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
4. Intangible assets
(in thousands of euro)
Concessions
Patents,
brands,
licenses and
other rights
Software
development
expenses
Net carrying amount at December 31, 2011 942 3,985 23,666 28,593
Gross amount 1,459 8,385 28,922 38,766
Accumulated amortization ( 517) ( 4,400) ( 5,256) ( 10,173)
Net carrying amount at December 31, 2011 942 3,985 23,666 28,593
Additions - 1,391 8,886 10,277
Disposals - ( 186) - ( 186)
Amortization ( 90) ( 987) ( 3,041) ( 4,118)
Impairment losses - ( 809) - ( 809)
Reclassifications - ( 399) 409 10
Merger contribution - 1 - 1
Net carrying amount at December 31, 2012 852 2,996 29,920 33,768
Gross amount 1,459 8,717 38,380 48,556
Accumulated amortization ( 607) ( 5,721) ( 8,460) ( 14,788)
Net carrying amount at December 31, 2012 852 2,996 29,920 33,768
Total
The year’s additions mainly concerned project development work for the standardization of internal Group
processes.
The amortization period for “Concessions” is based on the length of the agreements signed.
Software licenses of indeterminate life and the related development costs are amortized over a five-year
period.
Impairment losses refer to CO 2 emission rights held at year-end for 650 thousand euro and was applied on the
basis of market price.
5. Investments in subsidiaries and associates
The changes compared to December 31, 2011 were as follows:
(in thousands of euro)
At December 31, 2011 1,721,667
Acquisitions 46,127
Repayments ( 450)
Sales ( 10,383)
Acquisitions from merger contribution 84
Merger eliminations ( 44,325)
Impairment on financial assets ( 115,595)
At December 31, 2012 1,597,125
Acquisitions refer to the payment to cover losses at Nuova Sacelit S.p.A., Calcementi Jonici S.r.l. and
Cementificio di Montalto S.p.A., of respectively 6,000 thousand euro, 5,499 thousand euro and 3,996 thousand
euro, the purchase from Silos Granari della Sicilia S.r.l. of shares in Intercom S.r.l., arising from the share
capital increase made against conferment of the terminal at La Spezia, for 885 thousand euro, the payment to
set up Bravobloc S.r.l. for 210 thousand euro, as well as the payment to Calcestruzzi S.p.A. to reintegrate the
share capital and form an extraordinary reserve for an overall amount of 29,537 thousand euro.
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