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
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