Annual Report Gorenje Group 2009

The Supervisory Board consistently monitored the management and business operations of the
Company and the Gorenje Group, and regularly discussed the operating results, financial position and
assets, as well as the changed circumstances in the markets where Gorenje is present. In reviewing
the submitted Annual Report for the year 2009, the Supervisory Board established the following:
• Given the financial crisis, recession, and the difficult position in the Group's key markets, the
Company's business operation in 2009 was satisfactory despite the loss. The Management
Board's responses to the strained conditions were timely and appropriate. By reducing costs
on several levels, the Company created significant savings and alleviated the negative result
that would have occurred if such measures had not been implemented. In future, the
Management Board must endeavour to ensure social peace while considering the interests of
all stakeholders, and communicate openly with the public in connection with current issues;
• In 2009 the Company operated less successfully than planned, but nevertheless much better
than estimated at the beginning of the year. This points to a significant improvement in
operations in the second half of the year as the consequence of appropriate and prompt
measures. The negative result was the consequence of the very low demand for durable
consumer goods, poor liquidity of buyers, a poor financial situation in some of the Group's key
markets, devaluation of currencies in non-euro countries, declining value of investments, and
increased interest rates.
The Supervisory Board has established that the Annual Report for 2009, as prepared by the
Management Board and reviewed by the auditing company, has been compiled clearly, transparently
and in line with the provisions of the Companies Act and applicable International Financial Reporting
Standards. The Supervisory Board has also examined and approved the Auditor's Report and has no
comments in connection therewith. On the basis thereof, the Supervisory Board has assessed that the
Annual Report presents a true and fair picture of the assets, liabilities, financial position and operating
results of the parent company and the Gorenje Group.
On the basis of the above-mentioned findings, the Supervisory Board approved at its meeting held on
16 April 2010 the Annual Report of Gorenje, d.d. and the Consolidated Annual Report of the Gorenje
Group for the year 2009 as proposed by the Management Board.
DETERMINATION AND PROPOSED APPROPRIATION OF ACCUMULATED PROFIT
In line with the Companies Act and the Articles of Association of Gorenje, d.d., the Management
Board decided that the net loss for the 2009 financial year in the amount of EUR 6,083,995.50 would
be charged against retained net profit in the amount of EUR 7,012,593.42, which has been approved
by the Supervisory Board.
The Management Board and the Supervisory Board of the Company have proposed to the General
Meeting of Shareholders that the accumulated profit for the 2009 financial year in the amount of EUR
928,597.92 remain unappropriated.
In preparing the proposed resolution on the covering of losses for 2009, the Management Board and
the Supervisory Board gave due consideration to the applicable provisions of the Companies Act and
the Articles of Association of Gorenje, d.d.. Given the fact that the Company operated with losses in
2009, the Management Board and the Supervisory Board propose that dividends not be paid out in
2010.
The Supervisory Board further proposes to the General Meeting of Shareholders that the members of
the Management Board be discharged of their duties in 2009.
This report was prepared by the Supervisory Board in accordance with the provisions of Article 282 of
the Companies Act (ZGD-1) and is addressed to the General Meeting of Shareholders.
Velenje, 16 April 2010
Dr. Jože Zagožen
Chairman of the Supervisory Board
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Annual Report Gorenje Group 2009