2009 1st Half Report - Indesit

Half-year report at 30 June 2009
(million Euro) 31 Dec 2008 Increases Decreases
Exchange
rate
differences
Reclassificat
ions
30 June 2009
Development expenses 81,8 7,0 (13,8) 3,7 6,2 84,9
Licences and software 76,1 1,5 (8,5) 1,1 0,8 70,9
Brands with a finite useful life 18,3 - - 5,4 - 23,7
Intangible assets under development 12,3 1,5 0,2 (2,2) (7,6) 4,3
Other 4,1 0,0 (0,5) (0,2) 0,3 3,6
Total 192,6 10,0 (22,7) 7,8 (0,3)
The changes in the related accumulated amortisation were as follows:
187,4
(million Euro) 31 Dec 2008
Amortization
and
impairment
losses
Decreases
Exchange
Reclassificat
rate
ions
differences
30 June 2009
Development expenses (44,1) (7,6) 13,5 (1,5) 0,6 (39,1)
Licences and software (34,0) (5,6) 8,5 (0,7) - (31,9)
Brands with a finite useful life 8,2 (2,5) (0,0) (4,1) - 1,7
Other 1,2 (0,2) 0,5 0,0 0,0 1,6
Total (68,7) (15,8) 22,6 (6,4) 0,6 (67,7)
The changes in the net carrying amount of other intangible assets with a finite life are
summarised in the following table:
(million Euro) 31 Dec 2008 Increases
Amortization
and
impairment
losses
Decreases
Exchange
rate
differences
Reclassificati
ons
30 June 2009
Development expenses 37,7 7,0 (7,6) (0,3) 2,1 6,8 45,8
Licences and software 42,0 1,5 (5,6) (0,0) 0,4 0,8 39,1
Brands with a finite useful life 26,4 - (2,5) (0,0) 1,2 - 25,3
Intangible assets under development 12,3 1,5 - 0,2 (2,2) (7,6) 4,3
Other 5,1 0,0 (0,2) (0,0) (0,2) 0,3 5,2
Total 123,7 10,0 (15,8) (0,1) 1,4 0,3 119,7
8.11. Inventories
Inventories are analysed as follows:
(million Euro)
30 June 2009 31 Dec 2008 30 June 2008
Raw materials, components and semi-finished products 74,9 114,5 106,3
Obsolescence provision (2,8) (2,2) (1,9)
Total raw materials 72,1 112,2 104,4
Finished products, components and semi-finished products 244,4 246,0 330,9
Obsolescence provision (9,9) (11,3) (10,8)
Total finished products and semi-finished products 234,5 234,7 320,1
Spare parts 33,1 28,8 36,5
Obsolescence provision (1,7) (1,7) (3,4)
Total Spare part 31,4 27,1 33,1
Total Inventories 338,0 374,1 457,6
The reduction in inventories mainly reflects the adjustment of stocks to reflect forecasts for
production and future sales.
The obsolescence provision at 30 June 2009 totals 14.4 million euro (16.0 million euro) and
the amount accrual for the period was 0.8 million euro (utilisation of 2.1 million euro).
8.12. Trade receivables
Trade receivables comprise amounts due from customers as a result of commercial
transactions and the provision of services, stated net of the provision for doubtful accounts.
The provision for doubtful accounts totals 53.3 million euro (38.1 million euro) at 30 June
2009, and the related provision during the period amounted to 6.9 million euro (utilisation of
1.8 million euro).
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