Gorenje Group H Results
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1 Gorenje Group H Results Mrs. Jožica Turk, Executive vice President Corporate Finance Wednesday, September 13,
2 Agenda General information about the Gorenje Group Executive Summary of Gorenje Group 2017 Business Plan Interim Report January-June
3 One of Leading European Manufacturers of Products for Home 3 CORE BUSINESS Products and services for home (MDA, SDA) NUMBER OF EMPLOYEES 11,000 CONSOLIDATED REVENUE EUR billion MDA (major domestic appliances) SDA (small domestic appliances) EXPORT 95% of sales Gorenje Group R&D COMPETENCE CENTRES Slovenia Czech Republic Sweden Netherlands GLOBAL PRESENCE 90 Countries Worldwide, mostly in Europe (91%), also in USA, Australia, Near and Far East OWN PRODUCTION Slovenia Serbia Czech Republic
4 More than 65 Years of Tradition 1950 Founded in the village Gorenje 1964 Production in Velenje, New plant for cooking appliances 1971 First sales subsidiary abroad (Munich) 1991 Slovenia becomes independent, loss of the former domestic market Production of washing machines 1960 and refrigerators Production in Velenje begins Acquisitions of companies bringing synergies to the core Business Everything for Home Strong expansion abroad 1958 Manufacturing of stoves 1961 First export (to Western Germany) Setting-up own distribution network in Western Europe 4
5 Fast Development in the Last Decade 1998 Gorenje, d.d., becomes a public company, listed on the Ljubljana Stock Exchange 2006 New refrigerator & freezer plant in Valjevo, Serbia 2010 Acquisition of the company ASKO, Sweden 2013 Strategic Alliance with Panasonic Listing on WSE The first year of new Strategy execution: key objectives accomplished 2005 Acquisition of the Czech cooking appliances manufacturer Mora Moravia 5 ( ) Acquisition of the company ATAG, the Netherlands 2012 Restructuring of production facilities and sales organization begins, disposal of furniture manufacturing business 2010 IFC, a member of the World Bank, enters the ownership structure 2014 Positive effects of restructuring
6 Ownership Structure More than 60% of foreign shareholders Ownership structure as at 30 June 2017 Individuals 11.59% Employees 2.45% Treasury shares 0.50% Kapitalska družba, d. d % Ten major shareholders No. of shares (30 Jun 2017) Share in % KAPITALSKA DRUŽBA, D.D. 3,998, % INTERNATIONAL FINANCE CORPORATION 2,881, % PANASONIC CORPORATION 2,623, % KDPW Fiduciary account 1,889, % HOME PRODUCTS EUROPE B,V. 1,221, % Other financial investors 38.81% IFC 11.80% Panasonic 10.74% KDPW - Fiduciary account 7.74% RAIFFEISEN BANK AUSTRIA D.D. - Fiduciary account 1,125, % BNP PARIBAS SECURITIES SERVICES S.C.A 900, % ZAGREBAČKA BANKA D.D. - Fiduciary account 896, % AUERBACH GRAYSON & COMPANY LLC 647, % Alpen.SI, mixed flexible sub-fund 588, % Total major shareholders 16,772, % Treasury shares 121, % Other shareholders 7,530, % 6 Total 24,424, %
7 Business Activities Revenue H ~82% ~18% CORE BUSINESS Domestic Appliances: MDA SDA OTHER BUSINESS Ecology Tool making Engineering Hotel and catering Trade HVACBAK MDA / Major Domestic Appliances SDA / Small Domestic Appliances HVACBAK / Heating, Ventilation, Air Conditioning, Bathroom and Kitchen 7
8 Gorenje Group Brand Portfolio Implementing a multi-brand strategy with attention on the upper-mid and premium price segment. 8
9 Most Important Markets: Germany, Russia and the Netherlands GERMANY RUSSIA THE NETHERLANDS SCANDINAVIA SERBIA CZECH REPUBLIC CROATIA SLOVENIA AUSTRALIJA USA BIH HUNGARY AUSTRIA POLAND BELGIUM RUMANIA SLOVAKIA BULGARIA GREAT BRITAIN FRANCE MONTENEGRO UKRAINE 9
10 R&D Competence Centres Firm Foundations for Future Development of the Gorenje Group Mariánské údolí Cooperation with international institutions, knowledge and excellence centres. 10
