PRESS RELEASE. Indesit Company s Board of Directors examines the results for 2 nd quarter 2012 and approves the 1 st half management report

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1 PRESS RELEASE Indesit Company s Board of Directors examines the results for 2 nd quarter and approves the 1 st half management report Growth in 2 nd quarter revenues and market share. Operating margin before extraordinary expenses down to euro 10 million from 26m in 2 nd quarter. Net financial indebtedness down. Milan, 26 July Meeting today in Milan under the chairmanship of Andrea Merloni, the Board of Directors of Indesit Company examined the results for 2 nd quarter and approved the 1 st half management report to 30 June. In 2 nd quarter compared to the previous year, the white goods market (in terms of industry shipment) saw a loss of 4.2% in Western Europe and growth of 4% in Eastern Europe. Overall demand in so-called Greater Europe was down 1.4%. In this scenario of contraction on the European market, market share in 2 nd quarter topped 13%, up on, and revenues grew 1.1%. The results reflect the success of the new Hotpoint products and particularly good performance in countries like the UK, Russia, Poland and Turkey. 2 nd quarter revenues from the service business also grew significantly. The operating margin was down, having been penalized by the negative trend in retail prices. Despite market conditions, sales have started to grow again and market share is higher than last year. We are being seriously penalized by the demand situation in Italy unfortunately. The reduction of net financial indebtedness, on the other hand, confirms our financial stability, said Indesit Company CEO Marco Milani. Revenues in 2 nd quarter amounted to 685.0m, up 1.1% on 677.3m in the same period in. The result reflects a 0.4% increase in revenues from finished products (due to a 2.1% increase in sales volumes and the positive 2.0% impact of exchange rates, which more than offset the negative 3.7% effect of the price/mix) and an 11.5% increase in revenues from services (due above all to increased extra-guarantee sales, especially in the UK). Excluding net non-recurring expenses of 8.2m ( 3.0m in 2 nd quarter ), the 2 nd quarter operating margin (EBIT) was 10.3m ( 26.1m). The ratio to sales was 1.5% (3.8%). The result was affected by the deterioration of the price/mix. Positive factors, on the other hand, included higher sales volumes and the trend in exchange rates. The operating margin (EBIT) in 2 nd quarter was 2.2m, against 23.1 in the same period in. The result reflects the deterioration in the price/mix together with non-recurring expenses. Positive factors included higher sales volumes and trends in exchange rates. Net financial indebtedness was reduced by 21.9m to 430.8m ( 452.7m at 30 June ). The 2 nd half of the year is expected to remain negative on the European market, with industry unit shipments of white goods for the full year forecast at around 1% down on. The improvement in market share and the Group s geographical structure, together with stability in current exchange

