Report 2010 - Italcementi Group

9. Other equity investments
This non-current asset caption reflects equity investments in the “available-for-sale” category as required by
IAS 39.
The movements for the year are set out below:
(in thousands of euro)
At December 31, 2009 269,124
Acquisitions 14,848
Sales (101,420)
Changes in fair value taken to equity reserves 46,016
Currency translation differences 292
Other and reclassifications (7,674)
Impairment (21,014)
At December 31, 2010 200,172
“Acquisitions” refers mainly to the 5.3 million euro investment for 35% of the capital of Shifeng Cement (China)
and the increase in the equity investment in Al Badia Cement (Syria) for 4.7 million euro.
“Sales” refers to the sale of Mediobanca S.p.A. shares, carried at 100.6 million euro, to the parent company
Italmobiliare S.p.A.. The sale price consists of a fixed amount and a variable amount. The fixed amount is
7.1044 euro per share for an aggregate amount of 86.0 million euro paid at the time of transfer of the shares;
the variable amount will be paid to Italcementi after September 30, 2011, in the form of a possible price
adjustment; the consolidated net capital gain at December 31, 2010, was 18.6 million euro, taking account of
the transfer to income of gains of 33.2 million euro taken directly to reserves in previous years.
“Changes in fair value taken to equity reserves” refers in the main to Goltas shares for 38.6 million euro and
the impairment reversal of 7.5 million euro for the Calcestruzzi group with respect to the impairment loss
posted in the 2010 half-year report.
“Impairment” essentially reflects the impairment loss of 19.7 million euro on the investment in the Calcestruzzi
group posted at June 30, 2010 (41.1 million euro at December 31, 2009).
Other equity investments at December 31, 2010, were as follows:
% share
of total
December 31,
2010
capital
(in thousands of euro)
Equity investments in listed companies
Goltas (Turkey) 35.0 85,833
Others 2,475
Total 88,308
Equity investments in non-listed companies
Calcestruzzi group 59,792
Others 52,072
Total 200,172
The fair value of listed companies is determined on the basis of the official share price on the last accounting
day.
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