2009 1st Half Report - Indesit

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Half-year report at 30 June 2009 (million Euro) 30 June 2009 30 June 2008 Interest income 0,6 5,6 Interest income on UK pension schemes 0,3 3,1 Mark-to-market derivatives - 0,1 Total interest income 0,9 6,6 Interest expense (14,0) (20,5) Interest expense on post employment employee benefits (1,2) (1,2) Mark-to-market derivatives (3,7) 4,8 Total interest expense (18,9) (16,9) Exchange rate fluctuations (16,6) (2,3) Commissions (1,6) (1,3) Total net financial expenses (36,2) (13,9) See note 9 for information about derivatives outstanding at 30 June 2009. 8.7. Income tax Income tax, amounting to 1.8 million euro (24.4 million euro), comprises current taxes of 23.1 million euro (29.9 million euro) and net deferred tax assets of 21.3 million euro (5.5 million euro), mainly recognised in relation to the provisions for restructuring costs. 8.8. Property, plant and equipment Property, plant and equipment are analysed as follows: (million Euro) 30 June 2009 31 December 2008 30 June 2008 Land and buildings 259,3 270,8 266,4 Plant and machinery 240,6 261,9 271,1 Industrial and commercial equipment 81,0 86,2 86,5 Assets under construction 28,2 41,4 88,7 Other assets 26,4 32,4 34,8 Total 635,5 692,8 747,5 The change in the historical cost of property, plant and equipment is shown below: (million Euro) 31 December 2008 Additions Decreases Exchange rate Reclassifications 30 June 2009 differences Land and buildings 398,7 0,4 (1,5) (2,9) - 394,7 Plant and machinery 722,9 5,6 (23,5) (0,4) 4,5 709,1 Industrial and commercial equipment 423,2 1,0 (7,1) (1,8) 13,1 428,6 Assets under construction 41,4 7,0 (0,4) (2,5) (17,5) 28,2 Other assets 122,0 0,3 (4,6) 2,9 0,7 121,4 Total 1.708,3 14,4 (37,1) (4,6) 0,8 1.681,9 The changes in the related accumulated depreciation were as follows: (million Euro) 31 December 2008 Depreciation and impairment losses Decreases Exchange rate differences Reclassifications 30 June 2009 Land and buildings (127,9) (6,6) 1,1 (2,0) - (135,4) Plant and machinery (461,0) (27,2) 23,3 (3,4) (0,1) (468,4) Industrial and commercial equipment (337,0) (14,9) 6,5 (1,7) (0,5) (347,5) Other assets (89,6) (2,9) 0,4 (2,9) 0,0 (95,0) Totale (1.015,5) (51,7) 31,4 (10,0) (0,6) (1.046,4) The changes in the net carrying amount of property, plant and equipment are summarised in the following table: 37
Half-year report at 30 June 2009 (million Euro) 31 December 2008 Additions Depreciation and impairment losses Decreases Exchange rate differences Reclassificat ions 30 June 2009 Land and buildings 270,8 0,4 (6,6) (0,3) (4,9) - 259,3 Plant and machinery 261,9 5,6 (27,2) (0,2) (3,8) 4,3 240,6 Industrial and commercial equipment 86,2 1,0 (14,9) (0,5) (3,5) 12,7 81,0 Assets under construction 41,4 7,0 - (0,4) (2,5) (17,5) 28,2 Other assets 32,4 0,3 (2,9) (4,2) 0,0 0,7 26,4 Total 692,8 14,4 (51,7) (5,7) (14,7) 0,2 635,5 In line with the containment policy announced by the Group, in 2009 investments have been restricted to strategic and/or essential projects, with a focus on the development and launch of new products and the improvement of manufacturing processes. 8.9. Goodwill and other intangible assets with an indefinite useful life Goodwill and other intangible assets with an indefinite useful life are analysed as follows: (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Goodwill 129,8 116,4 139,9 Brands with an indefinite useful life 102,2 91,4 135,5 Total goodwill and other intangible assets with an indefinite useful life 232,0 207,7 275,4 The changes in the net carrying amount of goodwill and other intangible assets with an indefinite useful life are summarised in the following table: (million Euro) 31 Dec 08 Exchange rate differences Reclassifications 30 June 09 Goodwill 116,4 13,5 - 129,8 Brands with an indefinite useful life 91,4 10,8 - 102,2 Total 207,7 24,3 - 232,0 The brand name with an indefinite useful life (Hotpoint) and goodwill relate to the acquisition of General Domestic Appliances Holding Ltd. As mentioned in the consolidated financial statements at 31 December 2008, part of the goodwill deriving from this acquisition was allocated to the Group Cash Generating Units (CGUs) that benefit from the synergies deriving from this acquisition. Considering the results for the first half of 2009, checks were made on the principal plan assumptions made when preparing the consolidated financial statements at 31 December 2008, in order to calculate the recoverable value of the CGUs to which the intangible assets with an indefinite useful life were allocated. These checks did not identify any circumstances at 30 June 2009 making it necessary to repeat the impairment tests at the level of the group CGU o the UK CGU. There is no apparent need to adjust the carrying amounts of these assets, given broad compliance with the plans made by the Group and recent trends in exchange and interest rates. 8.10. Other intangible assets with a finite life Other intangible assets are analysed as follows: (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Development expenses 45,8 37,7 35,7 Licences and software 39,1 42,0 39,7 Brands with a finite useful life 25,3 26,5 8,4 Intangible assets under development 4,3 12,4 11,9 Other 5,2 5,3 6,7 Total 119,7 123,9 102,3 The development expenditure capitalised during the first half of 2009 totalled 8.2 million euro (6.1 million euro). The changes in the historical cost of other intangible assets with a finite useful life during the period are shown below: 38
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2009 1st Half Report - Indesit

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