2 rates, should ensure a positive effect on sales in the 2 nd half, with procurement costs expected to stay in line with or slightly lower than 2 nd half. In this scenario, the Group expects to see sales for full-year grow by around 2% on, with an operating margin (EBIT) of around 90m. Financial highlights for the period Income statement key data of the quarter Q2 Q2 Change Revenue 685,0 677,3 1,1% Gross operating profit (EBITDA) 29,9 50,5-40,9% Depreciation and amortisation (27,7) (27,4) 1,0% Operating profit (EBIT) 2,2 23,1-90,7% Operating profit (EBIT) / Revenue 0,3% 3,4% -3,1 p.p. Profit for the period attributable to the owners of the Parent (10,0) 12,0-182,9% Net basic earnings per share (euro) (0,10) 0,12 (0,22) Net diluted earnings per share (euro) (0,10) 0,12 (0,22) Income statement key data of the half year Change Revenue 1.306, ,7-1,1% Gross operating profit (EBITDA) 76,1 118,0-35,5% Depreciation and amortisation (53,8) (54,4) -1,1% Operating profit (EBIT) 22,3 63,5-65,0% Operating profit (EBIT) / Revenue 1,7% 4,8% -3,1 p.p. Profit for the period attributable to the owners of the Parent 0,9 32,0-97,2% Net basic earnings per share (euro) 0,01 0,31 (0,30) Net diluted earnings per share (euro) 0,01 0,31 (0,30) Balance sheet key data Dec. 31st, Net working capital 159,8 (25,0) 222,7 Non-current assets 1.105, , ,7 Non-current liabilities 409,2 413,6 366,2 Equity attributable to the owners of the Parent 563,1 554,1 540,3 Net financial indebtedness 430,8 218,2 452,7 Net financial indebtedness / Equity 76,5% 39,4% 83,8% Cash Flow Dec. 31st, Operating cash flow (120,7) 115,6 (175,0) Cash flows from investing activities (68,2) (124,0) (67,9) Cash flows from financing activities 169,3 20,2 103,7 Free Cash Flow (212,6) (39,3) (273,8) In 2 nd quarter compared to the previous year, industry shipment of home appliances saw a loss of 4.2% in Western Europe and growth of 4.0% in Eastern Europe. Overall demand in so-called Greater Europe was down 1.4%. Compared to, industry shipment of home appliances in the 1 st half was down 3.3% in Western Europe and up 3.9% in Eastern Europe. Overall demand in so-called Greater Europe was down 1.1%. 2

3 Total revenues (millions of euros) ,3% 644,4 677,3 762,7 6,7% 740,9 621,5 685,0 8,0% 6,0% ,4% 4,9% 3,2% 4,0% 200 0,3% 2,0% 0 Q1 Q2 Q3 Q4 Q1 Q2 0,0% Breakdown of revenues Q2 Q2 change % Revenue from finished products 631,1 628,9 0,4% Revenue from service operations 54,0 48,4 11,5% Total Revenue 685,0 677,3 1,1% change % Revenue from finished products 1.197, ,4-1,9% Revenue from service operations 109,5 101,3 8,2% Total Revenue 1.306, ,7-1,1% 3

4 EBIT including non-recurring income and expenses (in millions of euros) 10,0% 100 8,0% 80 6,0% 6,1% 3,8% 4,6% 5,5% 60 4,0% 3,3% 40 2,0% 0,0% 39,2 41,1 1,5% 35,2 26,1 20,6 10,3 Q1 Q2 Q3 Q4 Q1 Q EBIT gross of non recurring items EBIT % gross of non recurring items Results by geographical Area The following geographical areas were defined as representative of the operating sectors in which the Group works: - Western Europe Area 1 ; - Eastern Europe Area 2 ; - International Area 3. Western Europe Eastern Europe International Costs not allocated Total Total revenue 792,1 446,4 68,1 0, ,5 Operating Costs (742,1) (420,2) (60,2) (61,8) (1.284,3) Operating Profit 50,0 26,1 7,9 (61,8) 22,3 1 Italy, the UK and Ireland, France, Spain, Portugal, Germany, Austria, Switzerland, Benelux, Scandinavia. 2 Russia and the Asian Republics, Belarus, Kazakhstan, Poland, Ukraine, Moldova, Czech Republic, Hungary, Romania, Greece, Baltic states, Caucasian Republics, Slovakia, Turkey, Bulgaria and Balkan states. 3 All the other non-european markets. 4

