2.8 MEUR - Gorenje - Gorenje Group

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Picture 6: Transformation from the old to new organisational structure PREVIOUS GORENJE GROUP ORGANISATION - - THREE DIVISIONS: NEW GORENJE GROUP ORGANISATION ORGANISATION - THREE THREE BUSINESS BUSINESS SEGMENTS: HOME APPLIANCES REFRIGERATION APPLIANCES (COLD APP.) COOKING APPLIANCES APPLIANCES (HOT APP.) WASHING MACHINES, DRYERS, DISHWASHERS (WET APP.) COMPLEMENTARY PRODUCTS SUPPLEMENTARY PRODUCTS Water heaters, radiators, and air conditioners Change in in the the new organization: ● ● A wide product range – major domestic appliances, small domestic appliances, HVAC, services ● ● Gorenje's core core activity is is manufacturing HOME products; in in 2015, it it will will represent approximately 90% 90% of of total total operations. The Management Board of the company Gorenje, d.d. HOME INTERIOR ECOLOGY, ENERGY, AND SERVICES Kitchens Other furniture Ceramics Ceramics Bathrooms Changes in in the new organization: ● Focus on on kitchen furniture ● Preparing a new business model Ecology Energy Tools and industrial industrial equipment Trade Engineering Brokerage Tourism Changes in in the new organization: ● Field of of ENERGY divested ● Further development of of the field of of ECOLOGY ● SERVICES seen as as portfolio investments. HOME Products Products and services for the home MDA major domestic appliances SDA small domestic appliances HVAC heating, ventilation, air conditioning SERVICES related to the home CORE ACTIVITY KITCHEN FURNITURE KEY ORIENTATION SUPPORT ROLE SUPPLEMENTARY SUPPLEMENTARY ACTIVITY ACTIVITY ECOLOGY ECOLOGY Ecology-related Ecology-related services Comprehensive waste management ANNUAL REPORT 2011 PORTFOLIO PORTFOLIO INVESTMENTS INVESTMENTS OTHER OTHER Tool-making Engineering Hotels and hospitality services Trade Design services 26
Niche Orientation of Operation In next years we will sistematically focus on market niches where higher value added can be achieved. Besides the central sales range of products ensuring sales volume, Gorenje will systematically focus on market niches where higher added value can be achieved. In Europe we will search for product niches where competition is not so fierce. From the view of products, Gorenje will focus on products that distinguish Gorenje from other competitors outside Europe (mostly on designer lines) and on the segment of built-in appliances. Geographically, the centre of its focus will be only selected markets and in their scope micro markets such as large towns. In any case, Gorenje wants to be different from the competition with its products and within this distinctive feature, we would like to search for growth opportunities and achieve higher profitability. WE; 46 % The Management Board of the company Gorenje, d.d. Picture 7: Focus and global niche strategy “FOCUS” STRATEGY • adapt/change organization to follow BI strategy (customer intimacy, added services, ...) • focus to (long-term) profitable markets • adapt business model in unprofitable markets or remove from market Sales structure in 2011 Sales structure in 2015 GLOBAL; 7 % EE; 47 % WE; 45 % EUROPE GLOBAL GLOBAL; 10 % EE; 45 % “GLOBAL NICHE” STRATEGY • differentiation • build-in solutions + concepts megacities • building sales organization • Gorenje + ASKO brand ANNUAL REPORT 2011 INCREASE OF GLOBAL IN THE STRUCTURE 27
Page 1 and 2: Annual report 2013 Annual report 20
Page 3 and 4: Cash Flow Management ..............
Page 5 and 6: Letter from the President of the Ma
Page 7 and 8: Presentation of the Gorenje Group C
Page 9 and 10: Production and Products In 2011 pro
Page 11 and 12: Table 3: Awards received by Gorenje
Page 13 and 14: Movements in Share Prices 62.9 % Ta
Page 15 and 16: Investor Relations 53 meetings with
Page 17 and 18: Financial Calendar for the Year 201
Page 19 and 20: II. New Strategy 2012 - 2015 The Ma
Page 21 and 22: Picture 2: Vision, mission, values
Page 23 and 24: Volatile Raw Materials Market We ex
Page 25: Measures for Performance Improvemen
Page 29 and 30: of operating liabilities. This is k
Page 31 and 32: Operative time frame of the strateg
Page 33 and 34: Net profitability The anticipated l
Page 35 and 36: III. Corporate Governance Statement
Page 37 and 38: Members of the Management Board Fra
Page 39 and 40: Supervisory Board A high degree of
Page 41 and 42: Dr. Peter Kraljič, Member of the S
Page 43 and 44: Supervisory Board Committees Audit
Page 45 and 46: of toolmaking and industrial equipm
Page 47 and 48: the development of operations and t
Page 49 and 50: Trading in Shares of Management and
Page 51 and 52: Corporate Governance Code Complianc
Page 53 and 54: General Meeting of Shareholders In
Page 55 and 56: IV. Social Responsibility In Gorenj
Page 57 and 58: of reduced demand for our products.
