Tuesday, 19th April 2011, Velenje, Slovenia

The 10th Supervisory Board Meeting of Gorenje, d.d.

At their session held today, Gorenje Supervisory Board adopted the audited consolidated Annual Report of the Gorenje Group and the Annual Report of the parent company Gorenje, d.d., for 2010, and confirmed the proposal on the allocation of distributable profit for 2010. Supervisory Board furthermore agreed with premature termination of the term of office of Mr. Franc Košec, Management Board member co-responsible for the Home Appliance Division and in charge of the machine building and toolmaking operations. Mr. Košec terminated his term prematurely on his own request for health-related reasons. Until the expiry of their term on July 18th 2013, Gorenje Management Board shall continue to consist of five members.
Mr. Košec was first appointed to the Gorenje Management Board in 2003; he has been employed at the company since 1971. In the years of his career, he took part in many projects of great relevance for Gorenje Group's development, including the acquisition of the Czech cooking appliance manufacturer Mora Moravia, and establishment of refrigerator freezers manufacturing plant in Valjevo, Serbia. Following the termination of his term of Management Board member as of today, April 19th 2011, he remains a Gorenje employee.
Last year, Gorenje Group's sales revenues amounted to EUR 1.38 billion, which is 16.5 percent more than in 2009. Profit after tax reached EUR 20 million. EBIT of EUR 56.4 million was EUR 44.3 million higher than in 2009. EBIT margin, too, saw notable improvement as it was upped from 1.0 percent to 4.1 percent.
The year 2010 saw numerous changes that are significantly altering the circumstances of the Gorenje Group's operation. For this reason Gorenje Management Board shall prepare by this June a refreshment of the Strategic Plan and the extension of its time horizon to the year 2015.
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