Annual Report 2009 UK - Bonfiglioli

Management Report
2008 to 2.4% in 2009, in line with 2008 in terms of absolute value, following the reduction in
the cost of money and operations to reduce the Group’s indebtedness recorded since the second
half of the year;
• extraordinary income and charges had a debit balance for 2009, their incidence on turnover
standing at 1.7% as a result of provisions for future charges of other than an ordinary nature
(allocations made by the Parent company against the reorganisation underway).
At the level of the asset and liability structure of the Group, Net Working Capital fell sharply from
209.2 to 167.4 M€ (-41.8 M€), due to a reduction in warehouse volumes and the effect of the de-
crease in turnover on the mass of trade receivables and payables. Average rotation index suffered the
consequences of the disproportionate decline in turnover.
An important positive development worthy of mention is the fact that, in spite of the reduction in
sales and the economic losses recorded, net cash position (overall financial indebtedness) improved
from 177.9 to 170.9 M€ dropping by 7 M€, despite the negative economic trend. This was the result
of the substantial recovery made by Net Working Capital, which is undoubtedly a very good result.
Net investments amount to 18.8 M€ with details given below:
Values in Euro/millions 2009 2008 2007 2006 2005
Land and buildings 2.5 16.1 16.3 12.1 13.5
Plant and machinery 12.4 23.2 22.2 18.1 8.4
Trade & industrial fixtures 4.9 8.0 7.8 5.5 2.9
Other assets 0.8 2.9 2.0 1.0 1.8
Assets in progress (3.1) (4.3) 4.6 (0.2) 7.0
Tangible fixed assets 17.5 45.9 52.9 36.5 33.6
Software, trademarks, patents 0.8 0.5 1.9 1.5 1.1
Consolidation goodwill - 0.2 0.1 0.1 1.8
Other 0.5 3.2 - 0.2 0.5
Intangible fixed assets 1.3 3.9 2.0 1.8 3.4
Total investments 18.8 49.8 54.9 38.3 37.0
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Annual Report 2009