Separate Financial Statements 2007 - Indesit

More documents

Recommendations

Info

Separate Financial Statements as of 31 December 2007 Report on Operations and Separate Financial Statements as of 31 December 2007
Separate Financial Statements as of 31 December 2007 Report on operations during the year ended 31 December 2007 Sales of household appliances in Europe Sales of white goods (sell out) grew well in Eastern Europe and especially in the CIS during 2007, but there was a slight overall slowdown in Western Europe due to adverse economic conditions in a number of major countries during the last part of the year. Retail prices rose in Western Europe, especially during the second half of the year, with an overall increase of 1.5%, while conditions in Eastern Europe were essentially stable. Currency Markets Compared with 2006, during 2007 the euro 1 fell by 2.9% against the Zloty and 1.1% against the Turkish lira, but appreciated by 9.2% against the US dollar, 2.7% against the rouble and 0.4% against the British pound. Significant events during the year and subsequent to year end The sale by Indesit Company S.p.A. of its 15% interest in Haier Indesit (Qingdao) Electrical Appliances Co Ltd and its 30% interest in Haier Indesit (Qingdao) Washing Machine Co Ltd for a total of 11.8 million euro was completed in October 2007, with a capital gain of 1.0 million euro. Following the changes made to the severance indemnity regulations (TFR) by Law 296 dated 27 December 2006 (2007 Finance Law), and by the subsequent decrees and regulations issued in early 2007 as part of the overall reform of supplementary pensions, Indesit Company S.p.A. has recognised non-recurring income of 4.8 million euro in 2007 deriving from the transformation of severance indemnities from a defined-benefits plan to a defined contributions plan. Further information is provided in the explanatory notes to the separate financial statements as of 31 December 2007. The demerger of Marchi e Brevetti S.r.l., owner of the Ariston brand, took place in February 2008 in accordance with agreements reached between Indesit Company S.p.A. and Merloni Termosanitari S.p.A. This company was jointly owned by the two groups. As a consequence, the two groups have acquired full economic of the Ariston brand in the product sectors in which they are active. With regard to the Indesit Company Group, this demerger resulted in the set up of Indesit Company IP S.r.l., wholly owned by Indesit Company S.p.A., which therefore now owns the rights to use the Ariston brand. There were no other significant events, significant non-recurring events or unusual and/or nonbusiness transactions during 2007 or subsequent to year end. Accounting policies The separate financial statements of Indesit Company S.p.A. have been prepared in accordance with the International Financial Reporting Standards - IFRSs TM (hereafter referred to as IFRS or IAS) issued by the International Accounting Standards Board (IASB), as interpreted by the International Financial Reporting Interpretations Committee (IFRIC) and adopted by the European Union. Approach taken All amounts are stated in millions of euro. All comparisons contained in this report and in the separate financial statements are made with respect the prior year figures (stated in brackets). 1 Determined with reference to the average monthly rates reported by the Italian Exchange Office. 2
Page 1: Separated Financial Statements as o
Page 5 and 6: Separate Financial Statements as of
Page 53 and 54:
Separate Financial Statements as of
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
show all

Separate Financial Statements 2007 - Indesit

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?