2011 Annual Report - Italcementi Group

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Highlights Contribution to consolidated revenue by line of business (in millions of euro) 2011 2010 % % change change* Cement 3,056 3,315 (7.8) (2.7) Ready mixed concrete/Aggregates 1,388 1,038 33.8 3.5 Other 277 307 (10.1) (2.2) Total 4,721 4,660 1.3 (1.3) * changes at constant size and exchange rates 2011 2010 64.7% 29.4% 5.9% 71.1% 22.3% 6.6% Recurring EBITDA (in millions of euro) Sales volumes and internal transfers by business 53.7% 2.3% 44.0% (1,9)% 51,1 Cemento 52,1 e clinker (Mt) 2011 58.0% 2010 Others North America Central Western Europe 3.0% 697 39.0% 842 Group business and financial highlights (1,9)%* * change at constant size Inerti (Mt) Calcestruzzo (Mmc) (in millions of euro) 2011 2010 2009 2008 2007 Revenue 4,721 4,660 5,006 5,776 6,001 Recurring EBITDA 697 842 972 1,113 1,404 EBITDA 738 839 957 1,103 1,405 EBIT 129 370 443 607 958 Profit (loss) for the period 91 197 215 277 612 Profit (loss) attributable to owners of parent (3) 46 71 142 424 Capital expenditure 402 542 742 988 999 Total equity 4,895 4,986 4,692 4,622 4,760 Equity attributable to owners of parent 3,495 3,525 3,353 3,330 3,479 Net debt 2,093 2,231 2,420 2,679 2,418 Number of employees at December 31 19,896 20,139 21,155 22,243 23,706 3,7% (5,1)%* 53,2% 0,8%* 9,5 14,5 38,1 36,7 2011 2010 8
2011 Annual Report Presentation Italcementi Group in the world 6 General information Highlights 8 Annual Report Italcementi S.p.A. on the Stock Exchange 9 Extraordinary session 309 Italcementi S.p.A. on the Stock Exchange 1 Share capital and shareholders 1.a Share capital at 12.31.2011 At 12.31.2011, Italcementi S.p.A. share capital was € 282,548,942 represented by 282,548,942 shares with a par value of € 1 each, of which 177,117,564 ordinary shares and 105,431,378 savings shares. 1 Savings shares 37% 2 Ordinary shares 63% 1 2 1.b Ordinary shares Survey of shareholders with over 2% of share capital at 12.31.2011 (based on the shareholders' register, Consob communications and other information). 1 Italmobiliare 60.363% 2 Free float 34.683% 3 Group First Eagle Funds (First Eagle Investment Management, LLC) - USA 2.812% 4 Treasury shares 2.142% 2 3 4 1 1.c Ordinary shares Breakdown of free float based on information in the shareholders' register for payment of the FY 2010 dividend Shareholders listed in the register: 19,793 1 Private Individuals 41.78% 7 Italian Funds 1.62% 2 Foreign Funds 21.05% 8 Foreign Companies 1.82% 3 Foreign Banks 6.36% 9 Foreign Insurance Co. 1.52% 4 Italian Banks 4,41% 10 Italian Insurance Co. 0.12% 5 Brokers and Omnibus Accounts 15.59% 11 Other 2.02% 6 Italian Companies 3.70% 10 7 6 11 8 Ticker symbol Italcementi Italcementi bearer Italcementi registered ordinary shares savings shares savings shares BLOOMBERG: IT IM ITR IM - REUTERS: ITAI.MI ITAIn.MI - ISIN: IT0001465159 IT0001465167 IT0001465175 1 9 2 5 3 4 2 Financial indicators Italcementi S.p.A. 2011 2010 2009 2008 2007 (euro) Market prices (annual average official prices): - Ordinary share 5.855000 7.200000 8.893000 11.020000 20.022000 - Savings share 2.899000 4.007000 4.793000 7.889000 13.238000 Per share dividend: - Ordinary share 0.120000 (1) 0.120000 0.120000 0.180000 0.360000 - Savings share 0.186478 (1) 0.120000 0.120000 0.210000 0.390000 Dividend yield (on annual average official prices): - Ordinary share 2.05% 1.67% 1.35% 1.63% 1.80% - Savings share 6.43% 2.99% 2.50% 2.66% 2.95% (1) proposal of Board of Directors of March 2, 2012 www.italcementigroup.com 9
Page 1: 2011 Annual Report
Page 5 and 6: 2011 Annual Report Italcementi S.p.
Page 7 and 8: The Group has decided to take a fur
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Page 17 and 18: 2011 Annual Report Presentation 4 G
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Page 30 and 31: Directors’ report Following the a
Page 32 and 33: The Calcestruzzi group returned to
Page 34 and 35: Financial performance in 2011 Key c
Page 36 and 37: In cement and clinker, performance
Page 38 and 39: Revenue and operating performance C
Page 40 and 41: The loss relating to continuing ope
Page 42 and 43: Net debt breakdown (in millions of
Page 44 and 45: 4. Implementation of defined mitiga
Page 46 and 47: Financial disclosure risks The main
Page 48 and 49: the negative trend in sales volumes
Page 50 and 51: Ready mixed concrete sales volumes
Page 52 and 53: ASIA Thailand India Others (1) Tot
Page 54 and 55: 70% by Fotowatio Italy, a subsidiar
Page 56 and 57: During the year Italcementi S.p.A.
