2012 Annual Report - Italcementi Group

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Repayments refer to the partial return of the share capital by Sirio S.p.A. Sales refer to the sale of the Silos Granari della Sicilia S.r.l. investment at a sale price of 18,311 thousand euro, for which a net gain of 7,928 thousand euro was posted under finance income. At December 31, 2012 the merger of Cementificio di Montalto S.p.A. into Italcementi S.p.A. took place; for accounting and tax purposes, the transaction did not have a retroactive effect and the carrying amount of the equity investment was written off against equity, generating recognition of a 45,621 thousand euro deficit. Investments in subsidiaries and associates are tested for impairment if evidence of impairment emerges, by comparing carrying amount with recoverable amount. The methods used to determine recoverable amount are described in the accounting policies in the section “Impairment”. The value configuration used to determine the recoverable amount of equity investments is value in use, that is, fair value less costs to sell, with reference to comparable transactions. The value in use of each equity investment is determined on the basis of 2013 budget data and on the discounted projection of expected future cash flows, taking account of changes in operating assets, net of the effects of investments for additions or restructuring. The observation period varies between five to nine years according to the characteristics of the markets on which the Group companies operate. The terminal value is calculated on the basis of the discounted cash flows for the last year. The growth rate is based on the forecast long-term growth of the relevant industrial sector of the country and on the estimated long-term inflation rate. The estimate assumes a growth rate, for operations in Italy, equivalent to the long-term inflation rate (2%). The pre-tax discount rate used to calculate the present value of expected cash flows for operations in Italy is 8.8%. The aforementioned discount and growth rates are supported by previous experience and are in line with those in use in the sector. Impairment testing highlighted the need to impair the investments in Calcementi Jonici S.p.A. for 9,772 thousand euro, Nuova Sacelit S.p.A. for 10,344 thousand euro and Calcestruzzi S.p.A. for 94,172 thousand euro; in addition, impairment losses were recorded on the investments in Azienda Agricola Lodoletta S.r.l. for 104 thousand euro and Sirio S.p.A. for 1,203 thousand euro on the basis of estimated value in use. 264
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 The list of investments in subsidiaries and associates at December 31, 2012 is as follows: (in thousands of euro) Location Share/quota capital % held Carrying amount at 12.31.2012 Aliserio S.r.l. Bergamo € 2,270,000 90.00 1,938 Azienda Agricola Lodoletta S.r.l. Bergamo € 10,400 75.00 2,773 Bravobloc S.r.l. Bergamo € 300,000 70.00 210 BravoSolution S.p.A. Bergamo € 32,286,398 75.34 43,590 CTG S.p.A. Bergamo € 500,000 50.00 250 Calcementi Jonici S.r.l. Siderno (RC) € 3,513,741 99.90 1,815 Calcestruzzi S.p.A. Bergamo € 40,000,000 99.90 - Ciments Français S.A. Puteaux € 143,192,544 83.16 1,467,397 Gruppo Italsfusi S.r.l. Savignano sul Panaro (MO) € 156,000 99.50 277 Intercom S.r.l Bergamo € 2,890,000 4.84 885 Italcementi Finance S.A. (formerly Holfipar) Puteaux € 20,000,000 100.00 20,005 Italcementi Ingegneria S.r.l. Bergamo € 650,000 100.00 9,459 Italgen S.p.A. Bergamo € 20,000,000 99.90 20,111 Italterminali S.r.l. Bergamo € 10,000 99.50 84 Nuova Sacelit S.r.l. Bergamo € 7,500,000 100.00 - SAMA S.r.l. Bergamo € 1,000,000 99.00 1,867 Sociètè Internationale Italcementi (Luxembourg) S.A. Luxembourg € 1,771,500 99.87 13,897 Shqiperia Cement Company Tirana ALL 74,250,000 100.00 602 Star.Co. S.r.l. Bergamo € 118,000 100.00 2,751 International City for Ready Mix Arabia SAR 100,000,000 50.00 1,792 Cementi della Lucania S.p.A. Potenza € 619,746 30.00 4,149 Consorzio Medeuropa Milan - 20.00 3 Les Ciments de Zouarine S.A. Tunis TND 80,000 49.93 23 Sirio S.p.A. - Associazione in Partecipazione Milan - - 3,247 Total 1,597,125 The following additional information is provided for the investment in the associate Cementi della Lucania S.p.A.: (in thousands of euro) Total assets Total liabilities Revenue Profit (loss) for the period Cementi della Lucania S.p.A. (1) 12,899 5,969 9,626 ( 700) (1) data taken from financial statements at 31 December 2011 5.1 Other equity investments This non-current asset caption reflects equity investments in the “available-for-sale” category as required by IAS 39. (in thousands of euro) At December 31, 2011 5,731 Sales ( 1) At December 31, 2012 5,730 “Sales” refer to the liquidation of the equity investment in AiceReti S.c.a.r.l. 265 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 215 and 216: 2012 Annual Report Presentation 4 G
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Page 308 and 309: ITALCEMENTI S.P.A. REPORT OF THE BO
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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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