2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 30
Sustainability disclosure Italcementi S.p.A. Annual Report Consolidated financial statements 63
Extraordinary session 351
assessments assist qualification of the trends in the amounts concerned.
The directors’ report also provides a series of financial ratios (gearing, leverage, coverage)
that are clearly of importance for a better understanding of Group performance, especially
in comparison with previous periods. The non-financial indicators refer to external and
internal elements: the general economic situation and the situation of the industry in which
the Group operates, trends on the various markets and lines of business, trends in sales
prices and key cost factors, acquisitions and disposals, other significant events in the year,
organizational developments, the introduction of laws and regulations, etc.. In the notes,
the section on net debt provides information about the effects of changes in interest rates
and the main exchange rates on the statement of financial position and the income
statement.
Results and significant events for the year
Results
In financial year 2012, the economic crisis continued to be the key factor, with a strong
impact on demand for construction materials in the industrialized countries, offset in part by
a positive trend in some emerging countries, especially in Asia. The effects of this difficult
scenario were also amplified by the impairment losses applied to assets during the year.
Sales volumes were down, although on an annual basis the trend was better than in the
first nine months, thanks to a significantly smaller reduction in overall volumes in the fourth
quarter.
Revenue, at 4,480.1 million euro (4,657.4 million euro in 2011), were down 3.8% (-4.9% at
constant size and exchange rates), largely due to the negative volume effect.
Recurring EBITDA, at 632.4 million euro (701.1 million euro), was down 9.8%.
After net non-recurring expense of 17.5 million euro (net non-recurring income of 40.8
million euro in 2011), amortization and depreciation of 456.4 million euro (468.7 million
euro) and impairment losses on non-current assets of 309.4 million euro (134.3 million
euro), EBIT was negative at 150.9 million euro (positive at 138.9 million euro in 2011).
This trend was reflected in a loss before tax of 224.2 million euro (profit of 65.5 million
euro).
After income tax expense of 146.2 million euro (69.1 million euro), loss relating to
continuing operations was 370.4 million euro (losses of 3.6 million euro in 2011). The
Group posted a loss for the year of 362.4 million euro (profit of 91.2 million euro). The
loss attributable to owners of the parent was 395.8 million euro (a loss of 3.1 million
euro), while profit attributable to non-controlling interests decreased from 94.3 million euro
in 2011 to 33.4 million euro.
Net debt at December 31, 2012 amounted to 1,998.3 million euro, a decrease of 94.8
million euro from December 31, 2011 (2,093.0 million euro).
Total equity was 4,239.8 million euro, down by 655.0 million euro from December 31,
2011, while equity attributable to owners of the parent was 2,966.7 million euro, down by
528.2 million euro from the end of 2011 (3,494.9 million euro).
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