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HEADQUARTERSMAPEI SpA Via Cafiero, 22 - 20158 MilanTel. +39-02-37673.1 Fax +39-02-37673.214Internet: www.mapei.comE-mail: [email protected]
CO
NSOL
IDAT
ED F
INAN
CIAL
STA
TEM
ENTS
DEC
EMBE
R 31
st 2
012
DECEMBER 31st
2012CONSOLIDATEDFINANCIALSTATEMENTS
ADHESIVES • SEALANTS • CHEMICAL PRODUCTS FOR BUILDING
The 75th anniversary of the founding of the Company was the perfect occasion to
present the new corporate image that Mapei wishes to project for the future.
The Milanese illustrator Carlo Stanga designed “Mapei World”, a place that seems
suspended yet, at the same time, very real, in which the main characters of the life
and autonomy of the image are the Mapei products present in each single place
within this fantasy city. Mapei World is a world of projects, all created and executed
thanks to the important contribution of the Company’s solutions and products,
always innovative and always cutting edge. At the heart of this world is man who,
through his actions and thoughts, sees the fulfilment of his destiny in the world within
the complexity of a city under constant transformation.
Illust
ratio
n by
Car
lo S
tang
a
I I
DECEMBER 31st
2012CONSOLIDATEDFINANCIALSTATEMENTS
I I I
I N D I C E
3
Index
A letter from the CEO 5
Group Flow Chart 6
Mapei Group around the world 8
Healthy well-balanced growth 11
MAPEI GROUP CONSOLIDATED FINANCIAL STATEMENTS
Management report 31
Balance sheet 57
Statement of income 60
Cash-flow statement 62
Notes to the consolidated financial statements 63
Report of independent auditors 98
The Major Projects in 2012 101
4
T E S T A T I N A
4
5
In 2012 Mapei celebrated its first 75 years of business. What
started o� as a small family concern has grown over the years
to become a world-leading company in adhesives and chemical
products for the building industry, with a consolidated presence
over five continents.
In the last 75 years Italy, just like every other country in the world,
has grown and witnessed radical transformation. A period of
modernisation with Mapei amongst the key players, a company
that, through its products and technology, has made a significant
contribution to the execution of major building projects and the
renovation and conservative restoration of Italy’s cultural and
artistic heritage. Mapei’s growth has been global and continues
because its roots are embedded firmly in the past, and in values that have the merit of always being
topical: specialisation in the building world, internationalisation with a special focus on local market
needs, research and development into increasingly technologically-advanced products, tailor-made
service and support for our clientèle, teamwork, sustainable development of all our activities, concern
for the health and safety of all those who apply and use our products and the constant care taken by
our Human Resources department.
Without ever overlooking the fact that we are a chemicals company, Mapei knows only too well that
sustainability and technological innovation are the levers to guarantee constant improvement in the
level of wellbeing for the entire planet. Seventy five years after being founded, this constant process of
innovation is the elixir of life for Mapei. A winning recipe to continue looking to the future with confidence
and to look back at the past with well-deserved pride.
Confirmation comes from the latest figures, and further proof is the increase in the number of new,
highly-evolved products capable of satisfying all the requirements of experts from the building
industry all over the world. With the exception of Italy, the growth of Mapei Group has continued in
all geographical areas, with particularly significant peaks in Asia (+36.9%), Oceania (+23.7%) and the
Americas (+15.2%). Without overlooking the growth in Western Europe (+6.5%), Africa (+4.1%) and
Eastern Europe (+2.9%). The Group’s profit margin has also started to grow again; from a net profit of
19.2 million Euros in 2011 to 28.0 million Euros in 2012, an excellent increase of 45.6%.
Confirmation that the “desire for growth” is the real driving force of Mapei. A constant growth that, with
the objective of o�ering solutions in line with local needs and keeping costs under control at all times,
confirms how Mapei’s destiny really is that of being a global force.
This is why looking to the future with confidence is not simply a wish; it is a stimulus to work even more
intensely, at all levels, to be the best at what we do and o�er the most satisfying products that the
international building market could ask for. It is on these foundations that we base our knowledge of
never being far from the expectations of our stakeholders, be they clients, suppliers, collaborators or
shareholders. Giorgio Squinzi CEO
An anniversary to encourage growth
6
Mapei Inc
Canada
Mapei Corp
United States
Mapei East Corp
United States
Mapei Argentina Sa
Argentina
Mapei Venezuela Ca
Venezuela
Ibermapei Sa
Spain
Mapei France Sa
France
Mapei Benelux Sa
Belgium
Mapei Suisse Sa
Switzerland
99,99%
99,99%
99,00%
99,50%
100,00%
100,00%
100,00%
78,59%
Mapefin Benelux Sa
Belgium
Mapei UK Ltd
United Kingdom
99,99%
Mapei As
Norway
Mapei Ab
Sweden
Mapei Oy
Finland100,00%
100,00%Vaga Srl
Italy
Vinavil Spa
Italy
99,98%
Adesital Spa
Italy100,00%
100,00%
Vinavil Egypt for Chemicals Sae
Egypt
50,00%
Mapei Gmbh
Germany
Zao Mapei
Russia
Mapei Doo
Slovenia
Mapei Hellas Sa
Greece
Lusomapei Sa
Portugal
99,96%
100,00%
52,00%
100,00%
Mapei Caribe Inc
Puerto Rico
100,00%
Cercol Spa
Italy
SpainCercol Iberia Sl
100,00%
100,00%
Mapei Romania Srl
Romania100,00%
100,00%
Mapei Croatia Doo
Croatia100,00%
UkraineMapei Ukraina Llc
Mosaico+ Srl
Italy
Mapintec Srl
Italy
55,00%
100,00%
Mapei Bulgaria Eood
Bulgaria
100,00%
Mapei Nederland Bv
Netherlands
100,00%
100,00%
100,00%
100,00%
100,00%
Caribbean Sand Co Ltd
Puerto Rico
99,00%
Mapei South Africa Pty Ltd
South Africa100,00%
Mapei Mexico Sa de Cv
Mexico100,00%
Mapei Denmark As
Denmark100,00%100,00%
Resconsult As
Norway
Progetto Mosaico+ Srl
Italy
50,00%
99,97%
90,00%
48,00%
Vaga Società Agricola S.s.
Italy
4307721 Canada Inc
Canada
U.S. Sassuolo Calcio Srl
Italy95,00%
MAPEI Spa
Italy
MAPEI GROUP
Flow Chart
7
Mapei Far East Pte Ltd
Singapore
Mapefin Deutschland Gmbh
Germany100,00%
Sopro CZ Sro
Czeck Republic
Sopro Bauchemie Gmbh
Austria
Sopro Polska Spzoo
Poland
100,00%
1,00%
Sopro Netherland Bv
Netherlands
Mapei Gmbh
Austria
100,00%
99,99%
100,00%
100,00%
Gorka Cement Spzoo
Poland
Mapei Kft
Hungary
Mapei Sro
Czeck Republic
73,12%
66,58%
33,42%
26,88%
Mapei SK Sro
Slovak Republic
40,00%
Mapei Polska Spzoo
Poland
Mapei Malaysia Sdn Bhd
Malaysia
Mapei Vietnam Ltd
Vietnam
Mapei Australia Pty Ltd
Australia
100,00%
100,00%
100,00%
Mapei New Zealand Ltd
New Zealand
Mapei China Ltd
Hong Kong S.A.R.
99,99%
99,99%
100,00%
99,00%
100,00%
99,99%
Germany100,00%
100,00%
100,00%
I.B.S. Llc
United Arab Emirates49,00%
Mapei Middle East Fzco
United Arab Emirates50,00%
Polyglass USA Inc
United States
Polyglass Romania Srl
Romania
Polyglass Great Britain Ltd
United Kingdom
100,00%
100,00%
100,00%100,00%
Mapei Betontechnik Gmbh
Austria
Mapei Betontechnik Italia Srl
Italy100,00%
60,00%
Mapefin Austria Gmbh
Austria
Polyglass Spa
Italy
Mapei Korea Ltd
100,00%South Korea
99,99%
100,00%
0,01%
Mapei Construction Chemicals
Panama Sa - Panama
Mapei Construction Products
India Ltd - India
Mapei Constr. Materials Co Ltd
(Guangzhou) - People's Republic of China
Mapei Constr. Materials Co Ltd
(Shanghai) - People's Republic of China
Sopro Hungária Kft
Hungary99,00%
100,00%
Rasco Bitumentechnik Gmbh
100,00%
MAPEI Spa
Italy
Sopro Bauchemie Gmbh
Germany
8
* Operational companies as of 31/12/2012
HeadquartersHeadquarters
Mapei S.p.A.Milan - Italy
Mapei main o�ces with factories
Mapei commercial branch o�ces
Main o�ces with factories of other companies
Commercial branch o�ces of other companies
R&D centres
62 PLANTS AND75 SUBSIDIARIES*,SYNERGY TO CREATE ADDED VALUE.
9
THE DIALOGUE BETWEEN MAPEI SET-UPS WORLDWIDE AND BUILDING PROFESSIONALS STRENGTHENS THE GROUP AND HELPS EVERYONE HAVE THEIR SHARE OF THE DEVELOPMENTS.MAPEI CONTINUES TO GROW BY BUILDING ON THE KNOWLEDGE AND RELATIONSHIPS FROM BOTH WITHIN AND OUTSIDE THE COMPANY.
Illustration by Carlo Stanga
1 1
Growth is at the centre of Mapei Group’s corporate philosophy: a growth that must
be healthy and well-balanced in which investments are used to increase the presence
of the Group in the local area.
Our growth strategy is based on the premise that Mapei is a global actor managed
along the lines of a family business, with the support of a strong management team for
all the research, finance and sales activities within the business, and with an outlook
projected over a medium to long-term period. Mapei wishes to maximise growth
and e¨ciency, not only profits, by concentrating on a mix that includes products,
production capacity and people.
It wishes to achieve all this while being fully aware that the strength of the Group is
measured not only by its new acquisitions in strategic areas of the global market, or
by its economic and financial growth, but also by the level of trust shown by all those
who choose our Company. The need to become global through internationalisation is
tightly connected to an increase in production capacity by having production facilities
in the major market areas, supplying solutions in line with local needs and keeping
costs under control to remain constantly competitive.
Human resources are a central element to this approach. Our people have to be
proactive in the development of local growth strategies and, in order to have the best
understanding of the needs of each geographical area, it is fundamental to have an
e¨cient local management team. Headhunting the most talented people from all over
the world is another constant commitment of the Company.
Healthy well-balanced growth
1 2
A stage race with challenging climbs and exciting sprint finishes, but above all so many exhilarating successes and exceptional team members. This metaphor of cycling - the sport I love most - is the best one to summarise the growth of Mapei and my memories tied to its story. 75 years from its foundation is the right occasion to celebrate, but also to look back over the most significant moments which have determined its development. As I said, in stages. Not a detailed commentary, but just a mention of the main turning points which have characterised its life until now. A growth which continues because it is based precisely on the solid roots of the past, and on values which have the beauty of always being valid, even today. And so, if I look back, I can see Mapei, and then Mapei again. It may seem rhetorical or over the top, but that’s the way it is: firstly for reasons of age - I was born just a few years after the Company was founded - but also because the story and growth of the Company inevitably blends in with my own personal story and that of my family. And if I wish to associate a face with Mapei that represents the entire being of the Company, this can be one person and one person only, my father Rodolfo, founder of the Company. A man who had the gift of creativity and an extraordinarily open mind, a unique role model who for me is still a source of inspiration. I inherited from him my enormous love of cycling and the opera, and the conviction that there cannot be work without art. As a child I would walk with him from our home, in Via Imbriani, Milan, towards the first headquarters of the Company in Via Cafiero, the same place which is today home of the Group’s most important Research & Development Centre. And in those few hundred metres, by my father’s side, I started to cultivate my dream: to become a
75 years of historyNever stop pedalling, by Giorgio Squinzi
7 5 Y E A R S O F I N T E R N A T I O N A L H I S T O R Y
1 3
research chemist. In that period my father had only a few, but exceptional, collaborators at his side. I can clearly remember the first seven of them, shown in a black and white photo taken in 1952 alongside my father, and several of them worked in Mapei for many long years. A race which has continued since then, with today’s Mapei still committed to growth on the world market through new acquisitions and, above all, by creating new production companies. The sharing of corporate values with respect for family traditions, which considers the strength of the Group its winning feature, witnessed another historical phase in the second half of the 1990’s, when my children joined the Company: Marco, who grew up in Research & Development until he took full responsibility for all Group activities, and Veronica, responsible for Strategic Planning, M&A and new start-ups. And today, alongside my children, there are also the managers of the Company committed to the growth of Mapei: those of the various areas where the Company operates, and a central group of 50 people who manage all the activities of the Group. This is the hard-core group, on the road all year round, committed to making sure that the various subsidiaries implement the operating philosophy of the mother company. And together with them the numerous employees and collaborators, with their expertise, team spirit and commitment, every single day, all over the five continents, to make Mapei a winning Company. It is only thanks to the work of these people (and there are so many of them) that today Mapei Group can carry on following its path with determination: to achieve global leadership in chemical products for the building industry. My love of pedalling is no secret to anybody, but there’s a phrase that has always struck me…and it’s not mine: “Life is like riding a bicycle: to keep your balance you must keep moving”. It was one of Albert Einstein’s sayings, a symbol of the growth of thought, but I would like to second it: at this point, as team captain, allow me to remind all my team mates that you must never stop pedalling.
7 5 Y E A R S O F I N T E R N A T I O N A L H I S T O R Y
1 4
Mapei’s strategy of internationalisation is based on two main objectives: to be closer
to local needs and reduce transport costs to a minimum. With the declared objective
of being closer to buyers and clients, the indisputable strength of Mapei over five
continents is to never disregard the needs of each country and to rely exclusively
on locally-based managers and qualified personnel, without ever changing the
approach of the Company. The Company currently has 75 subsidiaries, 18 main
Research & Development centres, one of which acts as the main corporate centre,
and 62 production facilities, each equipped with its own quality control laboratory.
Important figures which summarise the success of a process which started in the
1970’s and has never stopped since. And if we consider the last 10 years alone,
between start-ups and acquisitions 20 new subsidiaries have joined the Group. The
Company’s constant process of internationalisation is directly linked to the growth
in turnover over the last 20 years: in 1990 turnover was 150 billion Lire, while in
2001 the total aggregate turnover had grown to 725 million Euros, 57% of which on
overseas markets. The total turnover for 2012 was more than 2.1 billion Euros. The
number of employees has also increased considerably: at the beginning of the 1990’s
there were just over 500, while today there are more than 7,500, of which 12% are
dedicated to research activities.
The destiny of being global
7 5 Y E A R S O F I N T E R N A T I O N A L H I S T O R Y
Mapei’s strategy of internationalisation is based on two main objectives: to be closer
to local needs and reduce transport costs to a minimum. With the declared objective
of being closer to buyers and clients, the indisputable strength of Mapei over five
continents is to never disregard the needs of each country and to rely exclusively
on locally-based managers and qualified personnel, without ever changing the
approach of the Company. The Company currently has 75 subsidiaries, 18 main
evelopment centres, one of which acts as the main corporate centre,
Ibermapei S.A.Cabanillas del Campo - Spain
Mapei AB Solna - Sweden
Mapei Suisse S.A. Sorens - Switzerland
Mapei Polska St.z o.o. Gliwice - Poland
Lusomapei SA Anadia - Portugal
Mapei Hellas SA Chalkida - Greece
Mapei AS Sagstua - Norway
Mapei Nederland BV Almeno - Netherlands
Mapei UK Ltd.Halesowen - Great Britain
Mapei S.p.A. - Robbiano di Mediglia(Milan) - Italy
Mapei S.p.A. Latina - Italy
Mapei S.p.A. Sassuolo (Modena) - Italy
Mapei G.m.b.H. Nußdorf o.d. Traisen - Austria
Mapei Betontechnik GmbHLangenwang - Austria
Mapei S.p.A. Milan - Italy
Mapei Spol. s r.o. Olomouc - Czech Republic
Mapei Romania Srl Bucarest - Romania
ZAO Mapei Stupino - Russian Federation
Mapei SK sro Ivanka Pri DunajiSlovak Republic
Mapei d.o.o. Novo Mesto - Slovenia
Ibermapei S.A.Amposta - Spain
Mapei France S.A. Montgru Saint Hilaire - France
Mapei France S.A. Saint Alban (Toulouse) France
Mapei GmbH Weferlingen - Germany
Mapei Bulgaria Eood Ruse - Bulgaria
Mapei Croatia D.O.O. Kerestinec - Sveta Nedelja - Croatia
Mapei Benelux S.A./N.V. Grâce-Hollogne (Liège) - Belgium
Mapei OYEspoo (Helsinki) - Finland
Mapei Polska St.z o.o.Barcin - Poland
Mapei Ukraina LlcKiev - Ukraine
1 5
7 5 Y E A R S O F I N T E R N A T I O N A L H I S T O R Y
Situation as of 31/12/2012
Subsidiaries with their own logoMother company Mapei SpAand subsidiaries Subsidiaries supplying raw materials
Mapei Corp. Dalton (GA) - USA
Mapei Corp. Fort Lauderdale (FL) - USA
Mapei Corp. Fredericksburg (VA) - USA
Mapei Corp. Garland (TX) - USA
Mapei Corp. South River (NJ) - USA
Mapei Corp. Tempe (AZ) - USA
Mapei Kft - Budaörs Magyarország - Hungary
Mapei South Africa Pty LtdJohannesburg - South Africa
Mapei Argentina S.A. Buenos Aires - Argentina
Mapei China Ltd. Hong Kong S.A.R.
Mapei Construction Materials (Shanghai) - People’s Republic
of China
I.B.S. LLC Dubai - United Arab Emirates
Mapei Construction Product India Pvt Ltd - Bangalore - India
Mapei (Malaysia) Snd. Bhd. Rawang - Malaysia
Mapei Korea Ltd Chungbuk - Korea
Mapei Corp. Deefield Beach - Florida - USA
Mapei Corp. West Chicago (IL) - USA
Mapei Construction ChemicalsPanama S.A. - Panama
Mapei de Venezuela C.A. Caracas - Venezuela
Mapei Australia Pty Ltd. Brisbane - Australia
Mapei Construction Materials (Guanzhou) - People’s Republic
of China
Mapei Inc. Toronto - Ontario - Canada
Mapei Inc. Vancouver - Canada
Mapei Inc. Laval (Montreal) - Canada
Mapei Inc. Maskinongé - Canada
Mapei Caribe Inc. Dorado - Puerto Rico
Mapei Corp. San Bernardino (CA) - USA
Sopro Bauchemie GmbHWiesbaden - Germany
Polyglass Great Britain Ltd.Willenhall - Great Britain
Polyglass Romania S.r.l.Lasi - Romania
Polyglass USA Inc.Winterhaven (FL) - USA
Polyglass USA Inc.Hazleton (PA) - USA
Polyglass USA Inc.Fernley (NV) - USA
Mapei New Zealand Auckland - New Zealand
Mapei Fast East pte. Ltd Singapore
Mapei Vietnam Ltd. Quang Nam - Vietnam
Adesital S.p.A.Fiorano (Modena) - Italy
Cercol S.p.A.Sassuolo (Modena) - Italy
Polyglass Europa S.p.A.Ponte di Piave (Treviso) - Italy
Vinavil S.p.A.Villadossola (Verbania) - Italy
VA.GA. S.r.l.Costa de’ Nobili (Pavia) - Italy
Rasco - Bitumentechnik GmbHAugustdorf - Germany
Gorka Cement Sp.z o.o. Trzebinia - Poland
Vinavil Egypt for Chemicals S.A.E.Suez - Egypt
Vinavil S.p.A.Ravenna - Italy
Sopro Bauchemie GmbHFeldbach - Austria
Sopro Bauchemie GmbHAsten - Austria
Sopro Bauchemie GmbHWarsaw - Poland
1 6
R&D: continuous innovation for growthSpecialisation, Internationalisation, Research & Development. These are the three main
pillars that support the growth and development of Mapei Group. Thanks to “specialisation”
Mapei currently o�ers 15 product lines and, as concrete proof of its “internationalisation”,
the Group has 75 subsidiaries and 62 production facilities in 30 countries over 5 continents.
Worth underlining is the increase in the number of Mapei R&D centres in the world, with
1 Corporate Research Centre and 17 Research laboratories (2 in Italy, 2 in Germany, 1 in
France, 1 in Norway, 1 in Canada, 3 in the United States, 1 in Austria, 1 in Switzerland, 1 in
Poland, 1 in Singapore, 2 in China and 1 in South Korea). It is a well known fact that intense
scientific research work is at the base of all Mapei products; the Corporate Research
centre in Milan, widely recognised at a worldwide level as one of the best laboratories 1 6
R&D: continuous innovation for growth
R E S E A R C H & D E V E L O P M E N T
1 7
in the sector, is an important technical-scientific hub that accounts for around 50% of the
Group’s research budget. One of the main functions of the Corporate Research Centre is
to coordinate all the projects carried out by each of the Group’s laboratories around the
world. A key role in this process is covered by Product Managers who integrate the various
corporate functions according to a unique, strategic objective, and maximise the value of
a product according to market requirements. Thanks to the indications from these market
professionals and the interaction between local Product Managers and the R&D Centres, it
is possible to react quickly to clients’ requirements and even anticipate market trends. Also
worthy of being highlighted is that today sustainability is a priority for the Corporate Research
Centre, which is at the forefront of proposals for new, technologically advanced solutions.