11 Production Facilities for DA in 3 Countries Slovenia, Velenje High value-added products cooking appliances, dishwashers, and advanced washing machines and dryers and niche refrigerators 13% Czech Republic, Mariánské údolí Freestanding cookers 64% Serbia, Valjevo, Zaječar Refrigerators and freezers, and lower segment washing machines and dryers 23% 11
12 Gorenje Group Macro-organization and Locations Thoughtfully constructed sales network, which will be expanding outside Europe. CURRENT MACRO ORGANIZATION (DA)* PARENT COMPANY Gorenje, d.d. HOLDING COMPANIES 2 SALES BUSINESS UNITS 40 (incl.representative offices) PRODUCTION COMPANIES
13 Executive Summary of Gorenje Group 2017 Business Plan
14 Business Plan 2017 Key categories (EBITDA, EBIT, profit) are consistent with the strategic goals of the 2nd year of the Strategic Plan. Further growth of sales revenue planned for: Gorenje Group (+4.5%) Home segment (+5.0%) Improvement of Gorenje Group profitability: EBITDA: EUR 97.1 million (+11.3%) EBIT: EUR 39.7 million (-1.2%) Profit: EUR 13.1 million (+54.9%) Managing procurement price risk and currency risk, and the improvement projects at all levels of business. Further working capital optimization and positive cash flow. Further relative deleveraging at the Group level (net financial debt to EBITDA ratio of 3.5). 14
15 Business Plan 2017 EUR million 2016 Plan 2017 Index Consolidated revenue 1, , EBITDA EBITDA Margin (%) 6.9% 7.4% / EBIT EBIT Margin (%) 3.2% 3.0% / Profit before taxes Profit or loss for the period ROS (%) 0.7% 1.0% / Net debt / EBITDA / 15
16 Business Plan 2017 Solid sales structure by territories and products Revenue growth and profitability shall be based on: Improved geographical structure of sales: further growth in the markets of Benelux, Eastern Europe, and CIS; improved sales structure by brands: increase of sales under the Asko and Atag brands Improved sales structure in terms of products: growth of sales for products with higher value added As a result: further growth of share of innovative and premium products higher average sales prices improved utilization of production capacities To support the growth of sales in the premium and innovative segment, we are stepping up our investment into marketing and development. 16
17 Business Plan 2017 Own brand portfolio for all market segments MDA structure: Own brands (2017 plan; volume terms) MDA structure: Own brands (2017 plan; value terms) 2.5% 2.2% 0.7% 4.4% 3.0% 0.1% 5.4% 1.8% 0.4% 0.1% 4.2% 5.4% 3.5% 6.8% 12.6% 75.1% 3.8% 68.3% Gorenje Mora Asko Etna Pelgrim Atag Upo Körting Sidex 17
18 Interim Report January-June
19 CONTENTS: 1. HIGHLIGHTS 2. BUSINESS REPORT 2.1. GROUP PERFORMANCE 2.2. PERFORMANCE OUTLOOK 3. FINANCIAL REPORT 3.1. FINANCIAL MANAGEMENT 3.2. GROUP FINANCIAL STATEMENTS 4. EXECUTIVE SUMMARY AND KEY MANAGERIAL ACTIVITIES 19
20 I. HIGHLIGHTS Q HIGHLIGHTS Gorenje Group sales revenue: EUR 318.2m +7.6% more than in Q Revenue from Domestic appliances sales: EUR 260.9m +3.1% more than in Q Premium products accounted for 28.7 % in Q (+0.9 p.p.) Innovative products accounted for 20.8 % in Q2, 2017 (+1.8 p.p.) Sales revenue in Other businesses: EUR 57.3m +33.7% more than in Q2, 2016 We generated net profit of EUR 2.3m EUR 0.9 million more than in Q (+56.3%) 20
21 I. HIGHLIGHTS H HIGHLIGHTS Gorenje Group sales revenue: EUR 623.9m +7.3% more than in H Revenue from Domestic appliances sales: EUR 508.2m +3.1% more than in H Stable market share (2.6% in value and 3.0% in units) Price index increased (+2.0 p.p) reached 88 in 28 EU Countries Premium products accounted for 29.2% in H (+2.1 p.p.) Innovative products accounted for 21.6% in H (+2.1 p.p.) Sales revenue in Other businesses: EUR 115.7m +30.9% more than in H We generated net profit of EUR 4.4m. EUR 2.3 million more than in H (+111.8%) 21
22 II. BUSINESS REPORT FOR H
