Financial Position and Liquidity
| in MEUR | 2011 | 2010 |
|---|---|---|
| Financial debt | 484,1 | 483,9 |
| - Current | 181,6 | 223,0 |
| - Non-current | 302,5 | 260,9 |
| - In EUR | 468,1 | 448,3 |
| - In other currencies | 16,0 | 35,6 |
| - With fixed interest rate | 222,0 | 72,4 |
| - With variable interest rate | 262,1 | 411,5 |
| Total liabilities | 1.251,7 | 1.317,8 |
| Source: Data from Gorenje Group | ||
Financial liabilities increased by EUR 161 thousand (0.03 percent) in 2011. At the same time, the funds on the account increased by EUR 18.9 mio, thus reducing the net financial debt by EUR 18.7 mio (4.7 percent). We managed to achieve this result by implementing measures for improving the management of liabilities and inventories, and through disinvestments.
In the structure of sources of financing, the share of trade liabilities decreased by EUR 42.8 mio in 2011. This was due to the optimisation of the purchasing process in the goods and material stocks segment and the sale of the Istrabenz Gorenje company. On the other side, the share of equity increased to 31.8 percent and financial liabilities increased by two percentage points to 38.7 percent.
| Ratios | 2011 | 2010 |
|---|---|---|
| Equity / Total assets | 0,32 | 0,30 |
| Financial debt / EBITDA | 5,58 | 4,45 |
| Net financial debt / EBITDA | 4,41 | 3,69 |
| Current ratio | 1,44 | 1,30 |
| Quick ratio | 0,31 | 0,23 |
| Source: Data from Gorenje Group | ||
The value of the net financial debt / EBITDA ratio worsened in the past year, despite the decrease in net financial debt, due to lower EBITDA. The main reason for lower EBITDA is primarily in the one-off effect of the acquisition of the Asko Group in 2010 and the negative operation of the Home Interior Division. In 2010, Asko had a significant positive effect on the Group's profitability due to its negative goodwill.