R E S E A R C H & D E V E L O P M E N T
1 81 8
The most innovative products for the building industry come from the Group’s 62
plants. Eco-compatible production to meet the needs of more than 55,000 clients all
around the world. There are more than 1,400 products that make up the complete
Mapei range. Production, through highly-automated processes, is another strong
point of Mapei, which has created facilities all over the world to optimise logistics
costs and to be closer to our clients. Technological development is one of the main
characteristics of Mapei production plants. Most of the Group’s production facilities
are equipped with innovative energy saving systems as well as particularly e¨cient
systems that control the level of emissions into the ground and air and systems that
maintain a safe working environment during the various production processes.
Cutting-edge production system
P R O D U C T I O N
1 9
There were numerous new products introduced in 2012. The family of lightweight
products welcomed two new rapid, high-performance, lightweight adhesives, ideal
for installing all types of ceramic tiles, thin porcelain tiles and stone: the rapid versions
of ULTRALITE S1 and ULTRALITE S2. The spotlight also fell on MAPEWRAP EQ
SYSTEM, the innovative passive strengthening system for buildings to counteract
the e�ects of seismic activity. Another innovative product is RE-CON ZERO which is
used for the sustainable recovery of returned concrete: it does not produce any waste
material, it is added directly to the mixing drum of cement trucks and no treatment
plant is required. For the wall coatings range DURSILITE MATT and ELASTOCOLOR
TONACHINO PLUS and, for resin playing surfaces, MAPECOAT TNS URBAN.
P R O D U C T I O N
New products
Ret
urne
d C
oncr
ete
with
Zer
o Im
pact
Ret
urne
d C
oncr
ete
with
Zer
o Im
pact
Ret
urne
d C
oncr
ete
with
Zer
o Im
pact
2 0
72 73
Carpet’s best friend is... an eco-compatible adhesive
72 73
Products for resilient and textile
floors and walls
78 79
Systems for laying heated floors and soundproofing against the noise of footsteps
78 79
Products for wooden
flooring
84 85
Systems for high performance flooring
84 85
Products for cementitious
and resin flooring
88 89
The joy of silence, experience the true meaning of wellbeing
88 89
Products for acoustic insulation
92 93
Work of art products
92 93
Products for building
98 99
Structural strengthening systems for concrete and masonry
98 99
Products for structural strengthening
58 59
When the going gets thinMapei technology gets going
58 59
Products for ceramics and stone materials
68 69
Colours that seal
68 69
Elastic Sealants and
Adhesives
Mapei products contribute to the quality of life by modifying and improving
aesthetics, comfort and safety in the environments in which we live. More than 1,400
technologically-advanced products which meet all the requirements of designers,
professionals and end users, supplying solutions which start from the foundations
and reach right up to the roof top. Mapei is synonymous with innovation and
constantly creates complete product systems as an answer to any type of request.
This is the real reason why Mapei is world leader in the market of adhesives, sealants
and chemical products for the building industry.
15 product lines:Certified quality and commitment to the environment
M A R K E T I N G A N D C O M M U N I C A T I O N S
2 0
2 1
102 103
Mape-Antique LineThe difference between being and wellbeing: from historical buildings to new construction
102 103
Products for the repair of masonry buildings
106 107
Harmony born from a solid bond, resistant to the rigours of life
106
106 107
Products for thermal insulation
110 111
Colours to light up the environment we live in with passion
110 111
Wall protective and decorative
coatings
122 123
Concrete admixtures for large sites
122 123
Admixturesfor
concrete
116 117
A splash of fun, without a sea of trouble
116 117
Products for
waterproofing
126 127
Everything you need for underground construction work
126 127
Products for underground constructions
130 131
Technology for high performance cement
130 131
Grinding aids
for cement
M A R K E T I N G A N D C O M M U N I C A T I O N S
Mapei is committed to research programmes targeted at developing solvent-free
products with very low emissions of volatile organic compounds (VOC), all with the
aim of improving the wellbeing of those who use the buildings where they are applied.
For Mapei, environmental responsibility is a priority. The Group has developed, and
carries on developing, the widest range of innovative products which not only respect
the most severe regulations, but also help designers and contractors create innovative
LEED-certified projects, “The Leadership in Energy and Environmental Design”, in
compliance with the U.S. Green Building Council.
MAPEI GmbHWerk Weferlingen
Ultrabond Eco S955 1K
ZulassungsnummerZ-155.10-55
EmissionsgeprüftesBauprodukt nachDIBt-Grundsätzen
A+ A B C
ÉMISSIONS DANS L’AIR INTÉRIEUR*
A+
2 2
M A R K E T I N G A N D C O M M U N I C A T I O N S
Global marketingINSTRUMENTS AND STRATEGIES TO BE KNOWN AND TO GROW
Even though our corporate philosophy aims at encouraging growth with respect
for every single local variation, Mapei follows a particularly precise marketing policy.
Marketing tools and operations are specially designed to be used alongside specific
strategies according to product range, target market and type of client.
Targeted advertising campaigns through press releases and television spots and
sponsorships for high-impact projects. All this without forgetting sales outlets and
sales points dedicated to Mapei products at authorised dealers.
A key tool is the Mapei portal which allows you to connect with all the Mapei
subsidiaries around the world.
2 3
M A R K E T I N G A N D C O M M U N I C A T I O N S
As in previous years, in 2012 Mapei didn’t miss any of the appointments with the
most important international trade fairs: Cersaie in Bologna for the ceramics sector,
Domotex in Hannover for resilients and MADE expo in Milan for the vast building
sector. All this without overlooking the numerous national and macro-regional trade
fairs organised all around the world. Alongside specially-designed interactive, multi-
media systems and video presentations, Mapei also chose to present its products
using demonstration panels where you could see for yourself how items are made
using various product systems, and live demonstration areas where you could actually
view and check the real advantages that can be achieved by using the products
correctly.
Trade fairs in Italy and around the world
MADE EXPO - MILAN - ITALY CERSAIE / SAIE - BOLOGNA - ITALY
DOMOTEX - HANNOVER - GERMANY SURFACES - LAS VEGAS - NEVADA
MOSBUILD - MOSCOW - RUSSIA TEKTONIKA - LISBON - PORTUGAL
2 4
Realtà Mapei, a “Bi-monthly magazine of current a�airs, technical news and culture”,
is an international magazine. 146,000 copies of each edition are printed and posted
to around 132,000 subscribers from our updated database all over Italy and abroad.
It is an important means of communication between the Company and the world of
building, and anyone who needs to know and use Mapei products.
Realtà Mapei: the voice of Mapei around the world
C O M M U N I C A T I O N S
Year
XIII
- N.
39
- Ju
ly 20
12
Rea
ltà
MA
PE
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N. 3
9
INTERNATIONAL IssuE 39[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEIA Company at the top building into future.
For 75 years, Mapei has been at the top with their quality chemical products for the buildingIndustry, products for a better job on both large and small sites. Their commitment became reality with 60 production facilities in the 5 continents, 18 main Research & Development centres with more than 900 researchers, a range of more than 1,400 products and more than 200 new products every year. These are the “figures” which make Mapei the leading international Group of chemical products for the building industry. Discover the world of Mapei: www.mapei.com
000_cover_RM_INT_dottore.indd 1 05/07/12 09.23
Year
XIII
- N
. 40
- Se
ptem
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N. 4
0
INTERNATIONAL ISSUE 40[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEI
Ready-to-use liquid waterproofing membrane, with high solar reflectance and thermal emissivity, with a solar reflectance index (SRI) of 105.
Aquaflex Roof HR
/mapeispa
Discover the world of Mapei: www.mapei.com
• Reduces the surface temperature of roofs by more than 50% compared with a dark coloured covering;• 83% solar reflectance;• Solar reflectance index (SRI): 105;• Resistant to all atmospheric agents and UV rays;• Easy and pratical to apply;
• Elastic, with high crack-bridging capacity;• Resistant to light foot traffic.
Couldn’t be easier!
APPLYING THE MEMBRANE
SRI105
ADHESIVES • SEALANTS • CHEMICAL PRODUCTS FOR BUILDING
For 75 years we’ve been helping to build large and small dreams.
Year
XIII
- N
. 41
- De
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012
Rea
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N. 4
1
INTERNATIONAL ISSUE 41[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEI
Year
XIII
- N.
38
- Fe
brua
ry 2
012
Rea
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MA
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N. 3
8
projectsSpecial Feature INTERNATIONAL IssuE 38[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEI
INTERNATIONALIssuE 38
[] RealtàMAPEI
Realtá MAPEI®
Americas
ISSUE
16
What’s InsidePlaniprep™
Advancing concrete repairs with FRP technology
Tisk
anic
a, p
ošta
rina
plać
ena
u po
štan
skom
ure
du 1
0431
Sve
ta N
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[ ][ ][ ]Sv et[ ][ ]Sv etSv et[Sv et[Sv et]Sv et]MAPEI
Godi
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2 - n
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TitelthemaEine starke Marke
ArchitektenmarketingPlanungshandbuch jetzt auch als E-Book
75 Jahre MapeiGiorgio Squinzis Meinung
Deutsches Handwerk hilftPeter Maffay
Der neue Mikrofaserklebstoff
für höchste Maßstabilität
Realtà MapeiAKTUELLES AUS DEUTSCHLAND UND ÖSTERREICH
12
Aus
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r. 12
– M
ai 2
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Rok
IX -
Nr 1
6 - S
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2012
Nr 16[ ][ ][ ]KronikaKronikaKronikaKronikaMAPEI
Sierpień 2012
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11Godi
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[ ][ ][ ]Svet[ ][ ]SvetSvet[Svet[Svet]Svet]MAPEI
Pošt
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[ ][ ][ ]Svet[ ][ ]SvetSvet[Svet[Svet]Svet]MAPEI
Leto
VIII
– š
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3 –
nove
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2 - n
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Realtà Mapei Schweiz / Suisse - Ausgabe / édition 03/2012 1
S C H W E I ZS U I S S E 0 9 2 0 1 2
03Real
tà M
apei
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[ ]N Ú M E RO 1 0P U B L I C A C I Ó NT RI M E S T RA L[ ][ ]Reali d ad[ ][ ]MAPEI
Año
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nº 1
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MA
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IVANKA FLASTER burkolólapokRagasztásukhoz az IVANKA Stúdió
a KERAFLEX ragasztót ajánlja
[ ][ ][ ]Krónika[ ][ ]KrónikaKrónika[Krónika[Krónika]Krónika]MAPEIépítőipari információs lap
Several introductory pages of Mapei’s corporate magazine Realtà Mapeiprinted in Italian and English in 2012
Anno
22
- N.
110
- G
enna
io -
Feb
brai
o 2
012
- co
ntie
ne I.
P. -
Bim
estra
le d
i attu
alità
, tec
nica
e c
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ROSE
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CMP
][ ][ ][Realtà][ ][MAPEI
110110
Anno
22
- N.
111
- M
arzo
- A
prile
201
2 -
cont
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I.P.
- Bi
mes
trale
di a
ttual
ità, t
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cul
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ROSE
RIO
CMP
][ ][ ][Realtà][ ][MAPEI
111111
S i l e n z i o . . .
INIZIA LA NOSTRA FESTA
Anno
22
- N.
112
- M
aggi
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Giug
no 2
012
- co
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ne I.
P. -
Bim
estra
le d
i attu
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, tec
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e c
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ROSE
RIO
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][ ][ ][Realtà][ ][RealtàRealtà]Realtà]Realtà[Realtà[MAPEI
112112
Anno
22
- N.
113
- L
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- A
gost
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012
- co
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, tec
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RIO
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][ ][ ][Realtà][ ][MAPEI
113113
Anno
22
- N.
114
- S
ette
mbr
e -
Otto
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201
2 -
cont
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I.P.
- Bi
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ROSE
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][ ][ ][Realtà][ ][MAPEI
114114
ROSE
RIO
CMP
115115
Anno
22
- N.
115
- N
ovem
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- Di
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201
2 -
cont
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- Bi
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Realtà Mapei has also been published in 16 dierent languages!
2 5
C O M M I T M E N T T O S P O R T
The Mapei Sport Research Centre, founded in 1996 to o�er rationalised scientific support with a precise ethical approach to athletes from all sporting disciplines, is today a renowned international centre. 2012 was the 15th anniversary of the Centre and this important event was celebrated with a convention and the presentation of a research grant to honour the memory of Professor Aldo Sassi, former Director of the Centre and, along with Giorgio Squinzi, its co-founder.Now at its eighth event, Mapei Day 2012 was also the icing on the cake for the celebrations to mark the seventy fifth anniversary of the founding of Mapei and the number 75 was used on the Santini cycling jerseys.
Mapei Sport Research Centre and Mapei Day 2012
and this important event was celebrated with a convention and the presentation of a irector of the
prog
ram
ma
program
ma
2° Convegno Centro Ricerche MAPEI Sport
Presentazione 1° assegno di ricerca “Aldo Sassi”
per Laureati in scienze motorie
Sabato 25 febbraio 2012 - ore 9,00 - 13,00
Auditorium MAPEI - Viale Jenner, 4 - Milano
Sport Service MAPEI - Via Don Minzoni, 34 - 21053 Castellanza (VA)
Mapei Sport e Ricerca: storia e prospettive future
ASSEGNO DI RICERCA “ALDO SASSI”
promosso da Mapei Sport in collaborazione con Fondazione MAI Confindustria.
Pubblicazione bando 01/02/2012 - Chiusura bando 31/03/2012.
Assegnazione ufficiale assegno 15/04/2012.
Informazioni utili
Possono accedere alla selezione i Laureati in scienze motorie da non più di 18 mesi alla data
di pubblicazione del bando presentando domanda sul sito www.fondazionemai.it nell’apposita
area dedicata entro il 31 marzo 2012.
Per scaricare il bando completo visitare il sito www.fondazionemai.it oppure www.mapeisport.it
Per ulteriori informazioni [email protected] oppure telefono 0331-575757.
Sport Service MAPEI - Via Don Minzoni, 34 - 21053 Castellanza (VA)
e con Fondazione MAI Confindustria.
ti in scienze motorie da non più di 18 mesi alla data
nell’apposita
www.mapeisport.it
www.mapeisport.it
www.mapeisport.it
www.mapeisport.it
[email protected] oppure telefono 0331-575757.
L’iscrizione al convegno è obbligatoria
inviando i propri dati all’indirizzo
e-mail: [email protected]
ore 8,30
Registrazione
ore 9,00
15 anni di attività del
Centro Ricerche Mapei Sport
Claudio Pecci
Centro Ricerche MAPEI Sport,
Castellanza (VA)
Mapei e Ricerca:
un binomio inscindibile
Giorgio Squinzi
Mapei SpA, Milano
Investire in ricerca per offrire
un futuro ai giovani
Diana Bracco
Presidente Fondazione MAI Confindustria
Ricerca e sport, importanti strumenti
della comunicazione aziendale
Adriana Spazzoli
Mapei SpA, Milano
ore 10,00
La ricerca come supporto
per l’evoluzione dello sport
Impellizzeri Franco
Dipartimento Ricerca e Sviluppo,
Schulthess Clinic,
Centro di Eccellenza FIFA,
Zurich, Svizzera
CeRiSM, Università degli Studi di Verona
ore 10,30
La ricerca come
risorsa per lo sport,
allenare su basi scientifiche
Luca Guercilena
Team RadioShack - Leopard,
Lussemburgo
ore 11,00
L’innovazione
tecnologica e la sua
applicazione nella ricerca e
nello sport
Andrea Morelli
Centro Ricerche MAPEI Sport, Castellanza (VA)
Coffee break
ore 11,45
Presentazione
1° assegno di ricerca “ALDO SASSI”
Fondazione MAI
Claudio Pecci
Centro Ricerche MAPEI Sport, Castellanza (VA),
ore 12,00
La BMX nuova disciplina olimpica:
il primo progetto di ricerca
Ermanno Rampinini
Centro Ricerche MAPEI Sport, Castellanza (VA)
ore 12,15
Specialità ciclistiche emergenti e
mondializzazione: necessità di una
ricerca applicata
Mario Zorzoli
Unione Ciclistica Internazionale, Aigle, Svizzera
ore 12,30
Nuove frontiere del ciclismo
Claudio Gregori
RCS La Gazzetta dello Sport, Milano
ore 13,00 - Brunch
2 6
C O M M I T M E N T T O S P O R T
In team sports too it is “the chemistry” that makes a winning team: a simple idea that a company such as Mapei, who really does know something about chemistry, shares in full. At the end of 2012, the Sassuolo soccer team from the Emilia-Romagna region, sponsored by Mapei, was firmly in command at the top of the Serie B league table for the 2012-2013 season. Budget cuts and austerity measures were not felt on the pitch, so much so that this young squad of players kicked o� the championship at full steam and was heading to the Serie A. Bologna Basket also made a return to the Olympus of basketball. The team from Reggio Emilia, co-sponsored by Mapei for the last 6 years, reached the top of the Serie A table when there were only a few games left to the end of the season and managed to hold on to that position right up to the end. And over the oceans the Mapei logo made a fine showing on the car driven by Robby Gordon, the American driver who competed in the NASCAR racing series.
Sassuolo Calcio F.C., Reggiana Basket and Nascar
2 7
C O M M I T M E N T T O S P O R T
Mapei, which has always been a keen supporter of international cycling, was also the UCI Main Event Partner for the 2012 Road World Championships held in and around Limburg in Holland from the 15th to the 23rd of September.The entire event was shown on television in various countries and had a particularly strong following in the Benelux countries and in Italy, as well as in China and the United States where various television spots highlighted the long-standing relationship between Mapei and international cycling. This relationship with the most important event on the cycling calendar will continue in 2013 with the Road World Championships to be held in and around Florence, and then for at least two more years with the events to be held in Spain in 2014 and in the United States in 2015.
UCI Road World Championships - Limburg 2012
2 8
C O M M I T M E N T T O C U L T U R E
Mapei invites all its friends, clients and collaborators to enjoy great music, such as the occasion to celebrate its 75th anniversary, with the presentation of a memorable Aida at the La Scala Theatre in Milan on the 19th and 21st of April. On the 30th of October, a concert in support of Vidas marked the return to the La Scala stage of Maestro Claudio Abbado. Another magnificent event sponsored by Mapei was held on the 2nd of December at the New Opera House Theatre in Florence: Turandot by Giacomo Puccini, conducted by Zubin Mehta and directed by Zhang Yimou. And an unforgettable concert sponsored by Mapei was held in Rome on the 13th of December at the Santa Cecilia National Academy. The stars were two great orchestra conductors: Daniel Barenboim, Musical Director of the Berlin State Opera House and the La Scala Theatre in Milan, and Antonio Pappano, conductor of the Santa Cecilia National Academy Orchestra.
Two memorable concerts and two great operas
AIDA - LA SCALA THEATRE, MILAN - 19TH and 21ST of February
CONCERT CONDUCTED BY ANTONIO PAPPANO - DANIEL BARENBOIM AT THE PIANOSANTA CECILIA NATIONAL ACADEMY, ROME - 13TH of December
TURANDOT CONDUCTED BY ZUBIN MEHTANEW OPERA HOUSE THEATRE, FLORENCE - 2ND of December
CONCERT CONDUCTED BY CLAUDIO ABBADOLA SCALA THEATRE, MILAN - 30TH of October
2 9
Mapei GroupConsolidated financial statements year endedDecember 31st 2012
3 0
3 1
MANAGEMENT REPORT
Report to sole shareholder year ended December 31st, 2012
Dear Sole Shareholder,
The consolidated financial accounts of the Mapei Group at December 31st, 2012, which we
hereby submit for your approval, show a consolidated net profit of € 28.0 million (€ 19.2 m
in 2011) after depreciations and devaluations of € 76.1 million (€ 81.9 m in 2011) and after
income tax accruals of € 17.2 million (€ 23.8 m in 2011).
The net profit pertaining to the Group after minority interest is € 27.3 million (€ 17.8m in
2011).
Global economic trends The world GDP recorded in 2012 an increase of 3.3%, leading to a slowdown compared
to 2011. The previous year (2011) showed an increase of 3.9%. In 2012 the GDP grew
by 1.3% in the developed countries while in the emerging nations the growth was 5.3%.
It has to be mentioned that 2012 showed an economic downturn in EU area as in 2011,
in particular in the Southern Europe Area. France and Germany, the most advanced
economies, had a slowdown too. Among the developed countries Japan, heavily hit by
the earthquake in 2011, recorded a GDP increase of 2.2%. In 2012 US GDP increased by
2.2%, showing an improvement compared to 2011 (+1.8%). Among the emerging nations
the economic trend has been heterogeneous; the GDP increased by 7.8% in China, by
4.9% in India, by 1.5% in Brazil, by 2.0% in Eastern Europe and by 5.3% in Middle East
and North Africa. In 2012 the economic development related to these countries declined,
because of the reduction of the export to the developed nations. In 2012 the world building
market recorded a growth of 3.5%; the five continents had a different impact on this result.
An analysis by the seven macro regions where our Group operates will follow, with a focus
on the construction sector trend and the position of our subsidiaries in the market.
3 2
M A N A G E M E N T R E P O R T
Group economic trends The Mapei Group, within the outlined macro-economic picture, recorded a good sales
trend in the various geographical areas, showing the best results in Asia, Oceania and
Americas (double digit growth). Negative results have been showed only by the Italian
market.
