2009 1st Half Report - Indesit

Half-year report at 30 June 2009
when reclassifying a financial instrument away from the above category, all related
embedded derivatives must be measured and, if necessary, recognised separately in the
financial statements. These amendments are applicable on a retrospective basis from 31
December 2009. At the date of preparing these condensed interim consolidated financial
statements, the competent EU bodies have not yet completed the endorsement process
necessary for their adoption.
On 16 April 2009, the IASB issued a number of improvements to the IFRSs. The following
are mentioned since they were described by the IASB as requiring changes in the
presentation, recognition or measurement of captions, while those merely involving changes
in terminology or editorial corrections, with minimal effect in accounting terms, and those
affecting principles and interpretations not applicable to the Indesit Group have been
ignored.
- IFRS 2 – Share-based Payments: this amendment, which must be applied from 1
January 2010 (early adoption is allowed), clarifies - following amendment of the definition
of a business combination in IFRS 3 - that the contribution of a line of business on the
formation of a joint venture and the combination of businesses and lines of business in
entities under joint control do not fall within the scope of application of IFRS 2.
- IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations: this
amendment, which is applicable on a prospective basis from 1 January 2010, clarifies
that IFRS 5 and the other IFRSs making specific reference to non-current assets (or
groups of assets) classified as available for sale or as discontinued operations, establish
all the disclosures required for these types of assets or operations.
6. Changes in the scope of consolidation
Commencing from these condensed interim consolidated financial statements, Indesit
Company Ireland Ltd and Indesit Middle East FZE are consolidated on a line-by-line basis.
In addition, commencing from these condensed interim consolidated financial statements,
Aeradriatica S.p.A. is now part of the scope of consolidation following its spin-off from
Aermarche S.p.A., which has been sold to third parties and therefore deconsolidated.
These changes in the scope of consolidation have not resulted in significant changes
affecting the comparability of amounts with respect to prior periods.
7. Operating segments
The Group's operating segments, as defined in IFRS 8 – Operating Segments, comprise the
geographical areas which, in organisational terms, generate revenues and costs that are
periodically reviewed by the most senior decision makers in order to evaluate performance
and decide on the allocation of resources, and for which separate financial information is
available.
The Group identifies the following operating segments:
Italy;
UK and Ireland;
Russia, comprising Russia and the Asian republics;
Western Europe, comprising France, Spain, Portugal, Germany, Austria, Benelux,
Scandinavia, Switzerland, Estonia, Lithuania and Latvia;
Eastern Europe, comprising Poland, Ukraine, Moldova, Czech Republic, Hungary,
Romania, Greece, Bulgaria, Turkey and the Balkans;
Overseas, which includes all other non-European markets.
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