2011 Annual Report - Italcementi Group

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ASIA Thailand India Others (1) Tot al Asia Full-cycle cement plants 2 2 2 6 Grinding centers 1 1 - 2 Quarries - - - - RMC plants 33 - 1 34 Revenue 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Thailand 194.1 180.2 23.5 15.0 24.5 14.7 8.0 (7.3) 11.4 7.2 863 846 India 223.5 169.8 57.2 36.0 57.2 35.9 38.7 20.2 42.7 68.9 797 787 Others (1) 81.8 98.9 1.0 17.3 1.1 17.1 (8.6) 7.2 6.5 7.5 604 758 Eliminations - - - - - - - - - - - - To tal 499.4 449.0 81.8 68.2 82.8 67.7 38.1 20.0 60.6 83.6 2,264 2,391 (1) China and Kazakhstan Recurring EBITDA EBITDA EBIT Capital expenditure Employees Thailand The consequences of the floods that hit the country in the fourth quarter slowed the economy, which reported only modest progress in 2011; the policies adopted by the Government should stimulate new economic growth this year. In 2011 Group domestic cement sales volumes showed a small improvement (+0.4%); total cement and clinker sales were slightly down (-0.2%) as a result of lower clinker exports, offset only in part by cement sales to Cambodia. Average domestic cement sales prices were up on 2010, largely thanks to the first nine months of the year. Ready mixed concrete sales volumes fell by 7.2% from 2010. Overall operating results made progress, helped by the positive trend in sales prices, which counterbalanced the rise in costs for fuel and operating expenses. India In 2011 the economy slowed, with repercussions in the construction sector, where results failed to meet expectations. India was also troubled by inflationary pressures, which led to numerous interventions by the central bank, while the local currency depreciated significantly against the euro. Political instability and tensions contributed to the mood of uncertainty. In a competitive arena where pressure was intensified by the arrival of new production capacity, the healthy trend on markets in southern India in the fourth quarter meant the year closed with a slight increase in cement consumption compared with 2010. In June the Group began production at the Chennai grinding center and benefited from higher production levels in 2010. Its domestic cement sales increased by 7.8%, while total cement and clinker sales rose by 8.5%. After collapsing in the first nine months of the previous year, average sales prices made a significant recovery, which continued throughout the year, stabilizing in the fourth quarter. 50
2011 Annual Report Presentation 4 General information 15 Annual Report Consolidated Annual Report Directors’ report 28 Extraordinary session Italcementi S.p.A. Annual Report Consolidated financial statements 63 Operating results showed healthy progress largely due to the rise in average sales prices, countered only in part by the increase in the cost of coal (especially in the fourth quarter) and an unfavorable exchange-rate effect. Others In China, the economic growth of 2011 supported the construction sector. Group overall cement and clinker sales volumes, however, fell by 5.2%, due to the entry of new production capacity. The fall in average sales prices, associated with the negative volume effect and the rise in fuel costs, generated a sharp reduction in operating results. In Kazakhstan, despite higher demand, Group cement and clinker sales volumes dropped by 18.8% from 2010. This was due to the distance from the capital city, Astana, where major infrastructure projects were concentrated, and to the entry of new production capacity in the south of the country. Despite the healthy sales prices trend, the negative volume effect and the rise in operating expenses caused a large reduction in operating results. CEMENT AND CLINKER TRADING Total Cement and clinker trading Grinding centers 1 Trading terminals 3 RMC plants 2 Revenue Recurring EBITDA EBITDA Employees* 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 To tal 183.4 229.3 10.6 14.3 10.7 14.3 6.8 11.4 3.8 2.5 340 369 EBIT Capital expenditure * the figure refers to all activities, including fuel trading 2011 intragroup and third-party cement and clinker sales volumes fell by 27.1%, largely as a result of performance in the first half of the year. The sharp fall in sales volumes arose largely in intragroup clinker sales, particularly with regard to Egypt and Thailand. Operating results were down on 2010. Energy project As reported above, in March Italgen Elektric Uretim, the company that developed the 142.5 MW wind farm project in Balikesir, Turkey, was sold to a third party. The main Italgen projects in 2011 are described below. Italy: Guiglia (Modena) – Photovoltaic plant (6 MW) At the end of July, two months ahead of schedule, work was completed on the photovoltaic plant in Guiglia (Modena), by the i.Fotoguiglia S.r.l. company owned 30% by Italgen and 51 www.italcementigroup.com
Page 1: 2011 Annual Report
Page 5 and 6: 2011 Annual Report Italcementi S.p.