The Mapei Group consolidated turnover exceeded € 1,746.2 million against € 1,697.8
million in the previous period. The increase in net sales in our Group has been equal to
€ 48.4 million, which represents a growth of 2.9%, lower than the years before. These
performances have to be evaluated as a positive result due to the situation of the world
building market.
The increase in turnover is explained by an internal growth. The contribution given by the
company incorporated for the first fiscal year (Mapei Construction Chemicals Panama Sa)
is around € 7 million only.
After the decrease recorded in 2011, net profit had a significant increase of 45.6%, moving
from € 19.2 million to € 28 million, despite the results of some start-up companies.
Report on Group operationsWe underline that each corporate line shows a positive trend. The best performances have
been achieved by the flooring adhesives, products for resilient and textile materials (+6.8%)
and admixtures (+5.0%). The vinyl acetate emulsions (+3.4%), the ceramic tile adhesives
(+2.5%) and the building line (+0.7%) showed good performances too.
The histogram here below represents the trend of selling product categories in 2012:
The incidence of the different selling product categories had minor variations compared to
2012. For example, the ceramic tile adhesives moved from 39.6% to 39.5%, the flooring
adhesives, product for resilient and textile materials from 15.7% to 16.4%, the building line
Ceramic Resilient and Textile Building Admixtures Vynil acetate
emulsion Other
8.0%
6.0%
4.0%
2.0%
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
average 2.9%
2.5%
6.8%
0.7%
5.0%3.4%
-8.8%
3 3
from 29.5% to 28.6%, the admixtures from 8.3% to 8.5% and the vinyl acetate emulsions
from 5.6% to 5.7%.The graph below summarizes the variations:
The breakdown of sales according to macro geographical areas points out some important
variations. The best performances have been achieved by Asia (+36.9%) and by Oceania
(+23.7%). Americas (+15.2%), Western Europe (+6.5%), Africa (+4.1%) and Eastern
Europe (+2.9%) showed good performances too. Italy has been the only area with negative
performances (-11.6%).
The graph below shows the % increase of turnover according to macro-zones:
% increase in the macro areas in 2012
The incidence of sales according to macro geographical areas had important variations
compared to last year. Italy, still remaining the most important area, decreased its weight
by 4.8%; Americas showed an important increase (2.5%). Some areas increased their
weight: Asia by 1.0%, Western Europe by 1.0% and Oceania by 0.3%. Eastern Europe
Ceramic Resilient and Textile Building Admixtures Vynil acetate
emulsion Other
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
39.5% 39.6%
16.4%
28.6%
2012
2011
15.7%
29.5%
8.5% 8.3%5.7% 5.6%
1.3% 1.3%
Italy Western Europe
Eastern Europe Americas Asia Oceania Africa
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
average 2.9%
6.5%
-11.6%
2.9%
15.2%
36.9%
23.7%
4.1%
3 4
M A N A G E M E N T R E P O R T
and Africa are steady compared to the previous year. The graph below summarizes the
variations:
In the table below we summarize the turnover in million €, splitting the macro-zones,
indicating variations compared with the previous year and the weight of each single area
over the total:
12.31.2012 12.31.2011 % variation % incidence
Italy 519.0 586.9 - 11.6 29.7
Western Europe 511.7 480.3 6.5 29.3
Eastern Europe 185.1 179.8 2.9 10.6
Americas 405.2 351.6 15.2 23.2
Asia 75.7 55.3 36.9 4.3
Oceania 24.0 19.4 23.7 1.4
Africa 25.5 24.5 4.1 1.5
Total 1,746.2 1,697.8 2.9 100.0
Following a synopsis by the 7 macro regions, with an analysis of the construction sector
and an overview of our subsidiaries results:
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
29.7%
34.5%
29.3%
10.6%
2012
201128.3%
10.5%
23.2%20.7%
4.3% 3.3%1.5% 1.6%
Italy Western Europe
Eastern Europe Americas Asia Oceania Africa
1.4% 1.1%
3 5
ItalyIn 2012 Italian GDP had a strong slowdown
of 2.4%. The national economy was strongly
affected by the fiscal measures taken over by
the Italian Government, by the credit crunch
and by the uncertain scenario produced by the
financial situation in the EU Area.
The construction market went through an
economic downturn as in the previous four
years (2011, 2010, 2009, 2008). According to
the statistics of Ance institute the slowdown
in investments was more than 7.0%. Even
last year the construction market, where our
Group operates, had worse performances than
the rest of the economy. The housing market
showed a heavy downturn (-17%), only partially
counterbalanced by the renovation segment.
The building market showed a downturn too
(-8%). The begin of this slowdown is even older
than the one related the housing market. The
macro-economic scenario described above
discouraged also the public works; the slowdown in investments in the construction
market was more than 10%.
In the macro-economic picture described above, the performances of the Italian companies
have been negatively affected. The volume generated moved from € 586.9 million to € 519.0
million (-11.6%). Italy decreased its weight by 4.8% considering the total turnover; anyway
this area still represents the 30% of the total sales. We are present in the country with 7
production companies and 9 plants, 3 research centres and 9 quality control laboratories
and 3 service companies. During 2012 Mapefin Srl has been merged with Mapei Spa.
In 2012, obviously, also the result of the area was negatively influenced by the scenario
described above. At the beginning of 2013 some measures have been taken in order to
reach better performances already starting from the next year.
The only company with good results in sales was Vinavil Spa (+0.8%).
Companies of the Group:
Adesital Spa
Cercol Spa
Mapei Betontechnik Italia Srl
Mapei Spa
Mapintec Srl
Mosaico+ Srl
Polyglass Spa
Progetto Mosaico+ Srl
Vaga Srl
Vinavil Spa
3 6
M A N A G E M E N T R E P O R T
Western EuropeThe Western Europe countries showed different
trends in 2012. The Northern and Central Europe
nations recorded a moderate GDP growth while the
Southern ones had a heavy recession.
Germany recorded a GDP rise of 0.9% compared
to a GDP rise of 3.1% in 2011. France had a lower
GDP growth (0.1%) compared to the year before
(+1.7%). UK had a slowdown (-0.4%). Spain showed
a further recession; GDP showed a decrease of
1.5%.
The construction market went through an economic
downturn as in the previous four years; the drop
has been estimated around 2%. EU area showed
the lowest investments in this industry on a world-
wide level. It has to be considered that Portugal,
Greece and Ireland showed a heavy recession as
well as Spain.
Among the most important markets, Spain had a
further drop in the building industry. The value of
the investments in 2012 showed a decrease of
11%. The housing market had the strongest fall. In
Spain during 2007 have been realized 685,000 new
houses, while in 2012 only 110,000. France targeted
a moderate growth in the housing market of 1%. UK
had a positive trend too after the slowdown in 2011.
The construction market showed better results
than the rest of the economy.
The construction market in Germany, best
performer in 2011, has recorded this year a steady
performance. Despite a good development of the
housing market, the industrial building sector and the public works showed a decline.
Mapei Group achieved a growth in terms of volumes in this area (€ 31.4 million), with an
increase of 6.5% compared to 2011. Turnover for 2012 was equal to € 511.7 million.
Mapei Group operates in Western Europe with 13 production companies, 16 plants,
6 research centres, 16 quality control laboratories, 8 trading companies and 4 service
companies.
The EBITDA had a rise compared to 2011 and it remains the first one in the Group.
In terms of sales, the companies with the best performances were Polyglass GB Ltd
(+21.0%), Mapei Uk Ltd (+19.6%) and Mapei Benelux Sa (+14.2%).
Companies of the Group:
Cercol Iberia SlIbermapei SaLusomapei SaMapefin Austria GmbhMapefin Benelux SaMapefin Deutschland GmbhMapei AbMapei AsMapei Benelux SaMapei Betontechnik GmbhMapei Denmark As Mapei France SaMapei Gmbh (A) Mapei Gmbh (D)Mapei Hellas SaMapei Nederland Bv Mapei OyMapei Suisse SaMapei UK LtdPolyglass GB LtdRasco Bitumentecknik GmbhResconsult AsSopro Bauchemie Gmbh (A) Sopro Bauchemie Gmbh (D) Sopro Nederland Bv
3 7
Eastern EuropeIn 2012, the economic growth of Eastern European
Countries had a slowdown; GDP experienced a
rise of 2%, while 2011 showed a strong growth
(5%). The Eastern Europe Nations had different
economic trends. GDP had an important rise in
Russia (4%), in particular thanks to the energy
industry. Good performances in term of growth
were realized by Ukraine (3.0%) and Turkey (3.0%)
even if the rise has been lower than the two years
before. Poland had a good trend as in the last
decade, with a GDP rise of 2.4%. Bulgaria and
Romania had a lower GDP growth, while Hungary
and Czech Republic showed a recession (-1.0%).
In 2012 the construction market showed a GDP
rise of 3.3%; the result is better than the rest of
the economy. Russia has been the country with
the best performances in the building industry
(7.6%). A growth has been recorded by Poland
and Turkey too but at a lower level compared
to the years before. Bulgaria and Romania
experienced a moderate growth in line with the
rest of the economy. Hungary and Czech Republic
experienced a slowdown and an upturn is not
foreseen also for 2013.
Mapei Group operates in Eastern Europe with 6
production companies, 7 plants, 7 quality control
laboratories, 1 research centre and 9 trading
companies. The turnover in the area in 2012 was
€ 185.1 million against € 179.8 million of last year,
with an increase of 2.9%. EBITDA in this area had
a small increase compare to last year and it is the
third one in the Group.
The companies with the best performances in
sales have been Mapei Croatia Doo (+58.7%), Zao
Mapei (+23.8%) and Mapei Ukraina Llc (+20.8%).
Companies of the Group:
Gòrka Cement Spzoo
Mapei Bulgaria Eood
Mapei Croatia Doo
Mapei Doo
Mapei Kft
Mapei Polska Spzoo
Mapei Romania Srl
Mapei Sk Sro
Mapei Sro
Mapei Ukraina Llc
Polyglass Romania Srl
Sopro Cz Sro
Sopro Hungaria Kft
Sopro Polska Spzoo
Zao Mapei
3 8
M A N A G E M E N T R E P O R T
AmericasIn 2012 United States had a moderate GDP growth
of 2.2% compared to 1.8% recorded in 2011. The
rise was driven by the improvement of the labor
market and by the reduction of the private sector
bank debt. Canadian GDP showed a rise of 1.9%,
compared to 2.5% recorded in 2011.
The housing market in the US showed a rise of 10%
and it has been the locomotive for the whole building
industry. According to the statistics the growth of the
construction sector was equal to 6%. The building
industry experienced a more regular trend in Canada
where the recession took place only in 2009. In 2012
the Canadian investments increased by 3.4%, the
indicators showed solidity in the building market but
the housing market and the public works had good
performances too.
Mexico had a GDP rise of 3.8%. The
construction market experienced the
same trend also thanks to the upturn
of the US economy. Panama had an
important GDP growth of 8.5% compared
to 10.6% recorded in 2011.
South America showed a growth with
a GDP rise of 3.2% compared to 4.5%
in 2011. In the countries where we are
present the economy had a different
trend. Argentina experienced a rise of
2.6%, recording an important drop compared to 2011 where the growth was equal to
8.9%. Venezuela had a growth of 5.7%, even better than 2011 (4.2%).
In South America the construction market has many potentialities and in 2012 the
investments increased by 3%, in line with the rest of the economy. The development was
partly affected by the delay in public works happened in Brazil and by the slowdown
recorded in Argentina. Venezuela had a different trend; the construction market performed
better in 2012 than in 2011.
Mapei is present in the region with 8 production companies, 20 plants, 4 research centres,
20 quality control laboratories, 2 trade companies and 2 service companies. The turnover
in this area in 2012 was € 405.2 million against € 351.6 million in 2011, with an increase of
15.2%. The weight of this area on consolidated turnover increased from 20.7% to 23.2%.The
profitability had an important increase (+25.6%) and remains one of the best in the Group.
The companies with the best performances in sales have been Mapei Mexico Sa de Cv
(+69.8%), Mapei Venezuela Ca (+52.4%) and Mapei Corp (+15.9%).
Companies of the Group:
4307721 Canada IncCaribbean Sand Co. LtdMapei Argentina Sa Mapei Caribe IncMapei Contruction Chemicals Panama SaMapei CorpMapei East CorpMapei IncMapei Mexico Sa de Cv Mapei Venezuela CaPolyglass Usa IncVinavil Americas Inc
3 9
AsiaThe Asian continent has been the driving force
of the world economy as in the previous years.
The growth was attributable to the emerging
countries, showing an average GDP rise of
6.7% (7.8% in 2011). It has to be mentioned the
positive trend of China 7.8% and India 4.9%.
Among the developed countries South Korea
had a GDP rise of 2.7%, while
Japan, strongly affected in 2011
by tragic events, recorded a rise
equal to 2.2%.
In the Middle East Area Saudi
Arabia, the most dynamic
market of the region, showed
a strong GDP growth
(6.0%). United Arab Emirates
experienced a rise in GDP of
4%, after the growth recorded
in 2011 of 5%.
In 2012 the growth of the construction market was sustained by the emerging countries.
The best performance in term of growth was realized by China (7%). The extreme dynamism
of this industry forced the Chinese Government to adopt more conservative measures, in
order to lead the economic growth towards sustainable levels. The Indian construction
market had a GDP growth equal to 5%, recording a small drop compared to the year
before. The gentrification is the driving force of the development in the building industry, in
particular in the housing market. Also in 2012 in the Middle East area positive results were
reached by Saudi Arabia; the growth is estimated around 5%. The good performances
of the oil market sustained the investments plan in housing and infrastructure segments.
Mapei Group is present in Asia with 8 production companies, 8 plants, 4 research centres,
8 quality control laboratories and 1 trading company. The turnover generated in Asia in
2012 was equal to € 75.7 million against € 55.3 million in the previous year, with an increase
of 36.9%. The new organizational development put in place generated a positive Ebitda
for the first time.
We underline the rise in sales of Mapei China Ltd (+88.8%), Mapei Malaysia Sdn Bhd
(+61.1%) and Mapei Construction Materials Co Ltd Guangzhou (+25.7%).
Companies of the Group:
Innovative Building Solution Llc
Mapei China Ltd
Mapei Construction Materials Company Ltd (Guangzhou)
Mapei Construction Materials Company Ltd (Shanghai)
Mapei Construction Products India Ltd
Mapei Far East Pte Ltd
Mapei Korea Ltd
Mapei Malaysia Sdn Bhd
Mapei Vietnam Ltd
4 0
M A N A G E M E N T R E P O R T
OceaniaIn Australia, the most important economy of the
area, GDP had a rise of 3.3%, driven by the mining
sector. This is a country with an enviable position
among the most developed nations; Australia was
only partly affected by the world crisis thanks to
the growing integration with the emerging Asian
countries. The 2012 GDP rise has been the best
in the last five years.
New Zealand, the second most important
economy of the area, experienced a GDP rise
of 2.2%. The result has been an important
improvement compared to the year before (1.2%)
when the country was strongly affected by the
earthquakes.
In Australia the building market recorded lower performances than the rest of the
economy, in particular in housing market and in public works. In New Zealand the
building market experienced a better trend compared to Australia. The good results
were attributable to the housing market and the public works necessary after the 2011
earthquakes.
Mapei Group is present in Oceania with 1 production company, 1 plant, 1 quality control
laboratory in Australia and 1 trading company in New Zealand. The turnover generated in
the region was over € 24.0 million, against € 19.4 million of last year, with an increase of
23.7%. The EBITDA was very good as in the previous year.
Our companies in the area registered good results in terms of sales: Mapei Australia
Pty Ltd increased its volume by 26.2% while Mapei New Zealand Ltd showed a rise of
10.7%.
Companies of the Group:
Mapei Australia Pty Ltd
Mapei New Zealand Ltd
4 1
AfricaIn Africa the GDP had a consistent rise in 2012.
GDP of Sub Saharan Africa grew by 5.0%,
thanks to the export towards the emerging Asian
economies. The result is in line with the year 2011.
South Africa, the most important economy of the
Area, recorded a lower GDP growth (2.6%) and
suffered the high unemployment rate, estimated
around 25%. Moreover this country, having many
connections with Europe, was negative influenced
by the recession started in the EU area.
In North Africa, the economy was strongly
affected by the uncertain political scenarios. The
averaged GDP growth has been equal to 2.5%.
Egypt showed a moderate growth of 2.0%, Morocco of 2.9%, Tunisia of 2.7% and Algeria
of 2.6%. Libya had a better GDP trend after the end of the war happened in 2011.
The construction market in Sub Saharan Africa had a good trend. The growth was
driven by public works and in particular by Chinese and European investments in road
infrastructures, communications industry and energy segment. The building industry in
North Africa had an important rise too. The development was attributable both to the
housing market and to the public works.
We are present in Egypt with a joint venture, Vinavil Egypt for Chemicals Sae, located in
Suez Industrial Zone. The company has 1 production plant in Suez industrial zone with 1
quality control laboratory. The second company, Mapei South Africa Pty Ltd, is a production
company selling mainly admixtures in the South African Market and neighbouring countries.
The growth generated in Africa by our Group in 2012 was moderate (+4.1%) with a turnover
equal to € 25.5 million. We are strongly convinced that Mapei Group will be able to reach
good results in this area.
The EBITDA showed a positive result but the performances were lower than 2011.
Vinavil Egypt for Chemicals Sae turnover increased by 3.5%, while Mapei South Africa Pty
Ltd has recorded an increase of 6.7%.
Companies of the Group:
Mapei South Africa Pty Ltd
Vinavil Egypt for Chemicals Sae
4 2
M A N A G E M E N T R E P O R T
Disclosure according to Italian Legislative Decree n° 32/2007 and Article n° 2428 of Civil Code In order to better describe our Group performance trend, we summarize here below the
balance sheet and the financial data, compared with the previous year. The outline used
for the Balance sheet is a reclassification by source of financing, while the Profit and Loss
statement is reclassified according to management areas.
Reclassified balance sheet as of Dec. 31st
2012 2011
Net fixed assets
Intangible assets 34.4 39.6
Tangible assets 516.4 486.6
Financial assets 56.1 57.7
Total 606.9 583.9
Net working capital
Inventory 234.7 217.5
Trade receivables 467.3 476.5
Other current assets 3.1 3.7
Trade payables -261.7 -262.7
Other current liabilities -6.4 -6.1
Total 437.0 428.9
Sundry risk provision and staff severance fund
Sundry risk provision -46.0 -46.2
Staff severance fund -13.0 -13.2
Total -59.0 -59.4
Net invested capital (NIC) 984.9 953.4
Net financial position
Cash on hand and banks -69.8 -68.8
Short term lines 232.3 251.7
Long term lines 184.7 170.4
Total 347.2 353.3
Net equity 637.7 600.1
Source of financing 984.9 953.4
4 3
We underline that the net financial position shows a moderate increase (€ 6.1 million)
exceeding € 347.2 million against € 353.3 million in the previous period. The short term
financial debt decreased by € 20.4 million. This decrease is mainly attributable to a less
usage of the credit lines. The medium long term financial debt increased by € 14.3 million
because of a new loan.
Reclassified profit and loss statement as of Dec. 31st
2012 2011
Revenues 1,746.2 1,697.8
Internal production 9.7 10.1
Value of production 1,755.9 1,707.9
External operating cost 1,238.2 1,204.4
Gross margin 517.7 503.5
Labour costs 369.8 351.0
EBITDA 147.9 152.5
Depreciation, amortization and provision 77.4 84.2
EBIT 70.5 68.3
Other revenues/costs - 11.3 -13.4
Financial income 1.6 1.6
Adjusted EBIT 60.8 56.5
Extraordinary items -1.1 0.3
EBIT with financial income 59.7 56.8
Financial expenses 14.5 13.8
Profit before tax 45.2 43.0
Taxes 17.2 23.8
Net result 28.0 19.2
4 4
M A N A G E M E N T R E P O R T
Financial ratiosWe hereby report some Group financial ratios for the two years; these ratios are generally
accepted and used to assess a company performance and ability to pay back its liabilities.
a) Capital Ratios 2012 2011
Equity to Fixed Assets ratio 1.05 1.03
The increase of this ratio is mainly due to the positive performances reflected in the equity
balance even if the Group had an important increase in capital expenditure compared to
2011.
Fixed Assets coverage 1.45 1.42
Fixed assets coverage ratio increased due to the positive performances reflected in the
equity balance able to cover the increase in capital expenditure and in long term financial
debt.
b) Leverage ratios 2012 2011
Total Liabilities to Equity 1.17 1.25
Debt to Equity 0.65 0.70
The two ratios showed:
• The slight decrease of the Group financial debt.
• The Increase of the Group Net equity balance thanks to positive performances.
4 5
c) Profitability ratios 2012 2011
ROE – with Net Profit 4.4% 3.2%
ROE – with Gross Profit 7.1% 7.1%
The increase in ROE with net profit and the steady trend in ROE with gross profit is mostly
due to the recovery in marginality.
ROI – Return on Investment 7.7% 7.7%
ROS – with Gross Profit 4.0% 4.0%
These two ratios showed a steady EBIT trend in the last two years.
d) Liquidity ratios 2012 2011
Current Ratio 1.55 1.47
Quick ratio 1.08 1.05
The improvement of these two ratios is due to the increase of the Bank deposits and to the
decrease of the short term financial debt.
