2012 Annual Report - Italcementi Group

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The table below details the temporary differences that generated deferred tax assets and liabilities: Tax rate Temporary differences at 12.31.2011 Balance at Adjust-ment 12.31.2011 prior-year taxes Tax provision Applications Merger contribution Balance at 12.31.2012 (in thousands of euro) Deferred tax liabilities on: Gains in instalments from sale of operating assets 27.50% 9,840 2,706 2,706 Depreciation of property, plant, and equipment 3.90% 775 30 4 (34) - Revaluation of inventories 27.50% 57,069 15,694 (748) 14,946 Revaluation of inventories 3.90% 57,069 2,225 (106) 2,119 Fair value of derivatives 27.50% 3,901 1,073 1,073 Discounting provisions 27.50% 9,127 2,510 (262) 1 2,249 Other items 27.50% 5,253 1,446 4 (133) 1,317 Other items 3.90% 1,759 69 (38) 31 Total deferred tax liabilities 25,753 4 4 (1,321) 1 24,441 Deferred tax assets on: Provision for restoration of quarries and industrial areas 27.50% 20,654 5,680 663 (423) 5,920 Provision for restoration of quarries and industrial areas 3.90% 11,710 457 (60) 397 Provision for other risks 27.50% 15,318 4,212 13,507 (3,349) 14,370 Depreciation of civil buildings 27.50% 17,083 4,698 4,698 Employee benefits and directors' remuneration 27.50% 12,304 3,384 4 1,805 (1,025) 14 4,182 Write-down materials inventories 27.50% 6,916 1,902 128 (69) 23 1,984 Non-deductible interest expense 27.50% 61,147 16,815 4,330 10,808 31,953 Emissions of CO 2 27.50% 1,353 372 223 (88) 507 Fair value of derivatives 27.50% 10,811 2,973 2,973 Write-down assets 27.50% 11,360 3,124 7,528 (704) 3,756 13,704 Other items 27.50% 31,497 8,662 (31) 3,871 (1,763) 213 10,952 Other items 3.90% 178 7 7 Total deferred tax assets 52,286 4,303 38,533 (7,481) 4,006 91,647 Unactivated deferred tax assets (38,529) (203) (38,732) Total (26,533) (4,299) 0 6,160 (3,802) (28,474) 274
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 20. Net debt An itemized correlation of net debt with the statement of financial position is set out below: (in thousands of euro) Financial asset and liability category Statement of financial position caption December 31, 2012 December 31, 2011 Cash, cash equivalents and current financial assets ( 302,963) ( 382,104) Cash and cash equivalents Cash and cash equivalents ( 1,424) ( 479) Current loan assets Equity investments, bonds and financial assets ( 296,411) ( 375,470) Other current financial assets Other current assets ( 5,100) ( 4,618) Derivatives Other current assets ( 28) ( 1,537) Current financial liabilities 595,558 486,960 Bank overdrafts and short-term borrowings Loans and borrowings 373,488 146,416 Loans and short-term borrowings Financial liabilities 219,963 338,555 Derivatives Other current liabilities 2,107 1,989 Non-current financial assets ( 109,884) ( 108,551) Securities and bonds Other non-current assets ( 9,884) ( 8,551) Non-current financial receivables Other non-current assets ( 100,000) ( 100,000) Non-current financial liabilities 804,520 842,672 Loans and long-term borrowings Financial liabilities 781,156 832,068 Derivatives Other non-current liabilities 23,364 10,604 Net debt 987,231 838,977 20.1. Financial liabilities Financial liabilities are shown below by category, subdivided by non-current and current liabilities: (in thousands of euro) December 31, 2012 December 31, 2011 Amounts due to banks 509,062 613,910 Non-current portion of loans and borrowings 13,076 9,276 Financial liabilities vs. Group companies 259,018 208,882 Non-current financial liabilities 781,156 832,068 Fair value of hedging derivatives 23,364 10,604 Total non-current financial liabilities 804,520 842,672 Bank overdrafts and short-term borrowings 373,488 146,416 Current portion of loans and borrowings 5,527 262,647 Financial liabilities vs. Group companies 214,436 75,908 Amounts due to banks and current financial liabilities 593,451 484,971 Fair value of hedging derivatives 2,107 1,989 Total current financial liabilities 595,558 486,960 Total financial liabilities 1,400,078 1,329,632 275 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 225 and 226: 2012 Annual Report Presentation 4 G
Page 243 and 244: Separated financial statements 241
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Page 308 and 309: ITALCEMENTI S.P.A. REPORT OF THE BO
Page 310 and 311: We ascertained that the Remuneratio
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Page 316 and 317: Sustainability disclosure Italcemen
Page 318 and 319: In 2010, the Group reinforced its a
Page 320 and 321: 2 Looking forward 2.1 Targets 2015
Page 322 and 323: 3 Social responsibility 3.1 Valuing
Page 324 and 325: 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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