2011 Annual Report - Italcementi Group

Notes
The Italcementi S.p.A. financial statements as at and for the year to December 31, 2011, were approved by the
Board of Directors on March 2, 2012. At the meeting, the Board authorized publication of a press release
dated March 2, 2012 containing key information from the financial statements.
Italcementi S.p.A. is a legal entity established in accordance with the laws of the Republic of Italy. It has been
listed on the Milan Stock Exchange since 1925, belongs to the S&P/Mib index of leading Italian companies and
is subject to management and coordination by Italmobiliare S.p.A., whose key data from the most recently
approved financial statements are provided in an annex to the separate financial statements.
Italcementi S.p.A. and its subsidiaries form the “Italcementi Group”, an international player whose main lines of
business are hydraulic binders, ready mixed concrete and aggregates. The Group is also active in other areas,
some of which are instrumental to its core businesses: materials for the construction industry, additives,
transport, energy, engineering and e-business.
The Italian laws that implement EEC Directive IV are also applied, where compatible, to the companies that
draw up financial statements in accordance with the IFRS. Consequently the financial statements are
compliant with the articles of the Italian Civil Code and the corresponding indications of the Consolidated
Finance Act (TUF, testo unico della finanza) for listed companies with regard to the Directors’ Report (art. 2428
Italian Civil Code), Audit (art. 2409-bis Italian Civil Code) and Publication of the Financial Statements (art. 2435
Italian Civil Code).
The separate financial statements and related notes also set out the details and additional disclosures required
under art. 2424, 2425 and 2427 of the Italian Civil Code and art. 27, paragraph 5 of Legislative Decree
127/1991, since such requirements are not in conflict with the IFRS.
The financial statements have been drawn up on a going-concern basis. Despite the difficult economic and
financial situation, by virtue of the measures already in place to respond to the changes in demand, and its
business and financial flexibility the company has no material uncertainties about its ability to continue as a
going concern.
1. Accounting policies
1.1. Statement of compliance with the IFRS
These financial statements have been drawn up in compliance with the International Accounting and Financial
Reporting Standards (IAS/IFRS) applicable at December 31, 2011, endorsed by the EC Commission.
In compliance with European Regulation no. 1606 of July 19, 2002, the principles adopted do not include the
standards and interpretations published by the IASB and the IFRIC through December 31, 2011, that had not
been endorsed by the European Union at that date.
Since December 31, 2010, the following standards, amendments and interpretations endorsed by the
European Union have come into force and have been applied in the 2011 financial statements:
IAS 24 revised ““Related party disclosures” which simplifies disclosure requirements relating to related
parties in which public entities are present and provides a new definition of related parties that also
comprises the subsidiaries of associates and joint ventures.
Amendment to IAS 32 “Financial instruments presentation” regarding classification of rights issues. The
changes permit classification of rights issues (e.g., options and warrants) as equity instruments
independently of the currency in which exercise price is denominated.
Amendment to IFRS 1 “First-time adoption of IFRS” and the related amendment to IFRS 7 “Financial
instruments: disclosures” relating to the exemption from comparative disclosure allowed by IFRS 7 on
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