2011 Annual Report - Italcementi Group

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Annex 1 The following table has been prepared in accordance with CONSOB Resolution no. 11971, art. 126, of May 14, 1999, which requires listed companies to disclose their investments in unlisted companies when such investments exceed 10% of the companies' voting capital. The table also indicates the consolidation method and shows investments valued with the equity method. Interest held by Group companies Company Registered office Share capital Method Direct Indirect % Parent company Italcementi S.p.A. Bergamo I € 282,548,942.00 Line-by-line Aliserio S.r.l. Bergamo I € 2,270,000.00 90.00 - 90.00 Italcementi S.p.A. Line-by-line Azienda Agricola Lodoletta S.r.l. Bergamo I € 10,400.00 75.00 - 75.00 Italcementi S.p.A. B2E Markets France S.A.R.L. Paris F € 20,000.00 - 100.00 100.00 BravoSolution US, Inc. Line-by-line BravoBus S.r.l. Bergamo I € 600,000.00 - 51.00 51.00 BravoSolution S.p.A. Line-by-line BravoSolution Benelux B.V. Almere NL € 250,000.00 - 100.00 100.00 BravoSolution S.p.A. Line-by-line BravoSolution Brasil Serviços de Tecnologia Ltd.a Sao Paulo BR BRL 500.00 - 99.99 99.99 BravoSolution Mexico S.r.l. de C.V. BravoSolution China Co. Ltd. Shanghai PRC CNY 80,000.00 - 100.00 100.00 BravoSolution S.p.A. Line-by-line BravoSolution Espana S.A. Madrid E € 120,400.00 - 99.99 99.99 BravoSolution S.p.A. Line-by-line BravoSolution France S.a.s. Boulogne F € 3,254,150.00 - 100.00 100.00 BravoSolution S.p.A. Line-by-line Billancourt BravoSolution GmbH Unterhaching D € 1,000,000.00 - 100.00 100.00 Bravosolution S.p.A. Line-by-line BravoSolution Mexico S.r.l. de C.V. Mexico City MEX MXN 3,200,000.00 - 100.00 99.99 BravoSolution S.p.A. Line-by-line 0.01 BravoSolution Espana S.A. BravoSolution S.p.A. Bergamo I € 29,302,379.00 83.01 - 83.01 Italcementi S.p.A. Line-by-line BravoSolution Software, Inc. Wilmington USA - - - 100.00 100.00 BravoSolution US, Inc. Line-by-line BravoSolution UK Ltd. London GB GBP 50,000.00 - 100.00 100.00 BravoSolution S.p.A. Line-by-line BravoSolution US, Inc. Harrisburg USA USD 1.00 - 100.00 100.00 BravoSolution S.p.A. Line-by-line BravoSolution Technologies Ltd. Guildford GB GBP 50,000.00 - 100.00 100.00 BravoSolution US, Inc. Line-by-line C.T.G. S.p.A. Bergamo I € 500,000.00 50.00 50.00 50.00 Italcementi S.p.A. Line-by-line 50.00 Ciments Français S.A. C.T.G. Devnya EAD Devnya BUL BGN 200,000.00 - 100.00 100.00 C.T.G. S.p.A. Line-by-line CTG USA LLC Nazareth USA - - - 100.00 90.00 C.T.G. S.p.A. Line-by-line 10.00 Essroc Cement Corp. Calcementi Jonici S.r.l. Siderno (RC) I € 9,000,000.00 99.90 0.10 99.90 Italcementi S.p.A. Line-by-line 0.10 Italcementi Ingegneria S.r.l. Calcestruzzi S.p.A. Bergamo I € 110,000,000.00 99.90 0.10 99.90 Italcementi S.p.A. Line-by-line 0.10 Italcementi Ingegneria S.r.l. Cava delle Capannelle S.r.l. Bergamo I € 31,200.00 - 49.00 49.00 Calcestruzzi S.p.A. Cementi della Lucania S.p.A. Potenza I € 619,746.00 30.00 - 30.00 Italcementi S.p.A. Equity Cementificio di Montalto S.p.A. Bergamo I € 10,000,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Commerciale Inerti S.r.l. Casalpusterlengo(LO) I € 52,000.00 - 33.00 33.00 Esa Monviso S.p.A. Equity E.S.A. Monviso S.p.A. Bergamo I € 1,340,000.00 - 100.00 100.00 Calcestruzzi S.p.A. Line-by-line Ecoinerti S.r.l. Recanati (MC) I € 91,800.00 - 50.00 50.00 Calcestruzzi S.p.A. Proportionate Gardawind S.r.l. Vipiteno (BZ) I I 100,000.00 - 49.00 49.00 Italgen S.p.A. Equity Generalcave S.r.l. Fiumicino (RM) I € 31,200.00 - 50.00 50.00 Calcestruzzi S.p.A. Equity Gruppo Italsfusi S.r.l. Savignano s/P. (MO) I € 156,000.00 99.50 0.50 99.50 Italcementi S.p.A. Line-by-line 0.50 Italcementi Ingegneria S.r.l. i.FotoGuiglia S.r.l. Turin I € 14,290.00 - 30.00 30.00 Italgen S.p.A. Equity I.GE.PO. - Impresa Gestione Vibo Valentia I € 25,500.00 18.00 - 18.00 Italcementi S.p.A. Porti S.r.l. - winding up Ing. Sala S.p.A. Sorisole (BG) I € 5,858,722.00 - 100.00 99.90 Nuova Sacelit S.r.l. Line-by-line 0.10 Italcementi Ingegneria S.r.l. International City for Ready Mix Jeddah SA SAR 100,000,000.00 50.00 - 50.00 Italcementi S.p.A. Proportionate Italcementi Finance Puteaux F € 20,000,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Italcementi Ingegneria S.r.l. Bergamo I € 650,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line 138