5 Western Europe Eastern Europe International Costs not allocated Total Total revenue 822,8 426,9 72,0 0, ,7 Operating Costs (751,5) (393,9) (61,9) (50,8) (1.258,1) Operating Profit 71,3 33,0 10,0 (50,8) 63,5 Q2 Western Europe Eastern Europe International Costs not allocated Total Total revenue 390,9 254,7 39,4 0,0 685,0 Operating Costs (370,4) (237,1) (34,8) (40,6) (682,9) Operating Profit 20,5 17,6 4,6 (40,6) 2,2 Q2 Western Europe Eastern Europe International Costs not allocated Total Total revenue 394,6 246,2 36,5 0,0 677,3 Operating Costs (371,9) (225,0) (32,2) (25,1) (654,2) Operating Profit 22,6 21,2 4,3 (25,1) 23,1 Costs not attributed to Areas are mainly central (corporate) department costs and net restructuring charges, above all industrial ones, not directly attributable to Areas. Western European Area Q2 Q2 Change Change % Revenue 390,9 394,6 (3,7) (0,9) Operating Profit 20,5 22,6 (2,1) (9,1) Operating Margin % 5,3% 5,7% -0,5p.p. Change Change % Revenue 792,1 822,8 (30,7) (3,7) Operating Profit 50,0 71,3 (21,3) (29,9) Operating Margin % 6,3% 8,7% -2,4p.p. 5

6 Revenues 480,0 428,2 426,3 446,6 400,0 394,6 401,2 390,9 320,0 Q1 Q2 Q3 Q4 Q1 Q2 Sales in 2 nd quarter were down on the previous year by 0.9%. This trend reflects lower sales volumes and the negative effect of the price/mix. Exchange rates (especially the GB pound) partially offset the trend. The change in Service sales in the 2 nd quarter was positive on the whole, mainly as a result of the increase in sales of warranty extensions in the UK market. Sales in 1 st half were down 3.7% on the previous year. In the Western Europe Area, the trend was characterized by a general reduction in sales, with the exception of the UK and Northern Europe markets. This reduction was particularly marked in Italy due to a drastic 14.9% fall in market demand. Profitability The trend in profitability in the Area by quarter is as follows: 60,0 11,4% 10,7% 12,0% 50,0 10,0% 40,0 30,0 20,0 10,0 48,7 5,7% 22,6 7,0% 30,0 47,8 7,3% 29,4 5,3% 20,5 8,0% 6,0% 4,0% 2,0% - Q1 Q2 Q3 Q4 Q1 Q2 0,0% Operating Profit Operating Margin % There was a negative trend in profitability in the Area in 2 nd quarter compared to the same period in due to a deterioration in the price/mix. This negative trend was mitigated by the containment of advertising & promotion expenses and favourable movements in the GB pound exchange rate. Profitability in the Area in 1 st half was comparable to the trend in the 2 nd quarter and was characterized by falling volumes. 6

7 Eastern European Area Q2 Q2 Change Change % Revenue 254,7 246,2 8,5 3,5 Operating Profit 17,6 21,2 (3,6) (17,1) Operating Margin % 6,9% 8,6% -1,7p.p. Change Change % Revenue 446,4 426,9 19,5 4,6 Operating Profit 26,1 33,0 (6,9) (20,8) Operating Margin % 5,9% 7,7% -1,9p.p. Revenues The trend in total revenues in the Area by quarter is as follows: 360,0 300,0 240,0 180,0 180,7 246,2 297,8 260,9 191,7 254,7 120,0 60,0 - Q1 Q2 Q3 Q4 Q1 Q2 Sales in 2 nd quarter were up 3.5% on the same period in due to rising volumes and the rouble exchange rate. The price/mix had a negative effect. The growth in sales volumes was mainly in Russia, Turkey and Poland. Sales in 1 st half were up 4.6% on the same period in due to the positive trend in sales volumes (Russia, Poland and Turkey). The price/mix and the depreciation of the Polish zloty and Turkish lira compared to the same period in had a negative impact on revenue growth and eroded the positive effect of the trend in the rouble. Profitability The trend in profitability in the Area by quarter is as follows: 7

