2009 1st Half Report - Indesit

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Half-year report at 30 June 2009 Financial position (million Euro) 30 June 2009 31 Dec 08 30 June 2008 Current financial assets 27,6 43,8 53,5 Cash and cash equivalents 136,1 193,2 152,3 Banks and other financial payables (297,3) (268,2) (513,8) Net financial position - short term (133,6) (31,2) (307,9) Medium/long-term financial payables (392,6) (451,9) (297,8) Net financial position (*) (526,2) (483,1) (605,7) Other non-current financial assets 2,1 9,3 13,3 Net financial indebtedness (524,1) (473,8) (592,5) *) As defined in CONSOB Communication DEM /6064293 dated 28/07/2006, applying the CESR recommendations dated 10/02/2005 The net financial indebtedness amounts to 524.1 million euro (592.5 million euro). The Gross financial indebtedness totals 689.9 million euro (811.6 million euro), of which 57% is classified as medium and long term and 43% as short term. The maturity profile of medium and long-term loans is presented below: Medium/longterm MATURITY 2010 2011 2012 2013 2014 2015 2016 Bonds 201,2 4,7 57,1 6,8 6,5 111,4 0,8 13,8 Due to banks and Other payables 191,4 5,6 17,4 147,4 1,3 16,8 0,0 2,8 Total 392,6 10,4 74,5 154,2 7,9 128,2 0,8 16,6 At 30 June 2009, the Group has unused, committed lines of credit totalling 250.0 million euro. Reorganisation of activities In February 2009, Indesit Company informed the parties concerned of its intention to close the factory at Kinmel Park in the UK. Consultation with the trade unions was completed in June, with the final decision agreed with the social partners being to close the factory at the end of July. In June 2009, Indesit Company reached an agreement with the social partners and the institutions on the reorganisation of activities at the None factory in Italy. This agreement, involving a reduction in production levels, was signed at the Ministry for Economic Development in July. Significant events during the first half of 2009 and subsequent to period end Other than the events mentioned above, there were no additional significant events or transactions during the first half of 2009 or subsequent to period end. 15
Half-year report at 30 June 2009 Reconciliation with the shareholders' equity and net profit for the period of the parent company In accordance with Consob Communication no. DEM/6064293 dated 28 July 2006, the shareholders' equity and net results for the period of the parent company are reconciled below with the related consolidated amounts. (million Euro) 30 June 09 31 Dec 08 Profit (Loss) Equity Profit (Loss) Equity Financial statements of the parent company (18,9) 410,2 62,6 428,7 Consolidation adjustments Difference between carrying amount and equity of group companies (4,7) (7,7) 123,0 (4,4) Dividends received from subsidiaries - - (132,7) - Effect of aligning separate financial statements with group accounting policies 0,8 3,0 2,7 2,4 Elimination of intercompany profits 0,3 (13,3) (1,2) (13,3) Tax effect of adjustments (0,1) 6,1 1,0 6,2 Other minor effects 0,0 0,1 0,1 0,4 Total consolidation adjustments (3,7) (11,9) (7,1) (8,7) Consolidated financial statements (22,6) 398,3 55,5 420,0 Intercompany and related-party transactions, and significant, atypical or unusual transactions Transactions between Group companies are settled on arms'-length terms, having regard for the quality of the goods and services provided. The notes to the condensed, half year consolidated financial statements describe the nature of the principal transactions arranged by the parent and other Group companies with related parties. They also contain the detailed information required by Consob regulations and IAS 24. In accordance with Consob regulations, 7 Attachments 3 and 4 to the condensed, half year consolidated financial statements present the consolidated income statement and balance sheet showing nonrecurring items and transactions with related parties separately, together with the percentage incidence with respect to each caption. Transactions with related parties are not significant to the economic and financial position of the Group. Stock option plans The stock option plans are described in the notes to the condensed, half-year consolidated financial statements at 30 June 2009, which describe the plans and provide the information required by law and the relevant Consob communications. Corporate governance The system of corporate governance adopted by Indesit Company is essentially consistent with the principles established in the Code of Conduct for Listed Companies and with international best practice. On 26 March 2009, the Board of Directors approved the Annual 7 Resolution no. 15519 dated 27 July 2006 and Consob Communication no. DEM/6064293 dated 28 July 2006 16
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Page 59: www.indesitcompany.com

2009 1st Half Report - Indesit

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