Report 2010 - Italcementi Group

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
Consequently the revenues of the entities in each operating segment, net of revenues within the Group, arise
essentially in the areas in which the fixed assets are located.
The cement/clinker business delivers a portion of its production to the ready mixed concrete segment. The
transfer prices applied to trading of goods and services among the segments are regulated on the basis of
arm’s length transactions.
Consolidated cement/clinker revenues are present in all the operating segments with the exception of “Other
operations”, which consists largely of fuel sales and e-business revenues.
Consolidated ready mixed concrete and aggregates revenues are present in almost all the operating segments
with the exception of: Italy (due to the deconsolidation of Calcestruzzi), Bulgaria, India and China.
Revenues of other operations refer mainly to sales of additives for cement and ready mixed concrete in Italy,
France/Belgium, Spain, North America and Morocco, e-business revenues and energy revenues in the Italy
segment.
With regard to dependence on the main Group customers, no single customer accounts for more than 10% of
consolidated revenues.
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