2011 Annual Report - Italcementi Group

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
Innovation
In 2011 the Group continued to promote the use of innovative products, applications and
services in its companies to contribute to the creation of value, guaranteeing the best
construction material solutions in compliance with policies to respect the environment and
optimize resources.
The rationalization of operations and growing integration among the functions concerned
led to a reduction in development times and a stronger research and assistance focus on
the most promising and profitable areas, including new business areas.
After finalization of agreements for marketing of i.light, the transparent panel used at the
Italian Pavilion at Expo Shanghai 2010, the optimization and diversification of the basic
product continued; alternative channels are also being studied to enhance the offer.
Sales volumes of sulfoalluminate cement-based products (ALIPRE range) rose
significantly, thanks in part to the gradual expansion of the range and markets.
Development also continued of new products based on TX Active, especially for coatings.
Despite the unfavorable scenario, revenue from products classified as innovative, based on
the third-party certified internal procedure, was in line with targets, at approximately 180
million euro in 2011.
A project began during the year to valorize the link between innovation and sustainability. A
sustainable production assessment process was developed using criteria consistent with
the main international systems to determine the percentage of sustainable products in the
Group. The Sustainable Production Index will be presented to the certifier by the end of
March and tested in a number of countries during 2012 to become a fully operational
parameter as from 2013.
E-business
In 2011 BravoSolution group revenue amounted to 55.5 million euro, an increase of 3.4%
from 2010 (53.7 million euro). EBITDA was 6.8 million euro, as in 2010, while EBIT was 2.7
million euro (2.9 million euro). Profit before tax was 2.2 million euro (2.6 million euro) and
profit for the year was 1.1 million euro (1.4 million euro).
Profit margins were maintained thanks to the improvement in revenue and costs compatible
with business levels. Specific action was taken to contain overheads, without penalizing the
acquisition of resources active in operating efficiency, customer service and development
of new markets.
During the year the BravoSolution group confirmed its excellent commercial positioning as
a supplier of customized software platforms and professional value-added services.
In 2011 BravoSolution S.p.A. posted revenue of 24.6 million euro (+1.0%) and further
growth in earnings, confirming its undisputed leadership on the Italian market. On a market
where customers encountered operating and financial difficulties, BravoBus S.r.l., which
operates on the e-sourcing market in the Italian local public transport area and serves
public companies and institutions in the Rome area, reported a reduction in revenue
(-20.5%), but a substantial breakeven.
BravoSolution France, which in 2008 merged with Mobile Workers S.A. (a spend analysis
company acquired in 2007), reported revenue of 9.1 million euro (+4.4%) and a profit for
the eighth consecutive year.
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