Report 2010 - Italcementi Group

In the past three financial years we have reported earnings totaling 685 million euro. Key positive factors
contributing to this result are the measures taken to cut variable and fixed costs (662.9 million euro) and the
capital gains on divestments (78 million euro) net of re-organization costs (-74 million euro) and related tax
(-193 million euro); total tax paid during the period amounted to 307 million euro.
From the beginning of 2008 to the end of 2010,Italcementi consolidated shareholders' equity rose by 224 million
euro, to reach nearly 5 billion euro.
Our strategy to strengthen the Group’s equity base continues: in early 2011 we announced the sale in Turkey of
the majority of non-core cement operations, of the wind project and the divestment of a number of assets. This
has generated a further improvement in the net financial position estimated at approximately 367 million euro
and an additional increase in shareholders' equity for an estimated 137 million euro.
We believe that the commitment of Italcementi’s management and all Group employees has enabled us to take
a responsible approach to the severe crisis that began in 2008. The measures we have taken have given the
Group the knowledge that it is stronger from an industrial viewpoint, more effective from an environmental
viewpoint, and more robust from a financial and equity viewpoint. We are ready to move toward what we hope
will be a more positive future.
Giampiero Pesenti
Chairman
Carlo Pesenti
Chief Executive Officer CEO
www.italcementigroup.com
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