2.8 MEUR - Gorenje - Gorenje Group

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V. Management Report 1.500,0 1.250,0 1.000,0 750,0 500,0 250,0 0,0 1,500.0 1,250.0 1,000.0 750.0 500.0 250.0 0.0 370,2 374,4 291,0 319,1 In 2011 we increased sales by 5.4 %. 370.2 374.4 291.0 319.1 The Management Board of the company Gorenje, d.d. 355,7 315,5 355.7 315.5 2010 2011 416,4 362,1 416.4 362.1 1.422,2 1.382,2 q1 q2 q3 q4 Leto 2010 2011 1,422.2 1,382.2 q1 q2 q3 q4 Year 100 % 80 % 60 % 40 % 20 % 0 % 260.9 223.0 2010 2011 Non-current financial liabilities Current financial liabilities 302.5 181.6 ANNUAL REPORT 2011 Difficult market conditions resulted in worsened profitability of the Group. In 2011 we decreased financial liabilities and increased share of long term debt in financial liabilities structure by 8.6 percentage points. 76
Events Impacting Interim Comparability The comparability of individual categories of profitability, the financial position and cash flow in 2011 was affected by integration of the Asko Group and sale of the participating interest in the company Istrabenz Gorenje. Effect of the sale of the company Istrabenz Gorenje of the Ecology Energy and Services Division The agreement on the sale of the 46.55 percent interest held by Gorenje, d.d., in the company Istrabenz Gorenje, d.o.o. became effective on 29 July 2011. Based on this sale, the Gorenje Group entirely eliminated the Energy business segment from its activities. The proportional elimination of the company and its subsidiaries from the Gorenje Group had a positive impact on (1) the operating result of the Gorenje Group in the amount of EUR 2.9 mio, and on (2) lowering the indebtedness by EUR 29.6 mio based on the purchase price and the elimination of financial debt of the excluded company and its subsidiaries. The Management Board of the company Gorenje, d.d. Comparability of information on the performance The comparability of individual categories of profitability, the financial position and cash flow in 2011 was affected by two materially significant events that occurred in 2010 and 2011: � (1) integration of the Asko Group, the Swedish producer of home appliances, into the Gorenje Group in August 2010, and ANNUAL REPORT 2011 � (2) sale of the participating interest in the company Istrabenz Gorenje of the Ecology, Energy and Services Divisions, in July 2011 (and thus the winding-up of the Energy business segment). The report below outlines (1) a tabular review / comparison of both information i.e. the actual achieved values of individual categories and their comparable figures, (2) a graphical review of only actually recorded values of individual categories in financial statements. Table 27: Impact of the elimination of the Asko Group and the sale of Istrabenz Gorenje on the Gorenje Group’s profitability in MEUR 2011 2010 Q4 2011 Q4 2010 2011 Comparable 2010 Q4 2011 Q4 2010 Revenue 1,422.2 1,382.2 362.1 416.4 1,288.1 1,221.8 331.9 323.2 Contribution margin (CM1) / gross margin 534.2 525.4 133.3 144.0 464.7 491.1 118.2 122.9 CM 1 37.6 % 38.0 % 36.8 % 34.6 % 36.1 % 40.2 % 35.6 % 38.0 % Added value / AV 352.6 353.1 92.8 94.4 309.8 316.8 85.9 80.3 AV in revenue 24.8 % 25.5 % 25.6 % 22.7 % 24.1 % 25.9 % 25.9 % 24.8 % EBITDA 86.7 108.7 24.6 25.3 85.4 91.4 28.1 22.5 EBITDA margin 6.1 % 7.9 % 6.8 % 6.1 % 6.6 % 7.5 % 8.5 % 7.0 % EBIT 36.5 56.4 13.1 12.0 41.1 41.9 18.0 10.9 EBIT margin 2.6 % 4.1 % 3.6 % 2.9 % 3.2 % 3.4 % 5.4 % 3.4 % Net income 9.1 20.0 1.3 3.2 11.3 4.9 3.1 1.5 ROS 0.6 % 1.4 % 0.4 % 0.8 % 0.9 % 0.4 % 0.9 % 0.5 % 77
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Annual report 2013 Annual report 20
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Cash Flow Management ..............
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Letter from the President of the Ma
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Presentation of the Gorenje Group C
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Production and Products In 2011 pro
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Table 3: Awards received by Gorenje
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Movements in Share Prices 62.9 % Ta
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Investor Relations 53 meetings with
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Financial Calendar for the Year 201
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II. New Strategy 2012 - 2015 The Ma
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Picture 2: Vision, mission, values
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Volatile Raw Materials Market We ex
Page 25 and 26: Measures for Performance Improvemen
Page 27 and 28: Niche Orientation of Operation In n
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: Environmental Auditor’s Statement
Page 79 and 80: Gorenje Group Performance 35.8 MEUR
Page 81 and 82: Chart 16: Revenue per divisions (in
Page 83 and 84: low share in the Gorenje Group’s
Page 85 and 86: Chart 21: Quarterly movement of the
Page 87 and 88: Chart 23: Revenue by programmes of
Page 89 and 90: Under consideration of the period J
Page 91 and 92: Chart 27: Quarterly movement of pro
Page 93 and 94: Chart 29: Revenue by HI Division pr
Page 95 and 96: Added value per employee in the amo
Page 97 and 98: Volume of Business Activities 21.7
Page 99 and 100: esult of a very low potential of in
Page 101 and 102: Financial Position and Liquidity 18
Page 103 and 104: Investments In the area of investme
Page 105 and 106: was due to long-term borrowings in
Page 107 and 108: Risks Risk management in the Gorenj
Page 109 and 110: investment and development risks. T
Page 111 and 112: inability of the Group to settle it
Page 113 and 114: Risk management in the Home Interio
Page 115 and 116: VI. Accounting Report of the Gorenj
Page 117 and 118: Statement of Comprehensive Income o
Page 119 and 120: Consolidated Statement of Cash Flow
Page 121 and 122: in TEUR Share capital Share premium
Page 123 and 124: Note 3 - Significant accounting pol
Page 125 and 126: 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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