2012 Annual Report - Italcementi Group

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1.24. Government grants Government grants are recognized when there is a reasonable certainty that they will be received and all the requirements on which receipt depends have been fulfilled. Grants related to the purchase or production of non-current assets (grants related to assets) are recognized as deferred income and taken to the income statement over the useful life of the underlying assets. 1.25. Management of capital The Group monitors its capital using the gearing ratio: net financial position/equity. The net financial position reflects financial liabilities less cash and cash equivalents and other financial assets (as described in note 22). Equity consists of all the items presented in the statement of financial position. Group strategy aims to keep the gearing ratio at a level such as to ensure the smooth running of business operations, funding of investments and creation of maximum value for shareholders. To maintain or modify its capital structure, the Group may decide to vary the amount of dividends paid to shareholders, redeem capital, issue new shares, raise or reduce its investment in subsidiaries, purchase or sell investments. 2. Exchange rates used to translate the financial statements of foreign operations Exchange rates for 1 euro: Currencies Average rate Full year 2012 Full year 2011 December 31, 2012 Closing rate December 31, 2011 Albania lek 139.02279 140.32192 139.68570 139.03600 Saudi Arabia riyal 4.82048 5.22099 4.94838 4.85236 Brazil real 2.50934 2.32654 2.70360 2.41590 Canada dollar 1.28464 1.37598 1.31370 1.32150 Dubai UAE dirham 4.73267 5.11324 4.84617 4.75237 Egypt pound 7.80270 8.27659 8.37831 7.80328 GB sterling 0.81103 0.86785 0.81610 0.83530 India rupee 68.61914 64.90042 72.56000 68.71300 Kazakhstan tenge 191.68530 204.12404 198.62130 191.88500 Kuwait dinar 0.36003 0.38460 0.37110 0.36056 Libya dinar 1.61473 1.71332 1.66508 1.62823 Morocco dirham 11.09850 11.26142 11.14235 11.11290 Mauritania ouguiya 381.32362 391.22452 399.82440 374.09200 Mexico peso 16.90479 17.28784 17.18450 18.05120 Moldavia leu 15.56014 16.32856 15.91645 15.15860 Qatar riyal 4.68005 5.06924 4.80394 4.71164 People's Republic of China renminbi 8.10803 8.99687 8.22070 8.15880 Sri Lanka rupee 163.97081 153.84847 168.32300 147.38600 USA dollar 1.28538 1.39213 1.31940 1.29390 Switzerland franc 1.20525 1.23297 1.20720 1.21560 Thailand baht 39.93881 42.43201 40.34700 40.99100 Turkey lira 2.30394 2.32564 2.35170 2.45920 The exchange rates used to translate the financial statements of foreign operations are those published by the Bank of Italy and by the Turkish central bank. 84
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 3. Changes in the scope of consolidation Discontinued operations In 2012 the Group sold the following operations: May 31 the residual 51% of the capital of Afyon – Turkey, to third parties; June 26 the entire equity investment in Fuping Cement – China, to West China Cement against a reserved capital increase for an interest of approximately 6.25%. The operations in question have therefore been accounted for in compliance with IFRS 5 “Non-current assets held for sale and discontinued operations”, presenting separate items in the income statement and the statement of cash flows reflecting the earnings and the cash flows arising from the sale. Also in compliance with IFRS 5, the amounts in the income statement and the statement of cash flows for 2011 have been restated accordingly. To ensure clarity, the comparative information for 2011 on the face of the income statement and the statement of comprehensive income is presented both restated as required by IFRS 5 and as published in the 2011 consolidated financial statements . Information relating to the discontinued operations is disclosed in note 32. Changes in the scope of consolidation The main changes in 2012 were: the withdrawal of Silos Granari della Sicilia S.r.l. – Italy, after its sale to third parties on January 18, 2012; the sale of Afyon – Turkey, completed on May 31, 2012; the sale of Fuping Cement – China, completed on June 26, 2012; the sale to third parties of the entire 20% interest held in Sider Navi S.p.A. (an equity-accounted investee). The most significant changes in 2011 were: consolidation of the Calcestruzzi group – Italy, from January 1, 2011. The Calcestruzzi group at December 31, 2011 consisted of the subsidiaries: Calcestruzzi S.p.A., Esa Monviso S.p.A. (consolidated), the associates: Mantovana Inerti S.r.l. and Ecoinerti S.r.l. (consolidated proportionately) and the associates: General Cave S.r.l., Safra S.r.l. and Commerciale Inerti S.r.l. (equityaccounted investees); the withdrawal of Set Group Holding – Turkey, and its subsidiaries: Set Cimento and Met Teknik Servis, after sale to third parties on March 25, 2011; the withdrawal of Bares and Italgen Elektrik – Turkey, after sale to third parties on March 31, 2011; the withdrawal after sale to third parties in December, of the companies of the Axim Group: six companies active in cement and concrete additives in Italy, France, USA, Canada, Morocco and Spain. 85 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
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Alberto Clô (Director since May 4,
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Yves René Nanot (Director since Ju
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Board of Statutory Auditors Maria M
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Notice of Call Those who are entitl
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Appointment of the Board of Directo
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Annual Report Consolidated Annual R
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2012 Annual Report Presentation 4 G
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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 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
Page 120 and 121: 22.4 Interest-rate risk management
Page 122 and 123: The Group companies operate chiefly
Page 124 and 125: From 2008 to 2012, the Group transa
Page 126 and 127: 26. Services Services amounted to 1
Page 128 and 129: 29. Non-recurring income (expense)
Page 130 and 131: The income statement and the statem
Page 132 and 133: Diluted earnings per share Diluted
Page 134 and 135: 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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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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