Annual Report Gorenje Group 2009

Due to the circumstances described the Gorenje Group earned 12.1 million EUR operating profit
(EBIT) in 2009. The result of the year 2008 was by 24.8 million EUR higher and the majority of
decreases were results of the events in the first half of the year, but in the last quarter the results from
their comparable period of 2008 was exceeded by 2.8 million EUR (by 32 %). A poor result of the year
2009 was a result of the reduced business activities (a decrease in contribution margin amounting to
55.9 million EUR). The anti-crisis measures taken helped alleviate the effects of the fall by 31.1 million
EUR or more exactly:
• an improvement of other operating revenue by 6.9 million EUR - mostly relating to subsidies
received for salaries (5.0 million EUR) and compensation received (1.2 million EUR);
• an improvement relating to costs of services in the amount of 15.4 million EUR (in spite of
higher selling costs of medicinal equipment of the company GTI, d.o.o., and costs of services
of the company Atag that joined the Group in July 2008);
• an improvement of labour costs before consideration of government subsidies (5.0 million
EUR) amounting to 7.2 million EUR and after consideration of requirements during break in
work (2.7 million EUR in September);
• an improvement of 1.6 million EUR relating to other operating expenses/revenue.
Quarterly movement of EBITDA (in thousand EUR)
Source: Data of the Gorenje Group
A negative financial result amounting to 21.4 million EUR is the main reason that the year ended with a
9.3 million EUR of negative total profit or loss before taxation in spite of 12.1 million EUR of operating
profit. Thus the financing results remained at the level of the year 2008, but the financial revenue from
revaluation increased in 2009 (by 2.5 million EUR). Other financial expenses increased (5.0 million
EUR due to adjustments for receivables) and interest expenses (3.5 million EUR) and expenses for
foreign exchange losses decreased in the amount of 1.5 million EUR. The sale of investments was
realised in both comparable periods; in 2008 in the amount of 3.4 million EUR and in 2009 in the
amount of 3.1 million EUR.
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Annual Report Gorenje Group 2009