News

November 2017

Wednesday, 29th November 2017, Velenje Gorenje appoints advisors for its search of a strategic partner

As publicly announced on November 9, 2017, Gorenje Group is embarking on an active search of a suitable strategic partner who would back the Group in its long-term and sustainable growth and development, which could also lead to such partner's participation in the company's ownership structure. To support these activities, Gorenje Management Board appointed at its yesterday's session Rothschild S.p.A., Italy, part of the reputable international investment bank Rothschild & Co, as its financial advisor, and the law firm Jadek & Pensa of Ljubljana for legal support in the process. Activities will be presumably completed by the end of the third quarter of 2018. Gorenje will release more details in case of any specific further steps or if the activities are completed.

Tuesday, 28th November 2017, Velenje, Slovenia How to initiate “circular economy” thinking in the innovation process

Gorenje successfully participated in the project ResCoM - Resource Conservative Manufacturing, co-founded by the European Commission. One of the aims of the project was to develop tools that would help companies with circular economy transformation.

Wednesday, 22nd November 2017, Velenje Company receives requests for convocation of Shareholders Assembly

The company Gorenje Gospodinjski aparati d.d. informed the public on November 17, 2017, that it had received on November 16, 2017, a request by a minority shareholder Home Products Europe B.V. for convocation of shareholders assembly. Yesterday, on November 21, 2017 and today, on November 22, 2017 the company received two further requests, identical in their contents, for convocation of shareholders assembly by shareholders Raiffeisenbank Austria d.d., Magazinska 69, 1000 Zagreb, and Splitska banka d.d., Domovinskog rata 61, 21000 Split, Croatia, represented by the law firm Kontarščak d.o.o. from Maribor. As registered owner of 471,555 Gorenje, d.d., shares, ISIN SI0031104076, the shareholder Raiffeisenbank Austria d.d. with such number of shares does not constitute the shareholding based on which the company management would be obliged by law to convene a shareholders assembly, i.e. one twentieth of total share capital, and neither does the shareholder Splitska banka d.d., as registered owner of 407,831 Gorenje, d.d., shares, ISIN SI0031104076. However, the requests are identical to the request by the shareholder Home Products Europe B.V. and therefore, the company will address all requests together.

Tuesday, 21st November 2017, Velenje Supervisory Board statement on a request for convocation of a Gorenje Shareholders Assembly

Good six months before the expiry of Gorenje Supervisory Board's term of office, shareholder Philip Sluiter requested convocation of an extraordinary general meeting to demand replacement of two Supervisory Board members. This has stirred some allegations in the media and the general public of overly congenial relations between the Supervisory Board and the Management Board. In the spirit of transparency and sound corporate governance, we believe the resulting circumstances require a response by the Supervisory Board.

Friday, 17th November 2017, Velenje, Slovenia Company receives request for convocation of Shareholders Assembly

The company Gorenje gospodinjski aparati d.d. hereby informs that it received yesterday, November 16, 2017, in the evening a request from minority shareholder Home Products Europe B.V. for convocation of a Shareholders Assembly.

Friday, 17th November 2017, Velenje, Slovenia Financial calendar for the year 2018

Gorenje, d.d., is releasing its financial calendar for the year 2018.

Tuesday, 14th November 2017, Ljubljana Gorenje recognized as the most environmentally friendly company

At the traditional environment convention, organized by the Finance daily paper and the Eko Fund, with this year's instalment titled "Excellence, Innovation, and Efficiency in Practice – Environmentally Friendly Projects in Slovenia and Abroad", Gorenje received an award for the most environmentally friendly company. At Gorenje, successful pursuit of our strategy of developing environmentally friendly products is also accompanied by systematic reduction of energy and water consumption, and reduction of waste in manufacturing processes. Our success in the field has been acknowledged by many environmental accolades received to date.

Monday, 13th November 2017, Velenje, Slovenia Gorenje's reporting compliant with the relevant legislation

Following up on the notification dated October 26, 2017, that Gorenje received from the ATVP (Securities Market Agency) a Request for Submission of Reports and Information regarding the article in the Delo daily paper on the alleged termination of business cooperation between the Gorenje Group and Panasonic, we hereby inform the public that Gorenje received on November 10, 207, from the Securities Market Agency (ATVP) a notification ant the Agency did not find in the supervisory procedure in conducted any breaches of legislation regarding Gorenje's reporting as a public company.

Thursday, 9th November 2017, Velenje Gorenje to actively explore strategic partnership opportunities

Gorenje Group’s strategic guidelines have been constantly driving the group towards the exploration of potential strategic alliance opportunities aimed at pursuing growth of business, economies of scale to guarantee cost competitiveness, strengthening brand power, accessing prime distribution channels, accelerating product innovation and business digitalisation. The globalisation and consolidation trends which have been characterizing the white good industry over the last years, have further stimulated the group to proactively search for available strategic partnership opportunities.

Thursday, 9th November 2017, Velenje Gorenje Group with revenue and profits increase, despite a challenging quarter

With challenging conditions in both downstream and upstream markets, as well as the labour market, Gorenje's performance remains stable as the Group generated nearly EUR 944 million of sales revenue in the first nine months of the year, or 4.8 percent more than in the same period last year. Comparable operating profit before depreciation and amortisation (EBITDA) was higher by good five percent as it nearly reached EUR 59 million. Net profit at EUR 4.6 million was 12.1% higher than in the equivalent period of the year before. We increased our sales of major domestic appliances, including the premium brands, and small domestic appliances. We also improved our geographical structure of sales and increased our revenue from other businesses. Performance in the third quarter was negatively affected by slower sales that fell short of the budget, especially in the markets of Germany and Great Britain; rising prices of materials and components; labour cost pressures; and decrease of productivity as a result of mass production launch for new generations of products. Considering the typical dynamics within the year, we expect to see the largest share of revenue in the last quarter, which in turn will also affect the overall performance. In view of the said negative circumstances, we find that all key objectives laid down for 2017 are not attainable, despite the many measures introduced to mitigate them.

Tuesday, 7th November 2017, Velenje Gorenje gets its own postage stamp

On Friday, November 10, Pošta Slovenije (the Slovenian postal service) will issue a special-edition postage stamp from the Slovenian Industrial Design series, depicting the Gorenje Simple & Logical washing machine. The revolutionary product – the first touch-controlled home appliance – was a global innovation. For Gorenje, it meant the start of a user-centric design approach that emphasizes simplicity of use and which Gorenje continues to pursue under the slogan Life Simplified.

Friday, 3th November 2017, Ljubljana Impressive ideas at the first Gorenje Group hackathon

Over the past weekend, October 28 - 29th, the first Gorenje Group International Business Hackathon took place at the Ljubljana Technology Park. At the event, organized by the Corporate University of Gorenje in cooperation with companies CorpoHub and Microsoft Slovenia, 63 participants from 10 countries sought to develop solutions for business challenges of the digital future. The winning idea took into account the lifestyle, development and communication trends as well as shopping and retail trends of the future.

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