2012 Annual Report - Italcementi Group

Notes
The separate financial statements of Italcementi S.p.A. as at and for the year ended December 31, 2012 were
approved by the Board of Directors on March 5, 2013. At the meeting the Board authorized publication of a
press release dated March 5, 2013 containing key information from the financial statements.
Italcementi S.p.A. is a legal entity established in accordance with the laws of the Republic of Italy. It has been
listed on the Milan Stock Exchange since 1925, is included in the S&P/Mib index of leading Italian companies
and is subject to management and coordination by Italmobiliare S.p.A., whose key data from the most recently
approved financial statements are provided in an annex to the separate financial statements.
Italcementi S.p.A. and its subsidiaries form the “Italcementi Group”, an international player whose main lines of
business are hydraulic binders, ready mixed concrete and aggregates. The Group is also active in other areas,
some of which are instrumental to its core businesses: materials for the construction industry, transport,
energy, engineering and e-business.
The Italian laws that enact EEC Directive IV are also applied, where compatible, to the companies that draw up
financial statements in accordance with the IFRS. Consequently the financial statements are compliant with the
articles of the Italian Civil Code and the corresponding indications of the Consolidated Finance Act (TUF, testo
unico della finanza) for listed companies with regard to the Directors’ Report (art. 2428 Italian Civil Code), Audit
(art. 2409-bis Italian Civil Code) and Publication of the Financial Statements (art. 2435 Italian Civil Code).
The separate financial statements and notes thereto also set out the details and additional disclosures required
under arts. 2424, 2425 and 2427 of the Italian Civil Code and art. 27, paragraph 5 of Legislative Decree
127/1991, since such requirements are not in conflict with the IFRS.
At the end of June, as part of its production re-organization, Italcementi S.p.A. sold to third parties the
Pontassieve cement plant business unit.
In December the deed for the merger of Cementificio di Montalto S.p.A. into Italcementi S.p.A. was drawn up.
The merger took effect on December 31, 2012; consequently the operations of the merged company 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.
The accounting effects of the sale and of the merger are disclosed in the notes to the financial statements.
The financial statements have been drawn up on a going-concern basis. Despite the difficult economic and
financial situation, by virtue of the measures already in place to respond to the changes in demand, and its
business and financial flexibility the company has no material uncertainties about its ability to continue as a
going concern.
With the completion of the standardization of the chart of accounts among the Group companies, a number of
reclassifications were necessary for an immaterial aggregate amount with respect to the figures in the
consolidated financial statements at December 31, 2011; they related to trade payables and other current
liabilities.
1. Accounting policies
1.1. Statement of compliance with the IFRS
These financial statements have been drawn up in compliance with the International Financial Reporting
Standards (IFRS) and the interpretations (IFRIC) applicable at December 31, 2012 adopted by the EC
Commission.
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