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Slovenia's Gorenje cons net loss widens in 2018

Slovenia's Gorenje cons net loss widens in 2018 Source:

LJUBLJANA (Slovenia), March 25 (SeeNews) – Slovenian home appliances manufacturer Gorenje [LJE:GRVG] said on Monday its consolidated net loss widened to 37.3 million euro ($42.1 million) in 2018, from a loss of 4.3 million euro in the previous year.

“The year 2018 was defined by the search for a strategic partner, integration into the Hisense Group, and Gorenje Group's financial stabilization,” the company said in a filing to the Ljubljana Stock Exchange.

Non-recurring and extraordinary events had the most pronounced effect on Gorenje Group's performance, the company added.

“In the process of integration into the Hisense Group and adjusting to its business strategies, modes of operation, assumptions, and estimation methodologies, we also changed some accounting estimates that now differ from those effective before the takeover,” Gorenje explained.

Gorenje Group generated 1.18 billion euro of sales revenue last year, down from 1.20 billion euro in 2017, while EBITDA fell to 29.6 million euro from 63.6 million euro.

Revenue generated by the home appliances sector came in at 1.1 billion euro, down 1.0% on the year and representing 90.8% of the group's total revenue.