4 6
M A N A G E M E N T R E P O R T
Capital expenditureIn 2012, the Mapei Group capital expenditure has been approximately € 82.1 million and
is mainly related to manufacturing assets; please find here below the main investments by
macro-region.
Italy
• Mapei Spa invested € 15.7 million mainly related to a new land next to the production site
in Mediglia and to complete some plants in Mediglia and Latina sites.
• Investments of approximately € 7.0 million were made by Vinavil Spa, mostly referred to
the new Dynamon reactor, to the installation of the Rotoform machinery in Ravenna and
to the start-up of the new beads plant in Villadossola.
• Polyglass Spa had investments for an amount of € 1.1 million, mainly to complete the line
number four related to the bituminous membranes, after the fire of 2010.
• Minor investments were made by Cercol Spa (€ 0.6 million), Adesital Spa (€ 0.8 million)
and Vaga Srl (€ 0.7 million).
Western Europe
• Mapei France Sa invested € 10.2 million to complete the new production site in Lyon
area. Including this new site Mapei France has now three plants located in the areas of
Paris, Lyon and Toulouse.
• Mapei Gmbh (D) invested approximately € 2.3 million for the extension of the warehouse
in Weferlingen.
Eastern Europe
• Mapei Polska Spzoo made investments for € 7.8 million for the new production site in
Barcin Area and for the new admixtures plant in Gliwice.
• Investments for € 4.0 million in Gorka Cement Spzoo for the renewal and maintenance
of the plant in Trzebinia.
4 7
Americas
• Mapei Corp invested € 9.4 million, mainly related to a new land and a new building in New
Jersey. Moreover the Company made investments for a new land and building in West
Chicago in order to extend the current production site.
• In Mapei Inc € 9.2 million have been spent for the renewal and maintenance of the plant/
machinery/building in the production area of Toronto.
• The incorporation of Mapei Construction Chemicals Panama Sa on a line by line basis for
the first fiscal year showed tangible assets for a value equal to € 0.7 million.
Asia
• Mapei Malaysia Sdn Bhd invested approximately € 2.7 million in the new plant in Kuala
Lumpur area.
The decrease in fixed assets refers to the category Plants and Machinery, Industrial and
Commercial Equipment and Other Intangible Assets (cars, computers and office equipment
fallen into disuse) for € 7.1 million.
The impact of exchange rate is remarkable (€ 4.4 million) and it is attributable to the
revaluation of Polish Zloty and, with minor relevance, of Norwegian Crown, Hungarian
Florin and Russian Rouble.
4 8
M A N A G E M E N T R E P O R T
Research and developmentIn order to grow in the global market a Group has to be competitive. In order to be
competitive a Group has to invest in Research and Development. In order to invest in
an effective way a Group has to be connected to the leading industrial and scientific
research institutes and major universities around the world. This approach belongs to
Mapei DNA.
The Mapei Research Centres are traditionally committed to innovation and continue to
collaborate with the construction market too. The Mapei Group counts 18 Research
Centres and the Group Research & Development team is made up by specialised
technicians, most having scientific diplomas and degrees. In each plant there is also a
quality control lab.
During the recent years, our Research Centres have focused their studies on energy saving
in the construction industry, promoting and implementing thermal insulation systems,
solutions which increase buildings life by minimizing maintenance activities and special
raw materials reducing energy consumption in the cement industry.
Key objective for our Research Centres is also the development of new product lines /
systems, in order to enter new markets and increase our product portfolio; in the R&D
department Mapei is continuing to hire new young specialized graduates to make them
part of our technologically advanced laboratories.
Mapei Group joins key international institutions focused on grouts and adhesives
regulation.
Environment and safetyIn 2012 the update of all Mapei products safety data sheets (SDS) has been completed in
order to be compliant with the European Community Regulation on chemicals and their
safe use (REACH – EC n° 1907/2006). 2,657 products have been updated and with that
22,911 safety data sheets.
In addition, a special component produced by Mapei has been registered in compliance
with REACH regulation and all packaging data sheets (Regulation CLP – EC n° 1272/2008)
have been updated. The new CLP regulation ensure that the hazards presented by
chemicals are clearly communicated to workers and consumers in the European Union
trough a correct classification and labeling of products. Already now all packaging from
China and Korea show the indication of danger as recommended by the GHS (Globally
Harmonized System), to which the CLP regulation refers.
Our Group is constantly committed to achieve the goal of protecting the environment and
guaranteeing safety and health for workers and final users. As an indication, all plants in
our Group comply with tight procedures in order to reduce the number of injuries and the
2012 results have been consistent.
4 9
Quality managementThe Group global expansion has been sustained by a quality management system defined
and managed by the central HQ, with the objective of improving performances and
customer satisfaction to the benefit of all stakeholders.
The Mapei Group has adopted a management system compliant with the most recognized
international standards on quality (ISO 9001), environment (ISO 14001) and health and
safety (OHSAS 18001).
The Mapei Group committed to operate pursuant to integrity and business ethics principles,
in accordance with the Mapei business conduct code recently approved.
Information TechnologyIn 2012 the Group has decided to assess and evaluate his present ERP system and select
a new software which will represent the future solution for all Group companies.
The decision has been taken to support the Group future global expansion and more
efficiently meet all information, compliance and local regulation requirements.
As a consequence of this decision, an implementation plan has been already defined,
and a cross-functional team has been identified with the direct supervision of a Steering
Committee, composed by HQ Top Management.
The team is defining key processes and system requirements through continuous
workshops in order to define the Group “core model”; expected system implementation
for the first subsidiaries will start as from Jan 1st, 2015.
Human resourcesAs of December 31st, 2012, the Group employed 7,002 people, with a total cost for the
year of € 369.8 million (€ 351.0 million in 2011). The breakdown of personnel by category
and by macro-geographic areas, compared to last year, is as follows:
Blue collars White collars Total at 12.31.2012
Total at 12.31.2011 % variation
Italy 864 1,053 1,917 1,974 -2.9
Western Europe 486 1,225 1,711 1,667 2.6
Eastern Europe 359 846 1,205 1,167 3.3
Americas 525 902 1,427 1,402 1.8
Asia 176 377 553 483 14.5
Oceania 13 62 75 56 33.9
Africa 68 46 114 112 1.8
Total 2,491 4,511 7,002 6,861 2.1
5 0
M A N A G E M E N T R E P O R T
The increase in human resources in 2012, compared to 2011, was equal to 141 people.
The graph here below highlights the weight of human resources according to macro areas
in 2012, compared with last year.
Human resources growth continued during 2012 despite the scenario in which we are
currently operating. Obviously the most important increases have been recorded in the
continents with the strongest economy growths, Asia and Oceania.
The increase in human resources have been focused in the departments we consider
strategic for the success of Our Group: R&D, sales, technical assistance, marketing and
communication.
We would like to take this opportunity to express our thanks to all our employees who have
actively contributed to the success of our Group.
Risk managementIn accordance with article 2428 of the Italian Civil Code, we list the principal risk factors
related to our Group.
Financial requirements and Cash Management Risks
Financial risks are constantly monitored by Corporate Treasury in order to have the proper
coverage. Main sources of financing for the Group consist of credit lines granted, short term
bank loans, mid/long term bank loans, bonds and soft loans, mainly held by the Holding
company. The main goal of these instruments is to finance Group operating activities. The
cash surplus is kept on the bank accounts in order to have it immediately available. The
short term and long term loans generally have floating interest rates, aligned with market
conditions. Some of the loans mentioned above are subject to the fulfillment of covenants.
It has to be mentioned that Our Group utilizes the cash flow generated by the operating
activity in order to face the financial and business deadlines too. We would like to point out
that, at closing date, Mapei Group holds more than € 175 million of credit lines not currently
used, but immediately available, besides cash on hand for € 69.8 million.
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
27.4%28.8%
24.4%
17.2%
2012
2011
24.3%
17.0%
20.4% 20.4%
7.9% 7.0%
1.6% 1.7%
Italy Western Europe
Eastern Europe Americas Asia Oceania Africa
1.1% 0.8%
5 1
Interest rates risk
In 2012 the interest rates have been low. Our Corporate Treasury chose to finance the
Group operating activities with loans having floating interest rates in order to have a modest
financial charge.
At the end of 2012 Mapei Group had two derivative contracts related to interest rate
coverage. These hedging contracts are related to the utilization of the short and midterm
credit lines described above. All financial income and expenses related to these contracts
have been booked in the financial statements of the year. As of December 31st, 2012
the notional value of these contracts amounts to € 27.6 million of which € 22.5 million
belonging to Mapei Spa and € 5.1 million to Polyglass Spa.
It has to be mentioned that the mark to market value of the two contracts shows a risk
equal to € 1.8 million. This value has been reduced to € 1.5 million in April 2013.
Currencies fluctuations risk
The exchange rate risk related to the commercial transactions is quite low since each
Group Company utilizes the currency of its home country.
Credit management risk
Group management adopted restrictive policies in order to reduce the credit risk. Mapei
Group intensified the collaboration with companies specialized in credit assessment for
the construction market. Generally speaking Mapei Group manages this risk in a proper
way. Our Group didn’t experience relevant cases of credit losses. Furthermore there are no
material risks of financial concentration.
Fiscal Audit Risk
We underline that in July 2010 the Italian Tax Authority finalized the fiscal audit started in
November 2009 related to Mapei Spa (fiscal years from 2003 to 2009). The most important
audit issue is connected to the management of intangibles, in particular the absence of a
remuneration for the use of trade mark and technical know-how from the Holding company
to the subsidiaries.
Mapei Spa has presented a legal case to the local Tax commission to oppose to the first
report; in accordance with the opinion of our qualified consultants, Mapei believes the
first conclusions from the Tax Authority are not sufficiently motivated and only relates to
formal remarks not associated to business reasons, as reported by the OCSE guidelines.
Nevertheless the company, in accordance with the principle of prudence, has booked a
risk provision for 5.3 € million.
The are no relevant fiscal risks related to the rest of the Group companies.
5 2
M A N A G E M E N T R E P O R T
Legal Litigation Risk
It is still ongoing the legal action started by the company Flag Spa, member of the Soprema
Group, against Polyglass Spa and Mapei Spa for a claimed violation of confidential
proprietary information and fair competition principles related to the construction of a PVC
membranes plant.
The 2 Group companies involved have produced in the course of the legal case massive
documentation to demonstrate the claimed confidential information are actually available
on the market since a long time; meanwhile, another plaintiff has joined the case sueing
Flag Spa, Mapei Spa and Polyglass Spa for the same violation.
Next disposition will be called in September 2013; despite the case is still at an early stage
and notwithstanding the uncertainties of such a legal action, we are confident there won’t
be any liability for Polyglass and Mapei.
We underline that other lawsuits are in progress. In some cases we have called the
insurance coverage. Those situations don’t require any specific provision since no major
liabilities are foreseen.
In the Group consolidated BS no doubtful financial assets are present.
Related party transactionsEvery transaction with related parties is detailed in the Notes to the Consolidated Financial
Statements.
During 2012, Mapei Group had commercial relationships, in terms of sponsorship services,
with U.S. Sassuolo Calcio Srl. This team competed in Second Division in 2012 and was
promoted to First Division during 2013.
There are no other significant transactions with related party.
Transactions involving company shares or shares of controlling companiesMapei Spa and all its subsidiaries and/or associates neither hold shares of the Holding
company nor, during the year, bought or sold any share of the company itself. At the end
of 2012, Group subsidiaries did not hold any share of Mapei Spa.
At the end of 2012, Mapei Spa treasury shares reserve totaled € 51,515,113 referred
to no. 3,060,000 own shares, having nominal value of 1 Euro each, for a total value of
€ 3,060,000, corresponding to 6.052% of the share capital, having counterbalanced value
in Financial Receivables.
5 3
Important events subsequent to the close of the financial year There are no other significant events that would deserve special mention.
Developments in the financial results expected in 2013The economic scenario at the beginning of this year looks difficult. The good performances
of the US economy and the growth of the Asian Continent are counterbalanced by the
stagnation of the EU zone and by the slowdown of Italy.
Mapei Group had a still positive sales trend equal to 2.5% compared with 2012. The
turnover mainly increased in Oceania (+52.3%), Asia (+18.7%) and Americas (+8.4%).
We are confident to reach the sales budget targeted for 2013 (+4%) and to close fiscal
year 2013 with a result in line with the one achieved in 2012, unless unforeseeable events.
Milan, May 22nd 2013
Managing Director
Dr. Giorgio Squinzi
5 4
5 5
Mapei Group Consolidated financial statements
5 6
5 7
B A L A N C E S H E E T
ASSETS12.31.2012 12.31.2011 Difference
B) Fixed assets I Intangible (net of amortisation)
1) Establishment and broadening costs 249,510 217,157 32,353
2) Development 93,888 333,553 (239,665)
3) Industrial patents 1,359,564 1,603,963 (244,399)
4) Government concessions, know-how, licenses, trade-marks and similar rights 1,470,187 1,789,668 (319,481)
5) Goodwill 25,491,070 30,399,593 (4,908,523)
6) Assets in progress and payments in advance 1,565,640 936,902 628,738
7) Other intangible assets 4,126,285 4,303,396 (177,111)
Total intangible assets 34,356,144 39,584,232 (5,228,088)
II Tangible (net of depreciation)
1) Land and buildings 330,527,007 287,800,237 42,726,770
2) Plants and machinery 145,001,818 144,304,675 697,143
3) Industrial and commercial equipment 9,343,953 8,744,234 599,719
4) Other 16,975,852 16,085,319 890,533
5) Assets in progress and payments in advance 14,549,327 29,678,514 (15,129,187)
Total intangible assets 516,397,957 486,612,979 29,784,978
III Financial
1) Investments in:
a) subsidiaries 1,089,663 2,418,013 (1,328,350)
c) other companies 254,555 256,009 (1,454)
1,344,218 2,674,022 (1,329,804)
2) Financial credits towards:
d) others 2,023,852 2,427,561 (403,709)
3) Term securities 1,266,153 1,102,776 163,377
4) Own Shares 51,515,113 51,515,113 0
Total financial assets 56,149,336 57,719,472 (1,570,136)
Total Fixed assets 606,903,437 583,916,683 22,986,754
5 8
B A L A N C E S H E E T
ASSETS12.31.2012 12.31.2011 Difference
C) Current assets I Inventory
1) Raw materials, packaging and supplies 108,563,890 103,123,353 5,440,537
2) Work in progress and semi-finished goods 7,983,896 6,094,154 1,889,742
3) Work in progress on a contract basis 33,131 2,234 30,897
4) Finished products and merchandise 117,817,541 107,968,370 9,849,171
5) Advances to suppliers 244,619 312,534 (67,915)
Total inventory 234,643,077 217,500,645 17,142,432
II Receivables
1) Trade receivables (net of allowance for doubtful credits) 401,966,930 423,780,120 (21,813,190)
2) Trade receivables towards subsidiaries 5,179,276 4,937,192 242,084
4) bis receivables towards tax offices 27,918,205 18,201,452 9,716,753
4) ter deferred tax assets 20,594,699 18,803,470 1,791,229
5) Other receivables 11,599,022 10,778,217 820,805
Total receivables 467,258,132 476,500,451 (9,242,319)
III Other current assets
6) Marketable securities 8,018 7,636 382
Total other current assets 8,018 7,636 382
IV Cash & bank
1) Bank & postal current accounts 68,341,183 66,104,632 2,236,551
2) Cheques 1,251,665 2,426,671 (1,175,006)
3) Cash 237,266 305,119 (67,853)
Total cash & bank 69,830,114 68,836,422 993,692
Total current assets 771,739,341 762,845,154 8,894,187
D) Accruals and pre-payments 3,112,931 3,749,991 (637,060)
Total assets 1,381,755,709 1,350,511,828 31,243,881
5 9
LIABILITIES & NET WORTH12.31.2012 12.31.2011 Difference
A) Net worth I Share capital 50,560,000 50,560,000 0
III Revaluation reserve 79,692,811 79,692,811 0
IV Legal reserve 10,112,000 10,112,000 0
V Own shares reserve 51,515,113 51,515,113 0
VII Other reserves 8,913,095 6,319,804 2,593,291
translation reserve 18,743,026 8,323,064 10,419,962
consolidation reserve 1,898,702 1,835,896 62,806
VIII Accumulated profit brought forward 378,904,466 363,760,083 15,144,383
IX Net profit 27,336,620 17,837,674 9,498,946
Total net worth 627,675,833 589,956,445 37,719,388
Minority Capital and Reserves 9,319,310 8,706,547 612,763
Minority Profit (Loss) 663,644 1,398,298 (734,654)
Total Net Worth & Minority Interest 637,658,787 600,061,290 37,597,497
B) Sundry risk and other funds 1) Pension funds 15,573,565 14,055,577 1,517,988
2) Taxation 22,338,407 20,595,468 1,742,939
3) Others 8,059,022 11,543,931 (3,484,909)
Total Sundry risk and other funds 45,970,994 46,194,976 (223,982)
C) Staff severance reserve 12,981,264 13,237,304 (256,040)
D) Liabilities 1) Bonds repayable after 12 months 46,000,000 46,000,000 0
4) Banks
a) repayable within 12 months 229,885,985 248,735,368 (18,849,383)
b) repayable after 12 months 130,392,283 114,824,319 15,567,964
5) Other financial institutions
a) repayable within 12 months 2,426,026 3,010,646 (584,620)
b) repayable after 12 months 8,347,380 9,566,327 (1,218,947)
6) Advances from customers 3,338,042 2,726,145 611,897
7) Trade payables 193,040,291 196,653,862 (3,613,571)
8) Drafts and promissory notes 1,282,732 1,767,215 (484,483)
9) Payables towards subsidiaries 2,064,548 4,102,924 (2,038,376)
11) Payables towards holding company 0 100,000 (100,000)
12) Due to tax offices 17,866,639 13,712,854 4,153,785
13) Social security contributions 9,488,041 9,495,039 (6,998)
14) Other payables 34,623,961 34,188,701 435,260
Total Liabilities 678,755,928 684,883,400 (6,127,472)
E) Accruals and pre-payments 6,388,736 6,134,858 253,878
Total liabilities and net worth 1,381,755,709 1,350,511,828 31,243,881
Contingencies Notional value of derivative contracts 27,642,866 35,596,575 (7,953,709)
Guarantees to third parties 8,180,397 5,659,625 2,520,772
Guarantees from third parties 2,664,800 2,569,345 95,455
Total contingencies 38,488,063 43,825,545 (5,337,482)
6 0
S T A T E M E N T O F I N C O M E
12.31.2012 12.31.2011 Difference
A) Value of production 1) Net sales 1,746,247,805 1,697,787,250 48,460,555
2) Increase/(decrease) in stock of work in progress, semi-finished and finished products 9,656,212 10,109,787 (453,575)
4) Capitalised costs 0 4,697 (4,697)
5) Other revenues 12,385,531 9,378,379 3,007,152
Total Value of production 1,768,289,548 1,717,280,113 51,009,435
B) Production costs
6) Purchase of raw materials, packaging and supplies (861,598,632) (851,279,590) (10,319,042)
7) Purchase of services (350,554,310) (343,926,965) (6,627,345)
8) Rentals and Leasing (28,160,365) (25,771,655) (2,388,710)
9) Labour costs
a) Salaries (285,774,497) (270,953,835) (14,820,662)
b) Social security contributions (57,063,792) (54,267,513) (2,796,279)
c) Provision for staff severance (6,162,109) (6,170,847) 8,738
d) Provision for pension funds (4,065,451) (4,006,186) (59,265)
e) Other labour costs (16,746,049) (15,578,068) (1,167,981)
Total labour costs (369,811,898) (350,976,449) (18,835,449)
10) Depreciation, amortisation and doubtful credits provisions
a) Amortisation of intangible fixed assets (7,900,310) (13,609,753) 5,709,443
b) Depreciation of tangible fixed assets (54,248,075) (54,655,796) 407,721
c) Other devaluation of fixed assets (15,326) (2,189,618) 2,174,292
d) Provision for doubtful credits, cash & bank and other current assets devaluations (13,935,921) (11,477,119) (2,458,802)
Total Depreciation, amortisation and doubtful credits provisions (76,099,632) (81,932,286) 5,832,654
11) Decrease/(increase) in stock of raw materials, packaging, supplies and merchandise 2,175,786 16,595,011 (14,419,225)
12) Sundry risk provision (1,335,623) (2,277,984) 942,361
14) Other operating costs (23,706,015) (22,777,949) (928,066)
Total Production costs (1,709,090,689) (1,662,347,867) (46,742,822)
Earnings before interest and tax 59,198,859 54,932,246 4,266,613
6 1
12.31.2012 12.31.2011 Difference
C) Financial income and expenses 15) Dividends
c) from others 0 121 (121)
16) Other financial income
a) from subsidiaries 109,125 49,112 60,013
b) term securities 13,076 27,106 (14,030)
c) marketable securities 16,301 8,713 7,588
d) other proceeds 1,427,586 1,492,260 (64,674)
17) Interest paid and other financial charges (12,067,370) (12,371,119) 303,749
17) bis- Losses/Gain on exchange rate (2,409,116) (1,035,388) (1,373,728)
Total Financial income and expenses (12,910,398) (11,829,195) (1,081,203)
D) Adjustments in the value of financial assets 19) Devaluations
a) devaluation of investment 0 (391,661) 391,661
b) devaluation of other financial assets 0 (3,527) 3,527
Total Adjustments in the value of financial assets 0 (395,188) 395,188
E) Extraordinary items 20) Extraordinary Income:
a) Gains on disposal of assets 18,860 221,495 (202,635)
b) Other extraordinary income 5,571,111 2,987,264 2,583,847
21) Extraordinary Losses:
a) Losses on disposal of assets (50,313) (7,682) (42,631)
b) Taxation related to previous accounting periods (5,345,393) (4,407) (5,340,986)
c) Other extraordinary losses (1,331,367) (2,854,097) 1,522,730
Total Extraordinary items (1,137,102) 342,573 (1,479,675)
Profit before tax 45,151,359 43,050,436 2,100,923
22 a) Income Tax (20,384,197) (23,057,839) 2,673,642
22 b) Anticipated (Deferred) Tax 3,233,102 (756,625) 3,989,727
Total Tax (17,151,095) (23,814,464) 6,663,369
23) Profit of the year 28,000,264 19,235,972 8,764,292
Minority Interest 663,644 1,398,298 (734,654)
Net profit 27,336,620 17,837,674 9,498,946
6 2
C A S H F L O W S T A T E M E N T
12.31.2012 12.31.2011 Difference
Net Profit / (Loss) 27,336,620 17,837,674 9,498,946
Adjustments related to items not involving cash movements: 67,607,524 83,221,854 (15,614,330)
Depreciation 54,248,075 54,655,796 (407,721)
Amortisation 7,900,310 13,609,753 (5,709,443)
Staff severance provision (255,573) (91,762) (163,811)
Sundry risk provision 9,233,653 9,577,218 (343,565)
Devaluation/(Revaluation) 15,328 2,584,807 (2,569,479)
Other movements in reserves due to consolidation operations (3,534,269) 2,886,042 (6,420,311)
Working Capital Surplus/(Requirement): (7,917,710) (46,131,618) 38,213,908
(Increase)/decrease in Net trade receivables 22,939,327 (35,150,706) 58,090,033
(Increase)/decrease in Inventories (17,104,403) (28,967,402) 11,862,999
(Increase)/decrease in Other receivables (11,506,579) 539,715 (12,046,294)
Increase/(decrease) in Trade payables (6,844,741) 14,566,569 (21,411,310)
Increase/(decrease) in Other payables 4,598,686 2,880,206 1,718,480
Net cash provided by / (used in) the operating activity (A) 87,026,434 54,927,910 32,098,524
(Purchase)/disposal of fixed assets: (82,464,637) (73,807,676) (8,656,961)
Intangible assets (2,628,496) (7,439,100) 4,810,604
Tangible assets (81,166,386) (64,635,091) (16,531,295)
Investments 1,330,245 (1,733,485) 3,063,730
Other investments – – –
(Increase)/decrease in other ml/t receivables (net of other ml/t payables) 229,488 1,116,137 (886,649)
Net cash (used in) / provided by the investing activity (B) (82,235,149) (72,691,539) (9,543,610)
Net cash provided / (used) before the financing activity (A - B) 4,791,285 (17,763,629) 22,554,914
Increase/(decrease) in Net Worth: 109,951 (132,677) 242,628
Dividends paid (100,000) (143,997) 43,997
Increase of Net equity reserves 209,951 11,320 198,631
Increase/(decrease) in Loans and other ml/t borrowings: (3,907,544) (3,259,020) (648,524)
Loans and other ml/t borrowings 19,854,247 (58,174,856) 78,029,103
Bonds – –
S/t bank and other financial institutions (23,761,791) 54,915,836 (78,677,627)
Net cash provided by / (used in) the financing activity (3,797,593) (3,391,697) (405,896)
(Increase)/decrease in cash and bank 993,692 (21,155,326) 22,149,018
6 3
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year ended December 31st, 2012
Structure and contents of Balance Sheet and Profit and Loss StatementThese Consolidated Financial Statements as per December 31st, 2012, are composed of
the Balance Sheet, the Income Statement and the Notes to the Financial Statements and
are prepared according to the general principles set forth in the Italian Legislative Decree n.
