Ownership Structure

As of December 31, 2011, 19,265 shareholders were entered in the share register , which is 6.6 percent less than the 20,627 shareholders at the end of 2010. Read more about the changes in our ownership structure here:

At Gorenje we endeavour to increase the share of institutional investors in our ownership structure. We have a solid and stable core of owners that follow our development, but lack more active investors whose trading would improve the Company's liquidity and more swiftly bring Gorenje’s share price closer to its value in real terms.

Our largest investor at the end of 2011 was, once again, Kapitalska družba, which is owned by the Republic of Slovenia. A significant ownership share was acquired in the past year (5.16 percent) by NFD1, while KD skladi reduced its share below 5 percent.

In 2011 the number of shares held by foreign shareholders increased to approximately 31 percent. These shares are normally not entered in the share register, as foreign banks and other trustees register on behalf of one or more shareholders (escrow accounts). We have noted that foreign shareholders more actively engage in trading than do domestic owners, which is why their presence is important for the activity of shares.

Own Shares and Voting Rights

The number of Gorenje's own shares remained unchanged in 2011. The Company has 121,311 own shares, which represents a 0.7626 percent share .  

The Company's Articles of Association stipulate that one share entitles its holder to one vote, but own shares do not have voting rights. The Articles of Association do not contain any provisions invalidating the proportionality of rights arising from share ownership, such as the rights of minority shareholders or restrictions of voting rights. At present the General Meeting has not adopted any resolutions on the conditional increase of capital.