2012 Annual Report - Italcementi Group

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ASIA Thailand India Others (1) Total Asia Full-cycle cement plants 2 2 1 5 Grinding centers 1 1 - 2 Quarries - - - - Ready mixed concrete plants 32 - 1 33 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 Thailand 227.9 194.1 30.0 23.5 29.8 24.5 5.3 8.0 22.5 11.4 858 863 India 248.6 223.5 51.8 57.2 51.2 57.2 32.3 38.7 24.5 42.7 795 797 Others (1) 44.4 38.7 3.5 3.1 3.5 3.1 (2.9) (2.0) 4.5 3.7 289 298 Eliminations - - - - - - - - - - - - Total 520.9 456.3 85.4 83.8 84.5 84.9 34.8 44.8 51.5 57.9 1,942 1,958 (1) Kazakhstan Revenue Recurring EBITDA EBITDA EBIT Capital expenditure Employees Thailand Despite an uncertain political situation, the Thai economy made healthy progress in 2012. Performance was positive in the construction sector, with cement consumption, buoyed by public and private investments, growing by an estimated 11.5% from 2011. This trend was not reflected in the trend for sales prices, which declined due to the fierce competitive climate. Group domestic cement sales volumes increased by 9.8%, while overall cement and clinker sales improved by 10.3%. Average sales prices on the domestic market rose in the second half, but fell over the full year. Ready mixed concrete sales volumes increased by 5.5% from 2011 thanks to a strong upturn in the fourth quarter, after a negative first half. Operating results were up, driven above all by stronger sales volumes, whose impact was nonetheless heavily countered by the increase in the cost of electricity. India Demand on the market in southern India in 2012 is estimated to be positive, although official figures are not available (the last official figure was +9.0% at June 30, 2012) due to the ban placed by the local competition authorities on the release of cement consumption information as a result of the lawsuits in the cement industry in recent years. Despite market conditions characterized by a continuous (if slower) increase in installed production capacity, Group domestic cement sales grew by 15.7%, thanks in part to the development of commercial operations in new markets. Overall cement and clinker sales (including exports) increased by 9.7%. Average sales prices fell in the fourth quarter but grew over the full year, compared with the already significant progress reported in 2011. Operating results were penalized in translation into euro by the depreciation of the local currency, and decreased slightly due to the strong rise in energy costs (due to a shortage of coal on the domestic market), although this was largely counterbalanced by the rise in 52
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 sales volumes and sales prices. Others In Kazakhstan, 2012 was another year of strong growth in the construction sector, in part thanks to government investment programs. Group overall sales of cement and clinker were affected by the presence of new producers and decreased by 7.4% compared with 2011. The increase in average sales prices, tight control over general expense and the sharp rise (+57.9%) in ready mixed concrete generated an improvement in recurring EBITDA, despite the fall in cement sales volumes and rise in variable costs. CEMENT AND CLINKER TRADING Total Cement and clinker trading Grinding centers 1 Trading terminals 3 Ready mixed concrete plants 2 Revenue Recurring EBITDA 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 Total 213.0 183.4 8.9 10.6 8.7 10.7 5.6 6.8 3.1 3.8 346 340 * the figure refers to all operations, including fuel trading EBITDA EBIT Capital expenditure Employees* 2012 intragroup and third-party cement and clinker sales volumes rose by 30.6% from 2011. The significant increase in volumes was largely due to Interbulk third-party sales, although intragroup sales also increased. Operating results were down because of a negative trend in sales prices. In the fourth quarter results benefited from the effect arising from ready mixed concrete sales to TASIAT, the company with which an agreement has been signed for the installation of two ready mixed concrete plants in Mauritania. Energy During 2012 the company continued work on the projects launched in previous years and coordinated management of plants that went into operation. A brief description of initiatives in the various countries is provided below. Italy Regarding revamps of hydroelectric plants, work was completed on the facilities in Palazzolo sull’Oglio (Brescia) and Borgo San Dalmazzo I Salto and II Salto. The photovoltaic plant in Guiglia (Modena), owned by i.Fotoguiglia (with Italgen holding a 30% share) reported total production for the year of 8.8 GWh, with a 99.9% availability rate. A convention was signed with the Italian Electric System Authority, which assigned the 20-year government incentives as from June 27, 2011. 53 www.italcementigroup.com
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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 53: 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
Page 98 and 99: 7. Intangible assets in thousands o
Page 100 and 101: 10. Other non-current assets This c
Page 102 and 103: 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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2012 Annual Report - Italcementi Group

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