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 Company Registered office Share capital Interest held by Group companies Method Direct Indirect % Italgen Maroc Ener S.A. Casablanca MAR MAD 8,000,000.00 - 100.00 99.99 Italgen S.p.A. Line-by-line 0.01 Procimar S.A. Italgen Maroc S.A. Casablanca MAR MAD 300,000.00 - 99.87 99.87 Italgen S.p.A. Line-by-line Italgen Misr for Energy SAE Cairo EGY LE 35,000,000.00 - 100.00 98.00 Italgen S.p.A. Line-by-line 1.00 Helwan Cement Co. 1.00 Suez Cement Company SAE Italgen S.p.A. Bergamo I € 20,000,000.00 99.90 0.10 99.90 Italcementi S.p.A. Line-by-line 0.10 Italcementi Ingegneria S.r.l. Italterminali S.r.l. Bergamo I € 10,000.00 - 100.00 99.50 Cementificio di Montalto S.p.A. Line-by-line 0.50 Italcementi Ingegneria S.r.l. Les Ciments de Zouarine S.A. - in liq. Tunis TN TND 80,000.00 49.93 - 49.93 Italcementi S.p.A. Mantovana Inerti S.r.l. Castiglione delle I € 702,000.00 - 50.00 50.00 Calcestruzzi S.p.A. Proportionate Stiviere (MN) Nuova Sacelit S.r.l. Sorisole (BG) I € 7,500,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Procalmi S.r.l. winding up Milan I € 51,000.00 - 11.52 11.52 Calcestruzzi S.p.A. S.A.F.R.A. S.r.l. - winding up Bologna I € 51,480.00 - 33.33 33.33 Calcestruzzi S.p.A. Equity SAMA S.r.l. Bergamo I € 1,000,000.00 99.00 1.00 99.00 Italcementi S.p.A. Line-by-line 1.00 Italcementi Ingegneria S.r.l. San Francesco S.c.a r.l. Foligno (PG) I € 5,000,000.00 - 40.00 40.00 Calcestruzzi S.p.A. Shqiperia Cement Company Shpk Tirana ALB LEK 74,250,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Silos Granari della Sicilia S.r.l. Bergamo I € 7,980,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Société Internationale Italcementi Luxembourg L € 1,771,500.00 99.87 0.13 99.87 Italcementi S.p.A. Line-by-line (Luxembourg) S.A. 0.13 Italcementi Ingegneria S.r.l. SO.RI.TE. S.r.l. Turin I € 100,000.00 - 25.00 25.00 Calcestruzzi S.p.A. Star.co S.r.l. Naples I I 118,000.00 100.00 - 100.00 Italcementi S.p.A. Line-by-line Vert Tech LLC Wilmington USA - - - 100.00 100.00 BravoSolution US, Inc. Line-by-line Ciments Français S.A. Puteaux F € 143,114,304.00 83,20 0.21 83.20 Italcementi S.p.A. Line-by-line 0.21 Ciments Français S.A. (voting rights: 90.74 Italcementi S.p.A.) 3092-0631 Quebec Inc. St. Basile CAN CAD 6,250.00 - 100.00 100.00 Ciment Quebec Inc. Equity Afyon Cimento Sanayi Tas Istanbul TR YTL 3,000,000.00 - 51.00 51.00 Ciments Français S.A. Line-by-line Al Badia Cement JSC Damascus SY SYP 12,200,000,000.00 - 12.00 12.00 Menaf S.a.s. Al Mahaliya Ready Mix Concrete WLL Safat KWT KWD 500,000.00 - 51.00 51.00 Hilal Cement Company Line-by-line Al Manar Cement Holding S.a.s. Puteaux F € 3,300,000.00 - 100.00 100.00 Ciments Français S.A. Line-by-line Arrowhead Investment Company Carson City USA USD 1,000.00 - 100.00 100.00 Essroc Corporation Line-by-line Asia Cement Energy Conservation Ltd. Bangkok TH BT 1,001,000,000.00 - 39.52 39.52 Asia Cement Public Co., Ltd. (*) Line-by-line Asia Cement Products Co., Ltd. Bangkok TH BT 10,000,000.00 - 39.52 39.52 Asia Cement Public Co., Ltd. (*) Line-by-line Asia Cement Public Co., Ltd. Bangkok TH BT 4,670,523,072.00 - 39.53 25.43 Ciments Français S.A. Line-by-line 14.10 Vaniyuth Co. Ltd. (*) Asment Temara S.A. Temara MAR MAD 495,000,000.00 - 37.01 19.99 Ciments Français S.A. Equity 17.02 Procimar S.A. Atlantica de Graneles y Moliendas S.A. Vizcaya E € 5,000,000.00 - 50.00 50.00 Sociedad Financiera y Minera S.A. Proportionate Axim for Industrials SAE Cairo EGY LE 15,000,000.00 - 100.00 90.00 Suez Cement Company SAE Line-by-line 5.00 Helwan Cement Co. 5.00 Tourah Portland Cement Company SAE Betomar S.A. Casablanca MAR MAD 84,397,800.00 - 99.99 99.99 Ciments du Maroc S.A. Line-by-line Beton.Ata LLP Almaty KAZ TEN 416,966,426.00 - 75.50 75.50 Shymkent Cement Line-by-line Béton Contrôle de Gascogne S.A. Soorts Hossegor F € 40,000.00 - 37.00 37.00 Béton Contrôle du Pays Basque S.a.s. Béton Contrôle de l'Adour S.a.s. Bayonne F € 150,000.00 - 59.96 59.96 Béton Contrôle du Pays Basque S.a.s. Line-by-line Béton Contrôle des Abers S.a.s. Lannilis F € 104,000.00 - 34.00 34.00 Unibéton S.a.s. Equity Béton Contrôle du Pays Basque S.a.s. Bayonne F € 120,000.00 - 59.98 59.98 Unibéton S.a.s. Line-by-line Béton Mercier Inc. Chateaugauy CAN - - - 100.00 100.00 Ciment Quebec Inc. Equity 139 www.italcementigroup.com
