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
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.
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