Annual Report 2012 - Indesit

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Separate financial statements at 31 December 2012 – Notes The lesser administrative rights with respect to the ordinary shares consist of the absence of voting rights at ordinary and extraordinary shareholders’ meetings. The outstanding stock options granted are 147,000 and 3,002,500 not yet granted. Considering the amounts reported in the statement of comprehensive income, the decrease in cash flow hedges during 2012 by 0.5 million euro relates entirely to transactions that are still outstanding at 31 December 2012. The description of, changes in and restrictions applying to the principal equity reserves are described below. The detailed analysis of these changes is presented in a separate schedule. Retained earnings (comprising the extraordinary reserve) have decreased by 13.3 million euro. The profit for 2011 of 10.4 million euro was used in full for the payment of dividends totaling 23.7 million euro. Reserves The share premium reserve amounts to 35.9 million euro. Legal reserve: this reserve, 22.7 million euro, reflects allocation of 5% of the net profit earned each year. The reserve has exceeded the legal threshold of one fifth of the nominal value of share capital. Other negative reserves, 12.4 million euro. Other reserves are analyzed as follows: (million euro) 31.12.2012 31.12.2011 Hedging reserve - derivatives (8.9) (8.4) Retained earnings 1.4 1.4 Stock option reserve 0.4 0.4 Grants Law no. 488/92 11.2 11.2 Reserve par. 21 Law no. 219 of 14/5/81 4.0 4.0 Reserve under par. 14 Law no. 64/86 2.2 2.2 Adjustment to plant costs (CASMEZ) 0.7 0.7 Grants Law 29/05/82 no. 308 0.1 0.1 Grants Law no. 19/84 0.0 0.0 Reserve par. 13 Law no. 124/96 c. 6 0.0 0.0 Grants under regional Law no. 29/1982 0.0 0.0 Other reserves (23.5) (23.5) Total (12.4) (11.9) The reserve for derivative financial instruments recognized as cash flow hedges reflects the change in fair value of these instruments. This negative reserve amounts to 8.9 million euro. The merger surplus reserve, 1.4 million euro, was formed on the merger of Merloni Brembate S.p.A. in 2003 and Wrap S.p.A. in 2007. 166
Separate financial statements at 31 December 2012 – Notes The reserve established in relation to investment required at the Comunanza factory, under the terms of a territorial agreement, includes 5.3 million euro that is restricted. A further 13.0 million euro has also been restricted in order to obtain industrial investment grants for the Albacina site pursuant to Law 488/92. This reserve amounts to 11.2 million euro. The reserve pursuant to art. 21 of Law 219/81, 4.0 million euro, represents the (tax-free) capital grants received for investment to repair and make functional improvements to the factories situated in Southern Italy that were damaged in the 1980 earthquake. The reserve pursuant to art. 14 of Law 64/86 reflects grants from the Ministry for Industry following the final acceptance testing of investment at the Comunanza factory. This reserve, 2.2 million euro, is unchanged. The reserve pursuant to Law 218/78 (investment in Southern Italy) relates to capital grants collected for investment at the Comunanza and Acerra factories. This reserve is unchanged and amounts to 0.7 million euro. The grants under Regional Law 308/82 relate to investment in energy saving and recycling. This reserve, 0.1 million euro, is unchanged. The dividends paid on the ordinary shares in 2012 amounted to 23.7 million euro (31.0 million euro), while those paid on the savings shares in accordance with the articles of association amounted to 0.1 million euro (0.2 million euro). The Board of Directors meeting held on 21 March 2013 approved these separate financial statements and recommended to the shareholders’ meeting the declaration of a dividend of 0.20 euro per ordinary share and 0.218 euro per savings share. The way the reserves can be utilized is analyzed in Attachment 6. 7.11 Net financial position The net financial position and net borrowing of the Company are analyzed below. Non-current financial assets have been included in the calculation of net borrowing in order to represent fairly the overall exposure. (million euro) Note 31.12.2012 31.12.2011 Current financial assets 7.11.1 37.3 137.5 Cash and cash equivalents 7.11.2 10.2 9.1 Banks and other short-term loans and borrowings 7.11.3 233.3 181.4 Net financial indebtedness - short-term (185.8) (34.9) Medium and long-term loans and borrowings 7.11.5 232.4 248.1 Net financial position * (418.2) (282.9) Other non-current financial assets 7.11.4 0.4 50.0 Net financial indebtedness (417.7) (232.9) * As defined in Consob Communication DEM/6064293 dated 28 July 2006, applying the CESR recommendations dated 10 February 2005. 167
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Annual Report 2012 - Indesit

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