Report 2010 - Italcementi Group

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Consolidated cash flow statement Notes 2010 2009 (in thousands of euro) A) Cash flow from operating activities: Profit before tax 259,155 309,542 Adjustments for: Amortization, depreciation and impairment 502,189 552,367 Reversal undistributed results of associates 1,506 (1,656) Capital (gains)/losses on sale of fixed assets (31,022) (25,726) Change in employee benefit liabilities and other provisions 8,165 (3,316) Stock options 3,566 13,116 Reversal finance costs 122,580 109,929 Cash flow from operating activities before tax, finance income/costs and change in working capital: 866,139 954,256 Change in working capital 36.4 133,627 380,101 Cash flow from operating activities before tax, and finance income/costs: 999,766 1,334,357 Net finance costs paid (122,585) (100,766) Dividends received 3,790 3,824 Taxes paid (133,060) (135,502) Total A) 747,911 1,101,913 B) Cash flow from investing activities: Investments in fixed assets: Intangible assets (22,167) (19,353) Property, plant and equipment and investment property (500,882) (680,101) Financial assets (equity investments) net of cash acquisitions (*) 36.2 (24,647) (34,244) Total investments in fixed assets (547,696) (733,698) Proceeds from divestments of fixed assets 36.3 143,361 53,285 Total divestments 143,361 53,285 Change in other long-term financial assets and liabilities (406) (9,784) Total B) (404,741) (690,197) C) Cash flow from financing activities: New interest-bearing loans and long-term borrowings 790,292 629,100 Repayments of long-term financing (823,508) (758,327) Change in short-term financing (129,541) 54,822 Dividends paid (129,989) (124,828) Change in equity interests in subsidiaries (791) - Other sources and applications (39,828) (26,613) Total C) (333,365) (225,846) D) Currency translation differences and other changes 18,142 (2,461) E) Cash flows for the period (A+B+C+D) 27,947 183,409 F) Cash and cash equivalents at beginning of period 547,273 363,864 Cash and cash equivalents at end of period (E+F) 36.1 575,220 547,273 (*) cash of acquired and consolidated companies 18 8,621 72
2010 Annual Report Presentazione 6 Consolidated Annual Report Directors’ report 27 Corporate Governance Consolidated financial statements Financial statements 68 Italcementi S.p.A. financial statements Notes 73 Annexes 142 Report of the Independent Auditors 151 Contents Notes 1. Accounting policies 2. Exchange rates used to translate the financial statements of foreign entities 3. Change in the scope of consolidation 4. Operating segment disclosure 5. Property, plant and equipment and Investment property 6. Goodwill 7. Intangible assets 8. Investments in associates 9. Other equity investments 10. Other non-current assets 11. Inventories 12. Trade receivables 13. Other current assets 14. Share capital 15. Reserves 16. Treasury shares 17. Retained earnings, dividends paid 18. Non-controlling interests 19. Employee benefit liabilities 20. Provisions 73 www.italcementigroup.com
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2010 Annual Report
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2010 Annual Report Italcementi S.p.
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In the past three financial years w
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2010 Annual Report Presentation Gen
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Page 21 and 22: 2010 Annual Report Presentation Gen
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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 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 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
Page 84 and 85: deferred tax assets are reviewed at
Page 86 and 87: Pending publication of a standard/i
Page 88 and 89: 2. Exchange rates used to translate
Page 90 and 91: 4. Operating segment disclosure The
Page 92 and 93: Operating segments The table below
Page 94 and 95: The table below sets out other segm
Page 96 and 97: Assets 5 Property, plant and equipm
Page 98 and 99: 6.2 Goodwill testing Goodwill acqui
Page 100 and 101: “Concessions” are amortized ove
Page 102 and 103: 9. Other equity investments This no
Page 104 and 105: 12. Trade receivables (in thousands
Page 106 and 107: 17. Dividends paid Dividends declar
Page 108 and 109: The movements in defined benefit li
Page 110 and 111: 20. Provisions Non-current and curr
Page 112 and 113: 22.1 Loans and borrowings Loans and
Page 114 and 115: ) in the third quarter of 2010, Ita
Page 116 and 117: v) in the third quarter of 2010, Ci
Page 118 and 119: Fair value - hierarchy In determini
Page 120 and 121: 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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