2009 1st Half Report - Indesit

Half-year report at 30 June 2009
Half-year report at 30 June 2009
Milan, 30 July 2009
Highlights
Revenue of 1,203.7 million euro (1,525.3 million euro in the first
half of 2008).
Revenue down by 15.2% at constant exchange rates; down by
21.1% at current exchange rates.
Contraction of 20.3% in the volume of sales of household
appliances due to the slowdown in demand.
Net non-recurring charges of 34.8 million euro (16.8 million euro
in the first half of 2008), mainly due to the reorganisation of
manufacturing activities.
Operating profit, gross of non-recurring charges of 50.2 million
euro (89.2 million euro in the first half of 2008).
Operating profit at constant exchange rates of 48.4 million euro;
15.4 million euro at current exchange rates.
Average European market share up by 0.5 percentage points
during the first four months of the year.
Net working capital of 163.8 million euro (250.3 million euro at 30
June 2008).
Net borrowing of 524.1 million euro (592.5 million euro at 30
June 2008).
Negative free cash flow of 50.2 million euro (negative by 261.3
million euro in the first half of 2008).
Contents
Highlights 2
Company bodies 3
Interim report on operations 4
Condensed half-year consolidated
financial statements 19
Notes 25
Attachments 51
30 june 2009 30 june 2008 Change
Euro
Euro
Euro
%
%
milion
milion
milion
Revenue 1.203,7 100,0% 1.525,3 100,0% (321,6) (21,1%)
Gross operating profit before non recurring items 110,0 9,1% 149,8 9,8% (39,8) (26,6%)
Gross operating profit 83,0 6,9% 136,8 9,0% (53,8) (39,3%)
Operating profit before non recurring items 50,2 4,2% 89,2 5,9% (39,1) (43,8%)
Operating profit 15,4 1,3% 72,4 4,7% (57,0) (78,8%)
Profit before taxation (20,8) (1,7%) 58,5 3,8% (79,3) (135,5%)
Profit for the period (22,6) (1,9%) 34,1 2,2% (56,7) (166,3%)
Profit attributable to the Group (22,5) (1,9%) 33,7 2,2% (56,2) (166,9%)
II Q 2009 II Q 2008 Change
Euro
Euro
Euro
%
%
milion
milion
milion
Revenue 613,0 100,0% 769,1 100,0% (156,1) (20,3%)
Gross operating profit before non recurring items 62,6 10,2% 73,6 9,6% (11,0) (14,9%)
Gross operating profit 49,3 8,0% 59,5 7,7% (10,3) (17,2%)
Operating profit before non recurring items 32,3 5,3% 44,1 5,7% (11,7) (26,7%)
Operating profit 14,1 2,3% 26,2 3,4% (12,0) (46,0%)
Profit before taxation (4,3) (0,7%) 22,7 2,9% (27,0) (119,0%)
Profit for the period (7,9) (1,3%) 12,6 1,6% (20,5) (162,8%)
Profit attributable to the Group (8,0) (1,3%) 12,1 1,6% (20,1) (165,8%)
%
%
2