127 dated April 9, 1991, which fulfils the Fourth and Seventh EC Directives. These principles
have been integrated with the accounting principles elaborated by the Consiglio Nazionale
dei Dottori Commercialisti e Ragionieri (C.N.D.C.R.) (the Italian Accounting Profession) and
the Organismo Italiano di Contabilità (O.I.C.) (the Italian Accounting Organisation).
The Financial Statements of the individual companies used to prepare these Consolidated
Statements have been approved at the related Shareholders’ Meetings. All group
companies report their annual result on a calendar year basis.
Significant events occurring subsequent to year-end 2012 are included in the Report to
the Shareholders.
Balance Sheets and Profit and Loss statements items having a balance equal to zero are
not disclosed; all amounts indicated in these notes to the consolidated financial statements
are expressed in Euros and compared with previous year.
Consolidation criteria and changes occurring during the financial yearIn accordance with articles 38 and 39 of the Italian Law Decree no. 127 dated 1991, listed
below are the companies directly or indirectly controlled by Mapei Spa and included in the
consolidated results on a line-by-line basis:
6 4
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Company Location Cur-rency
Share Capital Direct ownership
Indirect ownership
4307721 Canada Inc Laval CAD 100 0% 100%
Adesital Spa Fiorano EUR 1,600,000 100% 0%
Caribbean Sand Company Ltd Puerto Rico USD 348,000 0% 99%
Cercol Iberia Sl Villareal EUR 180,300 0% 100%
Cercol Spa Sassuolo EUR 520,000 100% 0%
Gorka Cement Spzoo Trzebinia PLN 10,000,000 100% 0%
I.B.S. Llc Barcelona AED 300,000 49% 0%
Ibermapei Sa Dubai EUR 7,662,904 100% 0%
Lusomapei Sa Anadia EUR 6,403,993 100% 0%
Mapefin Austria Gmbh Nußdorf EUR 35,000 0% 100%
Mapefin Benelux Sa Liège EUR 100,000 100% 0%
Mapefin Deutschland Gmbh Wiesbaden EUR 25,000 100% 0%
Mapei Ab Stockholm SEK 8,770,000 0% 100%
Mapei Argentina Sa Buenos Aires ARS 25,223,782 48% 52%
Mapei As Sagstua NOK 24,148,950 100% 0%
Mapei Australia Pty Ltd Brisbane AUD 8,400,000 100% 0%
Mapei Benelux Sa Liège EUR 1,116,000 99% 0%
Mapei Betontechnik Gmbh Langenwang EUR 210,000 0% 100%
Mapei Betontechnik Italia Srl San Vito al Tagliamento EUR 10,000 0% 100%
Mapei Bulgaria Eood Ruse BGN 12,869,230 100% 0%
Mapei Caribe Inc Puerto Rico USD 2,001,000 0% 100%
Mapei China Ltd Hong Kong HKD 169,800,000 100% 0%
Mapei Construction Chemicals Panama Sa Panama City PAB 4,185,058 100% 0%
Mapei Construction Materials Co Ltd Canton RMB 41,350,000 0% 100%
Mapei Construction Materials Co Ltd Shanghai RMB 29,689,580 0% 100%
Mapei Construction Products India Ltd Bangalore INR 200,000,000 99% 0%
Mapei Corp Ft. Lauderdale USD 70,697,440 100% 0%
Mapei Croatia Doo Zagreb HRK 1,250,000 100% 0%
Mapei Denmark As Frederiksberg DKK 500,100 100% 0%
Mapei Doo Lubiana EUR 208,646 100% 0%
Mapei East Corp Ft. Lauderdale USD 1,000 0% 100%
Mapei Far East Pte Ltd Singapore SGD 21,200,000 100% 0%
Mapei France Sa Saint Alban EUR 5,000,000 100% 0%
Mapei Gmbh (A) Traismauer EUR 3,000,000 100% 0%
Mapei Gmbh (D) Erlenbach EUR 3,500,000 100% 0%
Mapei Hellas Sa Athens EUR 7,500,000 100% 0%
6 5
Company Location Cur-rency
Share Capital Direct ownership
Indirect ownership
Mapei Inc Montreal CAD 3,794,499 100% 0%
Mapei Kft Budaors HUF 400,000,000 73% 27%
Mapei Korea Ltd Chungbuk KRW 8,736,860,000 100% 0%
Mapei Malaysia Sdn Bhd Selangor MYR 9,000,000 0% 100%
Mapei Mexico Sa de Cv Queratero MXN 50,837 1% 99%
Mapei Nederland Bv Almelo EUR 1,400,000 100% 0%
Mapei New Zealand Ltd Auckland NZD 1,800,000 100% 0%
Mapei Oy Helsinki EUR 7,568 0% 100%
Mapei Polska Spzoo Gliwice PLN 35,000,000 100% 0%
Mapei Romania Srl Bucarest RON 4,014,140 100% 0%
Mapei Sk Sro Bratislava EUR 497,910 60% 40%
Mapei South Africa Pty Ltd Johannesburg ZAR 78,435,920 100% 0%
Mapei Sro Olomouc CZK 75,100,000 67% 33%
Mapei Suisse Sa Sorens CHF 4,000,000 99,5% 0%
Mapei UK Ltd West Midlands GBP 7,300,000 100% 0%
Mapei Ukraina Llc Kiev UAH 55,897,722 100% 0%
Mapei Venezuela Ca Caracas USD 2,287,743 0% 79%
Mapei Vietnam Ltd Danang VND 68,869,400,000 100% 0%
Mapintec Srl Venezia EUR 250,796 55% 0%
Mosaico+ Srl Modena EUR 1,600,000 100% 0%
Polyglass GB Ltd Willenhall GBP 50,100 0% 100%
Polyglass Romania Srl Lasi RON 90,200 0% 100%
Polyglass Spa Ponte di Piave EUR 47,713,457 100% 0%
Polyglass Usa Inc Ft. Lauderdale USD 7,500,934 0% 100%
Progetto Mosaico+ Srl Spilimbergo EUR 100,000 0% 50%
Rasco Bitumentechnik Gmbh Augustdorf EUR 25,000 0% 100%
Resconsult As Nord Odal NOK 120,000 0% 100%
Sopro Bauchemie Gmbh (A) Asten EUR 2,617,167 0% 100%
Sopro Bauchemie Gmbh (D) Wiesbaden EUR 18,000,000 0% 100%
Sopro Cz Sro Prague CZK 2,000,000 0% 100%
Sopro Hungaria Kft Budakeszi HUF 37,000,000 0% 100%
Sopro Nederland Bv Nieuwegein EUR 18,000 0% 100%
Sopro Polska Spzoo Warsaw PLN 26,714,500 0% 100%
Vaga Srl Costa de' Nobili EUR 6,900,000 100% 0%
Vinavil Americas Inc Montreal CAD 100 0% 100%
Vinavil Egypt for Chemicals Sae Suez I.Z. EGP 30,000,000 50% 0%
Vinavil Spa Milano EUR 6,000,000 100% 0%
Zao Mapei Moscow RUR 934,100,000 100% 0%
6 6
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The Mapei Group Consolidated Financial Statements for year ended December 31st, 2012
are based on the Financial Statements of the parent company and the Italian and foreign
companies under its control.
The company Mapei Construction Chemicals Panama Sa is incorporated on a line-by-line
basis for the first fiscal year, since it was established in 2011, but became operative only in 2012.
In order to complete the rationalization of the Group, Mapefin Srl was incorporated into
Mapei Spa and Vinavil Far East Pte Ltd was liquidated during 2012.
It is also mentioned that the Group Company Mapei Middle East Fzco (owned by Mapei
Spa with 50% of ownership) is consolidated at cost because it was not fully operative
during the year 2012 and without financial relevance. The companies U.S. Sassuolo Calcio
Srl, owned with 95% of ownership and Vaga Società Agricola S.s., owned with 90% of
ownership, are not included in the consolidation area due to the low financial relevance
and due to the core business not connected to the Group one.
Principles of consolidationFinancial Statements of the companies included in the consolidation area are integrated
on a line-by-line basis, without respect for the percentage of ownership. In addition, costs
and revenues of Subsidiaries included in the consolidation area were considered from the
date of inclusion in the Consolidated Financial Statements.
In particular, with reference to the companies included in the consolidation area, they were
integrated on a line-by-line basis, as follows:
1) the book value of Investments included in the consolidation area is eliminated against
the related net worth following the method of global integration and, where the direct or
indirect investment is lower than 100%, minority interests are recognised.
2) in case of difference between the book value and the related net worth of the investment
at the moment of its acquisition, the exceeding value is attributed directly to the company
assets included in the consolidation area and, where not possible, the difference is
posted as “Difference from consolidation” and amortised on a straight-line basis in
accordance with the residual value.
3) in case the of negative difference, it is posted as a Net worth Reserve named “Consolidation
reserve” or, in case it is related to forecasted negative results, provisioned in a risk fund.
Eliminations from the Consolidated Financial Statements are the followings:
– all intercompany receivables and payables as well as costs and revenues between
consolidated companies;
– all significant intercompany gains and losses deriving from the sale of fixed assets
between consolidated companies;
– any profit, if material, deriving from trade between consolidated companies;
– dividends received, with reference to the part realised with consolidated companies.
6 7
Financial Statements used for the consolidationThe Consolidated Financial Statements have been prepared using the Financial Statements
for the year-ended December 31st, 2012 of the companies included in the consolidation,
approved by correspondent Boards of Directors. The individual Statements have been
reclassified and adjusted, where required, to conform to Group accounting principles.
The conversion of Balance Sheets accounts expressed in foreign currencies has been
carried out on the basis of exchange rates existing at the end of the financial year. The
conversion of Profit and Loss accounts has been carried out on the basis of average
exchange rates for the financial year. The differences arising from the conversion of
Financial Statements expressed in foreign currencies have been posted to the “Translation
reserve” included in net worth.
The following exchange rates were used for the current year:
Currency Average rate Final rate
Argentinian Pesos 0.17107 0.15417 Australian Dollar 0.80580 0.78666 British Pound 1.23305 1.22534Bulgarian Lev 0.511300 0.511300Canadian Dollar 0.77821 0.76121Chinese Ren Min Bi 0.12332 0.12164Czech Crown 0.03977 0.03976Danish Crown 0.13434 0.13403Egyptian Pound 0.12814 0.11936Hong Kong Dollar 0.10027 0.09779Hungarian Florin 0.00346 0.00342Indian Rupee 0.01457 0.01378Korean Won Sud 0.00069 0.00071Malaysian Ringgit 0.25195 0.24785Mexican Pesos 0.05914 0.05819New Zealander Dollar 0.63012 0.62325Norwegian Crown 0.13383 0.13609Panama Balboa 0.77785 0.75792Polish Zloty 0.23901 0.24546Romanian New Lev 0.22432 0.22500Russian Rouble 0.02505 0.02480Singapore Dollar 0.62267 0.62069South African Rand 0.09474 0.08950Swedish Crown 0.11485 0.11652Swiss Franc 0.82967 0.82836Ucrainian Hryvnia 0.09654 0.09449United Arab Emirates Dirham 0.21177 0.20635US Dollar 0.77785 0.75792Vietnamese Dong 0.00004 0.00004
Accounting policiesThe accounting policies adopted for the consolidated Financial Statements are outlined
here below.
Intangible assets
Intangible assets are stated at purchase price, inclusive of all directly attributable costs,
and amortised systematically over the period of their estimated useful life. The following
rates have been applied:
6 8
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Rate
Trade Marks 20%
Goodwill 10%
Know How Up to 50%
Other Intangible assets 20%
Amortisation of goodwill is determined in ten years, a period considered representative of
the estimated useful life.
Depreciation of leasehold improvements and assets subject to long term financing are
determined on the basis of the residual length of each underlying contract.
Intangible assets are reduced in case of permanent losses of value. In case the reasons for
devaluation are no longer valid, the asset will be revaluated until, maximum, its historical cost.
Tangible assets
Tangible assets are stated at purchase price, inclusive of all directly attributable costs, re-
valued, where specified, and when permitted by law. Plants and buildings under construction
are recorded at cost and are not subject to depreciation until the assets are placed into service.
Assets are depreciated systematically on the basis of rates determined in accordance with
their residual value and estimated useful lives. The rates have been used are as follows:
Rate
Industrial buildings 3-4%
Plant and machinery 10-11.5%
Industrial equipment 40%
Forklifts 20%
Small buildings 10%
Office equipment 20%
Office furniture 12%
Trucks 20%
Cars 25%
Ordinary maintenance costs are charged directly to Profit and Loss as incurred, while
extraordinary maintenance costs are capitalised and depreciated at rates applicable to the
underlying assets.
Financial leasing contracts are recorded in accordance with International Accounting
Standard no. 17. The value of the tangible asset is capitalised in the relevant Balance Sheet
caption; the residual debt is recorded in liabilities with interest and depreciation charged
to Profit and Loss.
Government grants have been deducted from the related tangible asset and are credited
to Profit and Loss through a reduction of the related depreciation expense.
Tangible assets are reduced in case of permanent losses of value; in case the reasons for
devaluation are no longer valid, the asset will be revaluated back to its historical cost.
6 9
Financial assets
Other equity investments are recorded at cost adjusted for any permanent impairment of
their value.
Securities not representing equity investments are stated at the lower of cost or market
value at the close of the financial year.
In case the reasons for devaluation are no longer valid, Financial assets are restated at their
original value.
Own Share
The own shares are booked at the acquisition cost, having double entry in the specific
Equity reserve. The acquisition cost has to be eventually changed in accordance to constant
value losses. Once the devaluation effect disappear the value has to be revaluated.
Inventories
Raw materials, supplies and finished goods inventories are stated at the lower between
cost or market using the “first in first out” (FIFO) method.
When market conditions indicate a permanently reduced realisable value if compared with
the FIFO, the value of the Inventory is reduced to the net realisable value.
Inventories of maintenance and marketing material are recorded at a weighted average cost.
Inventory is restated to its realisable value through a provision in case of obsolete or slow
moving goods.
Accounts receivable
Accounts receivable are recorded at their nominal value and restated to their net realisable
value through provisions for doubtful accounts.
Cash on hand and banks
Receivables from bank and postal accounts deriving from deposits and ordinary accounts
are recorded at their nominal value.
Cash on hand is recorded at its nominal value.
Accruals and pre-payments assets and liabilities
These items represent the current portion of costs and proceeds related to two or more
financial years as required by accrual basis accounting.
Sundry risks and other funds
These are provisions made to cover certain or probable losses where either the amount
or the payment date are uncertain. The amounts provided reflect management’s best
estimate based on the available information.
Staff severance reserve
The staff severance reserve is maintained at a value sufficient to cover the entire accumulated
provision for every employee in conformity with current legislation and collective labour and
benefit contracts.
7 0
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Accounts payable
All payables are recorded at their nominal value.
Some payables related to other financial institution are directly bounded to the respect
of some covenants. In case covenants are not respected, if necessary, the medium/long
term payables have to be reclassify in the short term.
Guarantees and other contingent liabilities
Guarantees reported in the Contingencies are valued on the basis of their underlying
obligations. Contingent liabilities include the notional value of the I.R.S. derivative contracts
at the end of the financial year.
Recognition of revenues and costs
Revenues recorded in the Income Statement are reported on an accrual basis net of
returns, discounts and rebates. In detail:
– Revenues from the sale of goods are recognised when the ownership of the goods is
transferred, normally the date of shipment, unless otherwise specified in the contract.
– Revenues from the sale of services are recognised when the service is fully performed in
accordance with the terms of the contract.
– Costs are recognized on an accrual basis.
Financial interests and proceeds are recognised on an accrual basis.
Current and deferred income tax
Taxes for the period are determined on the basis of a realistic estimate of the amounts to
be paid according to existing legislation.
In accordance with accounting principle no. 25, drawn up by the Italian Accounting
Profession (“Organismo Italiano di Contabilità”), deferred tax liabilities are recorded in the
account “Taxation funds”, when deferred tax assets are booked in the account “Deferred
Tax Assets”; they reflect the temporary differences between the tax basis of assets and
liabilities and the corresponding book value. Deferred tax assets are recognised upon the
premise of their recoverability in a time-length covered by Management Business plan.
Derivative contracts
Revenues and costs arising from interest and exchange rate derivative instruments, held
for non-speculative purposes, are accounted for on an accrual basis. The notional value of
such contracts is disclosed in the contingencies line.
Derivative contracts not meeting all the conditions for being defined as hedging contracts
are restated at their fair value at the closing date.
Derogations from accounting standards
It is to be noted that in the attached Statements there were no derogations from the
accounting standards as provided for by Subsection 4 of Art. 2423 of the Italian Civil Code.
7 1
Notes to the Balance SheetAll amounts in Euros.
Assets
Intangible assetsThe breakdown of intangible assets at the end of the financial year is as follows:
12.31.2012 12.31.2011 Difference
Establishment and broadening costs 249,510 217,157 32,353
Development 93,888 333,553 -239,665
Industrial patents 1,359,564 1,603,963 -244,399
Government Concessions, licenses, trade-marks and similar rights 1,470,187 1,789,668 -319,481
Goodwill 25,491,070 30,399,593 -4,908,523
Assets in Progress & payments in advance 1,565,640 936,902 628,738
Other intangible assets 4,126,285 4,303,396 -177,111
Total 34,356,144 39,584,232 -5,228,088
The most significant difference in Intangible Assets is constituted by Goodwill: it represents
the direct effect of the amortisation made during the year.
