2009 1st Half Report - Indesit

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Half-year report at 30 June 2009 locally during the first half), the improvement in the price/mix and the actions taken to contain overheads. Even under these circumstances, the profitability percentage achieved by the Russia Area is still among the best in the Group. 140,0 120,0 140,3 Russian Fed. Area Revenue (million Euro) 133,8 90,0 80,0 70,0 60,0 Russian Fed. Area Operating Margin (million Euro) 100,0 80,0 90,8 2008 2009 50,0 40,0 30,0 30,0 28,0 2008 2009 60,0 61,7 20,0 10,0 13,0 4,6 40,0 - Q1 Q2 Q1 Q2 East Europe Area (million Euro) 30 June 2009 30 June 2008 Change Revenue 160,7 233,8 (73,1) Operating Margin -0,7 14,9 (15,6) Operating Margin % -0,4% 6,4% (6,8%) The decline in operating profit and revenue experienced in Eastern Europe during the first half of 2009 was second only to that seen in Russia. The only significant exception was found in Turkey, where there was a notable rise in sales (+6.6%) and operating profit (3.4 million euro); this positive performance reflects an improvement in the market situation due to the introduction of government incentives and an increase in the Group's market penetration. Results in Poland were penalised by the marked depreciation of the zloty with respect to the first half of the prior year (28.8% fall in the average exchange rate) and the overall weakness of demand (down in the second quarter following a positive first quarter), although the limited price increases made during the second quarter did have some positive effect. Although positive operating profit is expected for the full year, this Area - as elsewhere - will only return to acceptable levels of profitability when market demand picks up again. 150,0 140,0 130,0 120,0 110,0 100,0 90,0 80,0 70,0 60,0 50,0 111,4 65,4 Q1 East Europa Area Revenue (million Euro) Q2 122,4 95,3 2008 2009 35,0 30,0 25,0 20,0 15,0 10,0 5,0 - -5,0 -10,0 5,8 Q1 East Europe Area Operating Margin (million Euro) -5,9 9,1 Q2 5,2 2008 2009 Overseas Area (million Euro) 30 June 2009 30 June 2008 Change Revenue 59,2 88,6 (29,4) Operating Margin 4,9 7,8 (2,9) Operating Margin % 8,2% 8,8% (0,6%) The Overseas Area includes those markets that are usually served by independent 11
Half-year report at 30 June 2009 distributors. As an exception, the Group has a direct presence in Argentina via a commercial branch. The principal contractions in revenue and operating profit were suffered in the United States, the Middle East and Asia. 60,0 55,0 50,0 45,0 40,0 35,0 30,0 25,0 20,0 15,0 10,0 40,7 26,1 Q1 Overseas Area Revenue (million Euro) Q2 47,9 33,1 2008 2009 35,0 30,0 25,0 20,0 15,0 10,0 5,0 - 3,9 3,9 1,6 Q1 Overseas Area Operating Margin (million Euro) Q2 3,2 2008 2009 Revenue by product line and brand In the first half of 2009 sales of free-standing and built-in appliances declined in an almost identical fashion, by 22.4% and 22.6% respectively, although the dynamics were different when analysed by channel, product and geographical area. (million Euro) 30 June 2009 30 June 2008 Change % Free Standing 832,0 1.072,7 -22,4% Built In 270,1 349,2 -22,6% Total 1.102,1 1.421,9 -22,5% The decline in sales affected the Indesit brand more than Hotpoint-Ariston, since Indesit has a greater presence in the geographical areas more seriously hit by the crisis, such as Eastern Europe and Russia. (million Euro) 30 June 2009 30 June 2008 Change % Indesit 515,5 675,2 -23,6% Hotpoint-Ariston 550,3 695,2 -20,8% Altri marchi 36,3 51,6 -29,6% Total 1.102,1 1.421,9 -22,5% The larger reduction in the revenue from Other brands confirms pursuit of the Group's strategy of focusing sales on the two principal brands. (million Euro) 30 June 2009 30 June 2008 Change % Cooking 266,0 359,2 -26,0% Cooling 346,1 442,2 -21,7% Washing 490,0 620,4 -21,0% Total 1.102,1 1.421,9 -22,5% Cooking and cooling were the product families that saw the greatest declines. The reduction in the sales of washing appliances was lower due to the performance achieved in Western Europe. 12
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Page 59: www.indesitcompany.com

2009 1st Half Report - Indesit

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