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2014 Q1 – Highlights Vs. 2013
07/05/2014 2014 Q1 Results 2
Q1 ‘14
Sales (M €)
EBIT adj. % on sales
Q1 ’13
EBIT % on sales
560 -6.6 %(*) 600
14 2.5%
+0.4p.p. 12
2.0%
14 2.4%
+0.1p.p. 14
2.3%
Net Debt as of 31st March (M €)
499 506
Sales:
A positive contribution from price-mix driven by price increases in main markets
Strong currency headwinds (Rouble and Turkish Lira mainly) and an adverse comparison
with Q1 ‘13 in Russia heavily affected top line
Profitability:
Cost reduction activities on products, SG&A optimization and positive price-mix delivered
better than Q1 ‘13 results
Net Debt: significantly lower cash absorption in Q1 ‘14 vs same period previous year,
resulted in lower net debt
(*) At constant Exchange Rates : -2.5%
07/05/2014 3
2014 Q1 – Sales variance trend Vs. 2013 Total MDA
1.7% 2.9% 1.9% 0.2% Price/Mix
Volume
Ex. rate
-4.4% -0.6%
-9.9%
-4.6%
-4.6% -6.4%
-4.3% -2.9%
2014 Q1 Results
Total -7.5%
-12.7%
-3.0%
-7.8%
Jan Feb Mar Q1
2014 Q1 – Industry shipments Vs. 2013
4 07/05/2014 2014 Q1 Results
+2.3%
+1.9%
+1.1% Eastern
Europe
Greater
Europe
Western Europe: UK slightly negative. Italy, Spain & Portugal positive
Eastern Europe: Turkey & Ukraine heavily negative; Russia positive on
imports
Western
Europe
2014 Q1 – EBIT Adj. Key Drivers Vs. 2013
07/05/2014 2014 Q1 Results 5
Exchange rate
SG&A Positive
Negative
Volume
Product cost
Price/Mix 5
16
-10
-16
6
2014 Q1 – Product cost Vs. 2013
6 07/05/2014 2014 Q1 Results
Manufacturing
Sourcing
Total
-3.2%
-2.5%
-2.2
Manufacturing: positive contribution from design change and factory
efficiencies, despite a negative volume effect
Sourcing: savings from cost of components, metals and plastics
Note: Constant Exchange Rates
2014 Q1 – Western Europe
2014 Q1 Results 7
Italy: improving both in sales and profitability, also assisted by positive market demand
trend
France: still lagging behind on sales but performance recovery in line with expectations
UK: Sales in line and growing profitability also assisted by positive contribution of the
exchange rate
Overall: strong profitability improvements in all main markets. Sales still affected by
France
07/05/2014
Sales (M €)
Profitability % on sales
353
26 7.3%
-1.4%
Q1 ‘14
358
19 5.3%
Q1 ‘13
2014 Q1 – Eastern Europe
2014 Q1 Results 8 07/05/2014
Turkey: sales and profitability heavily affected by negative exchange rates,
notwithstanding positive price-mix contribution
Poland: continues to grow versus previous year both in sales and margin
Russia: a positive contribution from price-mix in an unstable market situation with very
negative exchange rate
Overall: heavily negative currencies and fragile market situations in Russia & Ukraine
drove down results, partially counterbalanced by price/mix enhancements
Sales (M €)
Profitability % on sales
170
2 1.0%
-17.2%
Q1 ‘14
205
6 3.1%
Q1 ‘13
2014 Q1 – International
2014 Q1 Results 9 07/05/2014
Top line growth positively driven by Asian markets
Profitability continues to improve despite a strong negative currency effect in
Argentina
Sales (M €)
Profitability % on sales
37
6 15.5%
+2.5%
Q1 ‘14
36
5 12.6%
Q1 ‘13
2014 Q1 – Sales by Product
2014 Q1 Results 10 07/05/2014
53 Services (M €) -3.1%
Q1 ‘14 Δ Vs. 2013
Cooking (M €)
Refrigeration(M €)
Laundry(M €)
Dishwashing (M €)
Market demand: Refrigeration negative, Cooking, Dishwashing & Laundry
positive
-3.0%
-12.5%
-8.0%
+1.1%
111
139
207
48
SDA (M €) n.a. 3
54
Q1 ‘13
114
159
225
47
-
2014 Q1 – Consolidated income statement
2014 Q1 Results 13 07/05/2014
Net Sales (M €)
% on sales
Net Group Income (M €)
% on sales
PBT (M €)
% on sales
EBIT (M €)
% on sales
EBITDA (M €)
Q1 2014 Q1 2013
-6.6%
Δ
n.a.
+0.1 pp
+0.0 pp
560
-1.1%
(6)
-0.8%
(5)
2.4%
14
6.9%
39
600
0.7%
4
1.5%
9
2.3%
14
6.9%
41
n.a.
2014 Q1 – Net Financial Expenses
2014 Q1 Results 14 07/05/2014
Q1 ’14
-10.6
Polish
Zloty
+0.2
Russian
Rubble
Turkish
Lira
-1.5
Q1 ’13
-1.8
Ukrainian
Hryvnia
-6.5
1.1
British
Pound
-2.0
Total Net Financial Expenses
Exchange Rate
Net Interests Expenses
Bank Fees
(4.7)
(1.1)
(6.4)
(4.7)
1.1 (10.6)
(1.1)
(18.1)
Q1 ‘13 Q1 ’14
Exchange Rate
2014 – Consolidated Balance Sheet as of 31st March
2014 Q1 Results 15 07/05/2014
(M €) (M €)
(M €)
(M €)
(M €)
(M €)
(M €)
2014 2013
18.5%
486 18.6%
533 % on 12m rolling sales
Trade receivables
12.9%
338 13.7%
393 % on 12m rolling sales
Inventories
25.2%
(664) 25.4%
(729) % on 12m rolling sales
Trade payables
6.1%
160 6.9%
197
% on 12m rolling sales
Net working capital
(273) (250) Other assets liabilities
1,059 1,114
947 1,061 Net invested Capital
2014 2013
448 556 Total
Shareholders
equity
499 506 Net Debt
947 1,061 Total Sources
Non current
operating assets
2014 Q1 – Consolidated Cash Flow
2014 Q1 Results 16 07/05/2014
2014 2013
EBITDA 39 41
Net financial expenses (18) (5)
Income tax expenses (2) (5)
Change in NWC (171) (246)
Change in Other
Assets & Liabilities (11) (18)
Capex (11) (15)
Equity 2 5
Free cash flow (174) (249)
(1) (6) Change in Funds
(M €)
2014 – Update on Key Business Action
2014 Q1 Results 17 07/05/2014
Key commercial priorities
• Additional price increases already executed in Q1 in Russia, Ukraine and Turkey; further
actions already planned for following months
• Business turnaround in France in line with expectations; Italy improving both in sales and
profitability
Improvement of product cost and SG&A already in Q1, in line with expectations
Substantial new product launches
• MDA: New Indesit (Innex) & Hotpoint (Aqualtis) washer dryers launched in Q1;
Launches of new Hotpoint range in BI Cooking, Indesit & Hotpoint slim dishwashers
and New Hotpoint Dialogic technology planned in 2H ’14
• SDA: Iron range completion ongoing. Food preparation and Vacuum range extension
planned in Q2/Q3 ‘14
Industrial plan roll out in line with planned activities
Promising signs for the rest of the year are visible in market demand indicators,
especially in West European countries, such as Italy, which lend weight to forecasts
of improvements in 2014 compared to the previous year
Disclaimer
2014 Q1 Results 18 07/05/2014
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, Stefano Cavacini, 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.
