Indesit 1st Quarter 2008

In the first quarter of 2008 Indesit Company’s sales reached €756m, up 0.6% on the same period the previous year; Ebit was up 1.2% and net profits were down 6.6% to €22m; net financial indebtedness improved significantly, moving to €498m from €542m at 31st March 2007. At constant exchange rates, sales would have been up 4.4%, with an Ebit grow of 37.2%. Such were the key figures that Indesit Company CEO Marco Milani submitted on 30th April to a meeting of the Board of Directors chaired by Vittorio Merloni in the Company’s Fabriano headquarters.

The Board voted the appointment of Andrea Merloni as the Company’s vice-chairman.

'The Company was faced with difficult market conditions in this first quarter and the results are very good,' said chairman Vittorio Merloni. 'We are committed to growing the Company by the force of its brands and constant technological innovation and by strengthening our values. The appointment of Andrea Merloni as vice-chairman of the Company is an endorsement of our commitment to Indesit and to a strategic vision whose main objective is continual growth'.

'We’re very satisfied with these 1st quarter results,' said Marco Milani. 'Despite being heavily penalised by the strong euro, Indesit managed to improve on the already excellent results achieved last year. Our growth at constant exchange rates – sales up 4.4%, Ebit up 37% and the price mix up 1.9% - is a clear indicator of the efficacy and success of the Company’s strategies.'

As planned, Indesit Company launched a number of highly innovative products over the last few months. At the Salone del Mobile – Eurocucina in April, the Company presented the latest developments in the Indesit, Hotpoint-Ariston and Scholtès built-in product lines.

Key results in 1st quarter 2008 (1st quarter 2007 in brackets)
Sales: €756.2m (up 0.6%, €751.6m).
EBITDA before non-recurring charges: €76.2m (down 4.6%, €79.9m).
Ratio to sales: 10.1% (10.6%)
EBITDA: €77.3m (down 5.7%, €82.0m).
Ratio to sales: 10.2% (10.9%)
EBIT before non-recurring charges: €45.1m (up 3.5%, €43.6m).
Ratio to sales: 6.0% (5.8%).
EBIT: €46.2m (up 1.2%, €45.7m).
Ratio to sales: 6.1% (6.1%)
Net profits for the Group: €21.6m (down 6.6%, €23.1m).
Ratio to sales: 2.9% (3.1%)
Net financial indebtedness: €497.6m (€542.5m).
Net financial position: €505.5m, down €620.7m on 31st March 2007 and up €163.2m on 31st December 2007.
Net working capital: €191.6m; NWC over 12 month rolling sales: 5.6% down on 31st March 2007 (€203.9m, 6.2% of sales). The 1st quarter 2008 figure is up €189.2m on 31st December 2007.

Main awards in 1st quarter 2008
At the beginning of the year, the Moon built on its successes in 2007 by winning major awards round the world as best product in terms of technological performance and design for the home. The Giugiaro designed washing machine thus entered the ranking published by Best of the Best, the prestigious Greek fashion, design and luxury magazine, and was voted 'product of the year' by Get Connected, a UK magazine specialising in consumer electronics and home technology. Further, the Chicago Athenaeum - Museum of Architecture and Design gave the Moon a Good Design Award (for 2007) as a new concept, high-performance washing machine with a strong personality, while Appliance Design – an American magazine for industrial designers – gave it a gold at the Excellence in Design Awards for its boldly innovative looks and its capacity to offer intelligent solutions for the home.

The quarterly report approved on 30th April will be made available to the public at the Company’s headquarters and at Borsa Italiana by 7th May 2008 and will be posted on the Company’s website http://www.indesitcompany.com the same day.