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
Special attention was given to development of incremental solutions in response to the
reduction of revenue from innovation as a result of the termination of operations linked to
direct production of cement and ready mixed concrete additives; in this area cooperation is
underway with Sika on research and development of possible synergies in production and
the product range.
The focus on developing the opportunities offered by the emerging markets led to the
assessment of a low-cost production process for cellular cement blocks synergetic with the
extension of the use of cement in new segments and with BravoBuild retail operations.
During the year the study of the new Group Product Branding strategy was completed; the
portfolio of products, innovative and not, will be presented with a consistent image,
highlighting the performance offered by the various product families.
Sales volumes of sulfoalluminate cement-based products (ALIPRE range) increased
significantly, in part thanks to the gradual expansion of the range where a ready product
flanking clinker and binders is now available.
A new proposal introduced in 2012 was i.idro DRAIN, the new draining cement. With its
many qualities, management of rainwater, reduction of urban heat islands, aesthetic value
and mechanical properties, the new cement has been used in many projects, winning
unanimous approval.
In the second half of the year, i.lab, the new Italcementi Research & Innovation center,
again hosted a series of events and welcomed large numbers of visitors who had the
opportunity to see for themselves the innovative products – TX Active ® , i.light, Effix Design
– used in the construction of the building itself.
At the end of the year the customary audit was conducted to certify the parameter
measuring the Group’s innovation performance, the Innovation rate (IR, the percentage of
Innovation Revenue on Operating Revenue). Although Axim additives were no longer
included in the scope of consolidation, revenue was more than 115 million euro and the
Innovation rate was 2.6%.
Looking ahead, the aim will be to achieve a strong increase in revenue from new products
by focusing on the concept of differentiation in order to offer specific products for each type
of application. This process is already well underway in some mature countries, and will be
extended to all Group operations, and specifically to the emerging markets.
E-business
In 2012 BravoSolution group revenue was 61.8 million euro, an increase of 11.3% from
2011 (55.5 million euro). EBITDA was 6.9 million euro, a small increase from 2011, while
EBIT was 1.8 million euro (2.7 million euro). Profit before tax was 1.2 million euro (2.2
million euro) and profit for the year was 0.5 million euro (1.1 million euro).
The group maintained its economic performance thanks to the healthy improvement in
revenue and to a cost structure compatible with business levels, as well as to measures to
contain costs.
2012 revenue at BravoSolution S.p.A. amounted to 23.6 million euro (-4.4%), with positive
results maintained despite the year’s slowdown, with EBITDA showing a moderate
reduction from 2011. On a market where customers continued to encounter operating and
financial difficulties, BravoBus S.r.l. reported a decrease in revenue (-11.7%), but
mitigated the impact on results thanks to a structure based largely on variable costs.
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