Report 2010 - Italcementi Group

2010 Annual Report
Presentazione 6
Consolidated Annual Report Directors’ report 28
Corporate Governance Consolidated financial statements 67
Italcementi S.p.A. financial statements Financial statements 154
Report of the Board of Statutory Auditors 159
Report of the Independent Auditors 162
Summary of resolutions 164
Income statement
(euro) Notes 2010 % 2009 % Change %
Revenues 23 614,085,918 100.0 769,342,962 100.0 (155,257,044) -20.2
Other revenues 24 27,459,272 21,231,360
Change in inventories (1,539,539) (37,368,445)
Internal work capitalized 1,230,582 274,524
Goods and utilities expenses 25 (355,509,943) (362,495,691)
Services expenses 26 (176,492,334) (189,877,561)
Employee expenses 27 (176,611,584) (185,294,201)
Other operating income (expense) 28 12,915,032 10,553,972
Recurring EBITDA (54,462,596) -8.9 26,366,920 3.4 (80,829,516) n.s.
Net capital gains on sale of fixed assets 29 8,888,035 19,933,505
Other non-recurring income (expense) 29 (5,786,903) (16,076,922)
EBITDA (51,361,464) -8.4 30,223,503 3.9 (81,584,967) n.s.
Amortization and depreciation 2-3 (80,679,610) (83,889,517)
Impairment 1,746,395 (12,906,251)
EBIT (130,294,679) -21.2 (66,572,265) -8.7 (63,722,414) n.s.
Finance income 30 135,166,546 111,441,257
Finance costs 30 (57,111,510) (40,094,748)
Net exchange-rate differences and derivatives 30 725,377 (603,255)
Impairment on financial assets 4 (38,225,234) (41,089,932)
Profit before tax (89,739,500) -14.6 (36,918,943) -4.8 (52,820,557) n.s.
Income tax income 31 55,378,980 20,633,370
Net profit for the period (34,360,520) -5.6 (16,285,573) -2.1 (18,074,947) n.s.
n.s. = not significant
155
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