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
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.
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