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
Group ready mixed concrete sales volumes decreased by 6.5% in France, and rose by
3.6% in Belgium.
Operating results were down; the fall in sales volumes was mitigated only in part by the
improvement in unit margins.
Spain
In Spain the sharp contraction in cement consumption continued in 2012, with a stronger
downturn in Andalusia than in the Basque Country, due mainly to the negative trend in the
residential sector and the situation of public finances, which had negative repercussions for
infrastructure.
In this context Group domestic cement sales volumes fell by 32.1% from 2011; exports
were sustained by Group trading operations and allowed the overall reduction in cement
and clinker sales volumes to be kept at 17.4%.
The crisis in the construction sector also had an adverse impact on sales volumes of ready
mixed concrete and aggregates, which dropped by 58.5% and 57.8% respectively.
In particularly difficult market conditions, the Group continued with increased vigor its
measures to support, raise efficiency and rationalize industrial operations; these measures
will continue in 2013.
Operating results declined heavily as a result of the significant fall in sales volumes, offset
only in part by action to contain fixed costs and by the favorable dynamic in market prices
in southern Spain. Goodwill impairment losses (156.2 million euro) on the cement and
ready mixed concrete CGU as a result of impairment tests conducted in compliance with
IAS 36 were an additional factor affecting EBIT.
Others
In Greece, in a still very difficult economic situation, Group cement and clinker sales were
substantially stable (-0.5%) compared with 2011 thanks to exports, while there was a sharp
fall in domestic sales. A significant contraction in sales volumes was reported in ready
mixed concrete (-48.1%) and aggregates (-36.4%). Operating results were down, reflecting
the sharp decrease in sales volumes, whose effect was countered in part by the dramatic
reduction in fixed costs. Impairment losses on property, plant and equipment (35.0 million
euro) as a result of impairment tests in compliance with IAS 36 were an additional factor
affecting EBIT.
NORTH AMERICA
Total
North America
Full-cycle cement plants 6
Grinding centers -
Quarries 3
Ready mixed concrete plants 32
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