Report 2010 - Italcementi Group

Net debt breakdown
(in millions of euro) 12.31.2010 12.31.2009
Cash, cash equivalents and current financial assets (835.6) (782.7)
Short-term financing 535.4 551.0
Medium/long-term financial assets (65.0) (34.8)
Medium/long-term financing 2,596.1 2,686.4
Net debt 2,230.9 2,419.9
Financial ratios
(absolute amounts in millions of euro)
12.31.2010
12.31.2009
Net debt 2,230.9 2,419.9
Consolidated shareholders' equity 4,985.9 4,692.2
"Gearing"%
44.74
51.57
Net debt 2,230.9 2,419.9
Recurring EBITDA 836.3 971.6
"Leverage"
2.67
2010
2.49
2009
Recurring EBITDA 836.3 971.6
Net finance costs* 115.7 109.2
"Coverage" 7.23
8.90
* finance costs net of capital gains/losses on sale of equity investments
Shareholders' equity
Total shareholders' equity at December 31, 2010, was 4,985.9 million euro, an increase of
293.8 million euro from December 31, 2009 (4,692.2 million euro).
The main increases were:
– net profit for the period of 197.1 million euro;
– the net adjustment of 22.6 million euro in the fair value reserves for derivatives and
available-for-sale assets;
– the increase of 201.2 million euro in the translation reserve as a result of the
appreciation of other currencies against the euro;
the main decrease was:
– dividends paid for 130.0 million euro.
At December 31, 2010, no changes had taken place in treasury shares in portfolio with
respect to December 31, 2009. Italcementi S.p.A. held 3,793,029 ordinary treasury shares
(representing 2.14% of ordinary share capital) servicing stock option plans and 105,500
savings treasury shares (0.1% of savings share capital).
40