2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
Statement of financial position, cash flows and net debt
Condensed statement of financial position
(in millions of euro) 12.31.2012 12.31.2011
Property, plant, equipment and investment property 583.4 594.9
Intangible assets 58.9 28.6
Equity investments and other assets 1,822.6 1,954.6
Non-current assets 2,464.9 2,578.1
Current assets 713.8 841.2
Total assets 3,178.8 3,419.3
Equity 1,476.2 1,784.6
Non-current liabilities 906.4 927.9
Current liabilities 796.2 706.8
Total liabilities 1,702.6 1,634.7
Total equity and liabilities 3,178.8 3,419.3
Condensed statement of cash flows
(in millions of euro) 2012 2011
Net debt at beginning of period (839.0) (745.8)
Cash flow from operating activities:
Cash flow before change in working capital 58.4 114.0
Change in working capital 46.8 (77.9)
Total cash flow from operating activities 105.2 36.1
Capital expenditure:
PPE, investment property and intangible assets (76.9) (80.8)
Financial assets and other assets (5.2) (50.8)
Total capital expenditure (82.1) (131.6)
Proceeds from the sale of non-current assets 30.8 41.5
Debt arising from merger (76.5)
Outflows to cover losses of investees (45.0) (5.0)
Dividends paid (40.4) (33.4)
Other (40.3) (0.8)
Change in net debt (148.3) (93.2)
Net debt at end of period (987.2) (839.0)
Equity and net debt
Compared to December 31, 2011, Italcementi S.p.A.’s equity decreased by 308.5 million
euro, from 1,784.6 million euro to 1,476.2 million euro, as a result of:
- the 202.9 million euro loss for the year;
- dividends of 40.4 million euro, paid following the shareholders’ resolution of April 18,
2012;
- the net decrease of 19.5 million euro in the hedging reserve.
Net debt was 987.2 million euro, an increase of 148.2 million euro, compared to December
31, 2011 (839.0 million euro) despite the increase in cash flows from operating activities
(105.2 million euro, following a positive change in working capital, compared to 36.1 million
euro in 2011) and the decrease in capital expenditure. Part of the increase was attributable
to the decrease in asset sales, the significant rise in outflows to cover losses and, above
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