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Gorenje

Gorenje's Cash & Cash Equivalents fell 12.3% yoy to EUR 31.6 mil in 2015

By Helgi Library - April 2, 2020

Gorenje's total assets reached EUR 1,101 mil at the end of 2015, down 0.103% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales EUR mil 1,240 1,254 1,225
Gross Profit EUR mil 330 316 297
EBITDA EUR mil 78.2 85.6 80.1
EBIT EUR mil 36.3 42.5 34.4
Financing Cost EUR mil 54.4 38.7 38.8
Pre-Tax Profit EUR mil -18.6 3.86 -3.99
Net Profit EUR mil -25.2 1.02 -8.20
Dividends EUR mil 1.46 0 ...
Balance Sheet 2013 2014 2015
Total Assets EUR mil 1,150 1,102 1,101
Non-Current Assets EUR mil 596 595 614
Current Assets EUR mil 554 508 487
Working Capital EUR mil 228 200 166
Shareholders' Equity EUR mil 381 377 365
Liabilities EUR mil 769 725 736
Total Debt EUR mil 397 368 362
Net Debt EUR mil 359 332 330
Ratios 2013 2014 2015
ROE % -6.55 0.269 -2.21
ROCE % -3.07 0.126 -1.04
Gross Margin % 26.6 25.2 24.3
EBITDA Margin % 6.30 6.82 6.54
EBIT Margin % 2.93 3.39 2.81
Net Margin % -2.03 0.081 -0.670
Net Debt/EBITDA 4.59 3.88 4.13
Net Debt/Equity 0.943 0.878 0.905
Cost of Financing % 13.1 10.1 10.6
Valuation 2013 2014 2015
Market Capitalisation USD mil 125 166 136
Enterprise Value (EV) USD mil 620 567 536
Number Of Shares mil 22.1 24.4 24.4
Share Price EUR 4.10 5.62 4.60
EV/EBITDA 5.97 5.15 5.19
EV/Sales 0.376 0.351 0.339
Price/Earnings (P/E) -3.59 135 -13.7
Price/Book Value (P/BV) 0.238 0.364 0.308
Dividend Yield % 1.61 0 ...

