2011 Annual Report - Italcementi Group

Dividends paid
Dividends approved in 2010 and 2009 were as follows:
2011
(euro per share)
2010
(euro per share)
December 31, 2011
(000 euro)
December 31, 2010
(000 euro)
Ordinary shares 0.12 0.12 20,799 20,799
Savings shares 0.12 0.12 12,639 12,639
Total dividends 33,438 33,438
Dividends paid in 2011 totaled 33,441 thousand euro (33,432 thousand euro in 2010)
16. Employee benefits
This caption includes the post-employment benefits in accordance with IAS 19 and liabilities relating to future
commitments, in the form of bonuses, to be paid to employees on the basis of their length of service at the
company; these liabilities arise from actuarial valuations at December 31, 2011.
In addition, provision was made for costs envisaged for recourse to state-subsidized lay-off schemes and
redundancy programs under the on-going re-organization of head-office operations and the manufacturing and
sales networks.
Post-employment
benefits
Provision for
seniority increases
and social security
abroad
Other employee
benefits
Provisions for
termination of
employment
Total
(in thousands of euro)
At December 31, 2010 25,557 68 3,106 10,891 39,622
Amounts accrued 1,629 9 223 - 1,861
Indemnities paid ( 3,475) - - - ( 3,475)
Staff transfers ( 23) - - - ( 23)
Provision - - - 9,544 9,544
Use - - - ( 6,136) ( 6,136)
At December 31, 2011 23,688 77 3,329 14,299 41,393
Use of provisions for termination of employment includes the release to the income statement of surpluses of
1,525 thousand euro.
The assumptions used to determine liabilities arising from long-term benefits are set out below:
Post-employment
benefits
Other employee
benefits
Discount rate 4.60% 4.60%
Future salary rises - 3.06%
Inflation 2.00% 2.00%
266