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
Notes
The consolidated financial statements of Italcementi S.p.A. as at and for the year ended December 31, 2012
were approved by the Board of Directors on March 5, 2013. At the meeting the Board authorized publication of
a press release dated March 5, 2013 containing key information from the financial statements.
Italcementi S.p.A. is a legal entity established in accordance with the laws of the Republic of Italy. It has been
listed on the Stock Exchange since 1925 and is subject to management and coordination by Italmobiliare
S.p.A., whose key data from the most recently approved financial statements are provided in an annex to the
separate financial statements.
Italcementi S.p.A. and its subsidiaries form the “Italcementi Group”, an international player whose main lines of
business are hydraulic binders, ready mixed concrete and aggregates. The Group is also active in other areas,
some of which are instrumental to its core businesses: materials for the construction industry, transport,
energy, engineering and e-business.
The financial statements have been drawn up on a going-concern basis. Despite the difficult economic and
financial situation, by virtue of the measures already in place to respond to the changes in demand, and its
business and financial flexibility the Group has no material uncertainties about its ability to continue as a going
concern.
With the completion of the standardization of the chart of accounts among the Group companies, a number of
reclassifications were necessary for an immaterial combined amount with respect to the figures in the
consolidated financial statements at December 31, 2011; they related to trade payables and other current
liabilities.
1. Accounting policies
1.1. Statement of compliance with the IFRS
These consolidated financial statements have been drawn up in compliance with the International Financial
Reporting Standards (IFRS) applicable at December 31, 2012 endorsed by the EC Commission.
In compliance with European Regulation no. 1606 of July 19, 2002, the policies adopted do not include the
standards and interpretations published by the IASB and the IFRIC through December 31, 2012 that had not
been endorsed by the European Union at that date.
With respect to December 31, 2011, the amendment to IFRS 7 “Financial instruments: disclosures”
relating to disclosures to be made on the transfer of financial assets came into force in 2012; it did not have a
material impact.
At December 31, 2012, the European Union endorsed the following standards and interpretations which have
not yet come into force, for which early application has not been elected:
Standards and interpretations to come into force in 2013
Amendments to IAS 1 “Presentation of financial statements” relating to the presentation of other
comprehensive income.
Amendments to IAS 19 “Employee benefits”. The main changes refer to treatment of past service costs that
have not vested and the actuarial gains/losses to be immediately recognized respectively in profit/loss for
the period and in other comprehensive income (elimination of the corridor method), the adoption, for plan
assets, of the discount rate used to determine the defined benefit liability.
Amendments to IFRS 7 “Financial instruments: disclosures” regarding offsetting of financial assets and
liabilities.
Amendments to IFRS 1 “First-time adoption of IFRS” regarding severe hyperinflation and removal of fixed
dates for first-time adopters.
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