Annual Report 2012 - Indesit

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Consolidated financial statements at 31 December 2012 – Notes 9.7 Inventories Inventories are analyzed as follows: (million euro) 31.12.2012 31.12.2011 Raw materials 134.4 123.4 Obsolescence provision (2.4) (2.2) Total raw materials 132.0 121.2 Finished products and semi-finished products 183.7 185.0 Obsolescence provision (11.9) (11.2) Total finished products and semi-finished products 171.8 173.9 Spare parts 30.9 30.4 Obsolescence provision (3.0) (2.2) Total spare parts 28.0 28.1 Total inventories 331.8 323.2 Inventories have increased overall by 8.6 million euro since the end of 2011, mainly due to the rise in raw material prices. 9.8 Trade receivables Trade receivables comprise amounts due from customers as a result of commercial transactions and the provision of services, stated net of the allowance for doubtful accounts The allowance for doubtful accounts totals 30.1 million euro (33.6 million euro) at 31 December 2012. The net provisions and losses during the year amounted to 26.6 million euro (7.1 million euro). The increase relates to the losses recognized by Indesit Company UK Ltd. (see the note 8.3). Trade receivables are analyzed below: (million euro) 31.12.2012 31.12.2011 Trade receivables 495.4 474.2 Allowance for doubtful accounts (30.1) (33.6) Net trade receivables 465.3 440.5 Fund % on trade receivables 6.1% 7.1% The reduction in the percentage of allowance for doubtful accounts is due to an improvement in the process of granting credit. As part of the diversification of sources of finance, during the year the Group sold trade receivables in the UK and Poland and maintained the securitization program. The securitization involves the without-recourse sale of trade receivables, on a revolving basis, by the Parent and by Indesit Company France S.A. The receivables are acquired by vehicle companies, which are financed by the issue of securities whose repayment is guaranteed by the cash flows generated by the portfolio of receivables sold (asset-backed securities). There are two classes of asset-backed security: the senior securities are placed in the market and subscribed for by institutional investors; the junior securities, whose repayment is subordinated to that of the senior securities, are taken up by the Group. Consistent with SIC 12 - Consolidation - Special-purpose entities (“SPE”), the Group consolidates vehicle companies on a line-by-line basis, even though it has no equity interest in them and does not exercise any form of control over their administrative bodies. 74
Consolidated financial statements at 31 December 2012 – Notes The net financial liabilities to third parties of the consolidated vehicle companies amount to 62.0 million euro at 31 December 2012, comprising senior securities issued on the ABS market, 87.1 million euro, net of the cash held by them, 25.0 million euro. At the same date, the liability of Group operating companies to vehicle companies for receivables sold but not yet collected amounts to 115.7 million euro, while their financial receivables represented by junior securities total 51.0 million euro. The without-recourse sale of UK and Polish receivables reduced trade receivables by 30.8 million euro, being the amount sold but not collected by 31 December 2012 (23.4 million euro in UK). The concentration risk associated with the 10 largest customers is 19.9% (21.3% in 2011) of total gross performing receivables. Trade receivables are analyzed by maturity below: (million euro) 31.12.2012 31.12.2011 Receivables not overdue 458.4 419.0 Overdue in 1 month 0.3 10.3 Overdue by 1 to 3 months 5.2 9.6 Overdue by 3 to 6 months 1.5 1.7 Total overdue receivables not impaired 6.9 21.5 Receivables impaired 30.1 33.6 Trade receivables 495.4 474.2 9.9 Tax receivables Tax receivables comprise amounts due from the tax authorities in the countries in which the Group operates, principally in relation to advance taxation. These amounts are analyzed below: (million euro) 31.12.2012 31.12.2011 Tax advances paid 16.3 9.2 Current portion of tax receivables relating to the Special Economic Zone 4.0 3.8 Total tax receivables 20.3 12.9 The receivables relating to advance taxation have increased as a result of the tax repayments requested in Italy and France. The current portion of the Special Economic Zone tax receivables, deriving from the investments in Poland, has essentially remained stable. These receivables, together with the non-current portion, are matched by deferred Government grants, classified as other non-current liabilities, which are discussed in note 9.17. 75
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Annual Report 2012 - Indesit

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