2.8 MEUR - Gorenje - Gorenje Group

Debt Restructuring
8.6
percentage points increase of
noncurrent and decrease of
current financial liabilities in 2011.
In 2012 we shall continue to implement projects
focused on the diversification of sources of financing.
More attention will be devoted to alternative sources,
which are particularly suitable in times of crisis. In
searching for sources of financing, we shall therefore
make more use of factoring and support suppliers in
searching of sources of financing in order to shorten
the terms of payment to Gorenje. We shall also continue
to improve free cash flow through measures for
optimising inventories and receivables, and disinvestment
activities.
In 2011 we successfully restructured part of the borrowing
portfolio in line with the plan. Non-current borrowings
therefore increased and current borrowings
decreased by 8.6 percentage points, which is highly
important for attaining financial stability.
This also led to the improvement of liquidity ratios.
Current assets exceeded current liabilities by as much
as 48.4 percent. In other words, 32.6 percent of current
assets are financed by long-term sources of financing.
The restructuring of financial liabilities was carried out
in agreement with all banks with which the Company
cooperates. The strongest impact on the attained result
The Management Board of the company Gorenje, d.d.
Chart 41: Maturity Structure of Financial Liabilities (1)
100 %
80 %
60 %
40 %
20 %
0 %
53.9 %
46.1 %
62.5 %
2010 2011
Non-current financial liabilities Current financial liabilities
Chart 42: Maturity Structure of Financial Liabilities (2) (in MEUR)
600
500
400
300
200
100
0
-100
37.5 %
483.9 484.1
260.9
223.0
302.5
181.6
-83 -102
2010 2011
Non-current financial liabilities Current financial liabilities Cash and cash equivalents
ANNUAL REPORT 2011
104