2011 Annual Report - Italcementi Group

2.1 Investment property
Investment property of 12,875 thousand euro (13,679 thousand euro at December 31, 2010) is carried at
amortized cost.
(in thousands of euro)
Investment property
Carrying amount at Dec. 31, 2010 13,679
Gross amount 37,553
Accumulated depreciation ( 23,874)
Carrying amount at Dec. 31, 2010 13,679
Additions 150
Disposals ( 487)
Depreciation ( 467)
Carrying amount at Dec. 31, 2011 12,875
Gross amount 34,780
Accumulated depreciation ( 21,905)
Carrying amount at Dec. 31, 2011 12,875
Depreciation exclusively concerned civil and industrial buildings and is calculated on the basis of the
respective useful lives adopted by the company: civil buildings 33 years, industrial buildings 18 years.
The fair value of these investments at December 31, 2011, was 103.4 million euro.
3. Intangible assets
Concessions
Patents,
Software
Total
brands,
licenses and
development
expenses
(in thousands of euro)
other rights
Carrying amount at Dec. 31, 2010 1,033 4,686 14,229 19,948
Gross amount 1,461 7,718 17,473 26,652
Accumulated amortization ( 428) ( 3,032) ( 3,244) ( 6,704)
Carrying amount at Dec. 31, 2010 1,033 4,686 14,229 19,948
Additions 27 6,722 12,174 18,923
Disposals - ( 5,386) - ( 5,386)
Amortization ( 95) ( 1,052) ( 2,748) ( 3,895)
Impairment losses - ( 1,048) - ( 1,048)
Reclassifications ( 23) 63 11 51
Carrying amount at Dec. 31, 2011 942 3,985 23,666 28,593
Gross amount 1,459 8,385 28,922 38,766
Accumulated amortization ( 517) ( 4,400) ( 5,256) ( 10,173)
Carrying amount at Dec. 31, 2011 942 3,985 23,666 28,593
The year’s additions mainly concerned the development of projects to standardize processes within the Group.
The amortization period for “Concessions” is based on the length of the agreements signed.
Software licenses of indeterminate life and the related development costs are amortized over a five-year
period.
Impairment losses refer to CO 2 emission rights held at year-end for 864 thousand euro and were applied on
the basis of market price.
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