2.8 MEUR - Gorenje - Gorenje Group

Variability of Interest Rates
At the beginning of 2011, we increased the share
of borrowings with fixed interest rates due to the
macroeconomic situation and anticipated changes in
variable interest rates.
In 2012 we shall devote more attention to managing
liquidity at the level of the Group as a whole. In addition
to reducing the joint debt, an important goal will also
be to optimise the ratios between current and noncurrent
financial liabilities and available cash, which will
reduce the financing costs of the Group.
Chart 43: Financial Liabilities with respect to Variable Interest Rates
Variable interest rate: 54.1 %
The Management Board of the company Gorenje, d.d.
2011
In 2012 we shall additionally improve the maturity
structure of financial liabilities in the following ways:
� by replacing overdue non-current financial liabilities
with long-term sources,
� by further disinvestment,
� by placing greater emphasis on the project financing
of long-term investments in research and
development,
� by optimisation of production locations, and
� by further optimisation of investments in net current
assets and similar measures.
Fixed interest rate: 45.9 %
Variable interest rate: 85.0 %
2010
Fixed interest rate: 15.0 %
ANNUAL REPORT 2011
106