GORENJE, d.d., Velenje

Summary of the Audited Annual Report for the Year 2004

At the meeting, held on April 11, 2005, the Supervisory Board of Gorenje, d.d., adopted audited Annual Report of Gorenje, d.d., and the Consolidated Annual Report of the Gorenje Group for the Year 2004, and confirmed the proposal for the application of the balance-sheet profit for the year 2004.

In addition to the parent company Gorenje d.d. the consolidated financial statements of Gorenje Group comprised the following companies:

In Slovenia:
Gorenje IPC, d.o.o., Velenje; Biterm, d.o.o., Bistrica ob Sotli; Gorenje Notranja oprema, d.d., Velenje; Gorenje Glin, d.o.o., Nazarje; Gorenje Orodjarna, d.o.o., Velenje; Gorenje Indop, d.o.o., Velenje; Gorenje Tiki d.o.o., Ljubljana; Gorenje GTI, d.o.o., Velenje; Gorenje Gostinstvo, d.o.o., Velenje; LINEA, d.o.o., Velenje; Energygor, d.o.o., Velenje; Opte Ptuj, d.o.o., Ptuj; Kemis, d.o.o., Radomlje; Istrabenz - Gorenje, d.o.o., Ljubljana (joint-venture).

Abroad:
Gorenje Beteiligungsgesellschaft m.b.H., Austria; Gorenje Austria Handelsgesellschaft m.b.H., Austria; Gorenje Vertriebsgesellschaft m.b.H., Germany; Gorenje Körting Italia S.r.l., Italia; Gorenje France SA, France; Gorenje BELUX S.a.r.l., Belgium; Gorenje UK Ltd., Great Britain; Gorenje Skandinavien A/S, Denmark; Gorenje AB, Sweden; Gorenje USA Inc., USA; Gorenje Spol. s r.o., Czech Republic; Gorenje Real Spol. s r.o., Czech Republic; Gorenje Slovakia Spol. 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 Skopje, d.o.o., Macedonia; Gorenje Commerce, d.o.o., Bosnia and Herzegovina; Gorenje, d.o.o., Serbia and Montenegro; Gorenje Podgorica , d.o.o., Serbia and Montenegro; Gorenje OY, Finland; Gorenje AS, Norway; Gorenje Romania S.R.L., Romania; Gorenje aparati za domačinstvo, d.o.o., Serbia and Montenegro; 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., Zagreb, Croatia; Hyundai Auto, d.o.o., Serbia and Montenegro; Gorenje Imobillia, d.o.o., Serbia and Montenegro; Kemis, d.o.o., Croatia; Kemis BiH, d.o.o., Bosnia and Herzegovina;

Date: 13. 4. 2005