8 35,0 30,0 25,0 20,0 15,0 6,5% 8,6% 10,7% 31,9 8,5% 4,5% 6,9% 12,0% 10,0% 8,0% 6,0% 10,0 5,0 11,8 21,2 22,2 8,5 17,6 4,0% 2,0% - Q1 Q2 Q3 Q4 Q1 Q2 0,0% Operating Profit Operating Margin % The operating margin in this Area in 2 nd quarter was down in comparison to because of a negative price/mix and rising distribution costs. The positive trend in sales volumes and the cutting of advertising and promotion spending helped offset the reduction of profitability in the Area. The operating margin produced by the Area in 1 st half was down in comparison to because of a negative price/mix and rising distribution costs. The positive trend in sales volumes, industrial and procurement efficiency measures and the cutting of advertising and promotion spending partially offset falling profitability in the Area. International Area Q2 Q2 Change Change % Revenue 39,4 36,5 2,9 8,0 Operating Profit 4,6 4,3 0,3 7,6 Operating Margin % 11,7% 11,8% 0,0p.p. Change Change % Revenue 68,1 72,0 (3,9) (5,4) Operating Profit 7,9 10,0 (2,1) (21,1) Operating Margin % 11,6% 13,9% -2,3p.p. Revenues The trend in total revenues in the Area by quarter is as follows: 8

9 50,0 40,0 30,0 35,5 36,5 38,6 33,4 28,7 39,4 20,0 10,0 - Q1 Q2 Q3 Q4 Q1 Q2 Revenues in 2 nd quarter were up 8.0% on due to the positive trend in exchange rates and rising sales volumes, especially in the Middle East. 1 st half revenues were down 5.4% on as a result of a negative price/mix and falling volumes, mainly in Argentina, Asia and Africa. Profitability The trend in profitability in the Area by quarter is as follows 7,0 16,2% 18,0% 6,0 16,0% 5,0 11,8% 11,5% 11,7% 14,0% 12,0% 4,0 10,0% 3,0 2,0 1,0 5,7 4,3 5,9% 2,3 5,0% 1,7 3,3 4,6 8,0% 6,0% 4,0% 2,0% - Q1 Q2 Q3 Q4 Q1 Q2 0,0% Operating Profit Operating Margin % Profitability in the Area in 2 nd quarter was up 7.6% due to increases in sales volumes, which were partially offset by a negative price/mix and a higher cost of product. Profitability in the Area in 1 st half compared to was down mainly as a result of lower sales volumes, a negative price/mix and a higher cost of product. These negative effects were compensated in part by a reduction in logistics costs (including Customs duties). 9

10 Cash flows 4 Dec. 31st, EBITDA 76,1 262,7 118,0 Change in NWC (184,9) 32,0 (215,7) Other Operating Flow (32,2) (176,8) (116,7) Operating cash flow (141,0) 117,9 (214,5) Net CapEx (47,9) (126,3) (28,4) Cash Flow before financial activities (188,9) (8,4) (242,9) Dividends paid and financial operations (23,7) (31,0) (31,0) Free cash flow (212,6) (39,3) (273,8) Operating cash flow was a negative 141.0m (negative 214.5m). The improvement on was due mainly to the positive effect of changes in net working capital and other operating cash flows. These effects were partially offset by lower EBITDA. The trend in other operating cash flows was largely the result of the trend in exchange rates and movements in other receivables and payables. Free Cash Flow 5 was a negative 212.6m (negative 273.8m) causing an increase in net financial indebtedness of the same amount with respect to 31 st December. 4 In the Cash Flow table, the change in net working capital includes a negative 20.3m change in trade payables for investments, which comes under cash flows from investment activities in the consolidated cash flow statement, which therefore shows different values for operating cash flows and cash flows from investment activities. 5 Free Cash Flow: cash flows from operations and investment activities net of dividend pay-outs and capital increases. 10

