2009 1st Half Report - Indesit

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Half-year report at 30 June 2009 Cash flows 4 (million Euro) 30 June 09 31 Dec 08 30 June 08 EBITDA 83,0 270,5 136,8 Change in NWC (98,7) (62,7) (247,9) Other Operating Flow (15,9) (162,0) (53,2) Operating cash flow (31,5) 45,8 (164,3) Net CapEx (18,5) (136,1) (44,4) Cash Flow before financial activies (50,0) (90,3) (208,7) Financial operations & others (0,2) (52,4) (52,7) Free cash flow (50,2) (142,7) (261,3) The cash flow absorbed by operating activities during the first half of 2009 was 31.5 million euro (absorbed 164.3 million euro). The absorption of cash flow was much lower than in the first half of 2008, despite the reduction in gross operating profit (EBITDA). This improvement in cash flows was mainly due to the management of net working capital. In particular, aside from the lower volume of sales, the reduction in trade receivables was also due to the sale without recourse of trade receivables totalling 54.3 million euro. Capital expenditure net of the proceeds from asset disposals diminished significantly, consistency with the policy announced by the Group, and amounted to 18.5 million euro (44.4 million euro). Lastly, no dividends were paid during the first half of 2009. The free cash flow 5 generated during the first half of 2009 was therefore negative by 50.2 million euro (261.3 million euro), resulting in an increase in net borrowings of the same amount since 31 December 2008. 4 In the above Cash flow view, the change in net working capital includes the change in Trade payables incurred for investment purposes, classified as part of the Cash flows from investing activities in the Consolidated statement of cash flows, where the amounts of cash flow from operating activities and Cash flow from investing activities are different. 5 Free Cash Flow: the cash flow from/for operating and investing activities, net of dividend payments and capital increases. 13
Half-year report at 30 June 2009 Balance sheet 6 (million Euro) 30 June 09 31 Dec 08 30 June 08 Trade receivables 416,2 459,0 649,0 Inventories 338,0 374,1 457,6 Trade payables (590,5) (767,9) (856,3) Net working capital 163,8 65,1 250,3 Non-current assets 1.088,2 1.113,5 1.196,0 Other current assets and liabilities and non-current liabilities (327,1) (282,2) (321,0) Net invested capital 924,9 896,4 1.125,4 Net financial indebtedness 524,1 473,8 592,5 Equity attributable to the Group 398,3 420,0 530,7 Minority interests 2,5 2,5 2,2 Equity and financial liabilities 924,9 896,4 1.125,4 The reduction in Net working capital as a percentage of sales (from 7.4% of rolling sales in June 2008 to 5.8% in June 2009) was made possible by the sale without recourse of trade receivables. Without these sales, the incidence on sales would have been 7.9%. The fall in the volume of production was greater than the decline in the volume of sales, resulting in a reduction in trade payables that was larger than the decrease in trade receivables, despite the slowdown in collections due to the challenging general economic situation. Lastly, consistent with the Group’s policy, inventory levels were reduced. The decrease in shareholders' equity since 31 December 2008 was mainly due to the net loss for the half year period of 22.5 million euro. The translation reserve increased by 10.8 million euro overall, due the appreciation of Uk pound against the euro since 31 December 2008, which more than offset the effect on the reserve of the appreciation of the euro against the zloty and the rouble. The cash flow hedge reserve, on the other hand, decreased by 9.9 million euro. 6 The trade receivables and payables, inventories and equity reported in the above reclassified balance sheet are the same as the amounts reported in the consolidated balance sheet; net financial indebtedness is analysed in the notes to the condensed, half-year consolidated financial statements; “Non-current assets” and “Other current assets and liabilities and non-current liabilities” comprise the captions of the consolidated balance sheet that are not mentioned above or included as part of net financial indebtedness. 14
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2009 1st Half Report - Indesit

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