Annual Report 2012 - Indesit

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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
Report on operations at 31 December 2012 Results by geographical segment The following geographical areas have been identified as representative of the Group’s operating segments: Western Europe 4 , Eastern Europe 5 and International 6 . The costs not allocated to the various areas principally comprise corporate costs and net restructuring charges, essentially of an industrial nature. Year 2012 (million euro) Western Europe Eastern Europe International Costs not allocated Total Total revenue 1,664.4 1,078.0 143.5 0.0 2,886.0 Operating costs (1,557.8) (994.5) (127.5) (73.6) (2,753.3) Operating profit 106.7 83.5 16.1 (73.6) 132.6 Revenue by segment 2012 (mEur & %) Operating profit by segment * 2012 (mEur & %) 143.5 5% 1,664.4 58% 16.1 8% 106.7 52% 1,078.0 37% 83.5 40% Year 2011 (million euro) Western Europe Eastern Europe International Costs not allocated Total Total revenue 1,695.7 985.6 144.0 0.0 2,825.3 Operating costs (1,546.5) (898.6) (130.0) (99.9) (2,675.0) Operating profit 149.2 87.0 14.0 (99.9) 150.3 Revenue by segment 2011 (mEur & %) Operating profit by segment * 2011 (mEur & %) 144.0 5% 1,695.7 60% 14.0 6% 149.2 60% 985.6 35% 87.0 35% * Before not allocated costs 4. This includes: Italy, the UK and Ireland, France, the Netherlands, Spain, Portugal, Germany, Austria, Switzerland, Belgium, Scandinavia. 5. This includes: Russia and the Asian Republics, Belarus, Kazakhstan, Poland, Ukraine, Moldova, Czech Republic, Hungary, Romania, Greece, the Baltic States, Caucasian Republics, Slovak Republic, Turkey, Bulgaria and the Balkans. 6. This includes all other non-European markets. 7
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Annual Report 2012 - Indesit

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