2.8 MEUR - Gorenje - Gorenje Group

Comparable i.e. without the effect of events that
have an impact on the comparability of information,
the added value per employee went down from EUR
30,982 to EUR 30,485 or by 1.6 percent. The decline is
basically attributable to the total added value generated
in 2011, which is lower because of the impaired
gross margin. Consequently, economic labour productivity
declined by 1.7 percent if compared to the comparable
period in 2010. Hence, the share of employee
benefits expense within added value grew from 71.2
percent to 72.4 percent.
Lowering amortisation and depreciation expense
by EUR 2.0 mio or 3.9 percent and at a comparable
level by EUR 5.2 mio or 10.4 percent is attributable
to the minor scope of investments made in the past
three years and the extended useful lives (already
in 2010) of some property, plant and equipment,
referring in particular to the production centres of
the Home Appliances Division. The useful lives were
extended based on regular assessments of accuracy of
valuations made to property, plant and equipment.
Other operating income in the amount of EUR
41.8 mio (comparable) and compared to 2010 (EUR
26.9 mio) indicates an increase which is attributable
to the compensation for damages received in connection
with the Patria project (EUR 4.1 mio from the
total value of EUR 5.0 mio), to the amount of subsidies
and grants received for providing employment in the
Republic of Serbia (EUR 2.9 mio), to profits generated
on the sale of unnecessary property (EUR 3.6 mio), and
to income from the reversal of provisions. In terms of
consolidated financial statements, other operating
income is recorded at EUR 52.5 mio and grew over the
The Management Board of the company Gorenje, d.d.
previous year, mostly as a result of subsidies received
for providing employment in the Republic of Serbia
and compensation for damages referring to the Patria
project.
Other operating expenses (comparable) in the
amount of EUR 15.7 mio decreased over the previous
period (2010: EUR 16.3 mio) as a result of lower
charges for recycling of household appliances (WEEE
Directive). In terms of consolidated financial statements,
other operating expenses are recorded at EUR
22.3 mio (2010: EUR 16.9 mio).
Negative result from financing activities in the
amount of EUR 25.4 mio was lowered by EUR 8.6
mio or by 25.3 percent if compared to 2010. In spite
of higher interest expense by EUR 4.4 mio, the said
lowering of the negative result is attributable mostly
to income from liquidation of the company Gorenje
Tiki, Slovenia (EUR 3.7 mio), to profit on the sale of
the company Istrabenz Gorenje (EUR 2.9 mio), and to
allowances (EUR 6.8 mio) formed in a lower amount
than in 2010 (last year’s negative balance included also
allowances for receivables and loans relating to the
company Merkur).
At the comparable level, the negative result from
financing activities amounts to EUR 26.0 mio.
Income tax expense of EUR 2.0 mio shows a decrease
of EUR 0.4 mio if compared to 2010, which is
mostly the result of a more favourable tax treatment of
Atag-related development costs.
Comparable level with EUR 3.8 mio indicates an
increase of EUR 0.8 mio over the previous year’s result
ANNUAL REPORT 2011
due to the elimination of positive tax effects of the
Asko Group.
Net income is recorded at EUR 9.1 mio (ROS of 0.6 %)
lower than the previous period’s result by 54.5 percent.
At the comparable level, the profit for 2011 amounts
to EUR 11.3 mio (ROS of 0.9 percent) and is higher
by EUR 6.3 mio if compared to 2010. Movement of
the net income is outlined in individual categories of
profitability, whereas in 2010 it was mostly influenced
by the positive effect of bad will relating to the Asko
Group takeover (EUR 13.3 mio).
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