio 0.31 0.23
ANNUAL REPORT 2011
101