Report 2010 - Italcementi Group

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12. Trade receivables (in thousands of euro) December 31, 2010 December 31, 2009 Gross amount 822,024 959,977 Provision for bad debts (83,469) (78,911) Net amount 738,555 881,066 In December 2006, Ciments Calcia and Unibeton stipulated five-year factoring programs. At December 31, 2010, factored receivables totaled 118.8 million euro (133.4 million euro at December 31, 2009). The factoring transactions comply with IAS 39 since the associated risks are transferred with the receivables for approximately 90% of the factored amount. After this operation, the balance sheet continued to reflect: - subordinate additional deposits for 21.0 million euro (22.9 million euro at December 31, 2009) reflected under other current assets; - non-transferred receivables in the form of arranged guarantees for 9.9 million euro, reflected under trade receivables, with balancing entries of 8.2 million euro in loans and borrowings and 1.7 million euro against miscellaneous receivables. Provision for bad debts The provision for bad debts is determined using Group procedures, and taking account of bank guarantees and guarantees on company assets. At closure of the reporting period, the Group companies analyze doubtful overdue receivables on a customer-by-customer basis. The amount of overdue receivables at risk is adjusted accordingly. 13. Other current assets This caption reflects: (in thousands of euro) December 31, 2010 December 31, 2009 Amounts due from tax and social security authorities 93,997 86,435 Amounts due on the sale of fixed assets 3,565 3,685 Concessions and licenses paid in advance 31,046 31,005 Derivatives 6,454 2,314 Other 188,291 147,017 Total 323,353 270,456 “Other” includes amounts totaling 74.9 million euro due to Italian companies that participate in the tax consolidation from the parent company Italmobiliare S.p.A. (34.8 million euro at December 31, 2009). Derivatives are discussed in note 22.3 Financial instruments. 104
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 Share capital and reserves 14. Share capital At December 31, 2010, parent company fully paid-up share capital amounted to 282,548,942 euro represented by 282,548,942 shares with a par value of 1 euro each, as follows: Number of shares December 31, 2010 December 31, 2009 Change Ordinary shares 177,117,564 177,117,564 - Savings shares 105,431,378 105,431,378 - Total 282,548,942 282,548,942 - 15. Reserves Share premium reserve The share premium reserve stood at 344,104 thousand euro, unchanged from December 31, 2009. Translation reserve This reserve reflects exchange-rate differences on the translation of the financial statements of consolidated foreign entities. At December 31, 2010, it stood at 23.5 million euro, referring to the following currencies: December 31, December 31, Change (in millions of euro) 2010 2009 Egypt (pound) (32.1) (39.0) 6.9 USA and Canada (dollar) 12.3 (33.8) 46.1 Thailand (baht) 40.4 6.6 33.8 Morocco (dirham) (1.3) (5.8) 4.5 India (rupee) 2.5 (22.3) 24.8 Turkey (lira) (10.0) (20.3) 10.3 Other countries 11.8 (1.8) 13.5 Total 23.5 (116.5) 139.9 16. Treasury shares At December 31, 2010, the value of Italcementi S.p.A. treasury shares was 58,690 thousand euro, reflected in the treasury share reserve. No movements took place in the reserve during the year: No. ordinary shares par value 1 € Aggregate carrying amount (000 euro) No. savings shares par value 1 € Aggregate carrying amount (000 euro) Total carrying amount (000 euro) December 31, 2009 3,793,029 58,342 105,500 348 58,690 Additions - - - - - Disposals - - - - - December 31, 2010 3,793,029 58,342 105,500 348 58,690 105 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
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ASIA Thailand India Others (1) Tota
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The reduction arose essentially as
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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
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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
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Page 82 and 83: 1.10. Intangible assets Intangible
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Page 86 and 87: Pending publication of a standard/i
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Page 96 and 97: Assets 5 Property, plant and equipm
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Page 112 and 113: 22.1 Loans and borrowings Loans and
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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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