2011 Annual Report - Italcementi Group

The loss relating to continuing operations came to 15.8 million euro (a profit of 215.8
million euro in 2010).
The net gain of 106.9 million euro from the sale of Set Group generated a profit for the
period of 91.2 million euro (197.1 million euro), with a loss attributable to the owners of
the parent of 3.1 million euro (profit of 45.8 million euro) and a profit attributable to noncontrolling
interests of 94.3 million euro (151.3 million euro).
Total comprehensive income
Starting from the profit for the period, the comprehensive income for 2011 showed a
negative balance of 57.9 million euro (a positive balance of 223.9 million euro in 2010)
arising mainly from: translation losses of 26.2 million euro, fair value losses on availablefor-sale
financial assets for 49.3 million euro, fair value gains on derivatives for 20.1 million
euro. Considering the profit for the period of 91.2 million euro described in the previous
section and the components described above, 2011 total comprehensive income was
positive at 33.2 million euro (a negative amount of 47.2 million euro attributable to owners
of the parent and a positive amount of 80.4 million euro attributable to non-controlling
interests), compared with a positive total of 420.9 million euro in 2010 (200.9 million euro
attributable to owners of the parent and 220.0 million euro attributable to non-controlling
interests).
The “statement of comprehensive income” provides a comparison with 2010.
Capital expenditure
Capital expenditure by geographical area (*)
PPE+investment
Total capital
Financial assets
Intangible assets
(in millions of euro)
property
expenditure
2011 2010 2011 2010 2011 2010 2011 2010
Central Western Europe 2.9 4.0 171.5 207.7 20.8 16.6 195.2 228.3
North America - 0.5 18.4 42.3 0.1 0.5 18.5 43.3
Emerging Europe, North Africa
and Middle East - 4.8 83.4 164.4 0.4 0.4 83.8 169.6
Asia - 5.3 60.6 83.6 - - 60.6 88.9
Cement and clinker trading - - 3.8 2.5 0.1 0.2 3.9 2.7
Others and eliminations - 0.2 (0.1) 2.2 4.0 4.4 3.9 6.8
Total 2.9 14.8 337.6 502.7 25.4 22.1 365.9 539.6
Change in payables for noncurrent
assets - 9.8 36.4 (7.2) - - 36.4 2.6
Total capital expenditure 2.9 24.6 374.0 495.5 25.4 22.1 402.4 542.2
(*) amounts refer to the area for which the investment is intended
2011 capital expenditure amounted to 402.4 million euro, a decrease of 139.8 million euro
from 2010 (542.2 million euro).
Investments in property, plant and equipment and investment property totaled 374.0 million
euro, down by 121.5 million euro from 2010 (495.5 million euro) due to the completion of
strategic investments that had an impact in 2010; investments were largely in Italy, France-
Belgium, India, Egypt and Morocco.
38