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
Dividends paid
Dividends approved in 2012 and 2011 were as follows:
2012
(euro per share)
2011
(euro per share)
December 31, 2012
(000 euro)
December 31, 2011
(000 euro)
Ordinary shares 0.120 0.120 20,799 20,799
Savings shares 0.186478 0.120 19,641 12,639
Total dividends 40,440 33,438
Dividends paid in 2012 totaled 40,434 thousand euro (33,441 thousand euro in 2011)
17. Employee benefits
This caption includes the post-employment benefits in accordance with IAS 19 and liabilities relating to future
commitments, in the form of bonuses, to be paid to employees on the basis of their length of service at the
company; these liabilities arise from actuarial valuations at December 31, 2012.
In addition, provision was made for costs envisaged for recourse to state-subsidized lay-off schemes and
redundancy programs under the previously announced “Project 2015” for the re-organization of head-office
operations and the manufacturing and sales networks.
Post-employment
benefits
Provision for
seniority increases
and social security
abroad
Other employee
benefits
Provisions for
termination of
employment
Total
(in thousands of euro)
At December 31, 2011 23,688 77 3,329 14,299 41,393
Amounts accrued 1,467 13 393 - 1,873
Indemnities paid ( 3,916) - - - ( 3,916)
Staff transfers ( 296) - - - ( 296)
Sale of business unit ( 720) - - - ( 720)
Merger contribution 115 - - - 115
Provision - - - 46,824 46,824
Use - - - ( 5,774) ( 5,774)
Surplus - - - ( 6,405) ( 6,405)
At December 31, 2012 20,338 90 3,722 48,944 73,094
The assumptions used to determine liabilities arising from long-term benefits are set out below:
Post-employment
benefits
Other employee
benefits
Discount rate 2.75% 2.75%
Future salary rises - 3.00%
Inflation 2.00% 2.00%
The rate used to discount post-employment benefit obligations was determined by reference to market yields
on high quality European corporate bonds.
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