2012 Annual Report - Italcementi Group

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Compliance risks The Group is subject to specific regulations concerning the quality of the products it markets; special monitoring activities have been set up to ensure compliance with the regulations in the countries where it operates. At a general level, the “Risk and Compliance” program has introduced specific training and circulates procedures and recommendations in the Group countries, to ensure compliance with legislation and with tax, social and environmental regulations. The program is reviewed on an annual basis to take account of regulatory changes. Political risks The Group has taken out insurance covers to limit the financial consequences of possible political measures that might prevent normal management of some subsidiaries in emerging countries. Financial disclosure risks The main characteristics of the risk management system and the internal control system with respect to the financial disclosure process are illustrated in a specific chapter of the “Corporate Governance” report in the Italcementi S.p.A. annual report. Insurance In the interest of all Group subsidiaries, Italcementi has taken out policies with leading insurance companies to cover risks to people and assets, as well as product and general third-party liability covers. As part of its risk coverage policy, the Group aims to optimize risk management costs by assessing direct assumption and transfer to the market. All policies are negotiated under a framework agreement to ensure a balance between the probability of a risk occurring and the damage that would ensue for each subsidiary. 46
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 Performance by country and business The Group in 2012 Cement: No. full-cycle cement plants 49 grinding centers 10 trading terminals 7 Aggregates: quarries 115 Ready mixed concrete: plants 449 CENTRAL WESTERN EUROPE Italy France/ Belgium Spain Others (1) Total Central Western Europe Full-cycle cement plants 14 10 3 1 28 Grinding centers 5 1 - - 6 Terminals 2 - - - 2 Quarries 24 77 6 1 108 Ready mixed concrete plants 132 187 7 1 327 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 Italy 800.0 918.1 (25.2) (12.6) (40.8) 10.4 (171.6) (142.4) 71.8 76.9 3,194 3,439 France- Belgium 1,501.7 1,589.7 262.8 302.8 264.1 313.7 169.0 215.6 89.6 82.6 4,051 4,113 Spain 111.3 155.4 (1.2) 18.5 (4.3) 17.6 (177.4) (58.2) 8.1 7.6 515 597 Others (1) 28.4 41.8 (4.0) (1.6) (4.0) (1.4) (43.5) (19.0) 9.5 4.4 174 194 Eliminations (23.4) (24.2) - - - - - - - - - - Total 2,417.9 2,680.8 232.4 307.1 214.9 340.3 (223.6) (4.1) 179.0 171.5 7,934 8,343 (1) Greece Revenue Recurring EBITDA EBITDA EBIT Capital expenditure Employees Italy 2012 saw a strong downturn in demand for cement due to the worsening crisis in building construction as a result of the lack of liquidity and rising fiscal pressure. Cement consumption fell for the sixth year running, with a particularly sharp contraction, in all areas of the segment excluding maintenance, and in geographical terms was particularly marked in central Italy. On the trading front, there was a significant fall in cement imports. Our cement and clinker sales volumes dropped by 24.6% from 2011, showing a more negative trend than the market, due to selective measures based on customer solvency and the change in the scope of production. Sales prices showed an important improvement from 2011, with a positive impact on recurring EBITDA in the cement segment, which counterbalanced the negative volume effect. In variable costs, there was a strong increase in the cost of electricity. This was offset to a large degree by measures to raise efficiency, in part through the plan to re-organize the production network launched in 2012. The plan led to the sale in June of the Pontassieve cement plant and the interruption in the third 47 www.italcementigroup.com
Page 1: 2012 Annual Report
Page 4 and 5: Contents PRESENTATION Letter to the
Page 6 and 7: Letter to the stakeholders Consolid
Page 8 and 9: Italcementi Group in the world (as
Page 10 and 11: Highlights Contribution to consolid
Page 12 and 13: Share prices and market capitalizat
Page 14 and 15: E) Share prices and market capitali
Page 16 and 17: Italcementi S.p.A. Directors, Offic
Page 18 and 19: Lorenzo Renato Guerini (Director si
Page 20 and 21: Alberto Clô (Director since May 4,
Page 22 and 23: Yves René Nanot (Director since Ju
Page 24 and 25: Board of Statutory Auditors Maria M
Page 26 and 27: Notice of Call Those who are entitl
Page 28 and 29: Appointment of the Board of Directo
Page 31 and 32: Annual Report Consolidated Annual R
Page 33 and 34: 2012 Annual Report Presentation 4 G
Page 47: 2012 Annual Report Presentation 4 G
Page 63: 2012 Annual Report Presentation 4 G
Page 66 and 67: Financial statements Statement of f
Page 68 and 69: Statement of comprehensive income N
Page 70 and 71: Statement of cash flows Notes 2012
Page 72 and 73: 21. Deferred tax assets and Deferre
Page 74 and 75: Amendments to IAS 12 “Income taxe
Page 76 and 77: 1.3. Basis of consolidation The con
Page 78 and 79: Changes in equity interests in subs
Page 80 and 81: Operating lease payments are recogn
Page 82 and 83: 1.15. Cash and cash equivalents Cas
Page 84 and 85: 1.18. Share-based payments The Grou
Page 86 and 87: 1.24. Government grants Government
Page 88 and 89: 4. Operating segment disclosure The
Page 90 and 91: The table below sets out segment re
Page 92 and 93: The table below sets out other segm
Page 94 and 95: The useful life adopted by the Grou
Page 96 and 97: 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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2012 Annual Report Presentation 4 G
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Separated financial statements 241
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Annexes 303 www.italcementigroup.co
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ITALCEMENTI S.P.A. REPORT OF THE BO
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We ascertained that the Remuneratio
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312
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Sustainability disclosure Italcemen
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In 2010, the Group reinforced its a
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2 Looking forward 2.1 Targets 2015
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3 Social responsibility 3.1 Valuing
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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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