System-ID: s_6

Gorenje Group and its business activities

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The year 2009 was marked by a sharp decline in sales in the first half of the year, when the full impacts of the global economic crisis began to unfold in our lines of business. In 2009 the Gorenje Group jointly generated EUR 1.2 billion in sales, which is EUR 144.8 million (10.9 percent) less than in the previous year. Despite the decline, the Company strengthened its position and acquired market shares in its key home appliance markets.

In times of financial crisis, consumers are always more cautious and prone to postponing purchases of more durable goods for fear of losing their jobs. The low liquidity of the financial system caused banks to stop financing consumption. The declining economic activity reduced tax income, while rising unemployment increased budget expenses. Countries experienced budget difficulties, which led to the devaluation of local currencies in Eastern European countries. Consequently, the prices of the Company's products in these markets additionally increased, reducing sales.

Sales Revenue by Division
 Home AppliancesHome InteriorEcology, Energy and ServicesGroup
         
 20092008200920082009200820092008
         
Revenue from sales to others925,4961,050,12540,72059,133219,721221,4951,185,9371,330,753
Inter-division sales 3,9559,95514,45422,4816,7797,83925,18840,275
Source: Gorenje Group data.
Sales Revenue Structure by Division

Source: Gorenje Group data. Home Appliances Division Note: The revenue of the Home Interior Division in 2009 includes the total revenue of Atag, which amounted to EUR 140,665 million. The data for this division is not directly comparable to the year 2008, since Atag joined the Company in the second half of the year.

The products of the Gorenje Group are available in seventy countries across the globe. Its key markets are divided as follows: Western Europe, Eastern Europe, and the rest of the world, which comprises the markets of the Middle and Far East as well as all other continents.

Sales Revenue by Geographical Segment
 Western EuropeEastern EuropeRest of WorldGroup
         
 20092008200920082009200820092008
         
Revenue from sales to third parties430,771387,342723,096901,69132,07041,7201,185,9371,330,753
Total assets300,862277,774876,838921,33197758,6271,178,6771,257,732
Investments4,4912,20124,24074,6031328,73276,807
Source: Gorenje Group data.
Sales Revenue Structure by Geographical Segment

Source: Gorenje Group data.