Commercial papers GRV05 Presentation of Gorenje Group and the proposed terms and conditions of commercial papers January 2017 www.gorenjegroup.com
One of Leading European Manufacturers of White Goods CORE BUSINESS R&D COMPETENCE Products and CENTRES services for home Slovenia (MDA, SDA, HVAC, Czech Republic kitchen furniture) Sweden Netherlands NUMBER OF Gorenje OWN EMPLOYEES PRODUCTION Group 10,796 Slovenia Serbia Czech Republic CONSOLIDATED REVENUE EUR 1.257 billion GLOBAL EXPORT PRESENCE 95% 90 Countries of sales Worldwide, MDA (major domestic appliances) mostly in Europe (92%), SDA (small domestic appliances) also in USA, Australia, HVAC (heating, ventilation, air conditioning) Near and Far East www.gorenjegroup.com 2
More than 60 Years of Tradition 1991 Slovenia becomes independent, loss of 1950 1964 1971 the former domestic Founded in the Production in Velenje, First sales subsidiary market village Gorenje New plant for abroad (Munich) cooking appliances 1961-1970 Production of washing machines and refrigerators 1960 Production in Velenje begins 1961-1970 1991-1996 Acquisitions of Strong expansion companies bringing abroad synergies to the core Business “ Everything for Home“ 1961 Setting-up own First export distribution network 1958 (to Western in Western Europe Manufacturing Germany) of stoves www.gorenjegroup.com 3
Fast Development in the Last Decade 2015 2013 New Strategy 2020 Strategic 2006 1998 Alliance with New refrigerator 2010 Gorenje, d.d., Panasonic & freezer plant Acquisition of the becomes a Listing on WSE in Valjevo, company ASKO, public company, listed Serbia Sweden on the Ljubljana Stock Exchange 2014 Positive effects of 2012 restructuring Reorganisation of production (…) facilities and sales organization begins, 2008 disposal of furniture Acquisition of the manufacturing company ATAG, business 2010 2005 the Netherlands IFC, a member of Acquisition of the World Bank, the Czech cooking enters the ownership appliances structure manufacturer Mora Moravia www.gorenjegroup.com 4
Ownership Structure More than 60% of foreign shareholders No. of shares Share in Ten major shareholders Ownership structure as at 31 December 2016 (31 Dec 2016) % KAPITALSKA DRUŽBA, D.D. 3,998,653 16.37% INTERNATIONAL FINANCE Treasury 2,881,896 11.80% CORPORATION shares Employees PANASONIC CORPORATION 2,623,664 10.74% 0.50% 2.84% KDPW - FIDUCIARNI RAČUN 1,892,218 7.75% HOME PRODUCTS EUROPE B,V. 1,221,231 5.00% Individuals Kapitalska RAIFFEISEN BANK AUSTRIA D.D. - 11.49% družba, d. d. 1,125,573 4.61% FIDUCIARNI RAČUN 16.37% Alpen.SI, mešani fleksibilni podsklad 793,208 3.25% ZAGREBAČKA BANKA D.D. - FIDUCIARNI 786,063 3.22% RAČUN IFC BNP PARIBAS SECURITIES SERVICES 11.80% 690,000 2.83% S.C.A. Other financial AUERBACH GRAYSON & COMPANY LLC 647,165 2.65% investors Panasonic 10.74% 38.51% Total major shareholders 16,659,671 68.21% KDPW - Fiduciary Other shareholders 7,764,942 31.79% account 24,424,613 100% Total 7.75% www.gorenjegroup.com 5
Business Activities Revenue 2016 estimate ~87% ~13% NON-CORE CORE BUSINESS Products and Ecology services for • Home: Tool making • MDA Engineering • • SDA Hotel and catering • • Trade HVAC www.gorenjegroup.com 6
Gorenje Group Brand Portfolio Benelux Implementing a multi-brand strategy with attention on the upper-mid and premium price segment. www.gorenjegroup.com 7
Most Important Sales Markets: Germany, Russia and the Netherlands GERMANY RUSSIA THE NETHERLANDS SERBIA SLOVENIA CZECH REPUBLIC CROATIA DENMARK AUSTRALIJA USA UKRAINE BIH AUSTRIA POLAND BELGIUM HUNGARY FINLAND NORWAY RUMANIA SLOVAKIA SWEDEN BULGARIA GREAT BRITAIN FRANCE MONTENEGRO www.gorenjegroup.com 8 Year 2015
R&D Competence Centres Mariánské údolí Firm Foundations for Future Development of the Gorenje Group Cooperation with international institutions, knowledge and excellence centres. www.gorenjegroup.com 9
Production Facilities for MDA in 3 Countries Slovenia, Velenje High value-added products – cooking appliances, dishwashers, and advanced washing machines and 12% dryers and niche refrigerators Czech Republic, Mariánské údolí 62% Freestanding cookers Serbia, Valjevo, Stara Pazova, Zaječar Refrigerators and freezers, water 26% heaters, and lower segment washing machines and dryers www.gorenjegroup.com 10
Gorenje Group Macro-organization and Locations Thoughtfully constructed sales network, which will be expanding outside Europe. CURRENT MACRO ORGANIZATION (HOME)* PARENT COMPANY Gorenje, d.d. HOLDING COMPANIES 2 SALES BUSINESS UNITS 46 (incl.representative offices) PRODUCTION COMPANIES 5 www.gorenjegroup.com 11
