2009 1st Half Report - Indesit

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:
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