23 2.1. GROUP PERFORMANCE KEY BUSINESS ACTIVITIES Focus to sales growth supported by: launch of several new products platforms (Gorenje dishwashers, ASKO laundry program, freestanding cooling, freestanding cookers in Mora...) selective investments into marketing (digital marketing, marketing campaigns and fairs ) and R&D (connected appliances, activities for in-house development of electronics ); Cost management activities, neutralizing the negative effects in the raw and processed material markets (Q2) and labour cost pressures; We have secured the required refinancing for our financial liabilities due in 2017, and cut interest costs by 16.3%; The Group carried out the reorganization process: new organisational structure that provides organisation by business segments and replaces the organisation by business functions has been implemented economic model has been aligned to the new organisational structure and new transfer price model has been adopted
24 2.1. GROUP PERFORMANCE REVENUES BY QUARTERS Period Q2 PYRP ACTP PYRQ ACTQ % 7.6% 7.3% increase in comparison to H Growth mainly in the markets outside Europe and Eastern Europe Growth with premium brands ASKO and ATAG Disproportional growth of sales revenues in Other Businesses (+30.9% more than in H1 2016
25 REVENUE STRUCTURE BY BUSINESS 2.1. GROUP PERFORMANCE 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Q Q Q Q H H Domestic Appliances (DA) 84.0% 80.9% 85.5% 82.0% 84.8% 81.5% Other business (OB) 16.0% 19.1% 14.5% 18.0% 15.2% 18.5% Budgeted share of DA for H was 84.8%, and the achieved share was actually lower due to disproportional growth of sales revenues in Other Businesses
26 2.1. GROUP PERFORMANCE DOMESTIC APPLIANCES REVENUES BY QUARTERS Q1 Q2 Q3 Q4 PYRPP ACTP PYRP ACTP PYRP ACTP PYRP ACTP % 3.1% % increase in comparison to H Growth mainly in the markets outside Europe, Eastern Europe and Benelux and with premium brands ASKO and ATAG In Q2 considerable growth also with Gorenje brand (+3.1%)
27 2.1. GROUP PERFORMANCE DOMESTIC APPLIANCES REVENUE STRUCTURE BY BRANDS Growth of share of premium brands ASKO (1.2 p.p.) and ATAG (0.4 p.p.) 27 27
28 2.1. GROUP PERFORMANCE DOMESTIC APPLIANCES REVENUE STRUCTURE BY PROGRAMS Favourable product structure of DA sales with growing sales in dishwashers (+20.7%), cooking appliances (+0.4%) and SDA (+27.8%). Growth of share of dishwashing programme (1.8 p.p.) and SDA (0.8 p.p.) 28 28
29 2.1. GROUP PERFORMANCE DOMESTIC APPLIANCES REVENUE FROM PREMIUM PRODUCTS Share of premium products in revenue in H was 29.2% compared to 27.1% in H Premium appliances: Asko and Atag branded products, appliances from the Gorenje design lines
30 2.1. GROUP PERFORMANCE DOMESTIC APPLIANCES REVENUE FROM INNOVATIVE PRODUCTS Share of Innovative products in revenue in H was 21.6% compared to 19.5% in H Innovative appliances: appliances within individual group of products with the socalled»innovative functionalities«are more energy efficient (efficient storage, lower energy and water consumption) based on the Gfk methodology
31 2.1. GROUP PERFORMANCE COMPARABLE ADDED VALUE Period Q2 PYRP ACTP PYRQ ACTQ % 4.7% Realised value added was for 6,8% higher then the comparable value added in 1 H Comparability adjustment in 1H 2016 data relates to transfer of trade receivables impairment from financial to operating part of P&L (EUR 4.0 mn)
32 EURm 2.1. GROUP PERFORMANCE COMPARABLE EBITDA PYRQ 16 ACTQ Q1 Q2 Q3 Q4 Period Q2 PYRP ACTP PYRQ ACTQ % 2.1% Realised EBITDA was for 12.1% higher then comparable EBITDA in Comparability adjustment in 1H2016 data relates to transfer of trade receivables impairment from financial to operating part of P&L (EUR 4.0 mn)
