2009 1st Half Report - Indesit

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