2012 Annual Report - Italcementi Group

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Statement of cash flows Notes 2012 2011 (IFRS 5) (in thousands of euro) A) Cash flow from operating activities: Profit (loss) before tax (224,224) 65,455 Adjustments for: Amortization, depreciation and impairment 771,195 596,777 Reversal of the share of profit (loss) of equity accounted investees 1,827 (2,936) Net (gains) losses from the sale of non-current assets (64,116) (90,656) Change in employee benefits and other provisions 27,231 (5,222) Stock options - (183) Reversal financial costs 108,061 104,953 Cash flow from operating activities before tax, finance income/costs and change in working capital 619,974 668,188 Change in working capital 37.4 111,950 (14,908) Cash flow from operating activities before tax, and finance income/costs 731,924 653,280 Net finance costs paid (106,453) (105,048) Taxes paid (129,269) (118,063) Total A) 496,202 430,169 B) Cash flow from investing activities: Capital expenditure: Intangible assets (16,781) (25,402) Property, plant and equipment and investment property (352,869) (370,058) Financial assets (equity investments) net of cash acquisitions (*) 37.2 (544) (2,599) Total capital expenditure (370,194) (398,059) Proceeds from the sale of non-current assets 37.3 84,571 182,323 Total sales 84,571 182,323 Change in other non-current financial assets and liabilities (5,489) (3,756) Total B) (291,112) (219,492) C) Cash flow from financing activities Increase in non-current financial liabilities 305,847 128,586 Repayments of non-current financial liabilities (291,748) (332,824) Change in current financial liabilities (112,062) (62,008) Dividends paid (120,465) (142,441) Other changes in equity 470 757 Change in interests in subsidiaries (10,280) 24,766 Other sources and applications (3,489) (38,704) Total C) (231,727) (421,868) D) Translation differences and other changes (14,715) (7,591) E) Cash flow relating to discontinued operations 32 6,406 256,896 F) Cash flows for the period (A+B+C+D+E) (34,946) 38,114 G) Cash and cash equivalents at beginning of period 613,334 575,220 Cash and cash equivalents at end of period (F+G) 37.1 578,388 613,334 (*) cash of acquired and consolidated companies 112 280 68
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 Contents Notes 1. Accounting policies 2. Exchange rates used to translate the financial statements of foreign operations 3. Change in the scope of consolidation 4. Operating segment disclosure 5. Property, plant and equipment and Investment property 6. Goodwill and Business combinations 7. Intangible assets 8. Equity accounted investees 9. Other equity investments 10. Other non-current assets 11. Inventories 12. Trade receivables 13. Other current assets including derivatives 14. Share capital and Share premium 15. Reserves 16. Treasury shares 17. Retained earnings, dividends paid 18. Non-controlling interests 19. Employee benefits 20. Provisions 69 www.italcementigroup.com
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2012 Annual Report
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Contents PRESENTATION Letter to the
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Letter to the stakeholders Consolid
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Italcementi Group in the world (as
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Highlights Contribution to consolid
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Share prices and market capitalizat
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E) Share prices and market capitali
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Italcementi S.p.A. Directors, Offic
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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 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 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
Page 104 and 105: Net liabilities determined on the b
Page 106 and 107: The table below sets out key data f
Page 108 and 109: appeal and by the regional court of
Page 110 and 111: 22.1 Financial liabilities Financia
Page 112 and 113: Bond loans f) The Italcementi Group
Page 114 and 115: The bond was assigned a Ba2 Moody
Page 116 and 117: At December 31, 2012 lines of credi
Page 118 and 119: 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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