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
Disputes and pending proceedings
With regard to the most important tax disputes arising from tax inspections and audits
(covering financial years 1996 to 1999) in July 2011 the Italian Supreme Court of Cassation
rejected the appeals filed by the State and confirmed in full the rulings of the Milan
Regional Tax Commission. The proceedings therefore closed with an additional tax charge
of 0.8 million euro, compared with the initial amount of 68 million euro for additional tax and
fines requested by the tax authorities.
As regards financial years where the findings were upheld, Italcementi S.p.A. has complied
with the inspections, thereby obtaining a reduction in the fines imposed.
The inspections relating to financial years 1987 and 2003 to 2006 are still open, with
proceedings so far in favor of the company.
Italcementi Cav. Lav. Carlo Pesenti foundation
The Italcementi Cav. Lav. Carlo Pesenti foundation is an independent non-profit entity
established in 2004 by Italcementi and Italmobiliare, with the aim of “promoting scientific
research and education with a special emphasis on the sustainable economic and social
development of enterprises”. The foundation’s mission also envisages the promotion and
implementation of humanitarian aid for communities struck by natural disasters or in other
emergency situations.
In 2011, as in the previous year, the foundation employed the resources made available to
it by the founding members primarily to develop and complete major projects initiated in
previous years.
Specifically, in the most important sector of activities, “school and university education
and training”, the fourth and last of the three-year research doctorates in “Logistics and
Supply Chain Management”, funded by the foundation at the University of Bergamo, in
collaboration with the Bocconi University and the Zaragoza Logistics Center, a partner of
Boston’s M.I.T., began. In 2011, the four students of the first three-year course were
awarded their doctorates by an international commission. The foundation continued
providing grants for university education at the MIP-School of Management of Milan
Polytechnic and, in collaboration with the Intercultura association, grants for overseas
studies for the children of Group employees. A significant initiative implemented in 2011
involved financial support along with other organizations and entities of the “Adopt talent”
project of the University of Bergamo, which aims to attract foreign talent, promote
international mobility and establish three teaching degrees in the English language.
Regarding humanitarian projects, the new Professional Training Center inaugurated in Sri
Lanka with an investment of 3 million euro, providing local youths with accommodation,
education and the skills to succeed in the workplace, commenced operations at the
beginning of 2011 and is developing its academic curriculum. The students attend
specialized courses in worksite topography, planning, duties and accounting. Preparatory
English-language courses for students already in possession of the diploma required to
attend the Professional Training Center were also promoted.
Some of the activities envisaged by the foundation’s charter are the promotion and
organization of conferences and seminars on current social and economic topics. In this
regard, the foundation has, since its creation, organized important annual conferences
attended by leading institutional, business and academic figures. A conference was held in
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