2012 Annual Report - Italcementi Group

With respect to Italcementi S.p.A. employment, “Project 2015” envisages recourse to statesubsidized
lay-off (CIGS) for no more than 665 employees out of some 2,500, two thirds of
whom are currently working at production sites and one third at the Bergamo head office.
At the end of the CIGS period, in the absence of clear signs of improvement, about half of
the temporary suspensions will become permanent, including recourse to mobility
schemes. The company will ensure every form of collateral support to people affected by
the plan, also taking innovative social sustainability actions.
Once fully implemented, the economic effect of the “Project 2015” will ensure an overall
cost containment worth approximately 40 million euro per year.
The agreement covering the merger of Cementificio di Montalto S.p.A. into Italcementi
S.p.A. was signed in December. The merger took effect on December 31, 2012; therefore,
the subsidiary’s transactions have been recorded in the financial statements of Italcementi
S.p.A., also for accounting and tax purposes, starting from that date, without any retroactive
effects.
Capital expenditure
Investments in property, plant and equipment and investment property totaled 66.6 million
euro in 2012 (61.9 million euro in 2011). They related to extensive industrial safety and
rationalization projects.
Investments in intangible assets were 10.3 million euro (18.9 million euro), primarily related
to software development associated with the various IT projects implemented in 2012.
Equity investments and investments in other assets were limited (5.2 million euro,
compared to 50.8 million euro in 2011). Furthermore, 45.0 million euro was paid out in
2012 to cover losses recorded by subsidiaries (Calcestruzzi S.p.A., Nuova Sacelit S.r.l.,
Calcementi Jonici S.r.l. and Cementificio di Montalto S.p.A.).
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