The table here below summarises the Goodwill composition:
Goodwill
Opening balance 121,634,608
Exchange difference opening balance 99,686
Increase 267,399
Acquisition cost 122,001,693
Opening balance - Cumulated Amortization 91,235,015
Exchange difference opening balance 39,246
Increase - Amortization/Devaluation 5,224,516
Exchange difference variations 11,846
Cumulated amortization 96,510,623
Total 25,491,070
7 2
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The breakdown of Goodwill by legal Entity as per December 31st, 2012 is as follows:
Acquisition cost Accumulated amortization Total
Adesital Spa 1,869,925 1,869,925 -
Vaga Srl 3,762,175 3,564,284 197,891
Lusomapei Sa 421,065 421,065 -
Ibermapei Sa 431,735 431,735 -
Gorka Cement Spzoo 656,179 656,179 -
IBS Llc 5,307,160 2,256,544 3,050,616
Mapei Betontechnik Gmbh 16,914,996 5,640,008 11,274,988
Mosaico+ Srl 2,933,938 2,933,938 -
Mapei Korea Ltd 3,983,817 860,008 3,123,809
Mapei Construction Co Ltd Materials (Guangzhou) 2,527,748 2,527,748 -
Mapefin Deutschland Group 48,807,022 48,160,147 646,875
Mapei As 9,307,256 9,288,204 19,052
Mapei Inc 321,377 321,377 -
Mapei Corp 20,539,049 13,985,164 6,553,885
Polyglass Group 2,215,528 1,591,574 623,954
Cercol Spa 2,002,723 2,002,723 -
Total 122,001,693 96,510,623 25,491,070
Goodwill included in Intangible assets is justified by the profit generated and by the market
and technological potentiality provided by the purchased companies.
Intangible Assets decrease compared with 2011 is the effect of the amortization made
during 2012.
The increase of “assets in progress and payment in advance” is due to the investments
made by Mapei Spa related to the new ERP system.
Total amortisation of intangible assets for the year amounts to € 7,900,310 (€ 13,609,753
in 2011).
No other permanent losses on Intangible assets are recorded except for the devaluations
indicated above.
7 3
Tangible assetsThe breakdown of net tangible assets, compared with 2011, at the end of the financial year
is as follows:
12.31.2012 12.31.2011 Difference
Land and buildings 330,527,007 287,800,237 42,726,770
Plants and machinery 145,001,818 144,304,675 697,143
Industrial and commercial equipment 9,343,953 8,744,234 599,719
Other tangible assets 16,975,852 16,085,319 890,533
Assets in progress and payments in advance 14,549,327 29,678,514 -15,129,187
Total 516,397,957 486,612,979 29,784,978
The increase in net tangible assets of € 29,784,978 net of depreciations of € 54,248,075
(€ 54,655,796 in 2011) is detailed as follows:
The main variations incurred during the year are as follows:
Land and buildings
Plants and machinery
Industrial and commercial equipment
Other tangible assets
Work in progress and payments in
advance
Total
Book value at 12.31.2011 422,978,697 497,579,468 49,921,393 55,757,571 29,678,514 1,055,915,643 Increase 35,668,127 12,289,610 4,091,414 6,007,418 24,040,559 82,097,128 Thereof due to change in the consolidation area 954 311,484 314,972 89,789 - 717,199
(Decrease) -220,160 -954,055 -3,177,901 -2,723,914 - -7,076,030 Reclassification 21,291,869 17,784,482 120,752 591,874 -39,827,575 -38,598 Revaluation/(Devaluation) - Variation in exchange rates 1,603,595 1,463,149 43,754 583,532 657,829 4,351,859
Book value at 12.31.2012 481,322,128 528,162,654 50,999,412 60,216,481 14,549,327 1,135,250,002
Accumulated depre- ciation at 12.31.2011 135,178,460 353,274,793 41,177,159 39,672,252 - 569,302,664
(Depreciation) 15,199,799 30,575,709 3,064,419 5,408,148 - 54,248,075 Reclassification 172,582 -164,199 1,867 -48,848 - -38,598 (Decrease) -127,610 -954,055 -2,631,118 -2,113,712 - -5,826,495 Thereof due to change in the consolidation area 39,458 41,643 16,652 - 97,753
Variation in exchange rates 371,890 428,588 43,132 322,789 - 1,166,399
Accumulated depre- ciation at 12.31.2012 150,795,121 383,160,836 41,655,459 43,240,629 - 618,852,045
Net book value at 12.31.2012 330,527,007 145,001,818 9,343,953 16,975,852 14,549,327 516,397,957
7 4
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The main variations incurred during the year are as follows:
• Investments of approximately € 15,700,000 made by Mapei Spa for the acquisition of the
Land in the production area in Robbiano di Mediglia and the enhancement of production
plants in Mediglia and Latina.
• Mapei France Sa made investments for approximately € 10,200,000 for the new
production site in Lyon area.
• Mapei Corp made investments for € 9,400,000 mainly related to the new production
sites in Chicago and Township – Logan (NJ).
• Mapei Inc made investments for € 9,200,000, for the new production site in Brampton
(Toronto).
• Mapei Polska Spzoo made investments for € 7,800,000 mainly for the new production
site in Barcin area and for the new admixtures plant in Gliwice.
• Investments of approximately € 7,000,000 made by Vinavil Spa, mostly refer to the
upgrade in the production plant for Beads in Villadossola, for the new production lines
for Dynamon and Rotoform in Ravenna.
• Investments for € 4,000,000 in Gorka Cement Spzoo for the renewal and the extraordinary
maintenance of the plant in Trzebinia.
• Mapei Malaysia Sdn Bhd had investments for an amount of approximately € 2,700,000
mainly for the new production site in Kuala Lumpur.
• Mapei Gmbh (D) invested approximately € 2,300,000 for the enhancement of the
warehouse in Weferlingen.
The decrease in fixed assets refers for approximately € 7,100,000 to the categories plants
and machinery, industrial and commercial equipment and other tangible assets (cars,
computers and office equipment fallen into disuse).
With reference to the variation of the consolidation area, the increase of approximately
€ 700,000 is entirely due to the inclusion in the consolidated accounts of Mapei Construction
Chemicals Panama Sa, incorporated on a line-by-line basis during 2012.
The exchange rate effect in comparison with last year is higher and is mainly attributable to
revaluation of the following currencies: Polish Zloty and, with minor relevance, Norwegian
Crown, Hungarian Florin and Russian Rouble and the devaluation of the US Dollar.
Tangible assets were subject to monetary revaluations during previous years by Mapei Spa
and by Vinavil Spa in accordance to specific regulations (Italian laws no. 576/75 - 72/83 –
413/91 – 342/00 - 350/03 – 266/05 – 185/08). The detail of monetary revaluations made
during the years follows:
Assets revaluated Total
Land 234,108
Building 30,299,995
Plant and Machinery 76,468,018
Industrial and commercial equipment 11,592,187
Other Assets 268,266
7 5
Financial assets - Interests in subsidiariesIt consists mainly of the investments in non-operational companies during 2012, Mapei
Middle East Fzco, with low financial relevance, U.S. Sassuolo Calcio Srl and in Vaga
Società Agricola S.s. (operating in a different business market).
The following table summarises the movements in Interests in subsidiaries as per December
31st, 2012, compared with balances as per December 31st, 2011:
Company 12.31.2012 12.31.2011 Difference % of ownership
Mapei Construction Chemicals Panama Sa 0 1,883,349 -1,883,349 100%
Mapei Middle East Fzco 81,458 81,458 0 50%
U.S. Sassuolo Calcio Srl 999,205 444,206 554,999 95%
Vaga Società Agricola S.s. 9,000 9,000 0 90%
Total 1,089,663 2,418,013 -1,328,350
Financial assets - Interests in other companiesThe amount at the year-end 2012 totals € 254,555 (€ 256,009 in 2011) and mainly consists
of minority investments of Mapei Spa for € 54,333 and Vinavil Spa for € 195,909. The detail
of other companies interests follows:
Company 12.31.2012 12.31.2011 Difference % of ownership
Ravenna Servizi Industriali 195,909 195,909 - 3,50%
Imast Scarl 22,000 22,000 - 3,50%
Golf Club Modena Spa 18,000 18,000 - 0,05%
Internazionale Marmi e Macchine 10,331 10,331 - 0,10%
Consorzio Cis-e 4,000 4,000 - 4,70%
Other minor Investments 4,315 5,769 -1,454
Total 254,555 256,009 -1,454
No detailed information, on net equity and profit and loss, are provided for the companies
with % of ownership not relevant.
7 6
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Financial assets - Other receivablesOther receivables of € 2,023,852 (€ 2,427,561 in 2011) mainly consist of loans related to the
core business by Mapei Corp (€ 888,141), Mapefin Deutschland Group (€ 162,206), IBS
Llc (€ 90,851), Polyglass Group (€ 66,441), Mapei As (€ 63,416) and Mapei Construction
Chemicals Panama Sa (€ 27,075). The interest rate applied to this loan is aligned with
current market conditions.
Financial assets - Other securities Amount to € 1,266,153 (€ 1,102,776 in 2011) and comprise mainly of temporary cash
investments made by Mapefin Deutschland Group for € 305,380, Mapei Corp for
€ 288,540, Polyglass Group for € 162,080 and Mapei Gmbh (A) for € 154,385.
Financial assets - Treasury SharesTreasury shares total € 51,515,113 at year end, same as in 2011, and is mainly constituted
by shares owned by Mapei Spa. Own shares as per December 31st, 2012 are 3,060,000,
of € 1 each, for a total nominal value of € 3,060,000, corresponding to 6.052% of total
Share Capital of Mapei Spa.
Current assets - InventoriesInventories breakdown, compared with last year, is composed as follows:
12.31.2012 12.31.2011 Difference
Raw materials, packaging and supplies 108,563,890 103,123,353 5,440,537
Work in progress and semi-finished goods 7,983,896 6,094,154 1,889,742
Work in progress on a contract basis 33,131 2,234 30,897
Finished products and merchandise 117,817,541 107,968,370 9,849,171
Advances to suppliers 244,619 312,534 -67,915
Total 234,643,077 217,500,645 17,142,432
The major part of raw material stock is held by Mapei Spa (€ 19,035,526), Mapei Corp
(€ 15,969,171), Vinavil Spa (€ 11,510,796), Polyglass Group (€ 11,507,475), Vinavil Egypt
for Chemicals Sae (€ 6,020,766), Mapefin Deutschland Group (€ 4,728,612), Mapei Polska
Spzoo (€ 4,223,261), Mapei France Sa (€ 3,227,738), Gorka Cement Spzoo (€ 3,097,799),
Mapei Inc (€ 2,979,515), Mapei Far East Pte Ltd (€ 2,656,950), Mapei As (€ 2,518,037), IBS
Llc (€ 2,162,705) and Mapei Gmbh (D) (€ 1,900,525).
7 7
Regarding finished products, the major part of the stock is held by Mapei Spa (€ 15,224,061),
Mapei Corp (€ 13,271,752), Polyglass Group (€ 12,791,798), Vinavil Spa (€ 8,824,493),
Mapei Inc. (€ 7,721,858), Mapefin Deutschland Group (€ 5,895,279), Mapei France Sa
(€ 4,417,568), Mapei Polska Spzoo (€ 4,104,668), Mapei As (€ 3,596,716), Mapei Australia
Pty Ltd (€ 2,952,449), IBS Llc (€ 2,700,617) and Mosaico+ Srl (€ 2,604,767).
The increase in inventories compared to the previous year is due to the higher turnover
registered in some Geographical Areas and to the new production sites and warehouses.
Current assets - Trade ReceivablesThe breakdown, included the changes in the bad debts provision, is as follows:
12.31.2012 12.31.2011 Difference
Trade receivables 429,618,540 446,333,898 -16,715,358
Allowance for doubtful credits at January 1st 2012 -22,553,778 -17,218,064 -5,335,714
Exchange difference opening balance -328,206 -95,243 -232,963
Provision to the allowance for credits -12,452,145 -9,694,911 -2,757,234
Release of the allowance for credits 7,689,898 4,365,930 3,323,968
Exchange difference variations -7,379 88,510 -95,889
Allowance for doubtful credits at December 31st 2012 -27,651,610 -22,553,778 -5,097,832
Trade receivables (net of allowance for doubtful credits) 401,966,930 423,780,120 -21,813,190
Towards Subsidiaries 5,179,276 4,937,192 242,084
Towards tax offices 27,918,205 18,201,452 9,716,753
Deferred tax assets 20,594,699 18,803,470 1,791,229
Other receivables 11,599,022 10,778,217 820,805
Total 467,258,132 476,500,451 -9,242,319
Trade Receivables
The decrease in trade receivables is largely attributable to the decrease in sales of the
Italian Companies, due to the peculiar moment of the construction market. The companies
showing the highest trade receivables decrease are: Mapei Spa (€ 14,232,512), Polyglass
Group (€ 6,660,483), Ibermapei Sa (€ 3,071,121), Mapei France Sa (€ 2,762,774), Mapei
Corp (€ 1,471,750), Vinavil Spa (€ 1,386,879), Adesital Spa (€ 1,235,851) and Cercol Spa
(€ 1,190,912).
The allowance for doubtful accounts is comprised mainly of Mapei Spa (€ 8,412,053),
Polyglass Group (€ 4,771,438), Mapefin Deutschland Group (€ 2,154,175), Vinavil Spa
(€ 1,220,548), Mapei Kft (€ 1,065,804), Mapei Hellas Sa (€ 923,397), Lusomapei Sa
(€ 792,194), Mapei Australia Pty Ltd (€ 718,128), Mapei Sro (€ 651,544) and Cercol Spa
(€ 650,000). The increase in allowance for doubtful credits is mainly attributable to Italian
Companies.
7 8
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Receivables towards subsidiaries
Trade receivables from subsidiaries, for a total amount of € 5,179,276 (€ 4,937,192 in 2011),
include all the receivables from unconsolidated Group Companies mainly towards U.S.
Sassuolo Calcio Srl (€ 5,051,272).
Current assets - Receivables towards Tax officesReceivables towards Tax authorities, for a total of € 27,918,205 as per December 31st,
2012 (€ 18,201,452 in 2011), is made by receivables from Inland Revenue Office related to
direct taxes and VAT. Group Companies having the most significant balances are Mapei
Spa (€ 14,210,385), Mapei Corp (€ 2,396,497), Mapei Hellas Sa (€ 1,425,000), Mapei
France Sa (€ 1,081,415), Vinavil Egypt for Chemicals Sae (€ 1,062,040), Gorka Cement
Spzoo (€ 1,034,006), Mapei Polska Spzoo (€ 880,776), Mosaico+ Srl (€ 827,563) and
Mapei Suisse Sa (€ 708,150). The increase in Receivables towards Tax authorities is
mainly attributable to Mapei Spa (€ 7,411,565) and referred to a tax refund of 2007-2011
income tax, and to Mapei Hellas Sa (€ 1,425,000), related to not capitalized grants for the
investment in the production site in Athens.
Current assets - Deferred Tax assetsDeferred Tax assets, for a total amount of € 20,594,699 as per December 31st, 2012
(€ 18,803,470 in 2011) is mainly composed by the values of Mapei Spa (€ 4,800,849),
Mapei Polska Spzoo (€ 3,534,889), Mosaico+ Srl (€ 2,268,940), Polyglass Group
(€ 2,018,401), Mapei Corp (€ 1,312,113), Vinavil Spa (€ 932,409) and Mapefin Deutschland
Group (€ 906,940). The total amount of Deferred Tax assets was created by Group
Companies booking of fiscal losses, costs, provisions, depreciations and accruals whose
tax deduction is deferred to one or more following fiscal years. The amount has been
refundable according to the profitability prospective of the Group companies tax deductible
in two or more exercises. For further details, please refer to the enclosed attachment 3.
Current assets - Other ReceivablesThe composition of Other receivables, totalling € 11,599,022 (€ 10,778,217 in 2011), is
detailed as follows:
12.31.2012 12.31.2011 Difference
Receivables from insurance companies 1,275,564 1,153,385 122,179
Receivables from social security institutions 339,957 185,924 154,033
Receivables from employees 1,190,781 821,329 369,452
Advances to suppliers 8,097,701 8,258,359 -160,658
Other receivables 695,019 359,220 335,799
Total 11,599,022 10,778,217 820,805
7 9
Current assets - Marketable SecuritiesMarketable securities amount to € 8,018 (€ 7,636 in 2011) and consist of securities held
by Mapei As.
Current assets - Cash and bankThe breakdown is as follows:
12.31.2012 12.31.2011 Difference
Bank and postal current accounts 68,341,183 66,104,632 2,236,551
Cheques 1,251,665 2,426,671 -1,175,006
Cash 237,266 305,119 -67,853
Total 69,830,114 68,836,422 993,692
Bank and postal deposits represent temporary positions on bank current accounts. The
most significant are the following: Mapei Inc (€ 17,018,894), Mapei As (€ 8,769,868), Vinavil
Egypt for Chemical Sae (€ 4,800,922), Mapei Corp (€ 4,086,126), Zao Mapei (€ 3,988,160),
Mapei China Ltd (€ 3,601,991), Mapei Australia Pty Ltd (€ 3,461,779), Mapei Benelux Sa
(€ 3,038,671), Mapei Spa (€ 2,408,579) and Mapefin Deutschland Group (€ 1,620,260).
The decrease in cheques is mainly attributable to Mapei Hellas Sa.
The increase of € 993,692 related Banks and postal accounts refers to a temporary cash
need.
Current assets - Pre-paid expenses and accrualsThese accounts total € 3,112,931 in 2012 (€ 3,749,991 in 2011) and are mainly comprised
of pre-paid expenses of Mapei Corp (€ 806,853), Mapei As (€ 462,757), Polyglass Group
(€ 326,544), Mapei Suisse Sa (€ 206,608), Mapefin Deutschland Group (€ 175,090), Mapei
Far East Pte Ltd (€ 165,191), Mapei Korea Ltd (€ 154,863) and Mapei Sro (€ 113,655).
The breakdown is as follows:
12.31.2012 12.31.2011 Difference
Rents 937,926 709,015 228,911
Interests 207,286 238,391 -31,105
Insurances 1,064,929 1,070,556 -5,627
Not capitalised grants 298,028 327,767 -29,739
Others 604,762 1,404,262 -799,500
Total 3,112,931 3,749,991 -637,060
8 0
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Liabilities
Net equityThe breakdown is as follows (movements are disclosed in the enclosed Annex No.2):
Share capital
The Share capital paid as of December 31st, 2012 is € 50,560,000, entirely paid, equal to
50,560,000 shares of 1 Euro each, without any change from the previous year.
Monetary Revaluation Reserve
The Holding Company, Mapei Spa and Vinavil Spa, during the previous fiscal years made
monetary revaluations of some tangible assets by introducing in the Net Equity a dedicated
monetary revaluation reserve of € 79,692,811. Such reserve remained unchanged in
comparison with 2011.
Legal reserve
The legal reserve is recorded on the parent company books; it amounts to € 10,112,000,
unchanged in comparison with 2011.
Treasury Shares Reserve
Unchanged in comparison with 2011, the reserve for Treasury Shares at the end of 2012
totals € 51,515,113, referred to n. 3,060,000 shares having value of 1 Euro each, for a total
nominal value of € 3,060,000; corresponding to 6.052% of Share Capital of Mapei Spa,
having counterbalanced value in Financial Receivables.
Other reserves
Amount to € 8,913,095 (€ 6,319,804 as per December 31st, 2011) with an increase of
€ 2,593,291 mainly attributable to Mapei Spa, according to the Shareholders Meeting
Minutes of July 10th, 2012 (Unrealised Losses on Exchange rates difference, art. 2426 n.8
bis of Italian Civil Code).
Translation reserve
This reserve, deriving from the translation of Financial Statements expressed in foreign
currencies using the current exchange rate method, at December 31st, 2012 shows a
positive balance of € 18,743,026 (positive balance of € 8,323,064 at December 31st,
2011). The increase derives from the trend of some currencies against Euro, in particular
Polish Zloty and, with minor relevance, Hungarian Florin, United Arab Emirates Dirham,
Norwegian Crown and Russian Rouble.
Consolidation reserve
At December 31st, 2012 this reserve totals € 1,898,702 (€ 1,835,896 as of December
31st, 2011) and represents the difference between the purchase cost of the consolidated
8 1
subsidiaries and the corresponding net worth at the date of the first consolidation. The
increase is attributable to the liquidation of Vinavil Far East Pte Ltd during 2012.
Accumulated profit brought forward
As of December 31st, 2012 this reserve amounts to € 378,904,466 (€ 363,760,083 as of
December 31st, 2011) and includes the total amount of all the non-distributed accumulated
profits brought forward, except for the Unrealised Losses on exchange rates difference
booked in “Other Reserves” by Mapei Spa (€ 2,593,291). This reserve showed the following
trend:
12.31.2012
Profit (Loss) brought forward Dec 31st 2011 363,760,083
Profit 2011 (except for unrealised losses on exc. rates difference) 15,244,383
Other movements -100,000
Profit (Loss) brought forward Dec 31st 2012 378,904,466
Minority interest
Represents minority equity interest in consolidated subsidiaries. As of December 31st,
2012, minority interest totalled € 9,982,954 (€ 10,104,845 as of December 31st, 2011). The
decrease is mainly attributable to the trend of the Egyptian pound.
