2009 Results as of June 30. July 30, 2009

Transcription

1 2009 Results as of June 30 July 30, 2009

2 2009 Q2 HIGHLIGHTS (change Vs. 2008) Sales: 613 M (-20.3%) At constant exchange rates 648 M (-15.8%) Operating income*: 32 M (-26.7%) 44 M (-0.6%) Operating margin*: 5.3% Vs. 5.7% 6.8% Vs. 5.7% Operating income: 14 M (-46.0%) 26 M (-0.3%) Operating margin: 2.3% Vs. 3.4% 4.0% Vs. 3.4% Net Financial Indebtedness: 524 M (- 68 M) (*) Excluding non recurring items 1

3 2009 Q2 SALES VARIANCE * [ M] Change Vs. Y-1 Change Vs. Y-1 % Volume (153.3) -21.2% Price/Mix % Currency (31.3) -4.3% Total (156.7) -21.8% *Appliances only 2

4 2009 Q2 SALES BY REGION [ M] '09 Q2 '08 Q2 Change Italy % UK % West Europe % East Europe % Russia % Overseas % Total Sales % 3

5 2009 Q2 SALES BY PRODUCT [ M] '09 Q2 '08 Q2 Change Cooking % Refrigeration % Washing % Total appliances % Non appliances % Total Sales % 4

6 2009 INDUSTRY SHIPMENTS - VOLUME [change Vs. 2008] Q1 Q2 H1 Italy -13.2% -4.2% -8.6% UK -19.2% -12.2% -15.9% West Europe -8.9% -10.2% -9.5% East Europe -32.5% -16.3% -24.0% Russia -29.1% -50.2% -39.4% Total -17.4% -15.6% -16.5% 5

7 2009 MARKET RETAIL PRICE [change Vs. 2008] Jan-Feb Mar-Apr April YTD Italy 1.6% 0.5% 1.0% UK -0,4% 4.6% 1.6% West Europe 0.4% 0.4% 0.4% East Europe 7.6% 12.4% 10.1% Russia 11.4% 12.7% 11.9% Total 3.4% 5.1% 4.1% INDESIT CO. RETAIL PRICE (Mar-Apr): + 5.7% INDESIT CO. RETAIL MARKET SHARE (Mar-Apr): pp 6

8 PRODUCT COST [change Vs. 2008] 9M Q1 08 vs 9M 07 9M Q2 08 vs 9M 07 9M H1 08 vs 9M 07 Manufacturing +12.4% +13.2% +12.8% Sourcing -1.7% -2.0% -1.8% Total +1.3% +1.6% +1.4% 7

9 SOURCING COST [change Vs. 2008] Q1 Q2 H1 Plastic -8.2% -8.7% -8.5% Steel 1.0% -0,2% +0,4% Others -1.2% -0,9% -1.0% Total -1.7% -2,0% -1.8% 8

10 OPERATING INCOME KEY DRIVERS [ M, change Vs. 2008] Positive Q1 Q2 H1 Price/Mix Product quality ADV & Promo Sourcing cost Negative Q1 Q2 H1 Sales Volume (36) (39) (75) Manufacturing cost (15) (18) (34) Exchange rate (17) (9) (26) Non recurring items (21) = (21) 9

11 2009 Q2 BUSINESS PROFITABILITY BY REGION [ M, change Vs. 2008] '09 Q2 '08 Q2 Change Italy margin 13.8% 8.0% +5.9 p.p. UK margin 10.1% 1.4% +8.7 p.p. West Europe 5.0 (0.6) 5.6 margin 3.8% -0.4% +4.3 p.p. East Europe (3.9) margin 5.5% 7.4% -1.9 p.p. Russia (23.4) margin 7.4% 20.9% p.p. Overseas (0.7) margin 9.7% 8.2% +1.5 p.p. Total Market Result (1.2) margin 8.5% 6.9% +1.6 p.p. 10

