Report 2010 - Italcementi Group
Report 2010 - Italcementi Group
Report 2010 - Italcementi Group
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<strong>2010</strong> Annual <strong>Report</strong><br />
Presentazione 6<br />
Consolidated Annual <strong>Report</strong> Directors’ report 27<br />
Corporate Governance Consolidated financial statements Financial statements 68<br />
<strong>Italcementi</strong> S.p.A. financial statements Notes 73<br />
Annexes 142<br />
<strong>Report</strong> of the Independent Auditors 151<br />
8. Investments in associates<br />
This caption reflects equity interests, including goodwill of 31.7 million euro at December 31, <strong>2010</strong> (32.1 million<br />
euro at December 31, 2009), in associates consolidated with the equity method.<br />
The main investments in associates are listed below:<br />
Value of investments<br />
Share of result<br />
December 31, December 31,<br />
<strong>2010</strong> 2009<br />
(in millions of euro)<br />
<strong>2010</strong><br />
2009<br />
Ciment Québec (Canada) 86.3 73.9 9.7 7.3<br />
Vassiliko Cement Works (Cyprus) 61.6 63.5 (1.6) 0.3<br />
Asment Cement (Morocco) 40.7 40.4 8.7 9.1<br />
R.C.S. Mediagroup S.p.A. (Italy) - 26.0 (1.3) (1.7)<br />
Tecno Gravel (Egypt) 5.9 5.1 1.2 1.1<br />
Acquitaine de transformation (France) 4.1 4.1 - 0.3<br />
Others 13.7 15.4 0.4 (1.8)<br />
Total 212.3 228.4 17.1 14.6<br />
Tests on goodwill recoverability did not generate any impairment losses.<br />
In December <strong>2010</strong> the RCS Media<strong>Group</strong> shares were sold to the parent company Italmobiliare S.p.A.. The sale<br />
price of 1.44 euro per share for an aggregate amount of 24.6 million euro was determined on the basis of<br />
fundamental criteria expressing the present value of expected future cash flows, given that this is an<br />
investment with significant influence (associate) and that, owing to low trading volumes, the market price is not<br />
an adequate parameter for determining a fair economic value. The consolidated capital loss after recognizing<br />
the share of the RCS result for the year to September 30, <strong>2010</strong>, was 0.2 million euro.<br />
Values for the main associates, adjusted for compliance with <strong>Group</strong> principles, are set out below:<br />
Total assets Total liabilities Revenues Net profit<br />
(in millions of euro) <strong>2010</strong> 2009 <strong>2010</strong> 2009 <strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
Ciment Québec (Canada) 202.1 167.7 40.4 29.1 123.7 98.9 19.5 15.8<br />
Vassiliko Cement Works (Cyprus) 368.9 321.1 137.6 89.8 93.3 101.8 (6.3) 1.2<br />
Asment (Morocco) 115.0 114.4 29.3 29.1 93.0 94.4 23.6 24.4<br />
RCS Media<strong>Group</strong> (Italy)* 3,408.5 3,534.7 2,340.1 2,404.3 1,644.7 1,621.2 0.7 (73.3)<br />
* Consolidated book values at September 30<br />
101<br />
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