2012 Annual Report - Italcementi Group

10. Other non-current assets
This caption reflects:
(in thousands of euro)
December 31,
2012
December 31,
2011
Derivatives 126,789 104,815
Concessions and licenses paid in advance 148 162
Non-current receivables 127,067 137,420
Deposits 35,123 34,457
Securities and bonds 17,166 11,828
Pension plan assets 1,228 501
Total 307,521 289,183
Derivatives are discussed in note 22.3.1 Derivatives.
“Non-current receivables” includes receivables of 89.1 million euro (115.4 million euro at December 31, 2011)
due from the parent Italmobiliare S.p.A. to the Italian Group companies that elected tax consolidation; the
decrease is largely due to the impairment loss on receivables posted by Calcestruzzi S.p.A. for 20.8 million
euro.
11. Inventories
(in thousands of euro)
December 31,
2012
December 31,
2011
Raw materials, consumables and supplies 394,209 441,259
Work in progress and semifinished goods 162,369 153,494
Finished goods 125,352 124,700
Payments on account 17,790 21,538
Total 699,720 740,991
Inventories are carried net of allowances of 95.9 million euro (102.7 million euro at December 31, 2011) set
aside mainly against the risk of slow-moving supplies, spare parts and consumables. Spare parts at December
31, 2012 were carried at 163.3 million euro (188.6 million euro at December 31, 2011).
12. Trade receivables
(in thousands of euro)
December 31,
2012
December 31,
2011
Gross amount 842,426 952,945
Allowance for doubtful accounts (97,847) (95,618)
Net amount 744,579 857,327
At the end of December 2012 receivables factored without recourse amounted to 192.9 million euro (138.4
million euro at December 31, 2011).
The factoring contracts arranged in December 2011 by Ciments Calcia and Unibeton for five years were
revoked in the first quarter of 2013. At December 31, 2012 the two companies’ factored receivables totaled
121.5 million euro (133.5 million euro at December 31, 2011); the risk of approximately 90% of the factored
amount is transferred when receivables are factored.
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