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
(in thousands of euro)
Grant date
No. options
granted
Employee expense
Vesting period 2011 2010
March 7, 2007 796,443 3 years - 273
June 20, 2007 701,250 3 years - ( 1,407)
March 26, 2008 520,840 3 years 105 463
June 4, 2008 620,750 3 years ( 611) 1,384
Total 2,639,283 ( 506) 713
Stock option plan fair value at the grant date is estimated using a binomial model that takes dividends into
account. The total option term is ten years. Volatility projections assume that past volatility, determined as the
annual average for the past period net of extraordinary events, is indicative of future trends.
No other stock option plan feature is taken into consideration when measuring fair value.
28. Other operating income (expense)
Other operating income, net of expense, amounted to 43,941 thousand euro, as follows:
(in thousands of euro) 2011 2010 Change % change
Other taxes 4,415 4,586 ( 171) -3.7
Losses and provision for bad debts 7,726 2,542 5,184 n.s.
Provision for environmental restoration, quarries, other 978 1,413 ( 435) -30.8
Miscellaneous expense 5,581 5,656 ( 75) -1.3
Miscellaneous income ( 62,641) ( 27,112) ( 35,529) n.s.
Total ( 43,941) ( 12,915) ( 31,026) n.s.
n.s. = not significant
“Miscellaneous income” included net income on the sale of CO 2 emission rights for 27,999 thousand euro,
discounted income from the reimbursement of “new entry” CO 2 quotas recognized for 2008-2012 for 18,984
thousand euro, income from the allocation of white certificates for 8,030 thousand euro and amounts for the
use of alternative fuels for 3,237 thousand euro.
29. Non-recurring income (expense)
Non-recurring income, net of non-recurring expense, amounted to 8,239 thousand euro (3,101 thousand euro
in 2010) and refers to net gains from the sale of assets for 16,337 thousand euro, of which 12,440 thousand
euro from disposals of property, and to net expense for reorganizations for 8,098 thousand euro.
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