Sundry risks and other fundsTotalled € 45,970,994 as of December 31st, 2012 (€ 46,194,976 as of December 31st,
2011). The breakdown is as follows:
12.31.2012 12.31.2011 Difference
Pension funds 15,573,565 14,055,577 1,517,988
Taxation 22,338,407 20,595,468 1,742,939
Others 8,059,022 11,543,931 -3,484,909
Total 45,970,994 46,194,976 -223,982
Pension Funds are mainly composed by the pension funds of Mapefin Deutschland Group
(€ 6,293,926), Mapei Gmbh (D) (€ 635,081), by agents termination indemnity of Mapei Spa
(€ 2,389,907) and by the pension fund dedicated to managers and directors of Mapei Spa
(€ 4,443,187) and Cercol Spa (€ 675,637).
8 2
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Tax fund consists for € 16,747,149 of deferred taxes of Mapei Corp (€ 6,274,898), Mapei
Spa (€ 4,765,408), Mapei France Sa (€ 1,051,929), Adesital Spa (€ 1,004,132), Cercol
Spa (€ 704,711), Mapei As (€ 457,219), Polyglass Group (€ 451,558), Mapefin Deutschland
Group (€ 438,463) and for € 5,591,258 of audit risk fund, mainly attributable to Mapei
Spa (€ 5,300,000) related to an outstanding fiscal litigation. Deferred Tax Liabilities are
originated by timing differences between the book value of assets and liabilities included
in Financial Statements and their correspondent value for tax purposes. Movements in this
fund during the year 2012 are as follows:
Opening balance Jan. 1st 2012 20,595,468
Exchange difference opening balance -131,631
Increase 5,832,956
Decrease -5,642,787
Reclassification 1,601,037
Exchange difference variations 83,364
Closing balance Dec. 31st 2012 22,338,407
The decrease in Tax Fund is mainly attributable to Mapei Corp (€ 1,581,027) and Polyglass
Group (€ 1,562,843).
For Further details, please refer to attachment 3 enclosed to these Notes.
Other funds consist mainly of the provision made by Mapefin Deutschland Group for
€ 1,091,134, partly related to contingency losses, as a result of the difference between
market value and contract value of the building rented in Asten, and partly related
to products guarantee, of a provision of Vaga Srl of € 592,000 for the future costs of
restoration of quarries at the end of the extraction activities and of a provision of Polyglass
Group related to products guarantee for € 2,883,774. The decrease is mainly attributable to
Mapei Polska Spzoo (€ 1,311,467), Mapefin Deutschland Group (€ 883,656) and Polyglass
Group (€ 605,058).
8 3
Staff severance reserveThe Balance as of December 31st, 2012 consists of € 12,981,264 (€ 13,237,304 as of
December 31st, 2011) and fully provides for liabilities towards affected employees according
to current legislation in the individual countries. Variations in this reserve were as follows:
Opening balance
Exchange rate
Provision (Utilized) Closing balance
Adesital Spa 320,804 - 121,568 -124,446 317,926
Cercol Spa 303,219 - 141,653 -147,037 297,835
Gorka Cement Spzoo 29,282 2,739 - -793 31,228
Polyglass Group 1,053,813 - 413,872 -477,848 989,837
Mapefin Deutschland Group 563,065 3,426 48,830 34,781 650,102
IBS Llc 248,114 -7,980 133,916 -9,917 364,133
Mapei Benelux Sa 18,471 - - -5,622 12,849
Mapei Betontechnik Gmbh 8,371 - - -2,152 6,219
Mapei Gmbh (A) 486,877 - 90,423 -14,745 562,555
Mapei Hellas Sa 86,761 - 13,851 - 100,612
Mapei Polska Spzoo 13,530 1,302 975 - 15,807
Mapei Spa 7,330,563 - 3,944,245 -4,336,299 6,938,509
Mapei Vietnam Ltd 3,265 45 - -3,310 -
Mosaico+ Srl 117,046 - 57,238 -21,087 153,197
Progetto Mosaico+ Srl 88,076 - 54,960 -189 142,847
Vaga Srl 359,503 - 106,228 -43,662 422,069
Vinavil Spa 2,206,544 - 1,034,350 -1,265,355 1,975,539
Total 13,237,304 -468 6,162,109 -6,417,681 12,981,264
LiabilitiesThe composition of liabilities is reported and commented below.
Bonds
Bonds outstanding at December 31st, 2012 are € 46,000,000 (unchanged compared to
2011) and consist of a bond issued by Mapei Spa, expiring on June 14th, 2016.
8 4
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Bank loans due within one year
At December 31st, 2012 bank loans and overdrafts totalled € 229,885,985 (€ 248,735,368
as of December 31st, 2011). The breakdown is referred to the following companies:
12.31.2012 12.31.2011 Difference
Mapei Spa 175,398,166 195,801,684 -20,403,518
Vinavil Spa 8,560,041 4,561,164 3,998,877
Adesital Spa 683 667 16
Vaga Srl 842 - 842
Mapei France Sa 1,750,329 23,002 1,727,327
Mapei Benelux Sa 2,500,000 - 2,500,000
Mapei Gmbh (A) - 2,640 -2,640
Mapei Betontechnik Italia Srl 1,656 - 1,656
Mapei Vietnam Ltd - 183,730 -183,730
Mapei Polska Spzoo 282 1,474 -1,192
Gorka Cement Spzoo 833,474 834,792 -1,318
Mapei Korea Ltd 853,345 - 853,345
Mapei Construction Products India Ltd 517,654 - 517,654
Vinavil Egypt for Chemicals Sae 2,794,210 3,853,173 -1,058,963
Mapei Construction Chemicals Panama Sa 4,035 - 4,035
Mapei Betontechnik Gmbh 14,098 - 14,098
Mosaico+ Srl 4,792 3,516 1,276
Progetto Mosaico+ Srl 27,157 25,154 2,003
Mapei China Ltd 586,740 1,492,389 -905,649
Mapei Construction Materials Co Ltd (Shanghai) 3,126,254 4,289,847 -1,163,593
Mapei Construction Materials Co Ltd (Guangzhou) 243,288 649,605 -406,317
Mapei Far East Pte Ltd - 118,913 -118,913
Mapei Malaysia Sdn Bhd 1,313,604 682,012 631,592
Mapei As 238,150 257,931 -19,781
Mapei Corp 26,426,699 30,681,395 -4,254,696
Polyglass Group 4,684,983 5,268,873 -583,890
Cercol Spa 5,503 3,407 2,096
Total 229,885,985 248,735,368 -18,849,383
These amounts include the current portion of long-term loans, expiring in 2013, amounting
to € 52,823,040 (€ 47,159,580 in the prior year). The decrease is attributable mainly to
Mapei Spa.
8 5
Bank loans due beyond one year
As of December 31st, 2012, long-term loans amounted to € 130,392,283 (€ 114,824,319 as
of December 31st, 2011). The breakdown is referred to the following companies:
12.31.2012 12.31.2011 Difference
Mapei Spa 118,697,415 105,063,993 13,633,422
Vinavil Spa - 3,120,218 -3,120,218
Mapei France Sa 5,270,248 - 5,270,248
Gorka Cement Spzoo 624,960 1,332,631 -707,671
Caribbean Sand Company Ltd 2,273,761 2,318,572 -44,811
Mosaico+ Srl - - -
Progetto Mosaico+ Srl - 21,100 -21,100
Mapei As 2,738,727 2,821,125 -82,398
Mapei Corp 787,172 21,680 765,492
Polyglass Group - 125,000 -125,000
Total 130,392,283 114,824,319 15,567,964
Variations occurred during the fiscal year, for € 15,567,964, are mainly due to new loan
issued by Mapei Spa with Intesa San Paolo and to the reimbursement of the loans with
Mediobanca, Intesa San Paolo, Banca Regionale Europea and Banca Popolare Dell’Emilia
Romagna.
The above loans will expire according to the following schedule:
2014 2015 2016 2017 and following Bank maturity
Loans from banks 67,623,430 57,148,927 2,536,354 3,083,572 130,392,283
Debts to other financial institutions due within one year
As of December 31st, 2012 these debts amount to € 2,426,026 (€ 3,010,646 as of
December 31st, 2011) and include the current portion of the long-term finance lease
contracts outstanding with other financial institutions; they are booked between debts
pursuant to the application of the International Accounting Standard n.17.
The most significant amounts are mainly referred to Mapei Polska Spzoo (€ 1,000,219),
Ibermapei Sa (€ 526,517), Polyglass Group (€ 471,448) and Mapei As (€ 153,097).
Debts to other financial institutions due beyond one year
At December 31st, 2012 these debts were € 8,347,380 (€ 9,566,327 December 31st, 2011).
The above balance is largely attributable to the accounting for property under finance lease
contracts according to the International Accounting Standard no. 17.
8 6
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
The breakdown is referred to the following companies:
12.31.2012 12.31.2011 Difference
Mapei Spa - 72,150 -72,150
Adesital Spa - 117,150 -117,150
Ibermapei Sa 541,388 1,067,905 -526,517
Mapei France Sa 68,819 91,502 -22,683
Mapei Sro 15,114 44,073 -28,959
Mapei Polska Spzoo 1,220,376 1,129,924 90,452
Mapei Bulgaria Eood 149,622 120,429 29,193
Progetto Mosaico+ Srl - 15,651 -15,651
Mapei Construction Chemicals Panama Sa 11,969 - 11,969
Mapei Betontechnik Gmbh 32,457 - 32,457
Mapefin Deutschland Group 12,555 16,386 -3,831
Mapei As 1,377,870 1,450,864 -72,994
Mapei Inc 16,955 11,305 5,650
Mapei Corp 31,748 8,893 22,855
Polyglass Group 4,868,507 5,420,095 -551,588
Total 8,347,380 9,566,327 -1,218,947
The above loans expire according to the following schedule:
2014 2015 2016 2017 and following Bank maturity
Loans from other fin. Institutions 2,146,782 1,130,883 834,304 4,235,411 8,347,380
Advances from customers
As of December 31st, 2012, advances from customers totalled € 3,338,042 (€ 2,726,145
in 2011) mostly due to advances from customers of Mapei Corp (€ 2,331,331), Zao Mapei
(€ 243,216), Mapei Nederland Bv (€ 236,351) and Mapefin Deutschland Group (€ 128,565).
Trade payables
At December 31st, 2012, trade payables totalled € 193,040,291 (€ 196,653,862 as of
December 31st, 2011) and mainly includes the trade payables of Mapei Spa (€ 66,688,076),
Vinavil Spa (€ 28,017,719), Polyglass Group (€ 20,839,007), Mapefin Deutschland Group
(€ 12,191,481), Mapei Corp (€ 7,956,400), Mapei As (€ 5,437,083), Mapei France Sa
(€ 5,054,844), Mapei Polska Spzoo (€ 4,511,420), Cercol Spa (€ 3,674,010) and Mapei Inc
(€ 3,649,276).
8 7
Draft and promissory notes
As of December 31st, 2012, draft and promissory notes payable to suppliers totalled
€ 1,282,732 (€ 1,767,215 in 2011) and refer to draft and promissory notes to suppliers of
Vinavil Egypt for Chemicals Sae, Mapei Hellas Sa and Mapei Korea Ltd.
Payables towards subsidiaries
As of December 31st, 2012 payables toward subsidiaries totalled € 2,064,548 (€ 4,102,924
in 2011) and they refer to U.S Sassuolo Calcio Srl.
Due to tax offices
As of December 31st, 2012, the amounts due to tax offices totalled € 17,866,639
(€ 13,712,854 as of December 31st, 2011) reflecting in full the current tax obligations
of the Group. The most significant increase is attributable to Mapei Spa and Mapei
Suisse Sa.
Contributions to social security and welfare organizations
As of December 31st, 2012, these amounts totalling € 9,488,041 (€ 9,495,039 as of
December 31st, 2011) are all payable within one year.
Other payables
At December 31st, 2012, the balance was € 34,623,961 (€ 34,188,701 at December
31st, 2011). The amount largely comprises payables to employees of Mapei Spa
(€ 10,814,919), Mapefin Deutschland Group (€ 2,847,784), Vinavil Spa (€ 2,405,655), Mapei
Corp (€ 2,184,580), Polyglass Group (€ 2,021,576), Mapei Inc (€ 1,558,771), Mapei As
(€ 1,413,292), Mapei Australia Pty Ltd (€ 1,312,840) and Mapei France Sa (€ 1,027,417).
The detail by nature is the following:
12.31.2012 12.31.2011 Difference
Payables to insurance companies 117,261 414,306 -297,045
Payables to employees 33,080,925 32,259,157 821,768
Others within 12 months 1,425,775 1,515,238 -89,463
Total 34,623,961 34,188,701 435,260
8 8
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Accruals and pre-paymentsAs of December 31st, 2012 accruals and pre-payments totalled € 6,388,736 (€ 6,134,858
as of December 31st, 2011) and include accruals related to Not Capitalised Grants received
by Mapei Hellas Sa from the Government of Greece for the investment in the production
site in Athens. It also includes accruals registered by Mapei Spa mainly related to Bank
Loans and Bond issued and insurance costs mainly related to Mapei Corp.
The breakdown by category is the following:
12.31.2012 12.31.2011 Difference
Rents 192,420 115,246 77,174
Interests 2,077,716 2,422,306 -344,590
Insurance 1,380,197 1,754,489 -374,292
Leasing 241,821 890,922 -649,101
Not capitalised Grants 1,616,726 - 1,616,726
Other 879,856 951,895 -72,039
Total 6,388,736 6,134,858 253,878
Financial expenses booked to assets in the Balance SheetNo material financial payments are booked to assets in the Balance Sheet.
ContingenciesThe line includes the notional value of derivative contracts, related to interest rate coverage,
existing as of December 31st, 2012 belonging to Mapei Spa and Polyglass Spa for
€ 27,642,866 (€ 35,596,575 in 2011).
As of December 31st, 2012, there are third party guarantees for € 8,180,397 (€ 5,659,625
as of December 31st, 2011), issued by Mapei Spa, Adesital Spa, Mapei Argentina Sa,
Mapintec Srl, Progetto Mosaico+ Srl and Mosaico+ Srl and third parties guarantees for
€ 2,664,800 (€ 2,569,345 as of December 31st, 2011) received by Mapei Gmbh (D), Mapei
Spa, Mapei Hellas Sa and Mapei As.
Other obligations not recorded in the Balance SheetThere are no obligations not recorded in the Statement of Assets and Liabilities.
8 9
Notes to the Income Statement
Value of productionNet sales
Our Group in 2012 generated an aggregated turnover of € 2,096,428,145 against
€ 2,028,767,630 in 2011. The intercompany sales totalling € 350,180,340 (€ 330,980,380
at December 31st, 2011). The result is a consolidated turnover of € 1,746,247,805 against
€ 1,697,787,250 in 2011. The increase is equal to € 48,460,555 (2.9% Vs 2011).
The largest contribution to the increase in customer sales was provided by Mapei Corp,
Mapei Inc, IBS Llc, Mapei As, Mapei Uk Ltd, Mapefin Deutschland Group, Mapei Australia
Pty Ltd, Mapei Suisse Sa, Mapei Gmbh (D), Zao Mapei and the first consolidation of Mapei
Construction Chemicals Panama Sa.
In 2012 the consolidated turnover by geographic area is the following:
Geographical Area 12.31.2012 12.31.2011 % difference % incidence 2012
% incidence 2011
Italy 519.0 586.9 -11.6% 29.7% 34.5%
Western Europe 511.7 480.3 6.5% 29.3% 28.3%
Eastern Europe 185.1 179.8 2.9% 10.6% 10.5%
Americas 405.2 351.6 15.2% 23.2% 20.7%
Asia 75.7 55.3 36.9% 4.3% 3.3%
Oceania 24.0 19.4 23.7% 1.4% 1.1%
Africa 25.5 24.5 4.1% 1.5% 1.6%
Total 1,746.2 1,697.8 2.9% 100.0% 100.0%
Other revenues
Other revenues totalled € 12,385,531 representing an increase of € 3,007,152 from 2011,
and mainly include grants received by Vinavil Spa for gas carbon emission reductions
(€ 901,175), expenses recharged to third parties, grants, gain on disposal of assets, other
revenues and contingency assets of Mapefin Deutschland Group (€ 2,210,607), Mapei As
(€ 1,692,243) and the release of the fund for customer loyalty program of Mapei Polska
Spzoo (€ 1,454,913).
9 0
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Production costsProduction costs of € 1,709,090,689 in 2012 represent an increase of € 46,742,822
compared to 2011 and are detailed as follows:
12.31.2012 12.31.2011 Difference
Purchase of raw materials, packaging and supplies 861,598,632 851,279,590 10,319,042
Purchase of services 350,554,310 343,926,965 6,627,345 Rental and leasing 28,160,365 25,771,655 2,388,710 Labour costs 369,811,898 350,976,449 18,835,449
Depreciation, amortisation and doubtful credits provisions 76,099,632 81,932,286 -5,832,654
Decrease/(increase) in stock of raw mat., pack., suppl. and merch. -2,175,786 -16,595,011 14,419,225
Sundry Risk Provision 1,335,623 2,277,984 -942,361 Other Operating Costs 23,706,015 22,777,949 928,066
Total 1,709,090,689 1,662,347,867 46,742,822
Purchase of raw materials, packaging and supplies
The variation in purchases of raw materials and goods is mainly due to the sales volume
increase, while the relative incidence on revenues slightly decreased, compared to last
year, thanks to a more strict supply management.
Services
Purchase of services refers to industrial services, which mainly included ordinary
maintenance, consumption materials, external labour costs, commercial services such
as transportations, commissions, marketing and advertising costs and general services,
including consultancies, professional services, training expenses, insurances, phone and
postal expenses and travel and entertainment costs. The detail by nature is as follows:
12.31.2012 12.31.2011 Difference
Variable costs 65,729,506 64,540,442 1,189,064 Marketing 55,557,959 58,822,926 -3,264,967 Travelling and entertainment 30,876,265 28,293,225 2,583,040 Services 178,080,124 172,851,649 5,228,475 Insurances 8,663,931 8,102,355 561,576 Other 11,646,525 11,316,368 330,157
Total 350,554,310 343,926,965 6,627,345
The decrease in Marketing is mainly attributable to the reduction of advertising costs, fairs,
events and sponsorship.
The variation in services is mainly due to the increase of freight cost on sales, legal expenses
and professional services.
9 1
Labour costs
Labour costs in 2012 amount to € 369,811,898 with an increase of € 18,835,449, as a
consequence of the new personnel hired. High increase was recorded by Mapei Corp
(€ 6,020,075), Mapei As (€ 2,033,175), Mapefin Deutschland Group (€ 1,353,112), IBS Llc
(€ 1,124,305), Mapei Far East Pte Ltd (€ 872,869) and Mapei France Sa (€ 814,874).
In 2012, compared with 2011, the headcount by geographic area is the following:
12.31.2012 12.31.2011Blue
CollarsWhite
CollarsTotal Blue
CollarsWhite
CollarsTotal
Italy 864 1,053 1,917 893 1,081 1,974 Western Europe 486 1,225 1,711 480 1,187 1,667 Eastern Europe 359 846 1,205 339 828 1,167 Americas 525 902 1,427 561 841 1,402 Asia 176 377 553 136 347 483 Oceania 13 62 75 16 40 56 Africa 68 46 114 68 44 112
Total 2,491 4,511 7,002 2,493 4,368 6,861
Depreciation and Amortization
The amortisation of intangible assets decreased compared to 2011 due to the end of the
Goodwill amortization of Mapefin Deutschland Group and Cercol Spa. In addition, we
underline the complete amortization of the Leasehold improvements made by Adesital
Spa, related to the building dedicated to offices.
The depreciation of tangible assets is consistent with the previous year. Mapei Group
made investment on the same level of the years before although the building industry was
strongly affected by the world economic trend.
Other operating costs
The composition of other operating costs is made as follows:
12.31.2012 12.31.2011 Difference
Associations 2,429,252 2,295,404 133,848
Property taxes and rates 3,807,827 3,118,757 689,070
Other taxes and duties 3,091,867 2,635,671 456,196
Losses on disposal of assets 27,413 514,617 -487,204
Consultancy of product 2,940,082 2,834,098 105,984
Gratuity and donations 1,231,901 1,910,250 -678,349
Canteen costs 2,665,971 2,517,401 148,570
Other operating costs 7,511,702 6,951,751 559,951
Total 23,706,015 22,777,949 928,066
9 2
N O T E S T O T H E C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Financial income and expensesOther financial revenues
Other financial revenues, line C16) of the Profit and Loss Statement, amount to € 1,566,088
(€ 1,577,191 in 2011) and are largely attributable to Mapei As (€ 204,811), Mapei Inc
(€ 191,380) and Mapei Australia Pty Ltd (€ 186,043). These financial revenues refer to
interests income on financial activities of the Mapei Group member companies.
Interests paid and other financial charges
Interests paid and other financial charges, line C17) of the Profit and Loss Statement, equal
€ 12,067,370 (€ 12,371,119 in 2011) and refer mainly to Mapei Spa (€ 7,249,233), Mapei
Corp (€ 938,512), Polyglass Group (€ 441,441), Mapei As (€ 364,732), Vinavil Egypt for
Chemicals Sae (€ 347,992), Mapei Polska Spzoo (€ 240,657) and Vinavil Spa (€ 202,145).
