2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 150
Extraordinary session Italcementi S.p.A. Annual Report Separate financial statements 239
euro), but the reduction in proceeds from the sale of non-current assets was even greater,
41.5 million euro against 123.8 million euro.
Dealings with related parties
Italcementi S.p.A. had dealings with the following related parties:
- the parent Italmobiliare S.p.A., and companies of the Italmobiliare group (subsidiaries,
joint ventures, associates and their subsidiaries);
- subsidiaries, joint ventures, associates and their subsidiaries;
- other related parties.
Transactions with related parties reflect Italcementi S.p.A.’s interest in leveraging the
synergies within the Group to enhance production and commercial integration, employ
competencies efficiently and rationalize use of corporate divisions and financial resources.
No atypical or unusual transactions took place during the year.
All dealings with related parties, whether financial or relating to the exchange of goods and
services, are conducted at normal market conditions and comply with the Code of Conduct.
The figures pertaining to dealings with related parties and their effect on the company’s
financial position and results of operations are provided in the notes (note 32).
As regards corporate governance, Italcementi S.p.A. has adopted the “Procedures for
dealings with related parties”, detailed in the section dedicated to “Corporate governance”.
Dealings with Italmobiliare S.p.A. and Italmobiliare group
companies
Italcementi S.p.A. is subject to management and coordination by Italmobiliare S.p.A..
Italmobiliare S.p.A.’s management and coordination activities and the intragroup dealings
with Italmobiliare S.p.A. and the other companies subject to its management and
coordination have positively influenced operations and financial results, creating an efficient
use of resources and skills present in and of mutual interest to the two companies.
Italcementi S.p.A. provides Italmobiliare S.p.A. and that company’s subsidiaries with
personnel administration services and receives and provides services. It also provides
Italmobiliare S.p.A. with a share register management service and administration services
for shareholders' meetings.
Following the introduction of the “tax consolidation” regime in Italian tax law, Italcementi
S.p.A. and some of its Italian subsidiaries elected national tax consolidation as per articles
117-129 of the Consolidated Income Tax Act (TUIR), with Italmobiliare S.p.A. as the
consolidating company.
Italcementi S.p.A. does not hold nor held during the year, directly or indirectly, Italmobiliare
S.p.A. shares.
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