Key categories of the Strategic Plan 2016-2020 www.gorenjegroup.com
STRATEGIC PILLARS 2020 < 2.5 www.gorenjegroup.com 13
CORPORATE GOALS OF GORENJE GROUP 2020 Revenue of EUR 1.56bn by 2020; increase of revenue by over 35% (CAGR of 2020 / 2015: + 6.2%). Corporate goal 2020: REVENUE OF EUR 1.56 BILLION Gorenje Group net sales revenue (excluding divested Ecology) in EUR billion 1,562 1,600 1,462 1,369 1,400 1,285 1,194 1,175 1,155 1,200 1,000 800 600 400 200 0 2014 2015 SP2016 SP2017 SP2018 SP2019 SP2020 www.gorenjegroup.com 14
CORPORATE GOALS OF GORENJE GROUP 2020 Doubled revenue of EUR 196m generated outside Europe; 14% of total Home segment sales. Corporate goal 2020: REVENUE OF EUR 196 MILLION GENERATED OUTSIDE EUROPE Revenue from sales outside Europe (EUR million) 196.0 173.4 153.7 143.9 121.4 111.0 107.2 2014 2015 SP2016 SP2017 SP2018 SP2019 SP2020 www.gorenjegroup.com 15
CORPORATE GOALS OF GORENJE GROUP 2020 Increase in sales of the Asko premium brand Corporate goal 2020: ASKO REVENUE OF EUR 206 MILLION Net revenue from Asko sales (EUR million) and share in total core activity (Home) sales, in % 14.3% 14% 12.9% 12.1% 250 11.1% 12% 10.1% 205.6 9.5% 10% 9.0% 200 173.2 8% 152.1 150 130.9 6% 109.7 99.1 96.6 4% 100 2% 50 0% 0 -2% 2014 2015 SP2016 SP2017 SP2018 SP2019 SP2020 www.gorenjegroup.com 16
Summary of the Gorenje Group Interim Report January-September 2016 www.gorenjegroup.com
9M 2016 : Key financial indicators Q3 Q3 9M 9M Plan Plan EURm Index Index 2015 2016 2015 2016 2016* track 317.4 319.6 100.7 875.2 900.9 102.9 1.201.0 75.0 Revenue 17.1 20.3 118.5 50.8 60.5 119.2 84.9 71.3 EBITDA 5.4% 6.4% / 5.8% 6.7% / 7.1% / EBITDA Margin (%) 5.6 8.5 152.0 16.3 25.2 154.5 37.6 67.0 EBIT 1.8% 2.7% / 1.9% 2.8% / 3.1% / EBIT margin (%) -1.9 3.4 / -7.3 8.1 / 11.2 71.6 Profit before taxes Profit or loss for the -2.5 2.0 / -9.4 4.1 / 7.6 54.4 period -0.8% 0.6% / -1.1% 0.5% / 0.6% / ROS (%) *Business Plan 2016 is exclusive of the companies of the Ecology segment, which were subject to divestment (Gorenje Surovina d.o.o., Maribor, Kemis-BH, d.o.o., BiH, Kemis Valjevo d.o.o., Serbia, Cleaning System S, d.o.o., Serbia, PUBLICUS, d.o.o., Ljubljana, EKOGOR, d.o.o., Jesenice). www.gorenjegroup.com 18
9M 2016 : Key financial indicators Q3 Q3 Plan Index EURm 2015 2016 2016* 100.5 333.4 Gross financial debt 424.5 426.7 401.4 405.1 100.9 319.0 Net financial debt 5.5 4.5 / 3.8 Net financial debt / EBITDA Gross debt: EUR 426.7m (EUR +2.2m). Net financial debt: EUR 405.1m (EUR +3.7m). Net financial debt / EBITDA ratio: 4.5 (1.0 better than last year). www.gorenjegroup.com 19
Q3 2016: One of the Best Quarter / The 4 th Positive Quarter in a Row Solid performance from H1 of 2016 has continued in Q3 2016. Our sales revenue totalled at EUR 319.6m or 0.7% more than in Q3 2015. Sales revenue amount and growth are consistent with the Gorenje Group sales plans for Q3 2016. Sales revenue from core activity Home: EUR 282.7m and comparable to the planned revenue dynamics. EBITDA amounted to EUR 20.3m (+18.5% more than last year). EBITDA margin was at 6.4% (up +1.0 p.p. from Q3 2015). EBIT amounted to EUR 8.5m (+52.0% more than last year). EBIT margin at 2.7%, (+0.9 p.p. more than in the comparable period of 2015). Our Q3 bottom line is a profit of EUR 2.0m , which is by EUR 4.5m better than in Q3 2015, that was wrapped up with a loss of EUR 2.5m. The Group generates and records profit for the past four consecutive quarters . Also the Home Core activity generated profit. www.gorenjegroup.com 20
9M 2016: Quality Sales = Profitability Our sales revenue totalled at EUR 900.9m or +2.9% more than in 9M 2015. Sales revenue amount and growth are consistent with the Gorenje Group sales plans for 9M 2016. Sales revenue from core activity Home: EUR 782.2m (+3.4%) and comparable to the planned revenue dynamics. Without the impact of exchange rate fluctuations, the Home’s organic growth in revenue amounted to 5.3%. EBITDA amounted to EUR 60.5m (+19.2% more than last year). EBITDA margin was at 6.7% (up +0.9 p.p. from 9M 2015). EBIT amounted to EUR 25.2m (+54.5% more than last year). EBIT margin at 2.8%, (+0.9 p.p. more than in the comparable period of 2015). Our bottom line is a profit of EUR 4.1m , which is better than in 9M 2015, that was wrapped up with a loss of EUR 9.4m. www.gorenjegroup.com 21
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