Report 2010 - Italcementi Group

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“Concessions” are amortized over the life of the conventions in question; amortization of quarrying concessions is determined at rates reflecting the ratio of extracted material to total to be extracted. “Concessions” includes the Bares licenses in Turkey for 30.2 million euro, relating to the Balikesir wind farm, on which amortization has not yet begun. 100
2010 Annual Report Presentazione 6 Consolidated Annual Report Directors’ report 27 Corporate Governance Consolidated financial statements Financial statements 68 Italcementi S.p.A. financial statements Notes 73 Annexes 142 Report of the Independent Auditors 151 8. Investments in associates This caption reflects equity interests, including goodwill of 31.7 million euro at December 31, 2010 (32.1 million euro at December 31, 2009), in associates consolidated with the equity method. The main investments in associates are listed below: Value of investments Share of result December 31, December 31, 2010 2009 (in millions of euro) 2010 2009 Ciment Québec (Canada) 86.3 73.9 9.7 7.3 Vassiliko Cement Works (Cyprus) 61.6 63.5 (1.6) 0.3 Asment Cement (Morocco) 40.7 40.4 8.7 9.1 R.C.S. Mediagroup S.p.A. (Italy) - 26.0 (1.3) (1.7) Tecno Gravel (Egypt) 5.9 5.1 1.2 1.1 Acquitaine de transformation (France) 4.1 4.1 - 0.3 Others 13.7 15.4 0.4 (1.8) Total 212.3 228.4 17.1 14.6 Tests on goodwill recoverability did not generate any impairment losses. In December 2010 the RCS MediaGroup shares were sold to the parent company Italmobiliare S.p.A.. The sale price of 1.44 euro per share for an aggregate amount of 24.6 million euro was determined on the basis of fundamental criteria expressing the present value of expected future cash flows, given that this is an investment with significant influence (associate) and that, owing to low trading volumes, the market price is not an adequate parameter for determining a fair economic value. The consolidated capital loss after recognizing the share of the RCS result for the year to September 30, 2010, was 0.2 million euro. Values for the main associates, adjusted for compliance with Group principles, are set out below: Total assets Total liabilities Revenues Net profit (in millions of euro) 2010 2009 2010 2009 2010 2009 2010 2009 Ciment Québec (Canada) 202.1 167.7 40.4 29.1 123.7 98.9 19.5 15.8 Vassiliko Cement Works (Cyprus) 368.9 321.1 137.6 89.8 93.3 101.8 (6.3) 1.2 Asment (Morocco) 115.0 114.4 29.3 29.1 93.0 94.4 23.6 24.4 RCS MediaGroup (Italy)* 3,408.5 3,534.7 2,340.1 2,404.3 1,644.7 1,621.2 0.7 (73.3) * Consolidated book values at September 30 101 www.italcementigroup.com
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2010 Annual Report
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2010 Annual Report Italcementi S.p.
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In the past three financial years w
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2010 Annual Report Presentation Gen
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Directors’ report Following the a
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Significant events for the year Sig
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Business and financial performance
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Fourth-quarter sales volumes and in
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Revenues and operating results Cont
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Total comprehensive income In 2010,
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Net debt breakdown (in millions of
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2010 to the Internal Control Commit
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Conformity risks The Group is subje
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constraints imposed by the stringen
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The construction sector reported a
Page 50 and 51: ASIA Thailand India Others (1) Tota
Page 52 and 53: The reduction arose essentially as
Page 54 and 55: Turkey Work continued in 2010 to ob
Page 56 and 57: variable amount. The fixed amount i
Page 58 and 59: Information systems The three-year
Page 60 and 61: Raw materials and alternative fuels
Page 62 and 63: Engineering, technical assistance,
Page 64 and 65: serves public companies and institu
Page 66 and 67: Set Group Holding represents a sign
Page 68 and 69: Financial statements Balance sheet
Page 70 and 71: Statement of comprehensive income (
Page 72 and 73: Consolidated cash flow statement No
Page 74 and 75: 21. Deferred tax 22. Net debt 23. O
Page 76 and 77: no longer generate goodwill, nor ga
Page 78 and 79: Subsidiaries Subsidiaries are compa
Page 80 and 81: 1.5. Translation of foreign currenc
Page 82 and 83: 1.10. Intangible assets Intangible
Page 84 and 85: deferred tax assets are reviewed at
Page 86 and 87: Pending publication of a standard/i
Page 88 and 89: 2. Exchange rates used to translate
Page 90 and 91: 4. Operating segment disclosure The
Page 92 and 93: Operating segments The table below
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Page 96 and 97: Assets 5 Property, plant and equipm
Page 98 and 99: 6.2 Goodwill testing Goodwill acqui
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Page 106 and 107: 17. Dividends paid Dividends declar
Page 108 and 109: The movements in defined benefit li
Page 110 and 111: 20. Provisions Non-current and curr
Page 112 and 113: 22.1 Loans and borrowings Loans and
Page 114 and 115: ) in the third quarter of 2010, Ita
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Page 118 and 119: Fair value - hierarchy In determini
Page 120 and 121: In 2009 and 2010, in view of the su
Page 122 and 123: 22.4 Interest-rate risk Notional va
Page 124 and 125: 22.6 Exposure to exchange-rate risk
Page 126 and 127: 22.8 Hedge Accounting The effects a
Page 128 and 129: At December 31, 2010, the average m
Page 130 and 131: 25. Goods and utilities expenses Go
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Page 134 and 135: The reconciliation between the theo
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Page 142 and 143: Annex 1 The following table has bee
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Representation form pursuant to art
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Financial statements Balance sheet
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Statement of comprehensive income (
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Cash flow statement 2010 2009 (euro
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Transactions with related parties o
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Summary of resolutions The Annual G
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Extraordinary session: 1) to amend
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Report on Corporate Governance and
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c) Significant shareholders as disc
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In the event of presentation of mor
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By resolution of June 20 th , 2007,
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d) Analysis of controls at process
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8) the various company functions, w
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knowledge of the company and its dy
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Emilio Zanetti * Unione di Banche I
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at their request, the Chief Executi
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The lists must be presented at the
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- for the simultaneous replacement
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Within the Board of Directors, the
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their level of agreement has been m
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The Board of Directors, with the as
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TABLE 2 BOARD OF STATUTORY AUDITORS
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Code of ethics The Code, approved f
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only if the unrelated shareholders
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EQUITY INVESTMENTS OF DIRECTORS, ST
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parent company, on a regular basis,
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Stock option plan for directors - 2
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Based on the opinion of the Committ
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g) Share capital increase; disposal
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Italcementi S.p.A. will have a pre-
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iii) approving for each assignee th
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Annex 1 Highlights from the most re
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(in thousands of euro) Full name Po
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STOCK OPTIONS GRANTED TO DIRECTORS
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CIMENTS FRANÇAIS S.A. Options held
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Corporate bodies resulting from the
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italcementi S.p.A. Via G. Camozzi,
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Report 2010 - Italcementi Group

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