2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 28
Extraordinary session Italcementi S.p.A. Annual Report Consolidated financial statements 63
Sablières S.A., and with companies valued with the equity method, including the Ciments Quebec Inc. group,
Vassiliko Cement Ltd. and Cementi della Lucania S.p.A..
Details of other transactions with other related parties are provided in the section “Dealings with other related
parties” in the Directors’ report.
Dividends paid to the parent Italmobiliare S.p.A. in 2011 amounted to 13,169 thousand euro (13,169 thousand
euro in 2010).
36.1 Compensation to managers with strategic responsibilities
The table below sets out compensation paid during the year to managers with strategic responsibilities: the
directors, the chief operating officer and the manager in charge of preparing the financial reports (for 2011 only)
of Italcementi S.p.A. for positions held in the Group:
(in thousands of euro) 2011 2010
Short-term benefits: compensation and remuneration 11,813 9,558
Post-employment benefits: provision for leaving and end-of-term entitlements 1,260 1,257
Other long-term benefits: length-of-service bonuses and incentives 3,624 2,409
Share-based payments (stock options) 3 809
Total 16,700 14,033
37. Joint ventures
The Group’s most significant joint ventures in 2011 were French construction materials companies, the
Medcem S.r.l. shipping company and the Saudi Arabian company International City for Ready Mix, active in the
ready mixed concrete industry.
The following table sets out the portion of assets and liabilities and revenue and expense reflected in the Group
consolidated financial statements:
December 31, 2011 December 31, 2010
(in millions of euro)
Current assets 30.7 30.9
Non-current assets 92.0 89.7
Total assets 122.7 120.6
Current liabilities 23.3 25.9
Non-current liabilities 14.4 21.5
Total liabilities 37.7 47.4
2011 2010
Revenue 43.4 41.9
Expense (44.6) (43.3)
Profit before tax (1.3) (1.4)
133
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