2011 Annual Report - Italcementi Group

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Financial statements Statement of financial position (in thousands of euro) Notes 12.31.2011 12.31.2010 Change Non-current assets Property, plant and equipment 5 4,447,322 4,595,148 (147,826) Investment property 5 23,457 33,098 (9,641) Goodwill 6 1,919,288 2,016,614 (97,326) Intangible assets 7 98,083 133,817 (35,734) Equity accounted investees 8 216,742 212,261 4,481 Other equity investments 9 88,246 200,172 (111,926) Deferred tax assets 21 76,217 52,995 23,222 Other non-current assets 10 289,183 186,214 102,969 Total non-current assets 7,158,538 7,430,319 (271,781) Current assets Inventories 11 740,991 726,152 14,839 Trade receivables 12 857,327 738,555 118,772 Other current assets including derivatives 13 295,271 248,410 46,861 Tax assets 29,348 52,621 (23,273) Equity investments, bonds and financial assets 36,022 249,852 (213,830) Cash and cash equivalents 38 613,334 575,220 38,114 Total current assets 2,572,293 2,590,810 (18,517) Total assets 9,730,831 10,021,129 (290,298) Equity Share capital 14 282,549 282,549 - Share premium 14 344,104 344,104 - Reserves 15 131,764 175,652 (43,888) Treasury shares 16 (58,690) (58,690) - Retained earnings 17 2,795,189 2,781,467 13,722 Equity attributable to owners of the parent 3,494,916 3,525,082 (30,166) Non-controlling interests 18 1,399,975 1,460,851 (60,876) Total equity 4,894,891 4,985,933 (91,042) Non-current liabilities Financial liabilities 22 2,099,268 2,567,468 (468,200) Employee benefits 19 202,955 184,822 18,133 Provisions 20 248,790 241,240 7,550 Deferred tax liabilities 21 222,086 239,460 (17,374) Other non-current liabilities 29,788 33,203 (3,415) Total non-current liabilities 2,802,887 3,266,193 (463,306) Current liabilities Loans and borrowings 22 189,296 222,985 (33,689) Financial liabilities 22 543,934 293,493 250,441 Trade payables 648,178 588,572 59,606 Provisions 20 1,993 3,537 (1,544) Tax liabilities 42,299 55,542 (13,243) Other current liabilities 23 607,353 604,874 2,479 Total current liabilities 2,033,053 1,769,003 264,050 Total liabilities 4,835,940 5,035,196 (199,256) Total equity and liabilities 9,730,831 10,021,129 (290,298) 64
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 Income statement Notes 2011 % 2010 (IFRS 5) % Change % 2010 (published) (In thousands of euro) Revenue 4 4,720,542 100.0 4,660,007 100.0 60,535 1.3 4,790,944 Other revenue 37,213 33,156 33,697 Change in inventories (241) 27,128 25,917 Internal work capitalized 32,108 58,746 58,745 Raw materials and supplies 25 (1,976,767) (1,934,461) (2,019,558) Services 26 (1,138,246) (1,046,683) (1,075,499) Employee expense 27 (947,037) (896,253) (916,261) Other operating income (expense) 28 (30,239) (59,942) (61,723) Recurring EBITDA 4 697,333 14.8 841,698 18.1 (144,365) -17.2 836,262 Net gains from sale of non current assets 29 66,275 9,384 9,864 Non-recurring income (expense) for re-organizations 29 (25,566) (11,850) (12,001) Other non-recurring income (expense) 29 35 153 153 EBITDA 4 738,077 15.6 839,385 18.0 (101,308) -12.1 834,278 Amortization and depreciation 4 (474,826) (461,178) (472,543) Impairment 5 - 6 (134,280) (7,982) (7,982) EBIT 4 128,971 2.7 370,225 7.9 (241,254) -65.2 353,753 Finance income 30 74,202 65,797 66,685 Finance costs 30 (158,852) (160,104) (161,844) Exchange-rate differences and derivatives 30 (17,445) 4,497 4,523 Impairment on financial assets 31 7,524 (21,014) (21,014) Share of profit (loss) of equity accounted investees 8 18,638 17,052 17,052 Profit before tax 4 53,038 1.1 276,453 5.9 (223,415) -80.8 259,155 Income tax expense 32 (68,811) (60,608) (62,087) Profit (loss) relating to continuing operations (15,773) -0.3 215,845 4.6 (231,618) -107.3 197,068 Profit (loss) relating to discontinued operations 33 106,927 (18,777) - Profit (loss) for the period 91,154 1.9 197,068 4.2 (105,914) -53.7 197,068 Attributable to: Owners of the parent (3,147) 45,780 (48,927) 106.9 45,780 Non-controlling interests 94,301 151,288 (56,987) -37.7 151,288 Earnings per share 35 - Basic savings shares 0.007 € 0.183 € 0.183 € ordinary shares -0.023 € 0.153 € 0.153 € - Diluted savings shares 0.007 € 0.183 € 0.183 € ordinary shares -0.023 € 0.153 € 0.153 € 65 www.italcementigroup.com
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2011 Annual Report
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2011 Annual Report Italcementi S.p.
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The Group has decided to take a fur
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2011 Annual Report Presentation Ita
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Page 15 and 16: 2011 Annual Report Presentation Ita
Page 17 and 18: 2011 Annual Report Presentation 4 G
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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 52 and 53: ASIA Thailand India Others (1) Tot
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 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
Page 86 and 87: 2. Exchange rates used to translate
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
Page 100 and 101: Other equity investments at Decembe
Page 102 and 103: 14. Share capital and Share premium
Page 104 and 105: Net liabilities determined on the b
Page 106 and 107: The table below sets out key data f
Page 108 and 109: of the favorable ruling obtained in
Page 110 and 111: 22.1 Financial liabilities Financia
Page 112 and 113: No drawings had been made on the sy
Page 114 and 115: 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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