2011 Annual Report - Italcementi Group

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2. Exchange rates used to translate the financial statements of foreign operations Exchange rates for 1 euro: Average rate Closing rate Currencies Full year 2011 Full year 2010 December 31, 2011 December 31, 2010 Albania lek 140.32192 137.74003 139.03600 138.86000 Saudi Arabia riyal 5.22099 4.97226 4.85236 5.01060 Canada dollar 1.37598 1.36508 1.32150 1.33220 Egypt pound 8.27659 7.47113 7.80328 7.75751 GB sterling 0.86785 0.85805 0.83530 0.86075 India rupee 64.90042 60.58486 68.71300 59.75800 Kazakhstan tenge 204.12404 195.38110 191.88500 196.96400 Kuwait dinar 0.38460 0.38019 0.36056 0.37594 Libya dinar 1.71332 1.67844 1.62823 1.67606 Morocco dirham 11.26142 11.15625 11.11290 11.17980 Mauritania ouguiya 391.22452 365.68685 374.09200 377.75700 Mexico peso 17.28784 16.73637 18.05120 16.54750 Moldavia leu 16.32856 16.38605 15.15860 16.24000 Qatar riyal 5.06924 4.82647 4.71164 4.86375 People's Republic of China renminbi 8.99687 8.97294 8.15880 8.82200 Sri Lanka rupee 153.84847 149.85278 147.38600 148.24700 USA dollar 1.39213 1.32588 1.29390 1.33620 Switzerland franc 1.23297 1.38063 1.21560 1.25040 Thailand baht 42.43201 42.02675 40.99100 40.17000 Turkey lira 2.32564 1.98756 2.45920 2.04910 The exchange rates used to translate the financial statements of the foreign operations are those published by the Bank of Italy and by the Turkish central bank. 3. Changes in the scope of consolidation Sale of operations in Turkey Through the subsidiary Ciments Français, on March 25, 2011, the Group sold the companies in Set Group Holding – Turkey; consequently the operations in question have been accounted for in compliance with IFRS 5 “Non-current assets held for sale and discontinued operations” presenting separate items in the income statement and the statement of cash flows reflecting the earnings and the cash flows arising from the sale. Also in compliance with IFRS 5, the amounts in the income statement and the statement of cash flows for 2010 have been restated accordingly. To ensure clarity, for comparative purposes the income statement and the statement of comprehensive income present both the information restated as required by IFRS 5 and as published in the 2010 consolidated financial statements. During 2011, through its subsidiary Ciments Français the Group reduced its controlling interest in the listed Turkish company Afyon Cimento from 76.5% to 51.0% for proceeds, net of tax, of 60.8 million euro; the difference between the carrying amount of the sold equity investment and the sum collected was recognized under equity attributable to owners of the parent. 84
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 Changes in the scope of consolidation The main changes in 2011 were: the line-by-line consolidation of the Calcestruzzi group – Italy, as from January 1, 2011. At December 31, 2011, the Calcestruzzi group comprised the subsidiaries: Calcestruzzi S.p.A., Esa Monviso S.p.A. (consolidated on a line-by-line basis), the associates: Mantovana Inerti S.r.l. and Ecoinerti S.r.l. (consolidated on a proportionate basis) and the associates: General Cave S.r.l., Safra S.r.l. and Commerciale Inerti S.r.l. (accounted for with the equity method); the withdrawal of Set Group Holding – Turkey and its subsidiaries: Set Cimento and Met Teknik Servis, after the sale to third parties on March 25, 2011; the withdrawal of Bares and Italgen Elektrik – Turkey, after the sale to third parties on March 31, 2011; the withdrawal, after the sale to third parties in December, of the six companies in the Axim group, active in additives for ready mixed concrete and cement in Italy, France, USA, Canada, Morocco and Spain. The main changes in 2010 were the line-by-line consolidation as from January 1 of Beton Ata LLP (Kazakhstan) in the ready mixed concrete sector; the withdrawal from the Group of Cementos Capa S.L. (Spain) after the sale in January; the line-by-line consolidation as from August of the Star. Co. S.r.l. company (Italy) in the ready mixed concrete sector; the measurement with the equity method of the Gardawind S.r.l. group (Italy) as from September 30. Gardawind is active in wind energy and is part of the Italgen group. The equity investments in subsidiaries, joint ventures and associates, and the respective method of consolidation, are listed in the annex. 85 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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Directors’ report Following the a
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The Calcestruzzi group returned to
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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 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
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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
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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
Page 120 and 121: 22.4.1 Interest-rate risk hedging T
Page 122 and 123: With regard to financing for subsid
Page 124 and 125: In 2011, in view of the surplus acc
Page 126 and 127: 26. Services Services amounted to 1
Page 128 and 129: 28. Other operating income (expense
Page 130 and 131: The reconciliation between the tax
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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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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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