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                      
Sales EUR mil ...                       1,186 1,382 1,422 1,263 1,240    
Gross Profit EUR mil ...                       285 342 317 317 330    
EBIT EUR mil ...                       12.1 56.4 36.5 44.9 36.3    
Net Profit EUR mil ...                       -11.5 19.9 8.97 8.94 -25.2    
ROE % ...                       -3.01 5.23 2.27 2.27 -6.55    
EBIT Margin % ...                       1.02 4.08 2.57 3.56 2.93    
Net Margin % ...                       -0.970 1.44 0.630 0.707 -2.03    
Employees                         10,907 11,174 10,932 10,388 10,730    
balance sheet                                      
Total Assets EUR mil ...                       1,179 1,318 1,252 1,197 1,150    
Non-Current Assets EUR mil ...                       574 563 556 566 596    
Current Assets EUR mil ...                       604 754 695 631 554    
Shareholders' Equity EUR mil ...                       370 392 398 390 381    
Liabilities EUR mil ...                       809 926 854 807 769    
Non-Current Liabilities EUR mil ...                       311 356 385 354 281    
Current Liabilities EUR mil ...                       498 570 469 456 488    
Net Debt/EBITDA ...                       8.93 3.69 4.35 4.19 4.59    
Net Debt/Equity ...                       1.27 1.02 0.948 0.973 0.943    
Cost of Financing % ... ...                     4.45 6.93 5.28 6.68 13.1    
cash flow                                      
Total Cash From Operations EUR mil ...                       65.6 27.7 22.1 49.7 50.7    
Total Cash From Investing EUR mil ...                       -19.5 -17.7 -33.3 -46.7 -58.6    
Total Cash From Financing EUR mil ...                       -43.1 45.6 30.1 -53.1 -7.28    
Net Change In Cash EUR mil ...                       3.02 55.6 18.9 -50.1 -15.1    
valuation                                      
Market Capitalisation USD mil ... ... ...                   249 266 101 78.2 125    
Number Of Shares mil ... ... ...                   14.1 15.1 15.9 15.9 22.1    
Share Price EUR ... ... ...                   12.3 13.3 4.92 3.73 4.10    
Earnings Per Share (EPS) EUR ... ... ...                   -0.813 1.32 0.564 0.562 -1.14    
Book Value Per Share EUR ... ... ...                   26.1 26.0 25.0 24.5 17.2    
Dividend Per Share EUR ... ... ...                   0 0 0.143 0 0.066   ...
Price/Earnings (P/E) ... ... ...                   -15.1 10.1 8.72 6.64 -3.59    
Price/Book Value (P/BV) ... ... ...                   0.470 0.511 0.197 0.152 0.238    
Dividend Yield % ... ... ...                   0 0 2.90 0 1.61   ...
Earnings Per Share Growth % ... ... ... ...                 -226 -262 -57.3 -0.335 -303    
Book Value Per Share Growth % ... ... ... ...                 -9.26 -0.631 -3.69 -2.00 -29.7    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                      
Sales EUR mil ...                       1,186 1,382 1,422 1,263 1,240    
Cost of Goods & Services EUR mil ...                       901 1,041 1,105 946 911    
Gross Profit EUR mil ...                       285 342 317 317 330    
Staff Cost EUR mil ...                       219 244 266 259 238    
Other Cost EUR mil ...                       13.0 -11.4 -35.3 -32.4 13.8    
EBITDA EUR mil ...                       52.5 109 86.7 90.6 78.2    
Depreciation EUR mil ...                       40.4 52.2 50.2 45.7 41.9    
EBIT EUR mil ...                       12.1 56.4 36.5 44.9 36.3    
Financing Cost EUR mil ...                       21.5 34.0 25.4 30.4 54.4    
Extraordinary Cost EUR mil ...                       < 0.001 0 0.009 -0.301 0.592    
Pre-Tax Profit EUR mil ...                       -9.31 22.5 11.1 14.8 -18.6    
Tax EUR mil ...                       2.92 2.45 2.01 5.63 4.22    
Minorities EUR mil ...                       -0.728 0.101 0.141 0.238 0.225    
Net Profit EUR mil ...                       -11.5 19.9 8.97 8.94 -25.2    
Dividends EUR mil                         0 0 2.27 0 1.46   ...
growth rates                                      
Total Revenue Growth % ... ...                     -10.9 16.5 2.90 -11.2 -1.79    
Operating Cost Growth % ... ...                     2.87 0.310 -1.06 -1.84 11.3    
EBITDA Growth % ... ...                     -35.2 107 -20.2 4.47 -13.7    
EBIT Growth % ... ...                     -67.1 365 -35.3 23.0 -19.1    
Pre-Tax Profit Growth % ... ...                     -160 -341 -50.6 33.2 -226    
Net Profit Growth % ... ...                     -230 -273 -55.0 -0.335 -382    
ratios                                      
ROE % ...                       -3.01 5.23 2.27 2.27 -6.55    
ROCE % ... ...                     -1.32 2.30 1.02 1.06 -3.07    
Gross Margin % ...                       24.0 24.7 22.3 25.1 26.6    
EBITDA Margin % ...                       4.43 7.86 6.10 7.17 6.30    
EBIT Margin % ...                       1.02 4.08 2.57 3.56 2.93    
Net Margin % ...                       -0.970 1.44 0.630 0.707 -2.03    
Payout Ratio % ...                       0 0 25.3 0 -5.78   ...
Cost of Financing % ... ...                     4.45 6.93 5.28 6.68 13.1    
Net Debt/EBITDA ...                       8.93 3.69 4.35 4.19 4.59    
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                      
Non-Current Assets EUR mil ...                       574 563 556 566 596    
Property, Plant & Equipment EUR mil ...                       383 375 359 341 357    
Intangible Assets EUR mil ...                       162 160 159 160 168    
Current Assets EUR mil ...                       604 754 695 631 554    
Inventories EUR mil ...                       217 256 246 247 236    
Receivables EUR mil ...                       252 306 256 219 206    
Cash & Cash Equivalents EUR mil ...                       27.1 82.7 102 53.5 38.6    
