2011 Annual Report - Italcementi Group

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Statement of cash flows Notes 2011 2010 (IFRS 5) (in thousands of euro) A) Cash flow from operating activities Profit before tax 53,038 276,453 Adjustments for: Amortization, depreciation and impairment 602,509 490,824 Reversal of non-distributed profit (loss) of associates (2,936) 1,506 Capital (gains) losses on sale of fixed assets (90,249) (30,542) Change in employee benefits and other provisions (5,446) 8,303 Stock options (183) 3,566 Reversal of finance costs 107,391 121,728 Cash flow from operating activities before tax, finance income/costs and change in working capital 664,124 871,838 Change in working capital 38.4 (20,805) 133,811 Cash flow from operating activities before tax and finance income/costs 643,319 1,005,649 Net finance costs paid (107,486) (117,944) Taxes paid (118,100) (132,803) Total A) 417,733 754,902 B) Cash flow from investing activities Capital expenditure: Intangible assets (25,449) (22,130) Property, plant and equipment and investment property (374,077) (495,442) Financial assets (equity investments) net of cash acquisitions (*) 38.2 (2,599) (24,647) Total capital expenditure (402,125) (542,219) Proceeds from the sale of fixed assets 38.3 182,469 142,644 Total sales 182,469 142,644 Change in other long-term financial assets and liabilities (3,756) (407) Total B) (223,412) (399,982) C) Cash flow from financing activities Increase in non-current financial liabilities 128,586 790,292 Repayments of non-current financial liabilities (315,854) (823,508) Change in current financial liabilities (62,089) (135,011) Dividends paid (142,620) (129,989) Other changes in equity 757 (7,831) Changes in interests in subsidiaries 24,766 (791) Other sources and applications (38,704) (38,051) Total C) (405,158) (344,889) D) Translation differences and other changes (7,902) 17,848 E) Cash flow from discontinued operations 33 256,853 68 F) Cash flows for the period (A+B+C+D+E) 38,114 27,947 G) Cash and cash equivalents at beginning of period 575,220 547,273 Cash and cash equivalents at end of period (F+G) 38.1 613,334 575,220 (*) cash of acquired and consolidated companies 280 18 68
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 Contents Notes 1. Accounting policies 2. Exchange rates used to translate the financial statements of foreign operations 3. Changes in the scope of consolidation 4. Operating segment disclosure 5. Property, plant and equipment and Investment property 6. Goodwill and Business combinations 7. Intangible assets 8. Equity accounted investees 9. Other equity investments 10. Other non-current assets 11. Inventories 12. Trade receivables 13. Other current assets including derivatives 14. Share capital and Share premium 15. Reserves 16. Treasury shares 17. Retained earnings, dividends paid 18. Non-controlling interests 19. Employee benefits 20. Provisions 69 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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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 66 and 67: Financial statements Statement of f
Page 68 and 69: Statement of comprehensive income N
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
Page 116 and 117: At December 31, 2011, lines of cred
Page 118 and 119: 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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