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Riding the Wind of Change RIDING THE WIND OF CHANGE GORENJE GROUP 2012 ANNUAL REPORT WorldReginfo - 107afaeb-aff2-48c7-879f-f3f5fd15a4b3 TABLE OF CONTENTS GORENJE GROUP IN THE YEAR 2012 BUSINESS REPORT ACCOUNTING REPORT 2 TABLE OF CONTENTS I. GORENJE GROUP IN THE YEAR 2012 3 III. ACCOUNTING REPort 85 Performance Highlights 4 Accounting Report of the Gorenje Group 86 2012 In Pictures and Words 5 Consolidated Financial Statements of the Gorenje Group 86 Letter from the President of the Management Board 8 Notes to the Consolidated Financial Statements 94 Independent Auditor’s Report 139 Supervisory Board Report 10 Accounting Report of the company Gorenje, d.d. 146 Restructuring our Manufacturing Operations 14 Financial Statements of Gorenje, d.d. 146 Developing Home Products 17 Notes to the Financial Statements 154 Our Markets 29 Independent Auditor’s Report 203 Deleveraging and Restructuring our Financial Debt 35 2012: First Year of Strategic Plan Implementation 37 Plans for 2013 39 Corporate Governance Statement 40 Gorenje Management Board 40 Supervisory Board 43 Corporate Governance Code Compliance Statement 49 General Meeting of Shareholders 50 Investor Relations 51 Social Responsibility 54 Responsibility Towards Employees 54 Responsibility Towards Natural Environment 57 Responsibility Towards Social Environment 57 II. BUSINESS REPort 59 Business Segments in Brief 60 Operating Performance of the Gorenje Group 62 Operating Performance of the Business Segment Home 68 Operating Performance of the Business Segment Ecology 70 Operating Performance of the Business Segment Portfolio Investments 72 Financial Performance of the Gorenje Group 74 Risks 78 Events after year-end 84 WorldReginfo - 107afaeb-aff2-48c7-879f-f3f5fd15a4b3 GORENJE GROUP 2012 ANNUAL REPORT TABLE OF CONTENTS GORENJE GROUP IN THE YEAR 2012 BUSINESS REPORT ACCOUNTING REPORT 3 GORENJE GROUP IN THE YEAR 2012 WorldReginfo - 107afaeb-aff2-48c7-879f-f3f5fd15a4b3 GORENJE GROUP 2012 ANNUAL REPORT TABLE OF CONTENTS GORENJE GROUP IN THE YEAR 2012 BUSINESS REPORT ACCOUNTING REPORT 4 PERFORMANCE HIGHLIGHTS • Year of strategic restructuring • Growth of 5.5% in non-European markets in line with strategic policy • Launch of production facility optimisation for stronger global presence • Acceleration of activities to provide financial stability of operations • EBIT margin of 3.6% was higher in the last quarter by 8.9% or by 2.7 • Launch of new home products in markets percentage point • Revenue decline of 1.5% with a fourth quarter revenue increase of • Increased free cash flow of EUR 43.7m or EUR 12.5m over the previ- 2.2%; Revenue growth from core activity of home products of 1.7%, ous period, and EUR 15.1m more than planned. with 6.9% growth in the last quarter • Largest growth in the markets of Russia, Germany, Poland, Ukraine, Australia, the USA, Scandinavia, Bulgaria and Croatia Performance highlights of the Gorenje Group Comparable4 EURm 2012 2011 Index Plan 2012 2012 2011 Index Consolidated revenue 1,263.1 1,386.6 91.1 1,391.4 1,263.1 1,281.8 98.5 EBITDA 90.6 92.0 98.4 101.3 90.6 91.5 99.0 EBITDA margin (%) 7.2% 6.6% / 7.3% 7.2% 7.1% / EBIT 44.9 43.7 102.9 50.0 44.9 43.6 103.0 EBIT margin (%) 3.6% 3.2% / 3.6% 3.6% 3.4% / Profit before tax 14.8 18.3 80.8 15.9 14.8 17.1 86.5 Net profit or loss 0.3 9.1 3.2 13.4 0.3 8.1 3.6 ROS (%) 0.02% 0.7% / 1.0% 0.02% 0.6% / ROA (%) 0.02% 0.7% / 1.1% 0.02% 0.6% / ROE (%) 0.1% 2.3% / 3.3% 0.1% 2.1% / ROIC (%) 3.4% 4.4% / 5.2% 3.4% 4.4% / Free cash flow / narrow1 43.7 35.8 122.0 28.6 43.7 31.2 140.3 Financial debt 432.7 484.1 89.4 403.8 432.7 484.1 89.4 Net financial debt2 379.2 382.5 99.2 380.3 379.2 382.5 99.2 Net financial debt / EBITDA3 4.2 4.4 / 3.8 4.2 / / 1Net profit or loss + amortisation and depreciation expense - Capex + divestment -+ change in inventories –+ change in trade receivables –+ change in trade payables Items of free cash flow within the balance sheet are calculated based on the difference in balances without excluded discontinued operations. 2Financial debt - cash 3 Net financial debt / EBITDA for the last 12 months 4 Events affecting business performance explained on page 61. WorldReginfo - 107afaeb-aff2-48c7-879f-f3f5fd15a4b3 GORENJE GROUP 2012 ANNUAL REPORT TABLE OF CONTENTS GORENJE GROUP IN THE YEAR 2012 BUSINESS REPORT ACCOUNTING REPORT 5 2012 IN PICTURES AND WORDS MARCH Our products were again among the best-designed products The Gorenje SensoCARE wash- JANUARY ing machine with smart Sen- sorIQ technology and the sen- Two washing machines of the Asko brand scored best in Australia sor controlled induction hob At testing conducted by the Gorenje IQcook were among Australian consumer organiza- the best-designed products of tion Choice, two of our Asko 2012 in the world. Products were brand washing machines ranked decided by a 30-member jury first and second in the category of the most recognised inter- of washing machines 6- and 7 