2012 Annual Report - Italcementi Group

BravoSolution France reported revenue of 9.0 million euro (-0.8%), and posted a profit for
the year.
BravoSolution Espana S.A. had a downturn in revenue (-8.2%), but posted a profit before
tax.
BravoSolution UK reported a significant increase in revenue (+16.1%), and improved its
earnings.
The group of companies headed by BravoSolution US (USA, Canada, UK) closed 2012
with consolidated revenue of 16.1 million euro, an increase of 29.1% from 2011, with
positive EBITDA and a loss for the year, although this was smaller than in 2011.
With regard to the most recent initiatives, growth was achieved by the subsidiaries in
Benelux, Germany and, above all, in Dubai. Conversely, the subsidiary in Mexico
reported a negative performance and has already taken steps to improve its organization
and management.
Disputes and pending proceedings
A summary of the main current disputes is provided below. Further details are provided in
the notes (note 20).
Belgium
The investigation begun in 2009 by the local Antitrust Authority into some cement
producers, including CCB, of the national industry association and the national technical
certification body, for allegedly preventing an operator from importing cement produced
with ground-granulated blast-furnace slag deemed not to be compliant with national
technical regulations, was completed. A decision is expected in the first quarter of 2013.
Europe
Regarding the investigation begun in November 2008 by the European Commission into
some cement producers, including Italcementi S.p.A. and the subsidiaries Ciments
Français S.A., Ciments Calcia S.A. and Compagnie des Ciments Belges (CCB) S.A., in
December 2010 the European Commission notified the decision for the formal opening of
the proceeding to Italmobiliare S.p.A. (and, indirectly through Italmobiliare, to the abovenamed
Group companies and the Spanish subsidiary Financiera Y Minera). Subsequently,
in April 2011, the Commission served a further formal notice on Italmobiliare of its decision
to request extensive additional economic, financial and commercial information.
Italmobiliare provided the information within the required term and, simultaneously, lodged
an appeal with the EU General Court against the decision. Both the investigation and the
proceedings are still underway.
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