Page 59 and 60: The absenteeism control team plays
Page 61 and 62: Education In past years our educati
Page 63 and 64: Social Environment Acting responsib
Page 65 and 66: Ecology EMAS Statement The EU Eco-M
Page 67 and 68: from the first phase of this projec
Page 69 and 70: 7. Environmental Management Efficie
Page 71 and 72: Šoštanj Site The quantity of gene
Page 73 and 74: Listed below are the media that fea
Page 75 and 76: Environmental Auditor’s Statement
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Events Impacting Interim Comparabil
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Gorenje Group Performance 35.8 MEUR
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Chart 16: Revenue per divisions (in
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low share in the Gorenje Group’s
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Chart 21: Quarterly movement of the
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Chart 23: Revenue by programmes of
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Under consideration of the period J
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Chart 27: Quarterly movement of pro
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Chart 29: Revenue by HI Division pr
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Added value per employee in the amo
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Volume of Business Activities 21.7
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esult of a very low potential of in
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Financial Position and Liquidity 18
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Investments In the area of investme
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was due to long-term borrowings in
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Risks Risk management in the Gorenj
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investment and development risks. T
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inability of the Group to settle it
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Risk management in the Home Interio
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VI. Accounting Report of the Gorenj
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Statement of Comprehensive Income o
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Consolidated Statement of Cash Flow
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in TEUR Share capital Share premium
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Note 3 - Significant accounting pol
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ANNUAL REPORT 2011 (c) Financial in
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ANNUAL REPORT 2011 The gain or loss
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ANNUAL REPORT 2011 that a loss even
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ANNUAL REPORT 2011 (iv) Provisions
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ANNUAL REPORT 2011 (u) New standard
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ANNUAL REPORT 2011 � additional c
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Note 8 - Composition of the Gorenje
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Associates: � in Kishinev (Moldov
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Note 11 - Associates ANNUAL REPORT
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ANNUAL REPORT 2011 Note 17 - Other
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The following deferred tax amounts
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Movements of intangible assets in 2
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Movements of property, plant and eq
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Movements of investment property AN
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ANNUAL REPORT 2011 Note 26 - Invent
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in TEUR Changes in fair value reser
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in TEUR Movements of provisions in
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Currency ANNUAL REPORT 2011 Current
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Maturity of trade receivables at th
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The following significant exchange
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Fair value scale The table shows me
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Note 46 - Business segments in TEUR
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Appendix 1: Information on the Gore
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Appendix 2: Managing Directors In 2
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Appendix 3: Foreign exchange rates
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Income Statement of Gorenje, d.d. A
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Statement of Cash Flows of Gorenje,
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ANNUAL REPORT 2011 Notes to the Fin
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ANNUAL REPORT 2011 Impairment losse
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ANNUAL REPORT 2011 (iv) Depreciatio
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Financial assets measured at amorti
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ANNUAL REPORT 2011 (iv) Site restor
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ANNUAL REPORT 2011 Amendment to IFR
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ANNUAL REPORT 2011 � additional c
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ANNUAL REPORT 2011 Note 8 - Revenue
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ANNUAL REPORT 2011 Note 13 - Other
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The following deferred tax amounts
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Movements in intangible assets in 2
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The Management Board of the company
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Movements in investments in subsidi
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Tax assets - Tax liabilities Throug
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Current trade receivables due from
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ANNUAL REPORT 2011 Note 27 - Cash a
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ANNUAL REPORT 2011 Note 29 - Determ
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ANNUAL REPORT 2011 Note 32 - Curren
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ANNUAL REPORT 2011 Company 2011 201
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Movements in allowances for trade r
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The following significant exchange
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Year 2011 The Management Board of t
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ANNUAL REPORT 2011 Pursuant to the
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Gross earnings in the period Januar
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Note 40 - Events after the date of
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2.8 MEUR - Gorenje - Gorenje Group

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