2011 Annual Report - Italcementi Group

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The table below sets out other segment data at December 31, 2010: (in thousands of euro) Operating assets December 31, 2010 Operating liabilities Investments in associates Depreciation PPE and investment property and amortization intangible assets Impairment Italy 1,173,675 285,394 4,498 (90,626) 1,337 France-Belgium 1,958,148 491,672 7,876 (99,902) (1,308) Spain 547,913 58,570 - (20,547) (2,890) Others C.W.E. 101,708 20,746 61,605 (4,396) - Eliminations (5,822) (5,814) - - - C.W.E. 3,775,622 850,568 73,979 (215,471) (2,861) North America 1,127,477 122,122 86,331 (69,883) - Egypt 1,306,461 223,198 5,862 (76,338) (3,030) Morocco 630,146 116,810 40,706 (26,836) - Others EE.NA.ME. 521,267 63,702 1,269 (15,836) (1,302) Eliminations (266) (266) - - - EE.NA.ME. 2,457,608 403,444 47,837 (119,010) (4,332) Thailand 355,035 40,250 - (22,019) (26) India 455,201 61,045 - (15,742) - Others Asia 116,772 15,782 - (9,175) (744) Eliminations - - - - - Asia 927,008 117,077 - (46,936) (770) Cement and clinker trading 80,720 35,658 4,114 (2,921) - Other operations 171,446 135,001 - (6,957) (19) Unallocated items - - - - - Eliminations (96,261) (101,644) - - - Total 8,443,620 1,562,226 212,261 (461,178) (7,982) Operating assets and liabilities include all current and non-current assets and liabilities with the exception of tax and financial assets and liabilities. The table below sets out revenue and recurring EBITDA for “Other countries”: Revenue Recurring EBITDA (in thousands of euro) 2011 2010 2011 2010 Greece 41,786 70,262 (1,571) 14,549 Others C.W.E. 41,786 70,262 (1,571) 14,549 Bulgaria 51,515 55,917 29,962 17,067 Turkey 20,111 23,256 (1,687) 1,664 Kuwait 50,799 49,744 6,245 5,489 Saudi Arabia 3,041 1,411 420 (60) Others - - (92) (239) Others EE.NA.ME. 125,466 130,328 34,848 23,921 China 43,061 52,070 (2,063) 7,952 Kazakhstan 38,701 46,856 3,088 9,312 Others Asia 81,762 98,926 1,025 17,264 90
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 Assets 5. Property, plant and equipment and Investment property 5.1 Property, plant and equipment Land and buildings Quarries Technical plant materials and equipment Other PPE and assets under construction Total (in thousands of euro) Carrying amount at Dec. 31, 10 1,028,145 359,890 2,608,514 598,599 4,595,148 Gross amount 2,170,392 565,302 7,624,901 965,037 11,325,632 Accumulated depreciation (1,142,247) (205,412) (5,016,387) (366,438) (6,730,484) Carrying amount at Dec. 31, 10 1,028,145 359,890 2,608,514 598,599 4,595,148 Additions 20,305 11,408 117,775 188,001 337,489 Change in scope of consolidation, Reclassifications, Other 78,061 21,392 187,367 (201,607) 85,213 Disposals (3,496) (102) (18,423) (1,140) (23,162) Depreciation and impairment losses (61,033) (18,260) (384,055) (34,110) (497,458) Translation differences (13,846) 1,157 (25,103) (12,116) (49,908) Carrying amount at Dec. 31, 11 1,048,135 375,485 2,486,075 537,627 4,447,322 Gross amount 2,235,135 626,028 7,737,796 924,743 11,523,702 Accumulated depreciation (1,187,000) (250,543) (5,251,721) (387,116) (7,076,380) Carrying amount at Dec. 31, 11 1,048,135 375,485 2,486,075 537,627 4,447,322 Additions were mainly in Italy, France/Belgium, India, Egypt and Morocco. Assets under construction at December 31, 2011, was 458,245 thousand euro (511,629 thousand euro at December 31, 2010); the decrease for the year, in the line “Change and other”, related mainly to the reclassifications to the final categories of assets relating to the productions sites in Morocco, India, France/Belgium and North America. “Depreciation and impairment losses” includes net impairment losses arising from impairment losses of 36.3 million euro (8.0 million euro in 2010, of which 5.2 million euro largely in Egypt and Saudi Arabia) relating to production sites in Italy for 27.5 million euro, Bulgaria, North America and Spain. Property plant and equipment held under finance leases and rental contracts were carried at a net amount of 27.8 million euro at December 31, 2011 (27.7 million euro at December 31, 2010). They consist of plant and machinery for 25.3 million euro and buildings for 2.4 million euro. Expenses included under “Property, plant and equipment” amounted to 28.9 million euro at December 31, 2011 (58.7 million euro at December 31, 2010). Property plant and equipment pledged as security for bank loans were carried at 195.8 million euro at December 31, 2011 (200 million euro at December 31, 2010). The useful life adopted by the Group for the main asset categories is as follows: Civil and industrial buildings 10 – 33 years Plant and machinery 5 – 30 years Other property, plant and equipment 3 – 10 years The range between the above minimum and maximum limits indicates the presence of components with separate useful lives within each asset category. 91 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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Revenue and operating performance C
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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
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Page 54 and 55: 70% by Fotowatio Italy, a subsidiar
Page 56 and 57: During the year Italcementi S.p.A.
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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
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Page 76 and 77: Associates Associates are companies
Page 78 and 79: 1.5 Translation of foreign currency
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Page 88 and 89: 4. Operating segment disclosure The
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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
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Page 108 and 109: of the favorable ruling obtained in
Page 110 and 111: 22.1 Financial liabilities Financia
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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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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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