2011 Annual Report - Italcementi Group

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Sensitivity analysis With reference to the current and expected industry situation and to the results of the 2011 impairment tests, a sensitivity analysis was conducted on recoverable amount, using the discounted cash flow method. At December 31, 2011, a 1% increment in the WACC would determine a surplus difference in carrying amount with respect to recoverable amount for the following CGUs: Italy 41 million euro, Spain 59.1 million euro, Greece 9.0 million euro, North America 73.0 million euro and Kuwait 10.5 million euro. A 5% reduction in demand in the explicit forecast period with respect to the projections would determine a surplus difference in carrying amount with respect to recoverable amount for the following CGUs: Spain 19.7 million euro and Greece 5.4 million euro. On the basis of this analysis, the Group deems it unnecessary to reduce the goodwill of the CGUs in question. The discount rates that equate the CGUs’ recoverable amount with carrying amount are as follows: Italy 9.59%, Spain 9.3%, Greece 14.0%, North America 8.3% and Kuwait 9.9%. 7. Intangible assets Patents, IT development Concessions and other (in thousands of euro) Carrying amount at December 31, 2010 25,330 108,487 133,817 Gross amount 115,638 126,522 242,160 Accumulated amortization (90,308) (18,035) (108,343) Carrying amount at December 31, 2010 25,330 108,487 133,817 Additions 19,875 5,574 25,449 Disposals (5,539) (384) (5,924) Amortization and impairment losses (11,054) (18,646) (29,699) Translation differences 176 842 1,019 Change in scope of consolidation and other 2,820 (29,399) (26,579) Carrying amount at December 31, 2011 31,609 66,475 98,083 Gross amount 127,503 88,960 216,463 Accumulated amortization (95,895) (22,485) (118,380) Carrying amount at December 31, 2011 31,608 66,475 98,083 Total The year’s additions refer essentially to project development work for the standardization of internal Group processes. Disposals include 30.2 million euro for the sale to third parties of the Bares licenses in Turkey. During the year impairment losses of 15.1 million euro were applied to intangible assets in Libya. Expenditure recognized under intangible assets for IT development amounted to 3.2 million euro at December 31, 2011. “Concessions” are amortized over the life of the conventions in question; amortization of quarrying concessions is determined at rates reflecting the ratio of extracted material to total to be extracted. 96
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 8. Equity accounted investees This caption reflects equity accounted investees, including goodwill of 34.4 million euro at December 31, 2011 (31.7 million euro at December 31, 2010). The main investments in associates are listed below: Carrying amount Share of profit (loss) December 31, 2011 December 31, 2011 2010 (in millions of euro) 2010 Ciment Québec (Canada) 92.0 86.3 10.4 9.7 Vassiliko Cement Works (Cyprus) 61.2 61.6 0.2 (1.6) Asment Cement (Morocco) 40.7 40.7 7.9 8.7 R.C.S. Mediagroup S.p.A. (Italy) - - - (1.3) Tecno Gravel (Egypt) 5.1 5.9 0.6 1.2 Acquitaine de transformation (France) 4.1 4.1 - - Others 13.6 13.7 (0.5) 0.4 Total 216.7 212.3 18.6 17.1 Tests on goodwill recoverability did not generate any impairment losses. Amounts for the main equity accounted investees, adjusted for compliance with Group policies, are set out below: Total assets Total liabilities Revenue Profit (loss) for period (in millions of euro) 2011 2010 2011 2010 2011 2010 2011 2010 Ciment Québec (Canada) 210.9 202.1 38.9 40.4 139.4 123.7 19.9 19.5 Vassiliko Cement Works (Cyprus) 351.4 368.9 130.7 137.6 90.3 93.3 0.6 (6.3) Asment (Morocco) 114.0 115.0 28.4 29.3 98.0 93.0 21.4 23.6 9. Other equity investments Other equity investments reflects equity investments in the “available-for-sale” category as required by IAS 39. (in thousands of euro) At December 31, 2010 200,172 Acquisitions 17 Sales (11,834) Changes in fair value taken to equity reserve (41,693) Translation differences 386 Other and reclassifications (58,802) At December 31, 2011 88,246 “Sales” refers to 11% of the capital of Goltas Cimento - Turkey for 33.2 million euro and the entire investment in Bursa – Turkey (1.2% of capital) for 2.9 million euro. The gains of 25 million euro were taken to finance income. “Changes in fair value taken to equity reserve” refers in the main to Goltas shares for 41.5 million euro. “Other” includes the reversal of the equity investment in Calcestruzzi (59.8 million euro at December 31, 2010) after consolidation as from January 1, 2011. 97 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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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
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Net debt breakdown (in millions of
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4. Implementation of defined mitiga
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Financial disclosure risks The main
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Page 96 and 97: As in 2010, for the CGUs in the EU
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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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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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