33 EURm 2.1. GROUP PERFORMANCE COMPARABLE EBIT PYRQ 16 ACTQ Q1 Q2 Q3 Q4 Period Q2 PYRP ACTP PYRQ ACTQ % -13.6% Realised EBIT was for 14.5% higher then comparable EBIT in Comparability adjustment in 1H 2016 adjustment in data relates to transfer of trade receivables impairment from financial to operating part of P&L (EUR 4.0 mn)
34 EURm 2.1. GROUP PERFORMANCE NET PROFIT 6.0 PYRQ 16 ACTQ Q1 Q2 Q3 Q4 Period Q2 PYRP ACTP PYRQ ACTQ % 56.3% 111.8% increase in net profit compared to H % of the 2017 annual budget
35 KEY PERFORMANCE FACTORS IN H PERFORMANCE OUTLOOK Consistently with the dynamics of the 2017 business plan, we expect the revenue from DA to be approximately EUR 100 million higher than in the first half. Additional revenue and improved sales structure will result in improved integral net margin. Effective manufacturing cost management, considering the higher production volume planned for the second half of the year. Higher marketing investments than in H1 2017, yet adjusted due to the pressure from the raw and processed material markets and labour costs. Adjustment of the production volume and supplementary program purchases to the required decrease in finished product and merchandise inventories. Effective cost management measures to partly neutralize the effects of labour cost increase due to agreements reached with social partners.
36 2.2. PERFORMANCE OUTLOOK KEY RISKS Accomplishing the planned sales volume, especially in the highly competitive markets of Western Europe. Delivering cost efficiency, especially on account of: rising costs of key raw materials and components; and labour cost pressures in Slovenia, Serbia, and the Czech Republic (signed agreements with social partners in Slovenia and Serbia). Improvement of our working capital management, especially inventory, to support our deleveraging efforts until the end of the fiscal year
37 37 III. FINANCIAL REPORT
38 3.1. FINANCIAL MANAGEMENT KEY BUSINESS ACTIVITIES We have revised the Gorenje Group's economic model and thus enabled performance monitoring by respective organizational areas consistently with the new Gorenje Group organization We have revised the transfer pricing model between companies within the Gorenje Group to establish a uniform sales policy at the Gorenje Group, to improve the efficiency of material and cash flow management at the Group, and to optimize costs. As of June 1, 2017, sale of most products made by the manufacturing companies are effected through the parent company Gorenje d.d. New planning process has been launched, enabling more interactive and live planning process; first insight into budget 2018 has been already discussed on the Management board
39 3.1. FINANCIAL MANAGEMENT KEY BUSINESS ACTIVITIES We have secured the required financing for our borrowings due in 2017, and cut interest payment by 16.3%. We conduct permanent non-recourse factoring of our receivables and have provided the conditions for supply chain factoring (reverse factoring). We are conducting activities for a tender for the renewal of the Gorenje Group insurance program. We have prepared a range of measures and activities to ensure the planned decrease in Gorenje Group debt. New International accounting standards (IAS) which will be effective from 2018 and 2019 on were carefully reviewed, including the impact on Gorenje Group s performance. We have started the activities with external auditors to accelerate auditing process for business year
40 FINANCE INCOME AND EXPENSES 3.1. FINANCIAL MANAGEMENT EUR thousand 1H H 2017 % Interest income % Revaluation adjustment income 2, , % Other finance income 1, % Total finance income 3,634-1,107 2, % Interest and similar expense 7,750-1,262 6, % Revaluation adjustment expense 750 1,138 1, % Other finance expenses 7,092-5,257 1, % Total finance expenses 15,592-5,381 10, % Net interest -7,437 1,283-6, % Net revaluation adjustment 1,351-1, % Net other finance income/expenses -5,872 4,300-1, % Financing activities balance -11,958 4,274-7, % Average weighted interest rate for drawn financial liabilities as at June 30, 2017, was 2.71% (3.27% as at June 30, 2016) Other finance income/expenses in 2016 included revaluation adjustments in the amount of EUR 4.0m. Net revaluation adjustments in H worsened compared to H1 2016, due to very favourable currency translation differences in H
