2.8 MEUR - Gorenje - Gorenje Group

I.
We are the Gorenje Group
Performance Highlights
Table 1: Gorenje Group performance highlights Comparable 1
in EUR million 2011 2010 2009 2008 2011 2010 Change
Consolidated revenue 1,422.2 1,382.2 1,185.9 1,330.8 1,288.1 1,221.8 5.4 %
EBITDA 86.7 108.7 68.2 94.0 85.4 91.4 -6.6 %
EBITDA Margin, % 6.1 % 7.9 % 5.8 % 7.1 % 6.6 % 7.5 % /
EBIT 36.5 56.4 12.1 36.9 41.1 41.9 -1.9 %
EBIT Margin, % 2.6 % 4.1 % 1.0 % 2.8 % 3.2 % 3.4 % /
Profit before tax 11.1 22.5 -9.3 15.5 15.1 8.0 88.8 %
Net income 9.1 20.0 -12.2 10.2 11.3 4.9 130.6 %
ROS, % 0.6 % 1.4 % -1.0 % 0.8 % 0.9 % 0.4 % /
Free cash flow (narrow)* 35.8 17.8 33.0 -45.1 18.4 7.2 154.7 %
Net financial debt** 382.5 401.2 425.1 463.7 388.5 377.6 2.9 %
Net financial debt / EBITDA 4.4 3.7 6.2 4.9 4.5 4.1 10.1 %
Earnings per share (in EUR) 0.57 1.34 -0.83 0.66 0.71 0.32 119.5 %
1,500.0
1,000.0
500.0
0.0
1,330.8
Sales growth
1,185.9
1,221.8
1,288.1
2008 2009 2010 2011
Low sales growth in the Home Appliances Division,
significant growth in the Ecology, Energy and
Services Division.
The Management Board of the company Gorenje, d.d.
50.0
0.0
-50.0
-45.1
33.0
7.2
18.4
2008 2009 2010 2011
Exceeding the previous year’s and planned
level of free cash flow
Working capital optimisation and its significant effect,
focused investments, disinvestment of the Energy
business segment and part of unnecessary property.
100
75
50
25
0
2.8 %
36.9
1.0 %
12.1
3.4 % 3.2 %
41.9 41.1
2008 2009 2010 2011
EBIT (MEUR) EBIT margin (in %)
4.0 %
3.0 %
2.0 %
1.0 %
0.0 %
EBIT remaining at the 2010 level
Gross margin impairment due to sales structure
changes and strong raw material and material price
increases, positive effect of some events independent
of current operations. Loss incurred by the
Home Interior Division and the Asko Group.
ANNUAL REPORT 2011
* Profit after tax + depreciation and amortisation expense –
CAPEX + divestment –+ change in inventories –+ change in
trade receivables –+ change in trade payables
** Non-current financial liabilities + current financial liabilities
– cash and cash equivalents
1 Disclosure in paragraph “Events that have an impact
on the interim comparability of information in the
financial statements” on page 77.
Scope of sales in MEUR Free cash flow (narrow) in MEUR EBIT in MEUR / EBIT margin in % Net financial debt / EBITDA
1,000
750
500
250
0
4,9
6,2
4,1 4,5
463.7 425.1 377.6 388.5
2008 2009 2010 2011
Net financial debt (MEUR)
Net financial debt / EBITDA
7.0
6.0
5.0
4.0
3.0
Lowering the net indebtedness level
Implementation of financial covenants, improvement
of the net finance debt to EBITDA ratio.
4