2011 Annual Report - Italcementi Group

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4. Operating segment disclosure The Group operating segments are: Italy France-Belgium Spain Others Central Western Europe (C.W.E.) - Greece North America Egypt Morocco Others Emerging Europe, North Africa and Middle East (EE.NA.ME.) - Bulgaria, Turkey, Kuwait and Saudi Arabia Thailand India Others Asia - China and Kazakhstan Cement and clinker trading Other operations Cement & clinker trading includes cement and clinker marketing activities in countries where Group terminals are located: Gambia, Mauritania, Sri Lanka and Albania, as well as direct exports to markets not covered by Group subsidiaries. The “Other operations” segment comprises the operations of the Ciments Français S.A. sub-holding, consisting essentially of provision of services to subsidiaries. It also includes liquid and solid fuel procurement operations for Group companies, the BravoSolution in the e-business sector, Italcementi Finance S.A., other international holdings and other minor operations in Italy. The Group management and organizational structure essentially reflects the operating segment structure. Finance income and costs, impairment on financial assets and income taxes are not allocated to the operating segments. The Group business sectors are: operations relating to the production and sale of cement/clinker, operations relating to construction materials: ready mixed concrete and aggregates, other operations such as: transport, engineering, e-business and energy. The operating segments and business sectors are organized and managed by country. The operating segments consist of the fixed assets of the individual entities located and operating in the countries indicated above; sales refer mainly to the local market, exports are generally with other Group entities; exports to external countries are conducted through the Group companies of the international Trading segment. Consequently the revenue of the entities in each operating segment, net of revenue within the Group, arise essentially in the areas in which the non-current assets are located. The cement/clinker business delivers a portion of its production to the ready mixed concrete segment. The transfer prices applied to trading of goods and services among the segments are regulated on the basis of arm’s length transactions. Consolidated cement/clinker revenue is present in all the operating segments with the exception of “Other operations”, which consists largely of fuel sales and e-business revenue. Consolidated ready mixed concrete and aggregates revenue is present in almost all the operating segments with the exception of: Bulgaria, India and China. Revenue of other operations refer mainly to e-business revenue and energy revenue in the Italy segment and fuel sales. 86
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 With regard to dependence on the main Group customers, no single customer accounts for more than 10% of consolidated revenue. Operating segments The table below sets out segment revenue and results for 2011: (in thousands of euro) Revenue Intragroup sales Contributive revenue Recurring EBITDA EBITDA EBIT Finance income (costs) exch.rate differences and derivatives Impairment on financial assets Share of profit (loss) of equity accounted investees Italy 918,060 (59,439) 858,621 (12,601) 10,443 (142,448) (1,534) France-Belgium 1,589,687 (10,984) 1,578,703 302,780 313,741 215,563 (221) Spain 155,440 (33,564) 121,876 18,494 17,579 (58,218) - Others C.W.E. 41,786 (4,706) 37,080 (1,571) (1,440) (18,969) 155 Eliminations (24,208) 24,208 - - - - - C.W.E. 2,680,765 (84,485) 2,596,280 307,102 340,323 (4,072) (1,600) North America 405,111 (446) 404,665 16,345 22,970 (45,363) 12,772 Egypt 551,832 (16,543) 535,289 129,642 129,618 63,192 644 Morocco 353,164 (2,547) 350,617 152,176 153,187 115,687 7,904 Others EE.NA.ME. 125,466 (1,869) 123,597 34,848 34,963 14,175 (32) Eliminations (239) 239 - - - - - EE.NA.ME. 1,030,223 (20,720) 1,009,503 316,666 317,768 193,054 8,516 Thailand 194,142 - 194,142 23,538 24,542 8,018 - India 223,475 (1,453) 222,022 57,229 57,218 38,732 - Others Asia 81,762 (1) 81,761 1,025 1,057 (8,601) - Eliminations - - - - - - - Asia 499,379 (1,454) 497,925 81,792 82,817 38,149 - Profit Income tax before tax expense Cement and clinker trading 183,423 (44,774) 138,649 10,649 10,655 6,820 (1,050) Other operations 423,861 (350,341) 73,520 (33,780) (34,980) (58,141) - Unallocated items - - - - - - (102,095) 7,524 - 53,038 (68,811) Eliminations (502,220) 502,220 - (1,441) (1,476) (1,476) - Total 4,720,542 - 4,720,542 697,333 738,077 128,971 (102,095) 7,524 18,638 53,038 (68,811) 87 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
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In cement and clinker, performance
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Page 42 and 43: Net debt breakdown (in millions of
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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
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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
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Page 90 and 91: The table below sets out segment re
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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 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
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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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Page 124 and 125: In 2011, in view of the surplus acc
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Page 130 and 131: The reconciliation between the tax
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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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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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