national design competition for kg load capacity. In the inde- the Red dot design award. Our own development and design teams pendent testing and compari- created both appliances. Gorenje was also awarded the Red dot de- son, 45 washing machines were sign award for two cooker hoods from the Atag brand, with which tested based on the following Gorenje operates mainly in the Benelux countries. Gorenje Group is a criteria: removal of dirt (40%), perennial winner of the Red dot award. rinsing effect (20%), water use efficiency (15%), spinning effi- Gorenje opens its factory in Zaječar ciency (10%) and gentle treat- Together with a group of col- ment of laundry (15%). leagues, we have solemnly opened the Gorenje’s sanitary equipment production and washing machine assembly plant in Zaječar. The facility employs nearly 100 people and success- FEBRUARY fully operates since fall 2011. Plus X Award for the Gorenje Retro collection refrigerator in the colour dark chocolate In Germany, our refrigerator- APRIL freezer appliance Gorenje Retro Peter Groznik was appointed member of the Management Board RF 603010 OCH won the Plus X Award for high quality, supe- On the proposal of the President of the Management Board and CEO rior design and environmentally of Gorenje, Franjo Bobinac, authorised to propose the members of friendly operation. The refrigera- the Management Board, and of the Supervisory Board's Remuneration tor, in a dark chocolate colour, Committee, the Supervisory Board appointed Peter Groznik as new was judged by an international member of the Management Board in charge of finance and manage- expert panel consisting of 130 rial economics. Marko Mrzel, who had been appointed member of the industry and media representa- Management Board in charge of finance and managerial economics tives from 32 countries. on 3 March 2011, continues as member of the Management Board in charge of sales of major and small appliances as of 1 January 2012. WorldReginfo - 107afaeb-aff2-48c7-879f-f3f5fd15a4b3 GORENJE GROUP 2012 ANNUAL REPORT TABLE OF CONTENTS GORENJE GROUP IN THE YEAR 2012 BUSINESS REPORT ACCOUNTING REPORT 6 MAY JULY Gorenje marked 20 years of Academy of Management SID Banka long-term loan for development projects At the beginning of the Nine- Franjo Bobinac, President of the ties, the Group began a more Management Board of Gorenje, intense pursuit of new busi- and Sibil Svilan, President of ness opportunities abroad. Be- the Management Board of SID ing well aware that international Banka, signed an agreement by competitiveness can only be which SID Banka granted Gore- achieved with people who have nje a 10-year loan of EUR 28 m sufficient management skills to finance four development and expertise, and who are able projects. We will use the funds to quickly detect and respond to to develop new kitchen appli- changes, we established an in-house training programme for prospec- ances excelling in energy efficiency and user-friendliness, high energy- tive employees – the Gorenje Academy of Management. To date nearly efficient washing machines and tumble dryers and designer lines. Part 500 employees have graduated from the Academy and, on 30 May of the funds will also be allocated to the development of solutions to 2012, a ceremony was to celebrate its 20th anniversary in the presence improve the efficiency of manufacturing operations. of its numerous graduates, the Company’s management and the then president of the Republic of Slovenia, Dr. Danilo Türk. AUGUST JUNE Gorenje’s fifth appearance at the IFA Fair in Berlin At the world's largest interna- Restructuring of production facilities underway tional consumer electronics and Production of cookers in the Lahti factory in Finland ceased at the home appliance tradeshow IFA, end of June and, in the following weeks, production was moved to the Gorenje used the slogan “Innova- cooking appliances plant Mora Moravia in the Czech Republic. This was tion for healthy Lifestyle” to pre- the first step in restructuring manufacturing operations. In the summer sent the revolutionary and Red months we started construction works on the new refrigerator-freezer dot awarded IQcook induction plant in Valjevo. Regular production in the new facility was launched in hob with supreme steam-cook- February 2013. In the past year, we have also announced the transfer ing technology, the first tumble of washing machine, dryer and dishwasher production from the plant dryer with IonTech technology in Sweden to Velenje. The production of washing machines and dryers and anti-allergic action, a new generation of washing machines and in Sweden ceased on 31 January 2013 and has continued in Velenje, dryers with innovative SensorIQ technology, and a new generation of while the dishwasher production in Sweden will be halted by 30 June intelligent refrigerators that provide high-quality long-term food stor- 2013 and resume in Velenje this autumn.
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