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Indesit Announces 3Q Results
Oct 27, 2005
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Indesit reported third quarter 2005 sales of 829.1 million euros (approx. U.S. $1,008.4 million), compared to 835.8 million euros (approx. $1,016.4 million) in the same period in 2004. Net profits were 10.2 million euros (approx. $12.4 million), compared to 27.0 million euros (approx. $32.8 million) in 2004.

The board of directors of Indesit Company (Fabriano, Italy) approved consolidated figures for the 3rd quarter, drawn up to international accounting standards. Ebitda is in line with expectations and sales in line with the same period in 2004, confirming a recovery with respect to 1st quarter 2005 in spite of weak demand, especially in the UK.

The board also reviewed Indesit's 3-year industrial plan, which focuses on product innovation, with the launch of new high value-added products as well as increasing investments in communication to support ongoing brand-building activities. The first of the new products, the Aqualtis washing machine, will launch on Saturday October 29.

Particularly significant, Indesit said, will be cost-cutting measures at all levels. In addition to the drive to improve sourcing and infrastructure efficiencies there will be further redistribution of production capacity between Western and Eastern Europe, in line with sales volumes in those regions. Indesit's goal is, by 2008, to generate 40 percent of its sales in Eastern Europe, up from 34 percent now, with production in Eastern Europe expected to reach 45 percent, up from 28 percent now. These initiatives are expected to grow sales volumes in the 3-year period of 2006 through 2008 at an average 3 percent to 4 percent annually, against an estimated market rate of 2 percent to 3 percent annually. Ebit is expected to be 15-20% a year over the same period.

Indesit, which changed its name from Merloni Elettrodomestici at the beginning of 2005, is one of the top white goods appliance makers in Europe. Its two biggest brands are Ariston and Indesit.

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