Page 58 and 59: Raw materials and alternative fuels
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Engineering, technical assistance,
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After a revenue decline in 2009 and
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Outlook The markets on which the Gr
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Financial statements Statement of f
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Statement of comprehensive income N
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Statement of cash flows Notes 2011
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21. Deferred tax assets and Deferre
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limits in question. The benefits ar
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Associates Associates are companies
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1.5 Translation of foreign currency
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Subsequent to initial recognition,
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Deferred tax assets and deferred ta
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1.21. Trade payables and other paya
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2. Exchange rates used to translate
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4. Operating segment disclosure The
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The table below sets out segment re
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The table below sets out other segm
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5.2 Investment property (in thousan
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As in 2010, for the CGUs in the EU
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Sensitivity analysis With reference
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Other equity investments at Decembe
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14. Share capital and Share premium
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Net liabilities determined on the b
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The table below sets out key data f
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of the favorable ruling obtained in
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22.1 Financial liabilities Financia
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No drawings had been made on the sy
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As a result of the Moody’s rating
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At December 31, 2011, lines of cred
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22.3.1 Fair value of derivatives Th
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22.4.1 Interest-rate risk hedging T
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With regard to financing for subsid
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In 2011, in view of the surplus acc
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26. Services Services amounted to 1
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28. Other operating income (expense
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The reconciliation between the tax
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35. Earnings per share Earnings per
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36. Transactions with related parti
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38. Statement of cash flows 38.1 Ca
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40. Audit fees (as per CONSOB Resol
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Annex 1 The following table has bee
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Company Registered office Share cap
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148
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Directors’ report Any changes in
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which remained the most dynamic com
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Statement of financial position, ca
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Dealings with subsidiaries, joint v
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Risks and uncertainties Italcementi
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Ratings risks The Group’s ability
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January 2011 entitled “Europe at
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Ciments Français S.A. profit for t
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INFORMATION ON OWNERSHIP STRUCTURE
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l) Laws applicable to the appointme
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- Selection of priority risks and d
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) implementing the guidelines defin
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A) ORGANIZATIONAL STRUCTURE Board o
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No limits to re-eligibility of dire
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* Mittel S.p.A. - Director Pierfran
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The Code provides for the Board of
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Lastly, the Board of Directors, in
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) a brief resume on the personal an
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) evaluate the proposals made by ex
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time to express their point of view
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In addition, the Chief Executive Of
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During 2011 the Internal control co
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TABLE 1 STRUCTURE OF THE BOARD OF D
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to be noted that CONSOB, the Italia
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* indicates the responsibilities, p
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consolidated financial statements.
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to apportion the profit for the yea
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Department of Human Resources and O
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A) VARIABLE COMPONENTS Under the Po
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This plan aims at: - tying the over
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The variable components are aligned
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With reference to the other offices
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The Board of Directors may also gra
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) Plan Management The corporate bod
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g) Any Support for the Plan by the
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position of the role of each benefi
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2) With respect to the stock option
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Name, surname Position Period durin
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Yves René Nanot Marco Piccinini At
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Monetary Incentive Plans in Favor o
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Participation of Governing and Supe
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3) Term of the authorization. The a
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specifically, with laws and regulat
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Each section shall list in progress
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238
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Financial statements Statement of f
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Statement of comprehensive income (
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Statement of cash flows (euro) Note
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Notes The Italcementi S.p.A. financ
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1.2. Accounting policies and basis
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1.7. Property, plant and equipment
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1.13. Inventories Inventories are m
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Past service cost Changes in liabil
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Interest income Interest income is
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2.1 Investment property Investment
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The list of investments in subsidia
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Current assets 6. Inventories (in t
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Equity 12. Share capital At Decembe
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Dividends paid Dividends approved i
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18. Deferred tax assets and deferre
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19. Net debt An itemized correlatio
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Main bank loans and drawn and avail
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At December 31, 2011, the average m
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19.3.1 Fair value of derivatives Th
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19.4.1 Interest-rate risk hedging T
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ELECTRICITY In 2011, Italcementi S.
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Income statement 23. Revenue Revenu
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Stock options The company has set u
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30. Finance income (costs), exchang
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Breakdown of receivables and payabl
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Commitments with related parties (i
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(Breakdown of revenue and costs wit
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(Breakdown of revenue and costs wit
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Impact of transactions with related
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34. Audit fees Pursuant to the CONS
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Annex 1 Highlights from the most re
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Report of the Board of Statutory Au
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On the other hand, the absence of a
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308
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Report of the Board of Directors Pr
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Current text ordinary and/or saving
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Current text In each list, the name
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Current text If there are no lists,
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Current text means of another perso
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Current text If a subject connected
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The proposed amendments do not gran
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• operate, in compliance with cur
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Corporate bodies resulting from the
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2011 Annual Report - Italcementi Group

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