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
basis of the favorable ruling obtained in Russia, Sibconcord filed for compulsory
execution in Kazakhstan, which was rejected by the courts in January 2012. Sibconcord
has appealed against this ruling.
- As contemplated by the contract, Ciments Français began arbitration proceedings (in
Istanbul) in accordance with the regulation of the International Chamber of Commerce.
On December 7, 2010, it obtained a favorable arbitration award recognizing the validity
of the resolution of the contract by Ciments Français with the right to retain the 50
million euro paid by Sibcem. On May 31, 2011, Sibcem obtained the annulment of the
arbitration award from the territorially competent Turkish court; Ciments Français filed
an appeal and in the meantime continued proceedings for the recognition of the award
in a number of countries.
Significant events after December 31, 2011
In February, Ciments Français and the subsidiary Parcib s.a.s. signed an agreement with
Cimsa Cimento Sanayi ve Ticaret A.S. for the sale of the outstanding 51% of the capital of
Afyon Cimento Sanayii Turk A.S.. The overall value of the sale has been determined as
57,530,000 Turkish lire, equivalent to approximately 25 million euro. The transfer of the
shares and the payment will take place at closing, once the necessary approval has been
obtained from the Antitrust Authority and all the conditions of the agreement have been
fulfilled. The closing price will be subject to the usual contractual adjustment conditions.
With the closing of this sale and following the sale of Set Group, the Group will have no
further operations on the Turkish market as a cement producer.
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