GORENJE, d.d., Velenje
In the first nine months Gorenje performed well and in line with the dynamics of the plan 2007. Strong growth of sales, but at the same time historical high price levels of strategic raw materials. Last months will be the strongest. The Management Board is determined to achieve the objectives for the year 2007. The Supervisory Board discussed the results at its 14th meeting on 8 November 2007.
Business Performance in the First Nine Months of the 2007 Financial Year
The Supervisory Board of Gorenje, d.d., today at its 14th Meeting discussed and adopted the non-audited financial report of Gorenje d.d. and the Gorenje Group for the first nine months of 2007. In the opinion of the Supervisory Board the business performance was good, in particular in the light of the market conditions.
Revenue in the amount of EUR 950,479 thousand is 23.3 % (EUR 179.6 million) higher than in the same period last year, reaching 79.1 % of the plan 2007. Revenue in the 9M 2007 is not entirely comparable to the figure reported for the same period in the preceding year due to the inclusion of the companies Gorenje Energetski sistemi and Surovina, d.d., into the Group. Using comparable data, revenue is higher by EUR 83.6 million, which is equivalent to 11.1 %.
Operating profit before depreciation/amortisation/EBITDA, which is a rough estimate of earnings from operating activities, amounts to EUR 61,849 thousand, which is 7.4 % more than in the same period in 2006 and represents 63.6 % of the annual plan for 2007.
EBIT amounted to EUR 22,552 thousand, with moderate 7.2 % growth and 51.1 % of 2007 plan.
Profit Before Tax/PBT in the amount to EUR 18,081 thousand, exceeds the figure reported in the same period in 2006 by 18.2 %, reaching 61.2 % of the plan 2007.
Consolidated net profit in the amount of EUR 13,528 thousand, exceeds the figure reported in the same period in 2006 by 4.8 %, reaching 58.7 % of the plan 2007. The net profit also includes the net profit share of minority shareholders amounting to EUR 1,229 thousand.
Parent Company Gorenje d.d.:
Revenue in the amount of EUR 603,236 thousand is for 19.6 % (EUR 98,749 thousand) higher than in the same period last year, reaching 71.6 % of the plan for 2007.
EBITDA amounts to EUR 35,122 thousand, which is 5.5 % more than in the same period in 2006 and represents 60 % of the annual plan.
EBIT in the amount of EUR 9,623 thousand, exceeds the figure reported in the same period in 2006 by 23.5 %, reaching 40.8 % of 2007 plan.
PBT amounted to EUR 6,508 thousand, with strong 25.3 % increase and represents 33.7 % of the annual plan.
Net profit for the period amounts to EUR 5,013 thousand, which is 18.8 % more than in the same period last year, and 32.5 % of the planned net profit for 2007.
Please, find attached files!
Any important changes to data in the company's prospectus shall be promptly released in public announcements on SEOnet of the Ljubljana Stock Exchange. As from the date of this release, this notice will also be published on the company's gorenje.com website.
The Management Board
Date: 8. 11. 2007