Annual Report 2012 - Indesit

Report on operations at 31 December 2012
Other operating costs
Advertising & promotion
expenses
mEur
30
25
20
18.3
83
19.2 18.7
15
16.2
13.7
14.9
11.8
11.7
10
5
0
1Q 2Q 3Q 4Q
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
At current exchange rates, advertising and promotion expenses totaled 54.7 million euro
(69.9 million euro).
Logistics costs were 9.2 million euro (about 4.1%) higher than in 2011, due to a change in
network logistical flows and an increase in customs duties.
Compared with the prior year, the cost of Service activities was higher due, in the main, to
the revision of insurance costs.
2011 2012
Operating profitability
Operating profit
mEur
80
70
60
50
40
30
40.5
37.138.1
20
20.1
23.1
49.6
72.3
Gross operating profit (EBITDA) was 242.6 million euro (262.7 million euro), representing
8.4% (9.3%) of revenue, and 221.1 million euro (253.7 million euro) before non-recurring
items, representing 7.7% (9.0%) of revenue.
Operating profit (EBIT) was 132.6 million euro (150.3 million euro), representing 4.6%
(5.3%) of revenue, and 110.1 million euro (141.6 million euro) before non-recurring items,
representing 3.8% (5.0%) of revenue.
The incidence of depreciation and amortisation was 3.8% (4.0%).
Compared with 2011, the principal changes in the components of operating profit (EBIT) are
indicated below:
10
2.2
0
1Q 2Q 3Q 4Q
2011 2012
Operating margin %
%
10
8
9.2%
18.7%
6.3%
6
4.9%
4.8%
4
2
3.2% 3.4%
0.3%
0
1Q 2Q 3Q 4Q
(million euro) 2012
Exchange rate 42
Advertising & promotion 16
Positive
Non-recurring items 11
(at constant
exchange rates) Sales volume 10
Sourcing cost 7
Manufacturing cost 5
Negative
Price/Mix (91)
(at constant
Distribution cost (7)
exchange rates)
Bad debts (5)
Operating profit (EBIT), excluding non-recurring items, is analysed by quarter in the following
chart:
2011 2012
6