2009 1st Half Report - Indesit

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Half-year report at 30 June 2009 Basic EPS 30 June 2009 30 June 2008 Basic attributable earnings (million Euro) (22,6) 33,7 Basic average number of ordinary shares (thousand) 102.590,9 102.590,9 Ordinary EPS (without savings shares effect) (0,22) 0,33 Unit earnings attributed to savings shares (Euro) (0,22) 0,33 Number of savings shares (thousand) 511,3 511,3 Earnings attributed to savings shares (million Euro) 0,1 (0,2) Basic attributable earnings (million Euro) (22,5) 33,5 Basic average number of ordinary shares (thousands) 102.590,9 102.590,9 Basic EPS (Euro) (0,22) 0,33 Diluted EPS Basic attributable earnings (Euro million) (22,5) 33,5 Basic average number of ordinary shares (thousands) 102.590,9 102.590,9 Average number of shares granted to Directors without payment (thousands) - - Average number of shares granted to employees without payment (thousands) 21,9 150,7 Total 102.612,8 102.741,7 Diluted EPS (Euro) (0,22) 0,33 8.15. Net financial indebtness The net financial indebtness of the Group is analysed below. (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Current financial assets 8.15.1 27,6 43,8 53,5 Cash and cash equivalents 8.15.2 136,1 193,2 152,3 Banks and other financial payables 8.15.3 (297,3) (268,2) (513,8) Net financial position - short term (133,6) (31,2) (307,9) Medium/long-term financial payables 8.15.4 (392,6) (451,9) (297,8) Net financial position (1) (526,2) (483,1) (605,7) Other non-current financial assets 8.15.5 2,1 9,3 13,3 Net financial position (524,1) (473,8) (592,5) 1) As defined in CONSOB Communication DEM /6064293 dated 28/07/2006, applying the CESR recommendations dated 10/02/2005 8.15.1 Current financial assets Current financial assets include assets deriving from the measurement of financial transactions in accordance with IAS 39. See note 9 below for more information about these financial transactions. 8.15.2 Cash and cash equivalents Cash and cash equivalents include bank and postal deposits, as well as cheques and other amounts on hand. The changes in liquidity during the period are analysed in the consolidated statement of cash flows. 8.15.3 Banks and other financial payables Banks and other financial payables mainly comprise amounts due within the current year. This caption is analysed below. 41
Half-year report at 30 June 2009 (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Short-term bank loans 197,5 172,4 322,4 Short-term advances for transfer of receivables 8,3 3,8 105,8 Liability from the measurement of derivative instruments 18,2 18,4 8,2 Current portion of bonds issued 57,1 58,5 11,0 Current portion of liability from the acquisition of GDAH - - 35,1 Current portion of medium/long-term bank loans 15,5 14,3 30,5 Current portion of other medium/long-term loans 0,8 0,8 0,8 Total 297,3 268,2 513,8 Short-term bank borrowings comprise bank overdrafts, the current portion of the revolving lines of credit drawn down and other short-term advances in various forms. Short-term advances for transfer of receivables mainly relate to the sale of receivables with recourse basis. 8.15.4 Medium and long-term interest-bearing loansand borrowing Medium and long-term interest-bearing loans and borrowingare analysed as follows: (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Bonds 201,2 212,0 212,3 Due to banks 168,1 227,3 31,0 Other financial payables 23,3 12,6 54,5 Total 392,6 451,9 297,8 The bonds were subscribed by institutional investors (U.S. Private Placement) and are denominated in USD. The change in their fair value is offset by the change in the fair value of the derivative arranged to hedge this liability (Cross Currency Swap). The interest and exchange rate risks relating to the above-mentioned U.S. Private Placement have been hedged by a Cross Currency Swap which is described below in note 9 on Financial instruments. The long-term amounts due to banks mainly comprise the partial draw down of 150.0 million euro against a revolving line of credit for 350.0 million euro that expires in 2012. Other payables are analysed as follows: (million Euro) 30 June 2009 31 Dec 2008 30 June 2008 Lease payables 0,7 0,9 1,1 Liability from the measurement of derivatives 22,2 11,1 52,8 Other financial payables 0,4 0,6 0,6 Total 23,3 12,6 Medium and long-term payables are analysed by maturity in the following table. 54,5 (million Euro) Medium/long-term financial payables Between 1 and 5 years Beyond 5 years Bonds 201,2 78,4 122,8 Due to banks 168,1 168,1 - Other fiancial payables 23,3 3,8 19,6 Total 392,6 250,2 142,4 Among other obligations, the bond and the committed bank loans require compliance with certain financial covenants. In particular, the financial parameters applying at 30 June each year are set out below: 42
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2009 1st Half Report - Indesit

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