GORENJE, d.d., Velenje

At its 19th Meeting held on Feb. 25, 2005 the Supervisory Board was informed on non-audited Financial Statements regarding the business performance of Gorenje, d.d., and Gorenje Group for the year 2004.

Non-audited consolidated Financial Statements of the Gorenje Group for the year 2004

The Management Board has evaluated the business achievements for the year 2004 as positive, especially considering the difficult circumstances of the business operations in the year 2004, in form of unexpected huge increase in prices of strategic reproduction and raw materials.

Net revenues from sales of the Gorenje Group amounted to SIT 213,589.4 million, which is 8.8% growth compared to 2003.
Net profit for the year 2004 amounted to SIT 4,915.1 million, which is 3.5% growth compared to 2003.

The companies included into consolidation:

Apart from the parent company Gorenje, d.d., the following associated companies have been included in the consolidation of the accounting statements:

In Slovenia: Gorenje Orodjarna, d.o.o.; Gorenje Indop, d.o.o.; Gorenje IPC, d.o.o.; Gorenje GTI, d.o.o.; Gorenje Gostinstvo, d.o.o.; LINEA, d.o.o.; Gorenje Notranja oprema, d.d. in Energygor, d.o.o., vse s sedežem v Velenju, ter Gorenje Tiki, d.o.o., Ljubljana; Biterm, d.o.o., Bistrica ob Sotli; Gorenje Glin, d.o.o., Nazarje; Opte Ptuj, d.o.o. Ptuj; Kemis, d.o.o., Radomlje; Istrabenz-Gorenje, d.o.o., Ljubljana;

Abroad: Gorenje Beteiligung GmbH, Austria; Gorenje Austria Handels GmbH, Austria; Gorenje Vertriebs GmbH, Germany; Gorenje Körting Italia S.r.l., Italy; Gorenje France SA, France; Gorenje Belux S.a.r.l., Belgium; Gorenje UK Ltd., Great Britain; Gorenje Skandinavien A/S, Denmark; Gorenje Sverige AB, Sweden; Gorenje USA Inc., USA; Gorenje spol. S r.o., Czech Republic; Gorenje Real Spol. S r.o., Czech Republic; Gorenje Commerce, d.o.o., Bosnia and Herzegovina; Gorenje Slovakia s r.o., Slovakia; Gorenje Budapest Kft., Hungary; Gorenje Polska Sp. Z o.o., Poland; Gorenje Bulgaria EOOD, Bulgaria; Gorenje Zagreb, d.o.o., Croatia; Gorenje Podgorica , d.o.o., Serbia and Montenegro; Gorenje OY, Finska; Gorenje Skopje, d.o.o., Macedonia; Gorenje, d.o.o., Serbia and Montenegro; Gorenje Romania S.R.L., Romania; Gorenje AS, Norway; Gorenje Küchen GmbH, Austria; Gorenje kuchyne spol. S r.o., Czech Republic; Gorenje Kuhinje, d.o.o., Bosnia and Herzegovina; Hyundai Auto, d.o.o., Serbia and Montenegro; Hyundai auto Zagreb d.o.o., Croatia; Kemis, d.o.o., Zagreb, Croatia; Kemis BiH, d.o.o. Lukavac, Bosna in Hercegovina; Gorenje aparati za domačinstvo, d.o.o., Serbia and Montenegro; Gorenje Imobillia, d.o.o., Serbia and Montenegro.

Date: 28. 2. 2005