12 2009 Q2 CONSOLIDATED INCOME STATEMENT [ M] '09 Q2 '08 Q2 Change Net Sales % EBITDA % margin 8.0% 7.7% EBIT % margin 2.3% 3.4% PBT (4.3) % margin -0.7% 2.9% Net Group Income (8.0) % margin -1.3% 1.6% 11

13 2009 H1 CONSOLIDATED INCOME STATEMENT [ M, change Vs. 2008] '09 H1 '08 H1 Change Net Sales 1, , % EBITDA % Margin 6.9% 9.0% EBIT % Margin 1.3% 4.7% PBT (20.8) % Margin -1.7% 3.8% Net Group Income (22.5) % Margin -1.9% 2.2% 12

14 CONSOLIDATED BALANCE SHEET AS OF JUNE [ M] '09 H1 '08 H1 '09 H1 '09 '08 H1 Non current operating assets 1,088 1,196 Net Financial Indebtedness Trade receivables Inventories Trade payables (590) (856) Group equity Minorities Net Working Capital % on 12m rolling sales Other assets liabilities % (327) % (321) Total Shareholders equity Net Invested Capital 925 1,125 Total Sources 925 1,125 13

15 2009 H1 CONSOLIDATED CASH FLOW [ M] '09 H1 '08 H1 EBITDA NWC variance (98.7) (247.9) Other operating Flow (15.9) (53.2) Operating cash flow (31.5) (164.3) Net CapEx (18.5) (44.4) Cash Flow before financial activities (50.0) (208.7) Financial operations & others (0.2) (52.7) Free cash flow (50.2) (261.3) 14

16 NET FINANCIAL INDEBTEDNESS AS OF JUNE [ M] Cash, bank deposits and marketable securities* 166 Short-term indebtedness** Long-term indebtedness (297) (393) Total Financial Liabilities (690) NET FINANCIAL INDEBTEDNESS : 524 M * Of which 5 M under cash collateral ** Incl L/T debt maturing within 12m 15

17 A PERFECT DOSAGE OF INTELLIGENCE AND INNOVATION 16

18 Fare clic per modificare gli stili del testo dello schema Secondo livello Terzo livello Quarto livello Quinto livello Eco Cycles Washing Machines

19 Fare clic per modificare gli stili del testo dello schema Secondo livello Terzo livello Quarto livello Quinto livello 18

20 Professional Cooktops Collection

21 New Indesit brand site Fare clic per modificare gli stili del testo dello schema Secondo livello Terzo livello Quarto livello Quinto livello 20

22 New corporate web site 21

23 2009 H2 ESTIMATED OPERATING INCOME KEY DRIVERS [change Vs H1] Positive Price/Mix Product quality ADV & Promo Sourcing cost In line Lower Lower In line Negative Sales Volume Manufacturing cost Exchange rate Non recurring items Improving Improving Worsening Improving 22

24 2009 FY OUTLOOK Based on current market conditions: Sales: M EBIT: M Net Financial Indebtedness: broadly in line with previous year 23

25 Disclaimer This presentation contains forward-looking statements regarding future results of Indesit Company SpA based on intents, beliefs or current expectations. Any of these statements made by or on behalf of Indesit Company SpA speak only as of the date they are made. Information provided herein have to be linked to the oral comments made during presentation to analysts. The forward-looking statements contain no guarantees of future performance and involve risks and uncertainties that could significantly affect expected results and actual results may materially differ from those projected or implied in the forward-looking statements as a result of various factors. Consequently, analysts and investors are warned not to place undue reliance on those statements. No obligation is undertaken by Indesit Company SpA to update said statements in order to reflect any expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. This presentation does not constitute an offer, or invitation to purchase or subscribe any securities and no part of it shall form the basis of or be relied upon in connection with any commitment whatsoever. The manager charged with preparing the company s financial reports, Andrea Crenna, confirms, pursuant to paragraph 2 of art. 154-bis of the Consolidated Finance Law, that the accounting information included in this press release agrees with the underlying documentation, records and accounting entries.