2011 Annual Report - Italcementi Group

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The list of investments in subsidiaries and associates at December 31, 2011, is as follows: (in thousands of euro) Location Share/quota capital % held Carrying amount at 12.31.2011 Aliserio S.r.l. Bergamo € 2,270,000 90.00 1,938 Azienda Agricola Lodoletta S.r.l. Bergamo € 10,400 75.00 2,877 BravoSolution S.p.A. Bergamo € 29,302,379 83.02 43,590 CTG S.p.A. Bergamo € 500,000 50.00 250 Calcementi Jonici S.r.l. Siderno (RC) € 3,513,741 99.90 7,591 Calcestruzzi S.p.A. Bergamo € 110,000,000 99.90 64,635 Cementificio di Montalto S.p.A. Bergamo € 10,000,000 100.00 38,826 Ciments Français S.A. Puteaux € 143,114,304 83.20 1,467,397 Gruppo Italsfusi S.r.l. Savignano sul Panaro (MO) € 156,000 99.50 277 Italcementi Finance S.A. (formerly Holfipar) Puteaux € 20,000,000 100.00 20,005 Italcementi Ingegneria S.r.l. Bergamo € 650,000 100.00 9,459 Italgen S.p.A. Bergamo € 20,000,000 99.90 20,111 Nuova Sacelit S.r.l. Bergamo € 7,500,000 100.00 4,344 SAMA S.r.l. Bergamo € 1,000,000 99.00 1,867 Sociètè Internationale Italcementi (Luxembourg) S.A. Luxembourg € 1,771,500 99.87 13,897 Shqiperia Cement Company Tirana ALL 74,250,000 100.00 602 Silos Granari della Sicilia S.r.l. Bergamo € 7,980,000 99.90 10,383 Star.Co. S.r.l. Bergamo € 118,000 100.00 2,751 International City for Ready Mix Arabia SAR 100,000,000 50.00 1,792 Cementi della Lucania S.p.A. Potenza € 619,746 30.00 4,149 Consorzio Medeuropa Milan - 20.00 3 Les Ciments de Zouarine S.A. Tunis TND 80,000 49.93 23 Sirio S.p.A. - Associazione in Partecipazione Milan - - 4,900 Total 1,721,667 The following additional information is provided for the investment in the associate Cementi della Lucania S.p.A.: Total Total Revenue Loss for the period (in thousands of euro) assets liabilities Cementi della Lucania S.p.A. (1) 11,872 4,942 8,552 ( 3,497) (1) data taken from financial statements at December 31, 2010 260
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 4.1 Other equity investments This non-current asset caption reflects equity investments in the “available-for-sale” category as required by IAS 39. (migliaia di euro) Al 31 dicembre 2010 5.802 Vendite ( 71) Al 31 dicembre 2011 5.731 “Sales” refer to the sale of Mediobanca S.p.A. warrants, which led to recognition of a loss of 69 thousand euro under finance costs. The breakdown of equity investments at December 31, 2011, was as follows: (migliaia di euro) Partecipazioni in società non quotate: Istituto Europeo di Oncologia S.p.A. 3.685 S.A.C.B.O. S.p.A. 2.029 Altre partecipazioni 17 Totale 5.731 Totale partecipazioni 5.731 5. Other non-current assets (in thousands of euro) 12.31.2011 12.31.2010 Change Guarantee deposits 569 577 ( 8) Receivables for expropriations 3,390 3,390 - "Bravosolution 2007-2012" convertible bonds - 3,934 ( 3,934) Italcementi Finance S.A. bonds 8,551 - 8,551 Derivatives - 82 ( 82) Commodity derivatives 15,404 3,315 12,089 Financial receivables due from Group companies 100,000 100,000 - Receivables due from parent in connection with tax consolidation 72,794 61,364 11,430 Total 200,708 172,662 28,046 The “Bravosolution 2007-2012” convertible bonds were reclassified under current assets. In December Italcementi Finance S.A. bonds were bought on the open market for a par value of 11 million euro; the carrying amount of 8,551 thousand euro was determined in accordance with the amortized cost criterion. The financial receivable of 100,000 thousand euro refers to an interest-bearing loan granted to the subsidiary Ciments Français S.A. The receivable due from the parent Italmobiliare S.p.A. in connection with the tax consolidation is the sum of the receivable for current income tax (IRES) of 12,462 thousand euro and the receivable relating to tax losses, payments on account and withholdings of 60,332 thousand euro and was reclassified from current assets in consideration of the expected recovery time. 261 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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As a result of the Moody’s rating
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At December 31, 2011, lines of cred
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22.3.1 Fair value of derivatives Th
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22.4.1 Interest-rate risk hedging T
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With regard to financing for subsid
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In 2011, in view of the surplus acc
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26. Services Services amounted to 1
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28. Other operating income (expense
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The reconciliation between the tax
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35. Earnings per share Earnings per
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36. Transactions with related parti
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38. Statement of cash flows 38.1 Ca
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40. Audit fees (as per CONSOB Resol
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Annex 1 The following table has bee
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Company Registered office Share cap
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148
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Directors’ report Any changes in
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which remained the most dynamic com
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Statement of financial position, ca
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Dealings with subsidiaries, joint v
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Risks and uncertainties Italcementi
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Ratings risks The Group’s ability
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January 2011 entitled “Europe at
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Ciments Français S.A. profit for t
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INFORMATION ON OWNERSHIP STRUCTURE
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l) Laws applicable to the appointme
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- Selection of priority risks and d
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) implementing the guidelines defin
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A) ORGANIZATIONAL STRUCTURE Board o
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No limits to re-eligibility of dire
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* Mittel S.p.A. - Director Pierfran
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The Code provides for the Board of
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Lastly, the Board of Directors, in
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) a brief resume on the personal an
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) evaluate the proposals made by ex
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time to express their point of view
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In addition, the Chief Executive Of
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During 2011 the Internal control co
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TABLE 1 STRUCTURE OF THE BOARD OF D
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to be noted that CONSOB, the Italia
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* indicates the responsibilities, p
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consolidated financial statements.
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to apportion the profit for the yea
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Department of Human Resources and O
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A) VARIABLE COMPONENTS Under the Po
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This plan aims at: - tying the over
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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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