Annual Report Gorenje Group 2009

ECONOMIC FORECASTS
Autumn forecasts of the international institutions (European Commission, MDS, Consensus, OECD,
World Bank) for the years 2010 and 2011 draw attention to a slow and uncertain recovery. Quickly
developing economies would contribute most to the growth in the world economy, but the conditions
improve also in the largest - USA one where the increase will amount to 2.2 % and to another 2.0 % in
2011.
In the euro-zone the recession ended earlier than expected, which was a result of the growth in the
export demand. The initiatives coming from the public finance sector also had a positive effect. In the
year 2010 the euro-zone will be tested in relation to the reduction in the public deficit and fast-growing
public debt. They increased substantially due to weakening of economies and consequently because of
general government revenue on one hand and increasing unemployment and consequently increasing
public finance debt on the other one. This especially applied to the countries whose over-indebtedness
seriously endangers the stability of the complete area: Greece, Spain, Portugal, Ireland and Italy.
Foreseen GDP growth by country
2006 2007 2008 2009 2010 2011
HIGHLY DEVELOPED EU
COUNTRIES
Germany 3.2 % 2.5 % 1.3 % -5.0 % 1.2 % 1.7 %
France 2.2 % 2.3 % 0.4 % -2.2 % 1.2 % 1.5 %
Great Britain 2.9 % 2.6 % 0.5 % -4.8 % 0.9 % 1.9 %
EU countries in difficulties
Portugal 1.4 % 1.9 % 0.0 % -2.9 % 0.3 % 1.0 %
Italy 2.0 % 1.6 % -1.0 % -4.7 % 0.7 % 1.4 %
Greece 4.5 % 4.5 % 2.0 % -1.1 % -0.3 % 0.7 %
Spain 4.0 % 3.6 % 0.9 % -3.7 % -0.8 % 1.0 %
New EU countries
Czech Republic 6.8 % 6.1 % 2.5 % -4.8 % 0.8 % 2.3 %
Hungary 4.0 % 1.0 % 0.6 % -6.5 % -0.5 % 3.1 %
Poland 6.2 % 6.8 % 5.0 % 1.2 % 1.8 % 3.2 %
Slovenia 5.8 % 6.8 % 3.5 % -7.4 % 1.3 % 2.0 %
EU (27 countries) 3.2 % 2.9 % 0.8 % -4.1 % 0.7 % 1.6 %
Euro-zone (16 countries) 3.0 % 2.8 % 0.6 % -4.0 % 0.7 % 1.5 %
SOME OTHER COUNTRIES
USA 2.7 % 2.1 % 0.4 % -2.4 % 2.2 % 2.0 %
Japan 2.0 % 2.4 % -1.2 % -5.9 % 1.1 % 0.4 %
Source: Eurostat; accessible at http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/
SALES AND MARKET POSITION
All three divisions of the Gorenje Group are engaged in the sale of durables goods that were more
affected during the crisis than consumer goods. Some markets were severely and the others were
hardly affected. For example: in Austria the sales of household appliances increased in the year 2009,
but in Romania it decreased by 44 %. Our total sales dropped by 11.0 % in our most important markets
(East and West Europe). The sales in our three largest markets (Germany, Czech Republic and
Russia) fell by 10.9 %.
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Annual Report Gorenje Group 2009