2012 Annual Report - Italcementi Group

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Financial statements Statement of financial position (euro) Notes 12.31.2012 12.31.2011 Change Non-current assets Property, plant and equipment 2 564,531,704 582,027,296 (17,495,592) Investment property 2 18,833,484 12,875,572 5,957,912 Goodwill 3 25,170,042 0 25,170,042 Intangible assets 4 33,768,770 28,592,972 5,175,798 Investments in subsidiaries and associates 5 1,597,124,909 1,721,666,830 (124,541,921) Other equity investments 5 5,730,012 5,731,012 (1,000) Deferred tax assets 19 28,474,519 26,533,915 1,940,604 Other non-current assets 6 191,292,721 200,708,026 (9,415,305) Total non-current assets 2,464,926,161 2,578,135,623 (113,209,462) Current assets Inventories 7 113,305,132 108,592,701 4,712,431 Trade receivables 8 220,797,703 276,998,802 (56,201,099) Other current assets including derivatives 9 78,168,040 74,570,047 3,597,993 Tax assets 10 2,911,203 4,795,813 (1,884,610) Equity investments, bonds and financial assets 11 296,708,429 375,757,775 (79,049,346) Cash and cash equivalents 12 1,423,888 478,967 944,921 Total current assets 713,314,395 841,194,105 (127,879,710) Total assets 3,178,240,556 3,419,329,728 (241,089,172) Equity Share capital 13 282,548,942 282,548,942 0 Share premium 14 344,103,798 344,103,798 0 Reserves 14 (1,540,334) 17,998,546 (19,538,880) Treasury shares 15 (58,689,585) (58,689,585) 0 Retained earnings 16 909,743,209 1,198,686,097 (288,942,888) Total equity 1,476,166,030 1,784,647,798 (308,481,768) Non-current liabilities Financial liabilities 20 781,156,325 832,068,566 (50,912,241) Employee benefits 17 73,094,648 41,392,717 31,701,931 Provisions 18 28,593,984 27,311,521 1,282,463 Other non-current liabilities 20 23,505,708 27,144,996 (3,639,288) Total non-current liabilities 906,350,665 927,917,800 (21,567,135) Current liabilities Loans and borrowings 20 373,488,370 146,416,308 227,072,062 Financial liabilities 20 219,963,047 338,554,990 (118,591,943) Trade payables 21 107,653,859 112,802,168 (5,148,309) Other current liabilities 22 94,618,585 108,990,664 (14,372,079) Total current liabilities 795,723,861 706,764,130 88,959,731 Total liabilities 1,702,074,526 1,634,681,930 67,392,596 Total equity and liabilities 3,178,240,556 3,419,329,728 (241,089,172) 242
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 Income statement (euro) Notes 2012 % 2011 % Change % Revenue 24 554,710,483 100.0 613,792,598 100.0 (59,082,115) -9.6 Other revenue 25 33,050,794 32,254,562 Change in inventories 11,308,109 2,143,169 Internal work capitalized 1,140,763 1,281,289 Raw materials and supplies 26 (289,540,057) (341,433,092) Services 27 (153,524,811) (176,109,581) Employee expense 28 (171,767,300) (176,411,711) Other operating income (expense) 29 9,538,329 43,940,516 Recurring EBITDA (5,083,690) -0.9 (542,250) -0.1 (4,541,440) n.s. Net gains from sale of non-current assets 30 18,469,190 16,336,531 Other non-recurring income (expense) 30 (44,852,485) (8,097,887) EBITDA (31,466,985) -5.7 7,696,394 1.3 (39,163,379) n.s. Amortization and depreciation 2-4 (75,882,750) (81,610,136) Impairment 2 (27,373,086) (693,212) EBIT (134,722,821) -24.3 (74,606,954) -12.2 (60,115,867) n.s. Finance income 31 156,511,784 202,488,114 Finance costs 31 (77,916,834) (91,592,169) Exchange-rate differences and derivatives 31 1,539,829 (1,076,983) Impairment on financial assets 5 (141,356,939) (52,284,040) Profit (loss) before tax (195,944,981) -35.3 (17,072,032) -2.8 (178,872,949) n.s. Income tax expense 32 (6,937,402) 24,073,983 Profit (loss) for the period (202,882,383) -36.6 7,001,951 1.1 (209,884,334) n.s. n.s. = not significant 243 www.italcementigroup.com
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2012 Annual Report
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Contents PRESENTATION Letter to the
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Letter to the stakeholders Consolid
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Italcementi Group in the world (as
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Highlights Contribution to consolid
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Share prices and market capitalizat
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E) Share prices and market capitali
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Italcementi S.p.A. Directors, Offic
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Lorenzo Renato Guerini (Director si
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Alberto Clô (Director since May 4,
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Yves René Nanot (Director since Ju
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Board of Statutory Auditors Maria M
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Notice of Call Those who are entitl
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Appointment of the Board of Directo
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Annual Report Consolidated Annual R
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2012 Annual Report Presentation 4 G
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Financial statements Statement of f
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Statement of comprehensive income N
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Statement of cash flows Notes 2012
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21. Deferred tax assets and Deferre
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Amendments to IAS 12 “Income taxe
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1.3. Basis of consolidation The con
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Changes in equity interests in subs
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Operating lease payments are recogn
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1.15. Cash and cash equivalents Cas
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1.18. Share-based payments The Grou
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1.24. Government grants Government
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4. Operating segment disclosure The
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The table below sets out segment re
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The table below sets out other segm
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The useful life adopted by the Grou
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Assumptions used for the computatio
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7. Intangible assets in thousands o
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10. Other non-current assets This c
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15. Reserves Translation reserve Th
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Net liabilities determined on the b
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The table below sets out key data f
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appeal and by the regional court of
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22.1 Financial liabilities Financia
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Bond loans f) The Italcementi Group
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The bond was assigned a Ba2 Moody
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At December 31, 2012 lines of credi
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22.3.1 Fair value of derivatives Th
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22.4 Interest-rate risk management
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The Group companies operate chiefly
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From 2008 to 2012, the Group transa
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26. Services Services amounted to 1
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29. Non-recurring income (expense)
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The income statement and the statem
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Diluted earnings per share Diluted
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36. Joint ventures The Group’s mo
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Net debt (in thousands of euro) amo
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Annex 1 The following table shows i
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Company Registered office Share cap
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Company Registered office Share cap
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Italcementi S.p.A. Annual Report 14
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Page 193 and 194: 2012 Annual Report Presentation 4 G
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Annexes 303 www.italcementigroup.co
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ITALCEMENTI S.P.A. REPORT OF THE BO
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We ascertained that the Remuneratio
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312
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Sustainability disclosure Italcemen
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In 2010, the Group reinforced its a
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2 Looking forward 2.1 Targets 2015
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3 Social responsibility 3.1 Valuing
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2012 2011 2010 2012 2011 2010 Italy
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Trainees (%) 2012 2011 2010 Manager
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3.3 Health and product responsibili
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The Social Initiatives Policy reinf
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In 2012, Energy Efficiency Certific
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Power consumption, concrete 2012 20
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4.3 Air emissions At the end of 201
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Water consumption, cement 2012 2011
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Quarry management, cement (*) Matur
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5.2 Quality The Group is committed
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5.4 Sustainable construction Italce
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6 Reporting and additional informat
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6.4 Boundaries and reporting method
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Training management system Hours of
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Extraordinary session 351 www.italc
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Summary of resolutions The Annual G
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at an extraordinary session: to ren
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April 2013 Project by LSVmultimedia
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2012 Annual Report - Italcementi Group

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