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2011 Annual Report
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2011 Annual Report Italcementi S.p.
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The Group has decided to take a fur
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2011 Annual Report Presentation Ita
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2011 Annual Report Presentation 4 G
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Directors’ report Following the a
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The Calcestruzzi group returned to
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Financial performance in 2011 Key c
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In cement and clinker, performance
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Revenue and operating performance C
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The loss relating to continuing ope
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Net debt breakdown (in millions of
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4. Implementation of defined mitiga
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Financial disclosure risks The main
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the negative trend in sales volumes
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Ready mixed concrete sales volumes
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ASIA Thailand India Others (1) Tot
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70% by Fotowatio Italy, a subsidiar
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During the year Italcementi S.p.A.
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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
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: 5.2 Investment property (in thousan
Page 96 and 97: As in 2010, for the CGUs in the EU
Page 98 and 99: Sensitivity analysis With reference
Page 100 and 101: Other equity investments at Decembe
Page 102 and 103: 14. Share capital and Share premium
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: of the favorable ruling obtained in
Page 110 and 111: 22.1 Financial liabilities Financia
Page 112 and 113: No drawings had been made on the sy
Page 114 and 115: As a result of the Moody’s rating
Page 116 and 117: At December 31, 2011, lines of cred
Page 118 and 119: 22.3.1 Fair value of derivatives Th
Page 120 and 121: 22.4.1 Interest-rate risk hedging T
Page 122 and 123: With regard to financing for subsid
Page 124 and 125: In 2011, in view of the surplus acc
Page 126 and 127: 26. Services Services amounted to 1
Page 128 and 129: 28. Other operating income (expense
Page 130 and 131: The reconciliation between the tax
Page 132 and 133: 35. Earnings per share Earnings per
Page 134 and 135: 36. Transactions with related parti
Page 136 and 137: 38. Statement of cash flows 38.1 Ca
Page 138 and 139: 40. Audit fees (as per CONSOB Resol
Page 142 and 143: Company Registered office Share cap
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Page 152 and 153: Directors’ report Any changes in
Page 154 and 155: which remained the most dynamic com
Page 156 and 157: Statement of financial position, ca
Page 158 and 159: Dealings with subsidiaries, joint v
Page 160 and 161: Risks and uncertainties Italcementi
Page 162 and 163: Ratings risks The Group’s ability
Page 164 and 165: January 2011 entitled “Europe at
Page 166 and 167: Ciments Français S.A. profit for t
Page 168 and 169: INFORMATION ON OWNERSHIP STRUCTURE
Page 170 and 171: l) Laws applicable to the appointme
Page 172 and 173: - Selection of priority risks and d
Page 174 and 175: ) implementing the guidelines defin
Page 176 and 177: A) ORGANIZATIONAL STRUCTURE Board o
Page 178 and 179: No limits to re-eligibility of dire
Page 180 and 181: * Mittel S.p.A. - Director Pierfran
Page 182 and 183: The Code provides for the Board of
Page 184 and 185: Lastly, the Board of Directors, in
Page 186 and 187: ) a brief resume on the personal an
Page 188 and 189: ) 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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