Volume of Business Activities of HA Division

In 2011, revenue of the Home Appliances Division, amounting to EUR 921.7 mio, achieved a higher comparable level than in the same period last year; it was higher by EUR 8.2 mio or 0.9 percent; the achieved total growth in sales with the effect of the Asko Group amounted to EUR 76.0 mio or 7.8 percent. The achieved geographical and product structure of sales indicates that:

• with the integration of the Asko Group, the Gorenje Group increased its share of sales in West Europe and the rest of the world (USA, Australia) mostly in sales of higher price segments,
• the Gorenje Group reduced the sales volume on geographic areas with higher returns (South-Eastern Europe and East Europe).

Poor comparable sales growth is the result of reducing the scope of activities due to significantly low demand in the third and fourth quarters of 2011, and a declining geographical and product sales structure in particular in South-Eastern Europe, East Europe and the Near East. As for other markets, the Gorenje Group achieved at least the same or higher sales growth compared to 2010, which neutralised the negative effects of the sales volume decline in previously stated markets.