2011 Annual Report - Italcementi Group

Net debt breakdown
(in millions of euro) 12.31.2011 12.31.2010
Current financial assets (659.7) (835.6)
Current financial liabilities 756.7 535.4
Non-current financial assets (117.1) (65.0)
Non-current financial liabilities 2,113.1 2,596.1
Net debt 2,093.0 2,230.9
Net debt at December 31, 2011, amounted to 2,093.0 million euro, a reduction of 137.9
million euro from the end of 2010, despite the negative effect of 217.7 million euro arising
from the consolidation of the Calcestruzzi group as from January 1, 2011. Given lower cash
flow from operating activities, the improvement stemmed largely from the sale of assets no
longer of strategic importance (mainly Turkey, Axim).
Financial ratios
(absolute amounts in millions of euro)
12.31.2011
12.31.2010
Net debt 2,093.0 2,230.9
Consolidated equity 4,894.9 4,985.9
"Gearing"%
42.8
44.7
Net debt 2,093.0 2,230.9
Recurring EBITDA 697.3 836.3
"Leverage"
3.0 2.7
2011
2010
Recurring EBITDA 697.3 836.3
Net finance costs* 126.1 115.5
"Coverage"
5.5
7.2
* finance costs net of capital gains/loss es on sale of equity investments
Equity
Total equity at December 31, 2011, was 4,894.9 million euro, down by 91.0 million euro
from December 31, 2010 (4,985.9 million euro).
The main increases were:
- profit for the period, 91.2 million euro;
- gains of 62.8 million euro from the sale of Afyon shares,
the decreases were:
- dividends paid, 142.8 million euro;
- the net change of 32.9 million euro in the hedging reserve and the fair value reserve;
- the acquisition of Ciments Français treasury shares for 35.9 million euro;
- the reduction of 25.0 million euro in the translation reserves.
At December 31, 2011, there were no changes in treasury shares in portfolio with respect
to December 31, 2010. Italcementi S.p.A. held 3,793,029 ordinary treasury shares (2.14%
of ordinary share capital) servicing stock option plans and 105,500 savings treasury shares
(0.1% of savings share capital).
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