Report 2010 - Italcementi Group

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Fourth-quarter sales volumes and internal transfers Cement and clinker (millions of metric tons) Q4 2010 % change vs. Q4 2009 Constant Historic size Aggregates* (millions of metric tons) Q4 2010 % change vs. Q4 2009 Constant Historic size Ready mixed concrete Q4 2010 (millions of m³) % change vs. Q4 2009 Constant Historic size Central Western Europe 4.5 (4.9) (4.9) 7.5 (12.4) (12.4) 1.4 (7.8) (7.8) North America 1.0 3.6 3.6 0.2 17.4 (1.2) 0.2 3.5 3.5 Emerging Europe, North Africa and Middle East 4.8 (3.5) (3.5) 0.3 (45.7) (45.7) 1.0 6.5 6.5 Asia 2.8 2.3 2.3 n.s. n.s. n.s. 0.2 25.7 15.2 Cement and clinker trading 0.8 (20.9) (20.9) - - - n.s. n.s. n.s. Eliminations (0.6) n.s. n.s. - - - - - - Total 13.2 (2.5) (2.5) 8.1 (14.5) (14.9) 2.8 (0.2) (0.7) Central Western Europe: Italy, France, Belgium, Spain, Greece - North America: U.S.A., Canada - Emerging Europe, North Africa and Middle East: Egypt, Morocco, Bulgaria, Turkey, Kuwait, Saudi Arabia - Asia: India, Thailand, China, Kazakhstan Amounts refer to companies consolidated on a line-by-line basis and, pro quota, to companies consolidated on a proportionate basis (*) excluding outgoes on work-in-progress account n.s. not significant Fourth-quarter sales volumes were down on the year-earlier period. In cement and clinker, progress was reported in North America and Asia. Performance declined in Central Western Europe (France-Belgium, Spain and Greece), Emerging Europe, North Africa and Middle East (a slowdown in Egypt counterbalanced only in part by the improvement in Turkey and Morocco), and in Trading. In aggregates a widespread and significant decrease arose on the main markets, Central Western Europe (especially Spain and Greece) and Morocco. In ready mixed concrete, the slight downturn with respect to the fourth quarter of 2009 stemmed from a decline in Central Western Europe countered almost in full by positive performance in the other main regions. Fourth-quarter results In the fourth quarter, revenues amounted to 1,125.1 million euro (-2.9%), with a slowdown in the European countries, while all the Asian markets, Turkey and North America reported improvements in turnover. In the absence of a net perimeter effect, the exchange-rate effect was positive and significant. Recurring EBITDA was 176.3 million euro, a reduction of 4.1% from the fourth quarter of 2009 due mainly to the decrease in prices and sales volumes. These effects were counterbalanced by on-going action in the fourth quarter to contain operating expenses. The quarter’s results also benefited from a material positive effect from capital gains on the sale of CO 2 emission rights and the reduction of excise tax on raw materials in Egypt. 34
2010 Annual Report Presentation 6 Consolidated Annual Report Directors’ report 28 Corporate Governance Consolidated financial statements 68 Italcementi S.p.A. financial statements 158 EBIT at 50.4 million euro (+33.5%) was assisted by a small reduction in amortization and depreciation and significantly lower impairment losses compared with 2009. The fourth quarter posted a net profit of 63.6 million euro (a loss of 6.1 million euro in Q4 2009). Full-year sales volumes and internal transfers Sales volumes by geographical area Cement and clinker (millions of metric tons) % change vs. % change vs. 2010 2009 2010 2009 2010 Historic Constant size Aggregates* (millions of metric tons) Historic Constant size Ready mixed concrete (millions of m³) % change vs. 2009 Constant Historic size Central Western Europe 19.2 (4.2) (4.2) 33.5 (5.4) (5.4) 5.7 (6.2) (6.9) North America 4.0 0.2 0.2 1.0 50.4 19.1 0.8 3.9 0.9 Emerging Europe, North Africa and Middle East 19.3 (3.8) (3.8) 2.1 (19.5) (19.5) 4.2 9.2 7.5 Asia 11.1 4.2 4.2 0.2 (52.1) (52.1) 0.7 27.3 16.4 Cement and clinker trading 3.8 (6.9) (6.9) - - - n.s. n.s. n.s. Eliminations (3.0) n.s. n.s. - - - - - - Total 54.4 (2.4) (2.4) 36.7 (6.0) (6.4) 11.4 1.4 (0.2) Amounts refer to companies consolidated on a line-by-line basis and, pro quota, to companies consolidated on a proportionate basis (*) excluding outgoes on the work-in-progress account n.s. not significant Group sales volumes decreased in 2010. In cement and clinker, the fall in sales volumes arose largely in Central Western Europe, Egypt, Bulgaria and in Trading. Performance in North America was stable, while Asia reported progress, driven by higher sales volumes on all domestic markets, with important growth rates in China and Kazakhstan. The aggregates sector was affected by the sharp decline in the fourth quarter. The fullyear downturn arose on all markets with the exception of North America, although here absolute sales values were low. In ready mixed concrete the decrease in sales volumes was marginal, thanks to the healthy performance of the emerging countries (notably Turkey and Thailand), which offset the downturn in Central Western Europe. 35 www.italcementigroup.com
Page 1 and 2: 2010 Annual Report
Page 3 and 4: 2010 Annual Report Italcementi S.p.
Page 5 and 6: In the past three financial years w
Page 7 and 8: 2010 Annual Report Presentation Gen
Page 25: 2010 Annual Report Presentation Gen
Page 28 and 29: Directors’ report Following the a
Page 30 and 31: Significant events for the year Sig
Page 32 and 33: Business and financial performance
Page 36 and 37: Revenues and operating results Cont
Page 38 and 39: Total comprehensive income In 2010,
Page 40 and 41: Net debt breakdown (in millions of
Page 42 and 43: 2010 to the Internal Control Commit
Page 44 and 45: Conformity risks The Group is subje
Page 46 and 47: constraints imposed by the stringen
Page 48 and 49: 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
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deferred tax assets are reviewed at
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Pending publication of a standard/i
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2. Exchange rates used to translate
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4. Operating segment disclosure The
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Operating segments The table below
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The table below sets out other segm
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Assets 5 Property, plant and equipm
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6.2 Goodwill testing Goodwill acqui
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“Concessions” are amortized ove
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9. Other equity investments This no
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12. Trade receivables (in thousands
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17. Dividends paid Dividends declar
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The movements in defined benefit li
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20. Provisions Non-current and curr
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22.1 Loans and borrowings Loans and
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) in the third quarter of 2010, Ita
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v) in the third quarter of 2010, Ci
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Fair value - hierarchy In determini
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In 2009 and 2010, in view of the su
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22.4 Interest-rate risk Notional va
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22.6 Exposure to exchange-rate risk
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22.8 Hedge Accounting The effects a
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At December 31, 2010, the average m
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25. Goods and utilities expenses Go
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The following table sets out the de
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The reconciliation between the theo
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34. Transactions with related parti
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36. Cash flow statement 36.1. Cash
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38. Considerations to the Independe
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Annex 1 The following table has bee
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Company Registered office Share cap
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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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216
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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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