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Investor Relations

#53|meetings with investors in 2011.
IR activities of the Company
One-to-one meetings 50 64 53
Road shows 6 7 8
Web casts 0 1 2
Conference calls 5 8 5
Number of analysts covering the company 5 5 5
Vir: Podatki Skupine Gorenje

The key goal of communications with the financial public is to provide adequately structured, transparent, reliable, and up-to-date information on the business development of the Group and its financial standing. In doing so we treat all existing and potential shareholders equally, providing them with the best possible foundation for making investment decisions.

In 2011, Gorenje received the PORTAL open public limited company award. We have considered this to be the result of several years of efforts and pioneering work in the areas of corporate communication and governance in Slovenia.

Public Announcements

Controlled and price-sensitive information is posted on the website of the Ljubljana Stock Exchange, via the SEOnet system, and on our Company website. Certain other information prescribed by the Articles of Association (e.g. convening of meetings) is also published in the Delo newspaper. In 2011 the Company published a total of 53 public announcements, all of which were simultaneously published in the Slovenian and English languages.

All public announcements in English were sent to international press agencies, media, investors and analysts via an e-mail distribution system that currently includes more than 140 international and 165 domestic recipients. Besides public announcements, E-news is also sent on request to investors. To subscribe to E-news please click here.

Direct Contacts with the Financial Public

After publishing our quarterly results, we organised a meeting with investors, financial analysts and representatives of financial investors (banks). The presentation is posted on our website. On 20 December 2011 we organised a meeting with investors for the announcement of the Company's new strategic plan for the 2012–2015 period.
We attended two virtual presentations (webcasts) for investors organised by the Ljubljana Stock Exchange.

We communicated with institutional investors at eight conferences, during which we participated in 53 individual and group meetings. We also organised five conference calls (primarily after the publication of periodical results).

Analysts that follow Gorenje shares
CompanyName and SurnameRecommendationValuation DateWebsite Link
KD Banka d.d. Bojan Ivanc Buy 18 Nov 2011
 ALTA Invest d.d. Matej Justin  Buy 15 Nov 2011
NLB, d.d. Jan Grižon Hold 18 Nov 2011
Erste Group Bank Vladimira Urbankova Buy 22 Dec 2011
Raiffeisen Centrobank AG Oleg Galbur Buy 21 Nov 2011
Source: Data from Gorenje Group

We work closely with sell-side analysts and provide them with a maximum amount of information to ensure quality monitoring of the Company's operation. We are always at their disposal for commentaries and additional explanations of public announcements, thus contributing to the objectivity of information in their analyses. One of our goals in the area of investor relations is to increase the number of analysts who regularly publish trading recommendations on Gorenje's shares. We regularly meet new analysts at road shoe conferences who are interested in our operations. In our meetings with them, we endeavour to provide as detailed information as possible in order to facilitate the monitoring of our shares.

We have introduced a silent period that begins fifteen days prior to the public announcement of quarterly reports, during which time Gorenje does not hold organised meetings with representatives of the media, investors or analysts.

Communications with Minor Investors

Communications with minor investors were carried out by phone, e-mail, classic mail, and even in person, particularly in the period of organised collection of authorisations for general meetings of shareholders.

Financial Calendar for the Year 2012

Gorenje's Financial Calendar for the Year 2012
Anticipated release dateType of ReleaseSilent period
12 Mar 2012 Unaudited financial statements of Gorenje, d.d., and Gorenje Group for the year 2011 from 26 Feb 2012 to 11 Mar 2012
19 Apr 2012 Annual Report of Gorenje, d.d., and Gorenje Group for the year 2011 Statement of Compliance with the Corporate Governance Code for Public Joint-Stock Companies  
25 May 2012 Interim Report of Gorenje, d.d., and Gorenje Group for January-March 2012 from 10 May 2012 to 24 May 2012
5 Jul 2012 Resolution of the 17th Regular Assembly Meeting of Gorenje, d.d.  
24 Aug 2012 Interim Report of Gorenje, d.d., and Gorenje Group for January-June 2012 from 9 Aug 2012 to 23 Aug 2012
16 Nov 2012 Interim Report of Gorenje, d.d., and Gorenje Group for January-September 2012 from 1 Nov 2012 to 15 Nov 2012
18 Dec 2012 Summary of business operations assessment 2012 and Business Plan 2013  

The above table lists the anticipated release dates for planned periodic announcements and other price-sensitive information. Release dates are subject to change. Our financial calendar is posted on SEOnet and on our website: Any changes in the anticipated release dates will be posted on the same sites.

If dividends for the 2011 financial year are paid out, the shareholders that are entered in the share register as of July 8, 2012 will be entitled to dividends. Dividends will be paid within 60 days after the adoption of a relevant resolution at the 17th regular General Meeting of Shareholders of Gorenje.

Contact person for investor relations

Kontakt za finančno javnost in male vlagateljeIf you have questions or wish to receive our public announcements, please contact Ms. Bojana Rojc, head of Investor Relations, at no. 386 899 1345 or 386 51 351 706 (cell), or send an e-mail to