41 3.1. FINANCIAL MANAGEMENT NET WORKING CAPITAL MANAGEMENT AND TRADE FINANCING EURm 30 Jun Jun Jun Jun Dec Jun H2017 1H Inventories Trade receivables Other current assets Trade payables Other current liabilities = Net working capital Movement of net working capital in the period (EURm) % 25.0% % 19.4% 18.7% 17.3% 20.0% % % % % Net current assets (EURm) Share of Net current assets in revenue (%) 41 41
42 3.1. FINANCIAL MANAGEMENT INVESTMENTS PYRP ACTP-PYRP ACTP ACTP-BUDF BUDF EURk abs % % GORENJE GROUP , , DOMESTIC APPLIANCES , , OTHER BUSINESS , , EURm H EUR 30.7m of investments in H1, 2017 comparable to H EUR 27.6m pertains to DA, EUR 3.1m to Other businesses. Investments in new products 12.0 R&D investments 8.7 Improvement of competitiveness 5.8 Investment into network sales activities 1.1 Investment in Other businesses 3.1 TOTAL INVESTMENT
43 FINANCIAL DEBT 3.1. FINANCIAL MANAGEMENT Total and net financial liabilities in the years , in EUR million; net financial liabilities (debt) to EBITDA ratio; and changes in the maturity profile of financial liabilities 43 As at June 30, 2017, net financial liabilities amounted to EUR 413.1m, which is 0.4% higher than at the end of H In H1 2017, we maintained the net financial debt to EBITDA ratio at the end-of-h level, at 4.7. We have improved the maturity profile of our financial liabilities by 1.0 p.p. Long-term liabilities now account for 66.0%.
44 DEBT MANAGEMENT AND LIQUIDITY 3.1. FINANCIAL MANAGEMENT In H1 2017, we repaid EUR 40.1m of the current/maturing portions of long-term financial liabilities. In H2 2017, further EUR 55.0m of maturing liabilities are due for repayment. In H1 2017, we drew EUR 54.9m of long-term sources, thus improving the maturity profile of our debt. Liquidity reserve as at June 30, 2016: EUR 92.0m: Available non-drawn revolving facilities: EUR 58.9m Cash and cash equivalents: EUR 33.1m In July 2017, we negotiated a new long-term (3-year) revolving credit facility in the amount of EUR 35m, and aligned financial covenants, including the financial covenant, limiting dividend distribution (NFD/EBITDA<4). We renew our short-term financing sources on a regular basis and we are increasing our liquidity reserve With the replacement long-term sources and the planned free cash flow that we will generate by the end of the year, we have secured the required sources to repay the currently maturing portions of our long-term liabilities by the end of 2017.
45 3.1. FINANCIAL MANAGEMENT KEY ACTIVITIES FOR SUSTAINABLE DELEVERAGING Decreasing inventories to the budgeted level by aligning production with planned sales in year 2017 and Trade payables policy and systematic use of supply chain financing with the aim to prolong payment terms with suppliers. Main impact is estimated for 2018, while activities are already in process also for Systematic use of trade financing (factoring): additional potential should be identified, securing further trade financing and deleveraging in 2017 already. 4. Capex aligned with depreciation in year 2018 and in following years. 5. Divestment of non-core assets and businesses/activities; projects will be evaluated in autumn 2017, potential effects expected in Review of economics for under-performing businesses and proposals for measures, projects will be evaluated in autumn 2017, potential effects expected in Adjusting the group lease policy to new accounting standards in order to prevent negative impacts on Group s financial covenants.
