| Discharge from liability granted to Gorenje Management Board for the 2015 fiscal year; sales and profit grow in this year's first half Pursuant to the provisions of the Companies Act (ZGD-1), the Market of Financial Instruments Act (ZTFI), the Ljubljana Stock Exchange Rules and the Corporate Governance Code for Joint Stock Companies, and in accordance with the provisions of the Code of Best Practice for WSE Listed Companies, the Management Board of Gorenje, d.d., Partizanska 12, Velenje, Slovenia, hereby announces the press release and the resolutions passed at the 23rd Annual General Meeting (AGM) of Gorenje, d.d., held on Friday, July 8th 2016, starting at 11.00 AM, in the Grand Hall of Hotel Paka in Velenje, Rudarska ul. 1, Slovenia. In the presentation to the shareholders, President and CEO Franjo Bobinac addressed the results for the highly challenging year 2015, as well as current operations and performance. He was pleased about the second quarter performance which was even better than he first quarter in terms of sales and profitability. Home appliance sales under all own brands rose in most markets in the first half of 2016. Favourable geographic distribution and product profile of sales, with higher sales of premium products, have had a positive effect on profitability. In the first half of the year, we saw solid cost management, especially regarding cost of material and logistics. We have also improved inventory management and cut our working capital. These activities have resulted in strong growth of operating profit (EBITDA and EBIT) and net profit generated by the Gorenje Group at the end of this year's first half. Based on the current forecasts for the second half of the year, the Management Board believes that we are on the right track to attain the goals for the 2016 fiscal year. Shareholders Assembly resolutions Following the presentation by the President and CEO, the shareholders granted discharge from liability to the company Management Board and Supervisory Board for the 2015 fiscal year. Dividend will not be paid out for the year. The Shareholders Assembly was also informed about the resignation of the Supervisory Board member Keith Miles and appointed Miha Košak as his replacement. Business report for the first half of the year will be released after it is reviewed by the Supervisory Board on August 23, 2016. Disclaimer: The English text for all announcements is for information purposes only! The information in this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, www.gorenjegroup.com, for at least 5 years from the date of this announcement. Gorenje, d.d. The Management Board | |