11 Balance sheet 6 Dec. 31st, Trade receivables 543,3 440,5 565,7 Inventories 393,6 323,2 432,2 Trade payables (777,0) (788,8) (775,2) Net working capital 159,8 (25,0) 222,7 Non-current assets 1.101, , ,5 Other current assets and liabilities and non-current liabilities (267,5) (268,1) (270,2) Net invested capital 993,9 772,4 993,0 Net financial indebtedness 430,8 218,2 452,7 Equity attributable to the owners of the Parent 563,1 554,1 540,3 Non-controlling interests 0,0 0,0 0,0 Equity and financial liabilities 993,9 772,4 993,0 The reduction in net working capital compared to 30 June was due mainly to the reduction in inventories. Trade receivables discounted without recourse in the UK and not yet collected as of 30 th June amounted to 19.5m. (% on revenue) Dec. 31st, Trade receivables 19,3% 15,6% 19,3% Inventories 14,0% 11,4% 14,8% Trade payables 27,7% 27,9% 26,5% Net working capital 5,7% -0,9% 7,6% Shareholders equity (less minority interests) moved up 8.9m on the figure at 31 st December. The increase was due to positive changes in the cash flow hedge reserve ( 1.3m), the conversion reserve ( 30.4m), due mainly to appreciation of the main currencies in which the Group operates, as well as to Group profits ( 0.9m). Group shareholders equity was reduced by a 23.7m dividend payout. 6 In the reclassified balance sheet, the trade receivables and payables, inventories and shareholders equity items coincide with the values stated in the consolidated balance sheet; net financial indebtedness is detailed in the next table; the Non-current assets and Other current assets and liabilities and non-current liabilities items are made up of consolidated balance sheet items other than those mentioned above and those making up net financial indebtedness. 11

12 Financial position Dec. 31st, Current financial assets 26,6 20,9 13,5 Cash and cash equivalents 214,8 234,4 83,5 Banks and other financial payables (433,5) (228,7) (382,7) Net financial indebtedness position - short term (192,1) 26,6 (285,7) Medium/long-term financial payables (242,5) (246,3) (168,1) Net financial position (*) (434,6) (219,7) (453,9) Other non-current financial assets 3,7 1,5 1,2 Net financial indebtedness (430,8) (218,2) (452,7) (*) As defined in CONSOB Communication DEM / dated 28 July 2006, applying the CESR recommendations dated 10 February 2005 Net financial indebtedness amounts to 430.8m ( 452.7m). Gross financial indebtedness amounts to 676.0m ( 550.8m), of which 35.9% medium/long-term (30.5% at 30 June ). The table below is a breakdown of medium/long-term gross financial indebtedness by maturity. Medium/long-term financial payables MATURITY TOTAL Bonds 164,3 4,0 139,9 1,0 19,5 0,0 0,0 164,3 Due to banks and other financial payables 78,2 9,9 17,1 13,3 12,5 12,8 12,8 78,2 Total 242,5 13,8 156,9 14,3 31,9 12,8 12,8 242,5 The 1st half financial report will be available to the public at the Company s registered office and at Borsa Italiana from 2 August. It will also be posted in the Investor section of the Company s website on the same day. This press release, the accounts for 1 st half and the financial report are also available on-line, as of today, in the Media and Investor sections of the Company s website (www.indesitcompany.com). The manager charged with preparing the Company s financial reports, Stefano Cavacini, confirms, pursuant to clause 2, art. 154-bis, Consolidated Finance Law, that the accounting information included in this press release agrees with the underlying documentation, records and accounting entries The figures in brackets refer to the same period the previous year. * Definitions of performance indicators: EBIT: operating margin. EBITDA: operating margin before amortization and depreciation. Net working capital: inventories plus trade receivables minus trade payables. Net financial indebtedness: the balance of current financial assets, cash and cash equivalents, payables to banks and other financial payables, medium/long-term financial payables and other non-current financial assets. Net financial position: the balance of current financial assets, cash and cash equivalents, payables to banks and other financial payables and medium/long-term financial payables 12

13 For further information: External Communication and Press Office: Federico Ziller, tel cell , Investor Relations: Elisabetta Vilizzi, tel , 13

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