Total Assets EUR mil ...                       1,179 1,318 1,252 1,197 1,150    
Shareholders' Equity EUR mil ...                       370 392 398 390 381    
Of Which Minority Interest EUR mil ...                       6.07 1.81 1.82 2.35 2.81    
Liabilities EUR mil ...                       809 926 854 807 769    
Non-Current Liabilities EUR mil ...                       311 356 385 354 281    
Long-Term Debt EUR mil ...                       297 261 302 277 199    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ...   5.59 6.06 5.93 4.37 4.32    
Current Liabilities EUR mil ...                       498 570 469 456 488    
Short-Term Debt EUR mil ...                       199 223 176 156 199    
Trade Payables EUR mil ...                       196 237 194 212 214    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil ...                       1,179 1,318 1,252 1,197 1,150    
growth rates                                      
Total Asset Growth % ... ...                     -6.29 11.8 -5.02 -4.34 -3.98    
Shareholders' Equity Growth % ... ...                     -6.31 6.07 1.46 -2.00 -2.35    
Net Debt Growth % ... ...                     5.33 -14.4 -6.05 0.604 -5.38    
Total Debt Growth % ... ...                     5.70 -2.44 -1.11 -9.58 -8.16    
ratios                                      
Total Debt EUR mil ...                       496 484 479 433 397    
Net Debt EUR mil ...                       469 401 377 379 359    
Working Capital EUR mil ...                       272 325 307 253 228    
Capital Employed EUR mil ...                       846 889 864 820 823    
Net Debt/Equity ...                       1.27 1.02 0.948 0.973 0.943    
Cost of Financing % ... ...                     4.45 6.93 5.28 6.68 13.1    
cash flow Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                      
Net Profit EUR mil ...                       -11.5 19.9 8.97 8.94 -25.2    
Depreciation EUR mil ...                       40.4 52.2 50.2 45.7 41.9    
Non-Cash Items EUR mil ... ...                     20.8 8.65 -55.1 -58.8 8.17    
Change in Working Capital EUR mil ... ...                     15.9 -53.1 17.9 53.8 25.9    
Total Cash From Operations EUR mil ...                       65.6 27.7 22.1 49.7 50.7    
Capital Expenditures EUR mil ...                       -24.2 -39.4 -41.1 -53.5 -60.9    
Other Investments EUR mil ...                       4.74 21.7 7.84 6.88 2.37    
Total Cash From Investing EUR mil ...                       -19.5 -17.7 -33.3 -46.7 -58.6    
Dividends Paid EUR mil                         0 0 -2.27 0 -1.46   ...
Issuance Of Debt EUR mil ... ...                     26.7 -12.1 -5.37 -45.9 -35.3    
Total Cash From Financing EUR mil ...                       -43.1 45.6 30.1 -53.1 -7.28    
Net Change In Cash EUR mil ...                       3.02 55.6 18.9 -50.1 -15.1    
ratios                                      
Days Sales Outstanding days ...                       77.5 80.9 65.7 63.1 60.5    
Days Sales Of Inventory days ...                       87.8 89.8 81.1 95.4 94.5    
Days Payable Outstanding days ...                       79.5 83.1 64.2 81.9 85.7    
Cash Conversion Cycle days ...                       85.7 87.5 82.6 76.6 69.3    
Cash Earnings EUR mil ...                       28.9 72.2 59.2 54.6 16.7    
Cash Earnings Per Share EUR ... ... ...                   2.04 4.78 3.72 3.43 0.753    
Price/Cash Earnings (P/CE) ... ... ...                   6.02 2.78 1.32 1.09 5.44    
Free Cash Flow EUR mil ...                       46.1 10.0 -11.2 3.01 -7.81    
Free Cash Flow Yield % ... ... ...                   25.8 4.99 -15.4 4.94 -8.30    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                      
ROA % ...                       -0.944 1.60 0.698 0.730 -2.15    
Gross Margin % ...                       24.0 24.7 22.3 25.1 26.6    
Employees                         10,907 11,174 10,932 10,388 10,730    
Cost Per Employee USD per month ...                       2,331 2,412 2,818 2,664 2,453    
Cost Per Employee (Local Currency) EUR per month ...                       1,676 1,823 2,027 2,075 1,848    
Staff Cost (As % Of Total Cost) % ...                       18.7 18.4 19.2 21.2 19.8    
Effective Tax Rate % ...                       -31.4 10.9 18.1 38.0 -22.6    
Enterprise Value (EV) USD mil ... ... ...                   921 798 590 579 620    
EV/EBITDA ... ... ...                   12.6 5.55 4.89 4.98 5.97    
EV/Capital Employed ... ... ...                   0.759 0.677 0.527 0.535 0.546    
EV/Sales ... ... ...                   0.558 0.436 0.298 0.357 0.376    
EV/EBIT ... ... ...                   54.5 10.7 11.6 10.0 12.8    
Domestic Sales EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) % ...                       2.04 2.85 2.89 4.24 4.91    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Employees (Slovenia) ... ... ... ... ... ... ... ... ... ...     8,104 7,450 7,129 6,279 6,716    
Sales from Home Appliances Division EUR mil ... ... ... ... ...               925 979 1,056 1,071 ... ... ...
Sales from Home Interior Division EUR mil ... ... ... ... ... ... ... ... ...       40.7 34.4 32.9 97.3 ... ... ...
Sales from Ecology, Energy & Services Division EUR mil ... ... ... ... ... ... ... ... ...       220 368 334 ... ... ... ...
Sales from Other Divisions EUR mil ... ... ... ... ...         ... ... ... ... ... ... ... ... ... ...
Sales in Western Europe EUR mil ... ... ... ... ... ... ... ... ... ... ...   431 482 506 481 467    
Sales in Eastern Europe EUR mil ... ... ... ... ... ... ...           723 836 786 682 685    
Sales in the Rest Of The World EUR mil ... ... ... ... ... ... ...           32.1 64.4 95.0 100 89.3    
Sales in the EU EUR mil ... ... ... ... ... ... ...         ... ... ... ... ... ... ... ...

