ANNUAL REPORT 2008 - Gorenje Group

8
2008
KEY ACHIEVEMENTS
OF THE GORENJE GROUP
1,500,000
Sales revenue
(in 000 EUR)
1,200,000
900,000
600,000
CONSOLIDATED REVENUE
Despite the difficult
operating conditions, the
Company achieved a growth
in volume of operations
that was also influenced by
the newly acquired Atag
company.
300,000
0
2004 2005 2006 2007 2008
905,324 1,014,669 1,111,035 1,293,438 1,330,753
100,000
EBITDA
(in 000 EUR)
80,000
60,000
40,000
20,000
0
7.5%
Share in
gross
operating
yield (%)
7.3%
7.1%
7.0%
6.9%
2004 2005 2006 2007 2008
71,379 75,749 80,404 92,857 94,014
EARNINGS BEFORE
INTEREST, TAXES,
DEPRECIATION AND
AMORTISATION The costs
of goods, materials and
services grew at a slower
rate than the volume of
operations, which together
with the acquisition of Atag
had a favourable impact on
growth. Employee benefits
(harmonisation with labour
legislation) and amortisation
expenses had a stronger
negative impact.
30,000
Total profit
or loss
25,000
20,000
15,000
10,000
5,000
0
2.4%
Share in
gross
operating
2.3%
2.5%
2.2%
1.1%
2004 2005 2006 2007 2008
22,471 23,815 27,843 29,400 15,473
TOTAL PROFIT OR LOSS
Owing to the negative
impact of increased financial
activities, the total profit
or loss did not follow the
growth of EBITDA. The
higher negative result of
financial activities was due to
impairments of investments
in line with IFRS, higher
interest expenses as the
consequence of higher
interest rates, and higher
indebtedness and exchange
losses.