Gorenje Revenues Up in First Half Aug 30, 2011

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On Aug. 29, 2011, the supervisory board of appliance maker Gorenje Group (Velenje, Slovenia) was presented the unaudited business report of the group and its parent company for the first half of this year.

In the first six months of 2011 Gorenje Group sales revenues rose 22.1% over the first six months of 2010 to a total of EUR 744.6 million.

Adjusting for the acquisition of Scandinavian appliance maker Asko, acquired in mid-2010, sales revenues in the first half of 2011 were up 9.7%. The Home Appliance Division, dealing with Gorenje's core activity, saw 20.1% growth resulting from both increased volume, partly an effect of the Asko merger, and improved composition by products and markets.

Gorenje offset raw material cost increases by raising end product prices sales in Scandinavia, Germany, Italy, Belgium, Russia, and Ukraine, and by improving the products mix.

Net income (profit after taxes) of EUR 6.4 million is up 30.6% over 1H 2010.

Without Asko, net income would have amounted to EUR 12.4 million. Gorenje believes the negative effect of the Scandinavian company on the Group's results will be neutralized in 2012, and Asko performance is expected to rebound to positive figures in 2012.

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