2011 Annual Report - Italcementi Group

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January 2011 entitled “Europe at the limits of development” with discussions on the strengths and weaknesses that may affect the future of Europe. In January 2012, the foundation’s annual conference focused on the role of the real economy and industry from the present day to the near future, with an interesting debate on the possibility of doing business to create value and employment, and to recover Italy’s competitiveness. The above initiatives and a variety of other recurring projects, such as support for the “Bergamo Scienza” show, involved an overall financial commitment of about 850,000 euro in 2011 (1.6 million euro in 2010). 162
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 Performance of the Ciments Français group Key consolidated figures 2011 2010 % change (in millions of euro) on 2010 Revenue 3,886.3 4,040.3 (3.8) Recurring EBITDA 702.4 880.0 (20.2) Other non-recurring income (expense) 19.0 (9.5) n.s. EBITDA 721.3 870.5 (17.1) Amortization, depreciation and impairment losses (412.0) (372.7) 10.5 EBIT 309.3 497.8 (37.9) Finance income and costs (50.7) (66.5) (23.6) Share of profit of equity-accounted investees 20.1 18.3 9.8 Profit before tax 278.7 449.7 (38.0) Income tax expense (111.4) (113.0) (1.4) Profit (loss) relating to continuing operations 167.3 336.6 (50.3) Profit (loss) relating to discontinued operations 106.9 18.7 n.s. Profit (loss) for the period 274.2 317.9 (13.7) Profit attributable to owners of the parent 215.3 202.3 6.4 Total equity 4,257.7 4,268.0 (0.2) Equity attributable to owners of the parent 3,422.0 3,419.8 0.1 Net debt 1,021.4 1,411.6 (27.6) As already specified in the Italcementi consolidated annual report, Ciments Français operations in Turkey headed by Set Group were also considered as available-for-sale and subsequently sold at the end of March. In compliance with IFRS 5, profit relating to discontinued operations was posted in a separate item in the income statement, in both 2011 and 2010. In 2011, Ciments Français S.A. consolidated revenue was 3,886.3 million euro, down 3.8% compared to 2010 (-1.4% at constant exchange rates and on alike-for-like basis). This fall in revenue was determined by a volume effect combined with a drop in sales prices in some countries (notably Egypt) and by an unfavorable exchange-rate effect (-2.4%) relating to Egypt, North America and India in particular. Revenue increased in France- Belgium, Morocco, Thailand and India. Recurring EBITDA stood at 702.4 million euro, a 20.2% decrease compared to 2010. After net non-recurring income of 19.0 million euro (net expense of 9.5 million euro in 2010), EBITDA was 721.3 million euro, down 17.1% on 2010. EBIT was 309.3 million euro (-37.9% compared to 2010), after amortization and depreciation totaling 358.6 million euro (364.7 million euro) and impairment losses of 53.4 million euro. Net finance costs of 50.7 million euro were substantially reduced (-23.6%). Profit relating to continuing operations amounted to 167.3 million euro (336.6 million euro in 2010). Profit for the period was 274.2 million euro, a decrease of 13.7% compared to 2010 (317.9 million euro). 163 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
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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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Page 124 and 125: In 2011, in view of the surplus acc
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Page 140 and 141: Annex 1 The following table has bee
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Page 152 and 153: Directors’ report Any changes in
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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 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
Page 190 and 191: time to express their point of view
Page 192 and 193: In addition, the Chief Executive Of
Page 194 and 195: During 2011 the Internal control co
Page 196 and 197: TABLE 1 STRUCTURE OF THE BOARD OF D
Page 198 and 199: to be noted that CONSOB, the Italia
Page 200 and 201: * indicates the responsibilities, p
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Page 204 and 205: to apportion the profit for the yea
Page 206 and 207: Department of Human Resources and O
Page 208 and 209: A) VARIABLE COMPONENTS Under the Po
Page 210 and 211: This plan aims at: - tying the over
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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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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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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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2011 Annual Report - Italcementi Group

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