2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 30
Sustainability disclosure Italcementi S.p.A. Annual Report Consolidated financial statements 63
Extraordinary session 351
Termination plans
At December 31, 2012 provisions for termination plans totaled 73.6 million euro (37.5 million euro in 2011) and
related mainly to Italy for 69.3 million euro in connection with re-organization plans affecting Italcementi S.p.A.,
Calcestruzzi and C.T.G.
20. Provisions
Non-current and current provisions totaled 225,994 thousand euro at December 31, 2012 and decreased by
24,789 thousand euro from December 31, 2011, as follows:
Decem ber 31, Additions Decr eases Reversed Translation Other changes and Total chan ges Decemb er 31,
2011
unused differences
reclassifs.
2012
(in thousands of euro)
am ounts
Environmental restoration 91,770 12,438 (7,007) (4,795) (701) (4,871) (4,936) 86,834
Disputes 94,368 14,011 (13,996) (7,051) (2,469) (6,303) (15,808) 78,560
Other provisions 64,645 4,840 (5,736) (3,684) (1,556) 2,091 (4,045) 60,600
Total 250,783 31,289 (26,739) (15,530) (4,726) (9,083) (24,789) 225,994
Non-current portion 248,790 31,063 (25,106) (15,530) (4,731) (9,051) (23,355) 225,435
Current portion 1,993 226 (1,633) 5 (32) (1,434) 559
“Disputes” reflects provisions for fiscal risks deemed probable as a result of tax audits and adjustments to tax
returns, provisions for disputes with employees and provisions for restoration of urban and industrial areas.
Contingent liabilities
The main contingent liabilities relating to disputes and proceedings pending at December 31, 2012 for which
amounts were not provided, are described below. The Group is not aware of other disputes, legal controversies
or other exceptional facts that might have a material impact on its financial position, results and operations
Europe
Regarding the investigation begun in November 2008 by the European Commission into some cement
producers, including Italcementi S.p.A. and the subsidiaries Ciments Français S.A., Ciments Calcia S.A. and
Compagnie des Ciments Belges (CCB) S.A., in December 2010 the European Commission notified the
decision for the formal opening of the proceeding to Italmobiliare S.p.A. (and, indirectly through Italmobiliare, to
the above-named Group companies and the Spanish subsidiary Financiera Y Minera).
In April 2011, the Commission served a further formal notice on Italmobiliare of its decision to request extensive
additional economic, financial and commercial information. Italmobiliare provided the information within the
required term and, simultaneously, lodged an appeal with the EU General Court against the decision. Both the
investigation and the proceeding are still underway.
Regarding the proceeding begun in 2009 by the General Directorate of the Belgian Competition Authority
against cement producers (including Compagnies des Ciments Belges (CCB). After the charges were formally
notified in April 2010, the Belgian Competition Authority is expected to make a decision in the first quarter of
2013.
Turkey
As a result of the non-closure of the 2008 agreement for the sale of the Turkish operations (Set Group) by
Ciments Français to Sibcem, a number of proceedings are pending.
Sibconcord, the main shareholder of Sibcem, has begun a proceeding in Russia to annul the agreement. On
September 26, 2011, the ruling annulling the contract obtained in first instance by Sibconcord and confirmed in
105
www.italcementigroup.com