Page 7 and 8: The Group has decided to take a fur
Page 9 and 10: 2011 Annual Report Presentation Ita
Page 17 and 18: 2011 Annual Report Presentation 4 G
Page 27: 2011 Annual Report Presentation 4 G
Page 30 and 31: Directors’ report Following the a
Page 32 and 33: The Calcestruzzi group returned to
Page 34 and 35: Financial performance in 2011 Key c
Page 36 and 37: In cement and clinker, performance
Page 38 and 39: Revenue and operating performance C
Page 40 and 41: The loss relating to continuing ope
Page 42 and 43: Net debt breakdown (in millions of
Page 44 and 45: 4. Implementation of defined mitiga
Page 46 and 47: Financial disclosure risks The main
Page 48 and 49: the negative trend in sales volumes
Page 50 and 51: Ready mixed concrete sales volumes
Page 54 and 55: 70% by Fotowatio Italy, a subsidiar
Page 56 and 57: During the year Italcementi S.p.A.
Page 58 and 59: Raw materials and alternative fuels
Page 60 and 61: Engineering, technical assistance,
Page 62 and 63: After a revenue decline in 2009 and
Page 64 and 65: Outlook The markets on which the Gr
Page 66 and 67: Financial statements Statement of f
Page 68 and 69: Statement of comprehensive income N
Page 70 and 71: Statement of cash flows Notes 2011
Page 72 and 73: 21. Deferred tax assets and Deferre
Page 74 and 75: limits in question. The benefits ar
Page 76 and 77: Associates Associates are companies
Page 78 and 79: 1.5 Translation of foreign currency
Page 80 and 81: Subsequent to initial recognition,
Page 82 and 83: Deferred tax assets and deferred ta
Page 84 and 85: 1.21. Trade payables and other paya
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Page 88 and 89: 4. Operating segment disclosure The
Page 90 and 91: The table below sets out segment re
Page 92 and 93: The table below sets out other segm
Page 94 and 95: 5.2 Investment property (in thousan
Page 96 and 97: As in 2010, for the CGUs in the EU
Page 98 and 99: Sensitivity analysis With reference
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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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The variable components are aligned
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With reference to the other offices
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The Board of Directors may also gra
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) Plan Management The corporate bod
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g) Any Support for the Plan by the
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position of the role of each benefi
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2) With respect to the stock option
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Name, surname Position Period durin
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Yves René Nanot Marco Piccinini At
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Monetary Incentive Plans in Favor o
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Participation of Governing and Supe
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3) Term of the authorization. The a
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specifically, with laws and regulat
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Each section shall list in progress
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238
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Financial statements Statement of f
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Statement of comprehensive income (
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Statement of cash flows (euro) Note
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Notes The Italcementi S.p.A. financ
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1.2. Accounting policies and basis
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1.7. Property, plant and equipment
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1.13. Inventories Inventories are m
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Past service cost Changes in liabil
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Interest income Interest income is
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2.1 Investment property Investment
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The list of investments in subsidia
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Current assets 6. Inventories (in t
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Equity 12. Share capital At Decembe
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Dividends paid Dividends approved i
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18. Deferred tax assets and deferre
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19. Net debt An itemized correlatio
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Main bank loans and drawn and avail
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At December 31, 2011, the average m
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19.3.1 Fair value of derivatives Th
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19.4.1 Interest-rate risk hedging T
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ELECTRICITY In 2011, Italcementi S.
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Income statement 23. Revenue Revenu
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Stock options The company has set u
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30. Finance income (costs), exchang
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Breakdown of receivables and payabl
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Commitments with related parties (i
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(Breakdown of revenue and costs wit
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(Breakdown of revenue and costs wit
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Impact of transactions with related
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34. Audit fees Pursuant to the CONS
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Annex 1 Highlights from the most re
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Report of the Board of Statutory Au
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On the other hand, the absence of a
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308
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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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