Report 2010 - Italcementi Group

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Revenues and operating results Contribution to consolidated revenues (in millions of euro) % % % % (*) Line of business Cement and clinker 3,388.7 70.7 3,638.6 72.7 (6.9) (9.3) Ready mixed concrete and aggregates 1,092.6 22.8 1,110.6 22.2 (1.6) (3.5) Miscellaneous 309.7 6.5 257.2 5.1 20.4 18.7 Total 4,790.9 100.0 5,006.4 100.0 (4.3) (6.6) Geographical area Central Western Europe 2,337.6 48.8 2,571.3 51.4 (9.1) (8.9) North America 414.6 8.7 400.7 8.0 3.5 (1.6) Emerging Europe, North Africa and Middle East 1,368.6 28.6 1,387.4 27.7 (1.4) (4.7) Asia 445.3 9.3 399.6 8.0 11.4 (0.2) Cement and clinker trading 136.2 2.8 154.0 3.1 (11.5) (14.1) Other 88.5 1.8 93.3 1.8 (5.2) (7.8) Total 4,790.9 100.0 5,006.4 100.0 (4.3) (6.6) (*) at constant size and exchange rates 2010 2009 Change 2010/09 Revenues and operating results by geographical area (in millions of euro) 2010 % change vs. 2009 Recurring EBITDA 2010 % change vs. 2009 2010 % change vs. 2009 2010 % change vs. 2009 Central Western Europe 2,407.3 (9.1) 328.0 (26.2) 329.0 (28.3) 110.7 (48.1) North America 415.3 3.5 25.4 >100 21.7 >100 (48.2) 13.3 Emerging Europe, North Africa and Middle East 1,378.7 (1.1) 414.8 (0.9) 411.8 (1.4) 277.1 (3.4) Asia 449.0 9.1 68.2 (28.5) 67.7 (23.8) 20.0 (23.7) Cement and clinker trading 229.3 3.7 14.3 30.0 14.3 29.9 11.4 34.5 Other 424.6 20.2 (14.5) n.s. (10.0) n.s. (17.0) n.s. Eliminations (513.2) n.s. 0.2 n.s. (0.1) n.s. (0.1) >100 Total 4,790.9 (4.3) 836.3 (13.9) 834.3 (12.8) 353.8 (20.1) n.s. not significant Revenues EBITDA EBIT The 4.3% reduction in revenues from 2009 arose from the business slowdown (-6.6%) mitigated by a positive exchange-rate effect (+2.3%), in the absence of a consolidation effect. The decrease in revenues reflected the trend in sales volumes and weak sales prices in some countries, notably Italy, North America and India, although a significant recovery was reported in the fourth quarter. At constant perimeter and exchange rates, the decline in revenues affected all the macro areas, especially Central Western Europe; by contrast, performance was positive in Turkey, China and Kazakhstan. 36
2010 Annual Report Presentation 6 Consolidated Annual Report Directors’ report 28 Corporate Governance Consolidated financial statements 68 Italcementi S.p.A. financial statements 158 The positive exchange-rate effect arose chiefly from the appreciation of the Egyptian pound, the rupee, the baht and the US dollar against the euro. The volume effect and the negative price dynamic described above, together with a rise in the cost of energy products, had a material impact on operating results. These factors were counterbalanced by the on-going plan to contain costs and recover efficiency, which generated savings estimated at more than 130 million euro in 2010. As noted in the comments on performance in the fourth quarter, 2010 benefited from capital gains on the sale of CO 2 emission rights (55.2 million euro against 19.5 million euro in 2009) and the reduction of excise tax on raw materials in Egypt. Recurring EBITDA, at 836.3 million euro, was down 13.9% from 2009. After net non-recurring expense of 2.0 million euro (14.9 million euro in 2009), EBITDA, at 834.3 million euro, was down 12.8% from 2009. After amortization, depreciation and impairment totalling 480.5 million euro (513.7 million euro in 2009), EBIT amounted to 353.8 million euro, a decrease of 20.1% from 2009. Finance costs and other items Finance costs net of finance income decreased from 106.9 million euro to 90.6 million euro (-15.2%), down in relation to revenues from 2.1% to 1.9%. As already noted in the interim reports, 2010 finance costs were penalized by non-recurring costs of approximately 21.4 million euro for repayment of the Notes issued in the USA. By contrast, the year benefited from important net income from equity investments (29.2 million euro compared with 4.9 million euro in 2009), relating largely to capital gains on the sale of equity investments, notably Mediobanca, Cementos Capa and Società del Gres. Net interest expense on net debt, excluding the impact of the costs for the Notes repayment described above, decreased from 102.3 million euro to 91.3 million euro. A positive trend was reported in exchange-rate differences net of hedges (a gain of 8.5 million euro compared with a loss of 8.5 million euro in 2009), while capitalized finance costs decreased from 16.3 million euro to 8.4 million euro. The share of results of associates, at 17.1 million euro, increased from 2009 (14.6 million euro), largely due to the improvement in results at the Canadian companies Ciment Quebec and Innocon. Impairment losses on financial assets amounted to 21.0 million euro (41.1 million euro in 2009) and referred chiefly to the share held in the Calcestruzzi group. Net profit Profit before tax was 259.2 million euro, a decrease of 16.3% from 2009 (309.5 million euro). Income tax expense amounted to 62.1 million euro, a decrease of 34.1% from 2009 (94.2 million euro). Net profit attributable to the Group, at 45.8 million euro, was down 35.8% compared with 2009 (71.3 million euro), while net profit attributable to minority interests rose by 5.0%, from 144.0 million euro to 151.3 million euro. 37 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 34 and 35: Fourth-quarter sales volumes and in
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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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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