Tuesday, 16th December 2014, Velenje, Slovenia
Gorenje Group measures to alleviate the negative effects of exceptional aggravation of economic conditions in Russia
in Russia, a key market for the Gorenje Group, have deteriorated dramatically
in recent weeks. The Russian rouble has depreciated by 34% in the period from
December 1 to 15, after having lost over 12% in November. Gorenje Group is
looking to alleviate the negative effects of the exceptional aggravation of
economic conditions in Russia by a number of measures.
conditions in Russia have worsened in recent weeks, which has also been
reflected in strong depreciation of the rouble. After depreciating by over 12%
relative to the euro in November this year, the Russian currency lost a further
34% relative to the euro in the period from December 1 to 15. Cumulatively, the
rouble depreciation from the beginning of the year to mid-December exceeds 80%.
The depreciation of the Russian currency has a negative effect on the Gorenje
Group's revenue from sales in Russia in euro terms, and the currency
translation differences have a negative effect on the Group's bottom line.
Group is carefully monitoring the development of all events affecting the value
of the rouble, as it seeks to alleviate the negative effects of the harsh
economic conditions in this market on the operations and performance with a
variety of measures.
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