2.8 MEUR - Gorenje - Gorenje Group

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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). 84
Chart 21: Quarterly movement of the Group’s net income (in MEUR) 25.0 20.0 15.0 10.0 5.0 0.0 0.5 1.9 4.4 4.6 The Management Board of the company Gorenje, d.d. 11.9 2010 2011 3.2 1.3 1.3 q1 q2 q3 q4 Year Table 32: Profit for the period and ROS of the Gorenje Group in MEUR 2011 2010 Q4 2011 Q4 2010 20.0 9.1 Quarterly movement of the Group’s ROS 3,5 % 3,0 % 2,5 % 2,0 % 1,5 % 1,0 % 0,5 % 0,0 % ANNUAL REPORT 2011 q1 q2 q3 q4 Year 2010 2011 Comparable 1,4 % 0,6 % 2011 2010 Q4 2011 Q4 2010 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 % 85
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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
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Measures for Performance Improvemen
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Niche Orientation of Operation In n
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of operating liabilities. This is k
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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
Page 77 and 78: Events Impacting Interim Comparabil
Page 79 and 80: Gorenje Group Performance 35.8 MEUR
Page 81 and 82: Chart 16: Revenue per divisions (in
Page 83: low share in the Gorenje Group’s
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
Page 127 and 128: ANNUAL REPORT 2011 The gain or loss
Page 129 and 130: ANNUAL REPORT 2011 that a loss even
Page 131 and 132: ANNUAL REPORT 2011 (iv) Provisions
Page 133 and 134: 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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