2.8 MEUR - Gorenje - Gorenje Group

Under consideration of the period January – December in
2010, costs of services increased by EUR 20.6 mio or by
13.6 percent, at a comparable level by EUR 5.0 mio or 3.6
percent. This increase is mostly a result of higher costs of
logistics due to a change in the operational sales model in
the Russian market.
Added value per employee improved over the previous
year from EUR 33,482 to EUR 33,848 or by 1.1 percent. As
employee benefits expense growth exceeded the added
value growth, the economic labour productivity (change
in the ratio of added value to labour cost per employee)
dropped by 9.8 percent in view of total generated added
value growth by EUR 3.3 mio (to EUR 301.5 mio). Accord-
Chart 26: Quarterly movement of EBITDA in the HA Division (in MEUR)
125.0
100.0
75.0
50.0
25.0
0.0
18.0
18.3 18.9 17.7 19.6
The Management Board of the company Gorenje, d.d.
38.1
25.9
ingly, the share of employee benefits expense within
added value grew from 66.2 percent to 73.3 percent.
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 32,615 to EUR
31,794 or by -2.5 percent. The decline is basically attributable
to the total added value generated in 2011, which
is lower because of the impaired gross margin. Consequently,
the economic labour productivity declined by 1.6
percent if compared to the comparable period in 2010.
Hence, the share of employee benefits expense within
added value grew from 68.3 percent to 69.4 percent.
24.7
100.9
q1 q2 q3 q4 Year
2010 2011
Table 35: EBITDA and EBITDA margin of the HA Division
80.4
Quarterly movement of the EBITDA margin of the HA Division
16,0 %
14,0 %
12,0 %
10,0 %
8,0 %
6,0 %
ANNUAL REPORT 2011
Lower amortisation and depreciation expense by EUR
1.5 mio or 3.3 percent and at a comparable level by EUR
5.0 mio or 12.1 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 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
33.4 mio (comparable) and in view of 2010 (EUR 23.9
mio) indicates an increase which is attributable to the
amount of subsidies and grants received for providing
10,3 %
q1 q2 q3 q4 Year
2010 2011
(in MEUR) 2011 2010 Q4 2011 Q4 2010
2011
Comparable
2010 Q4 2011 Q4 2010
EBITDA 80.3 100.9 24.7 25.9 79.0 83.4 28.2 23.1
EBITDA margin 7.6 % 10.3 % 8.5 % 8.7 % 8.6 % 9.1 % 10.8 % 9.0 %
7,6 %
89