GORENJE, d.d., Velenje

Non-audited consolidated Financial Statement of Gorenje Group for the year 2003

At its 12th Meeting held on Feb. 26, 2004 the Supervisory Board was informed on non-audited consolidated Financial Statement of Gorenje Group for the year 2003.

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. and Energygor, d.o.o., all with head offices located in Velenje, and 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, and Kemis, d.o.o., Radomlje;

Abroad: Gorenje Beteiligungs GmbH, Austria; Gorenje Austria Handels GmbH, Austrija; Gorenje Vertriebs GmbH, Germany; Gorenje Koerting Italia S.r.l., Italy; Gorenje France S.A., France; Gorenje BELUX S.a.r.l., Belgium; Gorenje UK Ltd., Great Britain; Gorenje Skandinavien A/S, Denmark; Gorenje Sverige AB, Sweden; Gorenje Pacific Pty. Limited, Australia; Gorenje USA Inc., USA; Gorenje spol s r.o., Czech Rep.; Gorenje Kuchyne spol s r.o., Czech Rep.; Gorenje Slovakia s.r.o., Slovakia; Gorenje Budapest Kft., Hungary; Gorenje Polska Sp.zo.o., Poland; Gorenje Bulgaria EOOD, Bulgaria; Gorenje Zagreb, d.o.o., Croatia; Gorenje Skopje, d.o.o., Macedonia; Hyundai auto Zagreb, d.o.o., Croatia; Gorenje Commerce, d.o.o., Bosnia and Herzegovina; Gorenje, d.o.o., Serbia and Montenegro; Gorenje Real spol. s r.o., Czech Rep.; Gorenje Real Kft., Hungary; Gorenje Podgorica, d.o.o., Serbia and Montenegro; Gorenje Küchen GmbH, Austria; Gorenje OY, Finland; Hyundai auto, d.o.o., Serbia; Gorenje Kuhinje, d.o.o., Bosnia and Herzegovina; Gorenje AS, Norway; Gorenje Romania S.R.L., Romania; Kemis Zagreb, d.o.o., Croatia; Kemis BiH, d.o.o., Bosnia and Herzegovina.

Date: 1. 3. 2004