2012 Annual Report - Italcementi Group

29. Non-recurring income (expense)
Non-recurring expense net of non-recurring income amounted to 17,541 thousand euro and referred chiefly to
gains from the sale of property, plant and equipment and intangible assets, employee expense for reorganizations
and industrial restructurings, fines and penalties.
(in thousands of euro) 2012 2011
Net gains from the sale of non-current assets 38,548 66,315
Non-recurring expense for re-organizations (56,112) (25,566)
Other non-recurring income (expense) 23 35
Total non-recurring income (expense) (17,541) 40,784
Net gains included the sale of the Pontassieve cement plant for 13.2 million euro, the sale of the operations of
Silos Granari della Sicilia for 8.4 million euro and the sale of a terminal in North America for 6.6 million euro.
In 2012 expense and net allowances set aside for re-organizations referred mainly to Italy, specifically
Italcementi S.p.A. for 44.9 million euro and CTG for 6.3 million euro, and to Spain for 3.1 million euro.
30. Finance income (costs), exchange-rate differences and derivatives
Finance costs net of finance income and exchange-rate differences and derivatives were as follows:
2012 2011
(in thousands of euro) Income Costs Income Costs
Interest income 12,228 27,265
Interest expense (98,929) (108,758)
Dividends and other income from equity investments 26,959 26,036
Other finance income 18,978 20,283
Capitalized finance costs 1,322 670
Other finance costs (43,508) (47,709)
Total finance income (costs) 58,165 (141,115) 73,584 (155,797)
Gains/(losses) on interest-rate derivatives (5,938) (6,852)
Gains/(losses) on exchange-rate derivatives 36,242 (11,071)
Net exchange-rate differences (31,824) 569
Net exchange-rate differences and derivatives - (1,520) - (17,354)
Total finance income (costs), exchange-rate
differences and derivatives (84,470) (99,567)
Other income from equity investments included the net gain of 25.6 million euro from the sale of Goltas shares
– Turkey.
31. Income tax expense
Income tax expense for the period was 146,168 thousand euro, as follows:
(in thousands of euro) 2012 2011 Change
Current tax 116,925 97,638 19,287
Deferred tax 6,504 (33,475) 39,979
Prior-year tax and net non-recurring tax items 22,739 4,908 17,831
Total 146,168 69,071 77,097
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