46 3.1. FINANCIAL MANAGEMENT CURRENCY RISK MANAGEMENT AND EXPOSURE 5 Highets FX exposures in EURm Estimated NET P&L FX Exposure Net Exposure Estimated BS FX exposure RUB Sales 3.6 USD Procurement CZK Procurement HRK 33.5 Sales 12.9 AUD 25.2 Sales 7.0 According to planned monthly sales and purchases in individual currency, FX cash flow hedging model for each company is executed on monthly rolling basis. According to general risk level each currency exposure has to be hedged in targeted share (60%-80%)
47 INTEREST RATE RISK MANAGEMENT AND EXPOSURE 3.1. FINANCIAL MANAGEMENT EURm TOTAL LOANS LOANS WITH VARIABLE I.R. LOANS WITH FIX I.R. TOTAL FIX % OF FIXED Utilized borrowings: Floating Fixed with IRS June 30, % March 31, % Dec 31, % We have increased the % of fixed I.R. in H with new loans with fixed contractual I.R., and with additional hedging with Interest rate swaps (IRS) Further activities are planned in order to secure low interest rate for a longer period (~5 years) 47 47
48 3.1. FINANCIAL MANAGEMENT CREDIT RISK MANAGEMENT AND EXPOSURE EURm 31 Dec Dec Jun 2017 Trade receivables (GROUP) Trade receivables (DA) % of insured receivables (GROUP) 62.9% 65.9% 70.6% % of insured receivables (DA) 64.9% 70.8% 74.4% Increasing the share of insured receivables (>70%) Acceptable credit instruments are defined in the Group s credit management policy: insurance with credit insurance companies, first class unconditional bank guaranty, unconditional L/C and first class mortgage (based on the special confirmation). Insurance with credit insurance companies represents more than 80% of insured receivables, followed by bank guaranties (> 12%) Centralized receivables control: Receivables of respective companies are monitored from the aspect of maturity, any excess of security/insurance limits, and acceptability of credit instruments
49 INCOME STATEMENT (June 2017) 3.2. GROUP FINANCIAL STATEMENTS Income statement of Gorenje Group (EURk) PYRP comp. % ACTP % BUDF % ACTP/ PYRP ACTP/ BUDF Net Sales Revenues 581, % 623, % 1,315, % Change in inventories 20, % 22, % 3, % Other operating income 10, % 13, % 11, % Gross yield 611, % 659, % 1,330, % Cost of goods, materials and services -446, % -484, % -970, % Cost of goods sold -121, % -134, % -241, % Cost of materials -228, % -241, % -497, % Cost of services -96, % -107, % -231, % Other operating expenses -14, % -14, % -23, % Added Value 151, % 161, % 336, % Labour Costs -115, % -120, % -239, % EBITDA 36, % 40, % 97, % Amortisation and depreciation expense -23, % -26, % -57, % EBIT 12, % 14, % 39, % Net finance result -7, % -7, % -20, % Net Foreign exchange result 1, % % -6, % 3.1 / Net other financial result -9, % -7, % -14, % Share in profits or losses of associates % % % / Profit or loss before tax 4, % 6, % 19, % Income tax expense -2, % -2, % -6, % Profit or loss for the period 2, % 4, % 13, %
50 3.2. GROUP FINANCIAL STATEMENTS BALANCE SHEET Gorenje Group Balance Sheet (EURk) PYRP % ACTP % BUDF % ACTP/ PYRP ACTP/ BUDF NET ASSETS 758, % 777, % 708, % Net non-current assets 525, % 552, % 571, % Tangible and Intangible Assets 572, % 599, % 619, % Non-current accounts receivables 2, % 2, % 1, % Deferred tax assets 23, % 25, % 25, % Provisions -66, % -67, % -68, % Non-current operating liabilities -4, % -4, % -4, % Deferred tax liabilities -2, % -2, % -3, % NWC 233, % 225, % 137, % WC 494, % 524, % 444, % Inventories 245, % 264, % 213, % Trade receivables 192, % 208, % 178, % Other current operational assets 55, % 51, % 51, % Current operational liabilities -261, % -298, % -307, % Trade payables -171, % -193, % -228, % Other current operational liabilities -89, % -105, % -78, % NET INVESTED CAPITAL 758, % 777, % 708, % Equity 368, % 380, % 386, % Net Debt 390, % 397, % 321, % Financial investments -21, % -16, % -15, % Cash and cash equivalents -19, % -33, % -34, % = Financial liabilities total 430, % 446, % 371, % Non-current financial liabilities 279, % 294, % 274, % Current financial liabilities 150, % 151, % 96, %
51 CASH FLOW STATEMENT 3.2. GROUP FINANCIAL STATEMENTS in EURk PYRP ACTP BUDF A. CASH FLOWS FROM OPERATING ACTIVITIES Profit or loss for the period 2,089 4,425 13,060 Adjustments for: -Depreciation of property, plant and equipment 19,048 20,774 44,962 -Amortisation of intangible assets 4,447 5,244 12,438 -Investment income -3,634-2,527-1,415 -Finance expenses 15,713 10,485 22,406 -Gain on sale of property, plant and equipment Income tax expense 2,559 2,180 6,402 Cash flow from operating activities before changes in net operating current assets and provisions 40,151 40,103 97,853 Change in trade and other receivables -35,061-33,093-12,132 Change in inventories -19,770-38,488 12,073 Change in provisions , Change in trade and other payables -30,402-6,486-4,448 Cash generated from operations -86,090-79,657-5,133 Interest paid -8,096-6,884-12,385 Income tax paid -1,987-1,789-6,402 Net cash from operating activities -56,022-48,227 73,933 B. CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment 2,448 3,737 8,004 Interest received Dividends received Acquisition of property, plant and equipment -19,681-20,065-55,842 Acquisition of an associated company -1, Other investments 397 1,954 3,208 Acquisition of intangible assets -10,440-10,649-24,560 Net cash used in investing activities -28,214-24,905-68,662 C. CASH FLOWS FROM FINANCING ACTIVITIES Borrowings/Repayment of borrowings 72,013 70,962-5,797 Net cash used in financing activities 72,013 70,962-5,797 Net change in cash and cash equivalents -12,223-2, Cash and cash equivalents at beginning of period 31,610 35,242 35,242 Cash and cash equivalents at end of period 19,387 33,072 34,716
52 IV. EXECUTIVE SUMMARY AND KEY MANAGERIAL ACTIVITIES 52
53 IV. EXEC. SUMMARY AND KEY MAN. ACTIVITIES EXECUTIVE SUMMARY Market growth, growth of material prices Lower currencies volatility, stable low Interest rates Revenue growth, market share stable Price index growth, more premium products, lower complexity Growth outside Europe, East Europe, Benelux Better profitability than in 2016, close to yearly dynamics In Q2 pressure on material prices and wages Sales dynamics according to budgeted (45/55 in H1/H2) 53
54 IV. EXEC. SUMMARY AND KEY MAN. ACTIVITIES KEY MANAGERIAL ACTIVITIES Specific measures to improve economics in H already started. Focus on: Budgeted revenues and margins Production, purchasing, service costs reduction Productivity improvement by labour cost reduction Marketing cost reduction Net working capital management Focused investment and new product development Key activities for sustainable deleveraging 54
55 Thank you for your attention! Q & A
56 Forward-looking statements This presentation includes forward-looking information and forecasts i.e. statements regarding the future, rather than the past, and regarding events within the framework and in relation to the currently effective legislation on publicly traded companies and securities and pursuant to the Rules and Regulations of the Ljubljana and Warsaw Stock Exchange. These statements can be identified by the words such as "expected", "anticipated", "forecast", "intended", "planned or budgeted", "probable or likely", "strive/invest effort to", "estimated", "will", "projected", or similar expressions. These statements include, among others, financial goals and targets of the parent company Gorenje, d.d., and the Gorenje Group for the upcoming periods, planned or budgeted operations, and financial plans. These statements are based on current expectations and forecasts and are subject to risk and uncertainty which may affect the actual results which may in turn differ from the information stated herein for various reasons. Various factors, many of which are beyond reasonable control by Gorenje, affect the operations, performance, business strategy, and results of Gorenje. As a result of these factors, actual results, performance, or achievements of Gorenje may differ materially from the expected results, performance, or achievements as stated in these forward-looking statements. These factors include but are not necessarily limited to following: consumer demand and market conditions in geographical segments or regions and in industries in which the Gorenje Group is conducting its operating activities; effects of exchange rate fluctuations; competitive downward pressure on downstream prices; major loss of business with a major account/customer; the possibility of late payment on the part of customers; decrease in prices as a result of persistently harsh market conditions, in an extent much higher than currently expected by Gorenje's Management Board; success of development of new products and their implementation in the market; development of manufacturer's liability for the product; progress of attainment of operative and strategic goals regarding efficiency; successful identification of opportunities for growth and mergers and acquisitions, and integration of such opportunities into the existing operations; further volatility and aggravation of circumstances in capital markets; progress in attainment of goals regarding structural reorganization and reorganization in purchasing. If one or more risks or uncertainties are in fact materialized or if the said assumptions are proven wrong, actual results may deviate materially from those stated as expected, hoped for, forecast, projected, planned, probable, estimated, or anticipated in this announcement. Gorenje allows any update or revision of these forecasts in light of development differing from the expected events. 56
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