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May 2016
Statistical Dossier
Jun 2014
Company Report
Jun 2014
Statistical Dossier

Gorenje is a Slovenia-based manufacturer of white goods (larger home appliances). With a continent-wide market share of 4%, it is one of the eight largest manufacturers of home appliances in Europe. The Company operates through three business segments: Home, producing and selling products and services for home, such as major domestic appliances (MDA), small domestic appliances (SDA), heating, ventilation, air conditioning (HVAC) and kitchen furniture. Appliances are sold under company's own brands Gorenje, Mora, Atag, Pelgrim, Etna, Körting and Sidex, and are produced in the main production facility in Velenje as well as at the cooking appliances plant Mora Moravia in Mariánské Údolí (Czech Republic) and at the fridge-freezer plant in Valjevo (Serbia).

Finance

Gorenje has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.92% a year during that time to total of EUR 80.1 mil in 2015, or 6.54% of sales. That’s compared to 6.59% average margin seen in last five years.

The company netted EUR -8.20 mil in 2015 implying ROE of -2.21% and ROCE of -1.04%. Again, the average figures were -0.790% and -0.380%, respectively when looking at the previous 5 years.

Gorenje’s net debt amounted to EUR 330 mil at the end of 2015, or 0.905 of equity. When compared to EBITDA, net debt was 4.13x, down when compared to average of 4.22x seen in the last 5 years.

Valuation

Gorenje stock traded at EUR 4.60 per share at the end of 2015 resulting in a market capitalization of USD 136 mil. Over the previous five years, stock price fell by 65.3% or -19.1% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 5.19x and price to earnings (PE) of -13.7x as of 2015.

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