2011 Annual Report - Italcementi Group

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21. Deferred tax assets and Deferred tax liabilities 22. Net debt 23. Other current liabilities 24. Commitments 25. Raw materials and supplies 26. Services expense 27. Employee expense and Stock options 28. Other operating income (expense) 29. Non-recurring income (expense) 30. Finance income (costs), exchange-rate differences and derivatives 31. Impairment on financial assets 32. Income tax expense 33. Profit (loss) relating to discontinued operations 34. Other comprehensive income 35. Earnings per share 36. Transactions with related parties 37. Joint ventures 38. Statement of cash flows 39. Non-recurring transactions 40. Audit fees 41. Events after December 31, 2011 70
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 Notes The Italcementi S.p.A. consolidated financial statements as at and for the year to December 31, 2011, were approved by the Board of Directors on March 2, 2012. At the meeting the Board authorized publication of a press release dated March 2, 2012, containing key information from the financial statements. Italcementi S.p.A. is a legal entity established in accordance with the laws of the Republic of Italy. It has been listed on the Stock Exchange since 1925 and is subject to management and coordination by Italmobiliare S.p.A., whose key data from the most recently approved financial statements are provided in an annex to the parent’s separate financial statements. Italcementi S.p.A. and its subsidiaries form the “Italcementi Group”, an international player whose main lines of business are hydraulic binders, ready mixed concrete and aggregates. The Group is also active in other areas, some of which are instrumental to its core businesses: materials for the construction industry, transport, energy, engineering and e-business. The financial statements have been drawn up on a going-concern basis. Despite the difficult economic and financial situation, by virtue of the measures already in place to respond to the changes in demand, and its business and financial flexibility the Group has no material uncertainties about its ability to continue as a going concern . 1. Accounting policies 1.1. Statement of compliance with the IFRS These consolidated financial statements have been drawn up in compliance with the International Accounting and Financial Reporting Standards (IAS/IFRS) applicable at December 31, 2011, endorsed by the European Commission. In compliance with European Regulation no. 1606 of July 19, 2002, the policies adopted do not include the standards and interpretations published by the IASB and the IFRIC through December 31, 2011, that had not been endorsed by the European Union at that date. Since December 31, 2010, the following standards, amendments and interpretations endorsed by the European Union have come into force and have been applied in the 2011 financial statements: IAS 24 revised “Related party disclosures” which simplifies disclosure requirements relating to related parties in which public entities are present and provides a new definition of related parties that also includes the subsidiaries of associates and joint ventures. Amendment to IAS 32 “Financial instruments presentation” regarding classification of rights issues. The changes permit classification of rights issues (e.g., options and warrants) as equity instruments independently of the currency in which the exercise price is denominated. Amendment to IFRS 1 “First-time adoption of IFRS” and the related amendment to IFRS 7 “Financial instruments: disclosures” relating to the exemption from comparative disclosure allowed by IFRS 7 on firsttime adoption. The amendment exempts the reporting entity, on first-time adoption of IFRS, from providing the comparative data required by IFRS 7 for fair value measurement and liquidity risk. Amendments to a number of IAS/IFRS/IFRIC as part of the improvement of the same: IFRS 1 “First-time adoption of IFRS”, IFRS 3 “Business combinations”, IFRS 7 “Financial instruments: disclosures”, IAS 1 “Presentation of financial statements”, IAS 27 “Consolidated and separate financial statements”, IAS 34 “Interim financial reporting”, IFRIC 13 “Customer loyalty programs”. The above changes had no material effects for the Group. Amendment to IFRIC 14 “Prepayments of a minimum funding requirement” governing cases where an entity subject to a minimum funding requirement on defined benefit plans, makes prepayments to guarantee the 71 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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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 70 and 71: Statement of cash flows Notes 2011
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
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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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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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