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
Equity
Total equity at December 31, 2012 was 4,239.8 million euro, down by 655.0 million euro
from December 31, 2011 (4,894.9 million euro) mainly due to the loss for the year (362.4
million euro), other comprehensive expense (143.7 million euro) and dividends paid (120.2
million euro).
At December 31, 2012 there were no changes in treasury shares in portfolio with respect to
December 31, 2011. Italcementi S.p.A. held 3,793,029 ordinary treasury shares (2.14% of
ordinary share capital) servicing stock option plans and 105,500 savings treasury shares
(0.1% of savings share capital).
Reconciliation between parent’s loss for the year and equity and loss
for the year and equity attributable to owners of the parent
(in millions of euro) 2012
Profit (loss) for the period of the parent (Italcementi S.p.A.) (202.9)
Consolidation adjustments
- Profit (loss) for the period of consolidated companies (in accordance with Group accounting
policies) (40.1)
- Elimination of intragroup dividends collected during the year (426.3)
- Reversal of impairment losses (revaluations) in consolidated equity investments 337.1
- Elimination of intragroup (gains) losses and other changes (30.2)
Consolidated profit (loss) for the period (362.4)
- Attributable to non-controlling interests 33.4
- Attributable to owners of the parent (395.8)
December 31, 2012
Equity of the parent (Italcementi S.p.A.) 1,476.2
Consolidation adjustments
- Elimination of carrying amount of consolidated equity investments
• Carrying amount of consolidated equity investments (6,941.3)
• Equity of consolidated companies (in accordance with Group accounting policies) 9,705.0
- Consolidated equity 4,239.9
- Attributable to non-controlling interests 1,273.1
- Attributable to owners of the parent 2,966.8
Risks and uncertainties
The Risk Management Department formed in 2010 by Italcementi S.p.A. to report to the
Chief Executive Officer, is part of the “Risk & Compliance” program launched in 2008,
inspired by the methodology of the Committee of Sponsoring Organizations of the
Tradeway Commission (COSO) and consisting of the following phases:
1. identification of the main areas of risk for Group strategic goals and development of
methods and tools to analyze and assess correlated risk events;
2. assessment, at country level and at aggregate level, of identified risk events in terms of
impact, probability and timeframe, in order to acquire an overall vision of the Group risk
portfolio;
3. selection of priority risks and definition of response strategies, Group governance rules
and action to integrate and improve risk management systems; some operating risks are
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