2012 Annual Report - Italcementi Group

Contents
PRESENTATION
Letter to the stakeholders 4
Italcementi Group in the world 6
Highlights 8
Italcementi S.p.A. on the Stock Exchange 9
GENERAL INFORMATION
Professional profiles of the members of the Board of Directors and the Board of Statutory Auditors 15
Notice of call 24
ANNUAL REPORT
Consolidated Annual Report
Directors’ report
Results and significant events for the year 31
The international economy and industry trends 32
Financial performance in 2012 34
Risks and uncertainties 43
Performance by country and business 47
Energy 53
Transactions with related parties 55
Information systems 56
Sustainable development 56
Human resources 57
Engineering, technical assistance research and development 58
Innovation 58
E-business 59
Disputes and pending proceedings 60
Significant events after December 31, 2012 61
Outlook 61
Consolidated financial statements
Financial statements 64
Notes 69
Annexes 135
Representation pursuant to art. 154-bis paragraph 5 TUF 142
Report of the Independent Auditors 143
Italcementi S.p.A. Annual Report
Directors’ report
Results and significant events for the year 147
Transactions with related parties 152
Sustainable research and development 153
Human resources 154
Risks and uncertainties 155
Disputes and pending proceedings 158
Italcementi Cav. Lav. Carlo Pesenti foundation 158
Performance of the Ciments Français group 159
Report on corporate governance and ownership structure 160
Resolution 203
Separate financial statements
Financial statements 242
Notes 247
Annexes 303
Representation pursuant to art. 154-bis paragraph 5 TUF 305
Report of the Board of Statutory Auditors 306
Report of the Independent Auditors 310
This Annual Report has been prepared in English for the convenience of international readers.
The original Italian documents should be considered the authoritative version.