2011 Annual Report - Italcementi Group

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3 Share prices and market capitalization 3.a Italcementi share prices and "FTSE MIB INDEX" (01.02.2007 - 02.29.2012) 25 23 21 19 17 15 13 11 9 7 5 3 1 45,000 43,000 41,000 39,000 37,000 35,000 33,000 31,000 29,000 27,000 25,000 23,000 21,000 19,000 17,000 15,000 13,000 11,000 2 Jan. 07 11 Feb. 07 23 Mar. 07 2 May. 07 11 June. 07 21 July. 07 30 Aug. 07 9 Oct. 07 18 Nov. 07 28 Dec. 07 6 Feb. 08 17 Mar. 08 26 Apr. 08 5 June. 08 15 July. 08 24 Aug. 08 3 Oct. 08 12 Nov. 08 22 Dec. 08 31 Jan. 09 12 Mar. 09 21 Apr. 09 31 May. 09 10 July. 09 19 Aug. 09 28 Sep. 09 7 Nov. 09 17 Dec. 09 26 Jan. 10 7 Mar. 10 16 Apr. 10 26 May. 10 5 July. 10 14 Aug. 10 23 Sep. 10 2 Nov. 10 12 Dec. 10 21 Jan. 11 2 Mar. 11 11 Apr. 11 21 May. 11 30 June. 11 9 Aug. 11 18 Sep. 11 28 Oct. 11 7 Dec. 11 16 Jan. 12 FTSE MIB INDEX 25 Feb. 12 Italcementi ordinary shares Italcementi savings shares “FTSE MIB INDEX” 3.b Italcementi shares and "FTSE MIB INDEX" performance (base 01.02.2007 = 100) 120 110 100 90 80 70 60 50 40 30 20 2 Jan. 07 11 Feb. 07 23 Mar. 07 2 May. 07 11 June. 07 21 July. 07 30 Aug. 07 9 Oct. 07 18 Nov. 07 28 Dec. 07 6 Feb. 08 17 Mar. 08 26 Apr. 08 5 June. 08 15 July. 08 24 Aug. 08 3 Oct. 08 12 Nov. 08 22 Dec. 08 31 Jan. 09 12 Mar. 09 21 Apr. 09 31 May. 09 10 July. 09 19 Aug. 09 28 Sep. 09 7 Nov. 09 17 Dec. 09 26 Jan. 10 7 Mar. 10 16 Apr. 10 26 May. 10 5 July. 10 14 Aug. 10 23 Sep. 10 2 Nov. 10 12 Dec. 10 21 Jan. 11 2 Mar. 11 11 Apr. 11 21 May. 11 30 June. 11 9 Aug. 11 18 Sep. 11 28 Oct. 11 7 Dec. 11 16 Jan. 12 25 Feb. 12 Italcementi ordinary shares Italcementi savings shares "FTSE MIB INDEX" 10
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 3.c Italcementi share prices and "FTSE MIB INDEX" (01.03.2011 - 02.29.2012) 8 24,000 7 22,000 6 5 4 3 20,000 18,000 16,000 FTSE MIB INDEX 2 1 14,000 0 12,000 3 Jan. 11 13 Jan. 11 23 Jan. 11 02 Feb. 11 12 Feb. 11 22 Feb. 11 04 Mar. 11 14 Mar. 11 24 Mar. 11 03 Apr. 11 13 Apr. 11 Italcementi ordinary shares Italcementi savings shares "FTSE MIB INDEX" 23 Apr 11 03 May. 11 13 May. 11 23 May. 11 02 June. 11 12 June. 11 22 June. 11 02 July. 11 12 July. 11 22 July. 11 01 Aug. 11 11 Aug. 11 21 Aug. 11 31 Aug. 11 10 Sep. 11 20 Sep. 11 30 Sep. 11 10 Oct. 11 20 Oct. 11 30 Oct. 11 09 Nov. 11 19 nov. 11 29 nov. 11 09 Dec. 11 19 Dec. 11 29 Dec. 11 08 Jan. 11 18 Jan. 12 28 Jan. 12 07 feb. 12 17 Feb. 12 27 Feb. 12 3.d Italcementi share and "FTSE MIB INDEX" performance (base 01.03.2011 = 100) 120 110 100 90 80 70 60 50 40 3 Jan. 11 13 Jan. 11 23 Jan. 11 02 Feb. 11 12 Feb. 11 22 Feb. 11 04 Mar. 11 14 Mar. 11 24 Mar. 11 03 Apr. 11 13 Apr. 11 23 Apr 11 03 May. 11 13 May. 11 23 May. 11 02 June. 11 12 June. 11 22 June. 11 02 July. 11 12 July. 11 22 July. 11 01 Aug. 11 11 Aug. 11 21 Aug. 11 31 Aug. 11 10 Sep. 11 20 Sep. 11 30 Sep. 11 10 Oct. 11 20 Oct. 11 30 Oct. 11 09 Nov. 11 19 nov. 11 29 nov. 11 09 Dec. 11 19 Dec. 11 29 Dec. 11 08 Jan. 11 18 Jan. 12 28 Jan. 12 07 feb. 12 17 Feb. 12 27 Feb. 12 Italcementi ordinary shares Italcementi savings shares "FTSE MIB INDEX" 11 www.italcementigroup.com
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
Page 9 and 10: 2011 Annual Report Presentation Ita
Page 11: 2011 Annual Report Presentation Ita
Page 15 and 16: 2011 Annual Report Presentation Ita
Page 17 and 18: 2011 Annual Report Presentation 4 G
Page 27: 2011 Annual Report Presentation 4 G
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
Page 60 and 61: 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
Page 264 and 265:
Current assets 6. Inventories (in t
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Equity 12. Share capital At Decembe
Page 268 and 269:
Dividends paid Dividends approved i
Page 270 and 271:
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
Page 328:
Corporate bodies resulting from the
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