Report 2010 - Italcementi Group

2010 Annual Report
Presentation 6
Consolidated Annual Report Directors’ report 28
Corporate Governance Consolidated financial statements 68
Italcementi S.p.A. financial statements 158
Innovation
In 2010, the Group actively promoted development of new products and applications. This
included the planned re-organization of the Innovation Division with a view to improving the
structure of innovative product and application marketing and product development.
In 2010 relations were strengthened with the subsidiaries, with attention paid to emerging
markets offering important opportunities, in part through support services for local
marketing functions and Group product branding strategies.
Looking at innovative product development and the strategies described above, a key
success was the “i.light” transparent cement, used for the first time as a distinguishing
element on the Italian Pavilion at Expo Shanghai 2010. Marketing of the product and
related know-how has begun; licensing and distribution contracts are being negotiated in
Italy and abroad.
The success of TX Active continued, especially in Italy and France, and marketing support
activities began in India. Development of TX Active solutions for specific applications
continued, and the Group gradually began marketing solutions for vertical applications (wall
coatings) and horizontal applications (a variety of road solutions).
Sales volumes of sulfoalluminate cement-based products (ALIPRE range) rose
significantly, thanks in part to the gradual expansion of the range.
Despite difficult market conditions, revenues from innovative products amounted to 190
million euro, with an Innovation Rate (IR: the ratio of revenues from innovation to operating
revenues) of 4.0% for the Group as a whole. In the first half the IR entered the group of
parameters subject to external certification.
E-business
In 2010 the revenues of the BravoSolution group made further progress, accompanied by
an improvement in earnings, despite continuing economic difficulties that caused revenue
and earning declines among industry operators.
Consolidated revenues were 53.7 million euro, up by 6.1% from 2009 (50.6 million euro).
EBITDA was 6.8 million euro (5.5 million euro in 2009), while EBIT was 2.9 million euro (2.1
million euro). Profit before tax was 2.6 million euro (1.5 million euro) and net profit for the
year was 1.4 million euro, as in 2009.
In 2010 the industry shakeout on the Italian and world market continued, with the
disappearance of less solid and “global” operations, and a series of mergers and
acquisitions. Long regarded by analysts as the second player worldwide, the BravoSolution
group confirmed its excellent market positioning with one of the industry’s most complete
and successful offers, reflected in the important contracts awarded in Italy, France, USA,
UK and Mexico through public and private tenders. At the end of 2010 the group had
approximately 230 licenses, while the number of procurement specialists using
BravoSolution platforms to purchase goods and services and analyze expenditure was
approximately 35,000; approximately 450,000 suppliers were involved in trades conducted
using BravoSolution software. The group had more than 400 customers in 35 countries.
In 2010 BravoSolution S.p.A. posted revenues of 24.4 million euro (+4.1%) and further
growth in earnings, confirming its undisputed leadership on the Italian market. BravoBus
S.r.l., which operates on the e-sourcing market in the Italian local public transport area and
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