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GORENJE, d.d., Velenje

SID banka in support of Gorenje's R&D projects

Pursuant to relevant legislation, the company Gorenje, d.d., Velenje, Slovenia, hereby informs the shareholders and the public of the following:

Velenje, July 4, 2012 – Gorenje President and CEO Mr. Franjo Bobinac, and Management Board President at SID banka Mr. Sibil Svilan signed an agreement, by which the SID banka grants to Gorenje a 10-year long-term loan to finance four development projects, amounting to a total of EUR 28 million.

Gorenje will dedicate the funds for development of new kitchen appliances excelling in energy efficiency and user-friendliness, highly energy-efficient washing machines and tumble dryers, and designer/signature lines; a part of the funds will also be allocated to development of solutions to improve the efficiency of manufacturing operations.

Gorenje was granted the loan for R&D projects taking place in Slovenia.

"With ever more stringent competition by manufacturers from low-cost countries, development of new appliances with higher value added is more important than ever in pursuit of higher brand reputation and solid market standing. We are pleased to have obtained the loan from the SID bank which will contribute to the development of our new high-end appliances that will in turn boost our competitiveness in over 70 markets across the globe. Needless to say, this will also allow us to retain the jobs in Slovenia," commented Gorenje President and CEO Mr. Franjo Bobinac.

"By financing Gorenje's development project in this way, we are pursuing our role as a development bank, which is to improve the competitiveness of Slovenian enterprises that show considerable potential, create jobs, and contribute to sustainable development of Slovenia," stressed the Management Board President at SID banka Mr. Sibil Svilan.

The loan approved by SID banka to Gorenje is a part of the program called »Financing of technological and development projects«, for which the bank provided EUR 100 million of own funding obtained by a loan from the European Investment Bank (EIB), and EUR 50 million of budget funding provided by the Ministry of Economic Development and Technology of the Republic of Slovenia. Such combination of own and budget sources allows the SID bank to offer qualifying enterprises lower interest rates for development-oriented loans.

Gorenje CFO Mr. Peter Groznik emphasized: "Regardless of the loan by the SID banka, Gorenje Group will continue to pursue the activities to decrease its debt. In the first half of the year, we cut our debt by approximately EUR 30 million and we shall keep up this pace throughout the year."

Disclaimer: The English text for all announcements is for information purposes only!

The information in this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, www.gorenje.com, for at least 5 years from the date of this announcement. 

Management Board of Gorenje, d.d.
Date: 04.07.2012