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
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).
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