In the presentation to the shareholders, Franjo Bobinac, president and ceo of Gorenje, addressed the results for the highly challenging year 2015, as well as current operations and performance. He was expressed his for the second quarter trend which was even better than the first quarter in terms of sales and profitability. Home appliance sales under all the company’s own brands rose in most markets in the first half of 2016. Favorable geographic distribution and product profile of sales, with higher sales of premium products, have had a positive effect on profitability. In the first half of the year, Gorenje saw solid cost management, especially regarding cost of material and logistics. The Group also improved inventory management and cut its working capital. These activities have resulted in strong growth of operating profit (EBITDA and EBIT) and net profit generated by the Gorenje Group at the end of this year’s first half. Based on the current forecasts for the second half of the year, the Management Board believes that the company is on the right track to attain the goals for the 2016 fiscal year. The Shareholders Assembly was also informed about the resignation of the Supervisory Board member Keith Miles and appointed Miha Košak as his replacement.