This amount refers to interest paid deriving for financing from banks and other financial
institutions.
Gain and losses on Exchange rates
Financial situation worsened because of increase in losses on exchange rates in
comparison with 2011 (€ 2,409,116 versus € 1,035,388) as detailed in the line C17)bis,
mainly attributable to the trend of the Euro currency compared to 2011.
Extraordinary income and expenseThe balance of extraordinary items, line E), is a loss of € 1,137,102 against a profit of last
year of € 342,573.
Extraordinary Losses mainly refer to Taxation related to previous accounting periods
(€ 5,345,393), mainly attributable to Mapei Spa (€ 5,300,000), while extraordinary incomes
include the tax refund, explained in the section dedicated to receivables towards tax
authorities.
Extraordinary incomes include also income related to previous period of Mapei Sro and
Mapei South Africa Pty Ltd.
9 3
Income and Anticipated (Deferred) TaxIn 2012, the balance is € 17,151,095 (€ 23,814,464 in 2011); this amount includes income
tax provision for € 20,384,197 and anticipated taxes for € 3,233,102. Income tax includes
the balance of Mapei Spa (€ 4,376,757), Mapefin Deutschland Group (€ 3,574,263), Mapei
Inc (€ 2,777,855), Mapei Suisse Sa (€ 2,730,384), Vinavil Spa (€ 2,161,057), Mapei As
(€ 1,178,617), Mapei Corp (€ 864,032) and Mapei Uk Ltd (€ 815,875).
For further details, please refer to attachment 3 enclosed to these Notes.
Emoluments to the Directors and to the Statutory Auditors of the parent company
Managing Director: Euro 700,000
Statutory Auditors: Euro 109,200
Managing Director
(Giorgio Squinzi)
9 4
A N N E X 1
Development of net equity of Mapei GroupNet Profit Net Equity
As per Mapei SpA’s Financial Statements 17,344,267 327,162,343
Increase in net profit and net worth arising from consolidation 41,520,410 328,545,936
Consolidation Adjustments:
Dividends from consolidated investments -49,044,065 0
Amortisation of Goodwill -5,599,436 -71,463,537
Devaluation of consolidated investments 24,692,250 19,633,335
Tax adjustments 0 0
Adjustments due to the Group accounting principles -2,044,456 12,834,287
Elimination of intercompany extraordinary gain -1,587 -1,309,887
Deferred taxation 469,237 -6,469,670
Translation Reserve 0 18,743,026
Group 27,336,620 627,675,833
Minority Interest 663,644 9,982,954
As per Mapei Group Financial Statements 28,000,264 637,658,787
9 5
A N N E X 2
2011 CHANGES As at December 31, 2010
2010 net Profit: Brought Forward
2010 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2011 net profit As at December
31, 2011
I Share Capital 50,560,000 50,560,000 III Revaluation Reserve 79,692,811 79,692,811 IV Legal Reserve 10,112,000 10,112,000 V Own Shares Reserves 51,515,113 51,515,113 VII Other Reserves 6,319,804 6,319,804 Translation Reserve 13,959,005 (5,635,941) 8,323,064 Consolidation Reserve 1,835,896 1,835,896 VIII Accumulated Profit Brought Forward 338,543,702 25,343,052 (100,000) (26,671) 363,760,083 IX Group Net Profit 25,343,052 (25,343,052) 17,837,674 17,837,674
Group Net Equity 577,881,383 (100,000) (5,635,941) (26,671) 17,837,674 589,956,445
Minority Interest Capital and Reserve 7,291,199 2,020,333 (43,997) (596,797) 35,809 8,706,547 Minority Interest Net Profit 2,020,333 (2,020,333) 1,398,298 1,398,298
Total Net Equity 587,192,915 (143,997) (6,232,738) 9,138 19,235,972 600,061,290
2010 CHANGES As at December 31, 2009
2009 net Profit: Brought Forward
2009 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2010 net profit As at December
31, 2010
I Share Capital 50,560,000 50,560,000 III Revaluation Reserve 79,692,811 79,692,811 IV Legal Reserve 10,112,000 10,112,000 V Own Shares Reserves 51,515,113 51,515,113 VII Other Reserves 6,319,804 6,319,804 Translation Reserve (14,154,067) 28,113,072 13,959,005 Consolidation Reserve 5,275,310 (3,439,414) 1,835,896 VIII Accumulated Profit Brought Forward 303,632,991 35,058,779 (100,000) (48,068) 338,543,702 IX Group Net Profit 35,058,779 (35,058,779) 25,343,052 25,343,052
Group Net Equity 528,012,741 (100,000) 28,113,072 (3,439,414) (48,068) 25,343,052 577,881,383
Minority Interest Capital and Reserve 5,796,510 1,258,478 (32,884) 101,962 167,133 7,291,199 Minority Interest Net Profit 1,258,478 (1,258,478) 2,020,333 2,020,333
Total Net Equity 535,067,729 (132,884) 28,215,034 (3,439,414) 119,065 27,363,385 587,192,915
Statement of changes in net equity of Mapei Group
2012 CHANGES As at December 31, 2011
2011 net Profit: Brought Forward
2011 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2012 net profit As at December
31, 2012
I Share Capital 50,560,000 50,560,000 III Revaluation Reserve 79,692,811 79,692,811 IV Legal Reserve 10,112,000 10,112,000 V Own Shares Reserves 51,515,113 51,515,113 VII Other Reserves 6,319,804 2,593,291 8,913,095 Translation Reserve 8,323,064 10,419,962 18,743,026 Consolidation Reserve 1,835,896 62,806 1,898,702 VIII Accumulated Profit Brought Forward 363,760,083 15,244,383 (100,000) 378,904,466 IX Group Net Profit 17,837,674 (17,837,674) 27,336,620 27,336,620
Group Net Equity 589,956,445 0 (100,000) 10,419,962 62,806 0 27,336,620 627,675,833
Minority Interest Capital and Reserve 8,706,547 1,398,298 (942,851) 157,316 9,319,310 Minority Interest Net Profit 1,398,298 (1,398,298) 663,644 663,644
Total Net Equity 600,061,290 0 (100,000) 9,477,111 62,806 157,316 28,000,264 637,658,787
9 6
A N N E X 3
Deferred tax assets and liabilities2012 2011
Amount of timing
differencesTax Rate Tax Effect
Amount of timing
differencesTax Rate Tax Effect
Deferred tax assets
Cost deductible in more fiscal years 7,805,561 31.7% 2,471,438 12,509,470 30.9% 3,863,561
Differences in provisions 22,667,890 26.7% 6,059,622 22,253,969 26.1% 5,818,869
Differences in depreciations 9,093,794 28.0% 2,547,330 3,533,132 30.9% 1,091,366
Tax losses carried forward 14,733,014 24.6% 3,628,022 13,174,241 24.2% 3,190,231
Unrealised losses on exchange rates 4,167,029 27.4% 1,141,365 4,964,802 27.2% 1,348,460
Deferred tax assets based on tax credit 3,106,860 99.9% 3,103,495 4,706,948 49.6% 2,336,727
Others 5,181,713 31.7% 1,643,427 3,573,719 32.3% 1,154,256
Total 66,755,861 20,594,699 64,716,281 18,803,470
Deferred tax liabilities
Tax effect on anticipated depreciations 28,838,473 29.6% 8,549,653 31,338,501 31.5% 9,856,252
Tax effect on leasing reclassification 24,398,531 29.0% 7,071,364 25,847,724 29.0% 7,492,022
Unrealised gains on exchange rates 1,105,902 27.2% 300,268 7,436,674 27.5% 2,042,072
Others 3,076,488 26.8% 825,864 2,882,725 32.5% 935,859
Total 57,419,394 16,747,149 67,505,624 20,326,205
Deferred tax liabilities (assets) net 3,847,550 (1,522,735)
9 7
Sales, receivables and payables analysis by geographic area as per 12.31.2012
Consolidated Turnover
Trade Receivables
Receivables Towards
subsidiaries
Other receivables Trade Payables Towards
subsidiaries Other Payables
Italy 518,979,406 224,697,070 5,179,276 34,541,890 120,531,383 2,064,548 25,266,672
Europe 696,867,860 105,920,342 0 17,044,066 44,022,828 0 25,847,391
Americas 405,158,918 37,321,857 0 5,136,174 16,882,979 0 9,612,824
Asia 75,719,307 21,258,510 0 592,807 8,383,249 0 3,818,814
Oceania 24,044,313 6,232,941 0 1,075,971 1,642,040 0 1,710,064
Africa 25,478,001 6,536,210 0 1,721,018 1,577,812 0 343,650
Total 1,746,247,805 401,966,930 5,179,276 60,111,926 193,040,291 2,064,548 66,599,415
A N N E X 4
9 8
R E P O R T O F I N D I P E N D E N T A U D I T O R S
9 9
1 0 0
*Mapei City / World”, interpreted and created by the illustrator Carlo Stanga; each one of the most prestigious references represented is a vivid reminder of one of the 15 Mapei product lines.
1 0 1
Mapei o�ers its clients highly-technological products with an advantageous price/quality
ratio. It guarantees the best service possible in all corners of the globe thanks to its qualified
employees, innovative products and qualified technical service personnel.
Proof of the importance of Mapei’s presence on the world market is given by the numerous
innovative technical solutions used in major projects of international relevance.
The following pages illustrate the most important projects carried out in 2012.
The Major Projects in 2012
1 0 2
P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
Built in an eclectic style and considered to be one of the symbols of the city,
the mosaic floor of the Vittorio Emanuele II Arcade in Milan was brought
back to the original splendour as originally designed in the second half
of the nineteenth century by the architect Giuseppe Mengoni. Work was
carried out by a company specialised in this type of renovation work in
close collaboration with Mapei, who provided a laboratory to help choose
and verify the products to be used and a team of technicians o�ering site
supervision on a daily basis.
MAPEI PRODUCTS: ADESILEX PG1, ADESILEX PG1 RAPID, EPORIP, KERALASTIC T, LATEX PLUS, MAPEGROUT T40, NIVORAPID, MAPESIL AC, MAPEGROUT SV FIBER, MAPEGROUT T40, MAPECEM PRONTO, EPORIP, PRIMER 3296, PRIMER G, ELASTORAPID, KERAPOXY, MAPECOLOR PASTE, MAPEFLOOR I 900, MAPESIL LM, MAPESTONE PFS PCC2, MAPESTONE TFB 60, PLANICRETE, QUARTZ 1.9.
Vittorio Emanuele II ArcadeMilan - Italy
1 0 3
Ferrari ShowroomJeddah - Saudi Arabia
The Ferrari-Maserati showroom in Jeddah is in the northern part of the city
and covers an area of approximately 1000 m2.
It opened in 2010 and had thin porcelain tile floorings installed on a
cementitious substrate. Around one year after installation, a number of tiles
were either cracked or broken due to errors being made when the substrate
was prepared and when the tiles were installed. Partial settling of the base
and the presence of voids and gaps in the layer of adhesive had caused
the tiles in the areas where the cars were on show to break. It was decided,
therefore, to completely rebuild the flooring and Mapei products have been
essential to reach this aim.
MAPEI PRODUCTS: EPORIP, KERABOND, ISOLASTIC, KERACOLOR FF, MAPESIL AC.
CONDUCTED BY P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
1 0 4
The Costa Fascinosa, Costa Crociere’s new flagship cruise liner, is one of
the biggest of the British-American owned Italian cruise line’s fleet of 14
ships. Built in the Marghera (near Venice, Italy) shipyard, it was launched
in 2012. The liner has 4 hydro-massage pools and 5 traditional pools and
a small aquatic park, as well as saunas, wellbeing centres, 12 bars and 5
restaurants.
Around 7000 m2 of marble and granite slabs and ceramic tiles were laid with
Mapei products inside the liner.
MAPEI PRODUCTS: ADESILEX P10, GRANIRAPID, KERALASTIC T, KERAPOXY, MAPESIL LM, ULTRACOLOR PLUS.
Costa FascinosaCruise LinerMarghera Shipyard (Venice) - Italy
P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
1 0 5
Redondo Beach is a small coastal town in the county of Los Angeles in the
state of California. It is characterised by its long sandy beach overlooking
the Pacific Ocean and is a popular tourist spot. One of the town’s most
popular attractions is its pier in the form of a horseshoe. In the winter of
1988, the pier was badly damaged by two severe storms, and in the same
year it was burned down to the waterline by a fire. In 1995, the local town
council decided to build a new pier of reinforced concrete. Redondo Beach’s
new pier is considered to be the biggest pier in California, it hosts a number
of shops and restaurants and areas where events are held. In 2011 the
structure of the pier was in need of repair, and Mapei took part in this project
by supplying various products.
MAPEI PRODUCTS: GRANIRAPID, MAPELASTIC, PLANICRETE AC*, PLANITOP FD*.
*These products are manufactured and distributed on the US market by Mapei Corp. (USA).
Redondo Beach PierLos Angeles - California (USA)
CONDUCTED BY P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
1 0 6
Since the beginning of the nineteenth century, Versilia and Viareggio in
particular have been exclusive tourist spots. One of the most popular places
to visit is the Promenade along the sea front, and for generations of tourists
and locals it has always been the most elegant area of this Tuscany town. In
2011, the local Viareggio council undertook a redevelopment project of the
part of the Promenade that runs between the Burlamacca canal and Piazza
Mazzini.
To install the Norwegian stone slabs, the Mapei Technical Services
Department recommended the most appropriate adhesives and grouts.
MAPEI PRODUCTS: GRANIRAPID, KERACOLOR PPN, KERAFLEX MAXI S1, MAPEFLEX PU 45, MAPEFOAM, PLANITOP FAST 330.
Regina MargheritaPromenadeViareggio (Lucca) - Italy
P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
1 0 7
Willy Brandt AirportBerlin - Germany
A large, new airport was recently built in Berlin by extending the old
Schönefeld airport. Characterised by its glass façades and geometric lines,
the new airport comprises a six-storey terminal that can handle up to 27
million passengers a year. It will be directly accessible from the motorway
and will have a new railway station below the main terminal building. During
construction of the new airport, the contribution of Mapei high technology
products was particularly important, especially for installing the stone slabs
and grouting the joints.
MAPEI PRODUCTS: ECO PRIM PU 1K TURBO, ELASTORAPID, KERACOLOR FF, KERAPOXY, KERAQUICK, LATEX PLUS, MAPEBAND,, MAPELASTIC, MAPEDRAIN MONOKORN*, MAPESTONE BASIC*, MAPESTONE 1*, MAPESTONE 2*, MAPESTONE 3 PRIMER*, PRIMER G, PRIMER MF, TOPCEM.
*These products are manufactured and distributed on the German market by Mapei GmbH.
CONDUCTED BY P R O D U C T S F O R C E R A M I C S A N D S T O N E M A T E R I A L
1 0 8
Nova Karolina ForumOstrava - Czech Republic
E L A S T I C S E A L A N T S A N D A D H E S I V E S
Thanks to the position of this modern shopping centre located in the
north-west of Ostrava, it has numerous visitors every day and is becoming
an increasingly important reference point for the inhabitants of the city.
Mapei’s intervention involved mainly the installation of ceramic tiles in the
bathrooms and internal passageways, grouts for the tiles and sealants for
the joints.
MAPEI PRODUCTS: KERAQUICK, KERAFLEX MAXI, KERAFLEX, KERACOLOR FF, MAPESIL AC.
1 0 9
In the seaside resort of Lido di Camaiore (Province of Lucca, Italy), there
is a building that used to be a car showroom, and that has now been
renovated and turned into a supermarket for the Unicoop Tirreno group.
The company that carried out the work, which included demolishing the
old flooring and the old render up to a height of around 150 cm, and
dismantling all the old equipment used by the showroom, contacted Mapei
Technical Services Department to carry out a series of site surveys in order
to suggest the most appropriate Mapei systems for the project.
MAPEI PRODUCTS: ELASTORAPID, MAPE-ANTIQUE FC, MAPE-ANTIQUE INTONACO NHL, MAPE-ANTIQUE MC, MAPEFLEX PU 45, MAPEFOAM, MAPELASTIC, PLANITOP 200, TOPCEM PRONTO.
Unicoop TirrenoSupermarketLido di Camaiore (Lucca) - Italy
E L A S T I C S E A L A N T S A N D A D H E S I V E S
1 1 0
P R O D U C T S F O R R E S I L I E N T A N D T E X T I L E M A T E R I A L S
In October 2011, after almost 7 years of expansion and renovation work, the
Museum of Military History of the German Armed Forces opened its doors
once again to the general public. Mapei also took part in the renovation
project by supplying solutions and products to create an eco-sustainable
administration area.
MAPEI PRODUCTS: PRIMER G, PRIMER MF, ULTRAPLAN, ULTRABOND ECO V4 SP, ULTRABOND ECO V4 SP CONDUCTIVE, AQUACOL T.
Museum of Military HistoryDresden - Germany
1 1 1
The B4 Hotel, part of the Boscolo chain, is located in Milan in Via Stephenson
near to the Rho-Fiera and Fiera Milano City exhibition hub and the future
site of Expo 2015. The architectural design work carried the signature of
the architect Giancarlo Marzorati while the interiors were designed by the
architect Simone Micheli.
In 2009 the project won the “Golden Brick Real Estate Award” for the best
tourism and hotel project. Mapei was involved in the construction of this
important building and assisted the designers and contractors during the
execution of this architectonic structure.
MAPEI PRODUCTS: MAPELASTIC FOUNDATION, MAPEGROUT T60, MAPEPROOF, MAPEPROOF CD, MAPEGROUT 430, NIVORAPID, PLANIPATCH, PRIMER G, ULTRAPLAN ECO, ADESILEX VZ, ULTRABOND ECO V4 SP, ADESILEX MT32, ROLLCOLL, ULTRABOND ECO FIX.
B4 HotelMilan - Italy
P R O D U C T S F O R R E S I L I E N T A N D T E X T I L E M A T E R I A L S
1 1 2
Last year on the 23rd of May, inside the Niguarda Ca’Granda Hospital in Milan,
a new area of 1,000 m2 in the NeMo Medical Centre of the Serena Onlus
Foundation was inaugurated. Renovation work on the new area in the Nemo
Centre included the installation of more than 1,000 m2 of rubber flooring and
another 1,000 m2 of floor covering. Mapei supplied products specifically created
for installing rubber floor and wall coverings.
MAPEI PRODUCTS: EPORIP, PRIMER G, NIVORAPID, PLANIPATCH, LIVIGUM, ULTRABOND ECO V4 SP FIBER.
NeMo Medical Centre Milan - Italy
P R O D U C T S F O R R E S I L I E N T A N D T E X T I L E M A T E R I A L S
1 1 3
The Paul VI Pastoral Centre, built around 30 years ago and dedicated to Pope
Paul VI, is one of the main hubs at the sanctuary in Fatima (Portugal). Mapei
took part in the requalification work on the Centre after already working on
the construction of the nearby Church of the Holy Trinity of Fatima, supplying
adhesives and grouts for joints for the internal and external ceramic tile and
mosaic floors and walls.
MAPEI PRODUCTS: ECO PRIM PU 1K, PRIMER G, ULTRABOND ECO 310, ULTRABOND ECO 375, ULTRABOND ECO V4 SP,ULTRAPLAN ECO.
Paul VI Pastoral CentreFatima - Portugal
P R O D U C T S F O R R E S I L I E N T A N D T E X T I L E M A T E R I A L S
1 1 4
In the summer of 2012, the football pitch at the San Siro Stadium in Milan was
completely renovated, and included both the playing area and the perimeter.
To make the natural grass pitch at San Siro even stronger, a special
intervention was carried out, so that artificial fibres could be injected into the
soil at a depth of up to 20 cm. This operation was carried out very quickly
in August 2012, which also gave opportunity for the synthetic grass around
the perimeter of the pitch to be replaced using innovative solutions supplied
by Mapei. For the perimeter part of the central pitch the latest generation of
synthetic grass was chosen, and for their sub-bases, two innovative, eco-
sustainable solutions developed and perfected in the Mapei R&D laboratories
were adopted.
MAPEI PRODUCTS: EPORIP, MAPESOIL 100, MAPESOIL VD, TOPCEM PRONTO C60, ULTRABOND TURF PU 1K.
San Siro - Meazza StadiumMilan - Italy
P R O D U C T S F O R S P O R T S F A C I L I T I E S A N D L E I S U R E
1 1 5
P R O D U C T S F O R S P O R T S F A C I L I T I E S A N D L E I S U R E
Hainnaut StadiumValenciennes - France
This stadium is part of the renewal plan of soccer stadiums and, therefore,
the economy of French soccer. Valenciennes inaugurated the new 25,000
seat stadium last year. It is a beautiful structure inspired by the Bayern
Allianz Arena, but obviously in a scaled-down version. Mapei took part in
the construction of the new stadium by supplying innovative products and
solutions.
MAPEI PRODUCTS: MAPEFILL F, MAPEGROUT T60F, MAPEGROUT COULABLE F, ADESILEX PG1, MAPEBAND TPE, MAPEFINISH.
1 1 6
Aquarena Sportsand Aquatics CentreSollefteå - Sweden
P R O D U C T S F O R S P O R T S F A C I L I T I E S A N D L E I S U R E
The Aquarena Centre includes an area with a traditional swimming pool, a
rehabilitation pool, a fitness centre, an “adventure park” and a restaurant.
A great deal of attention was paid in choosing the right materials and the
support given by Mapei was clearly demonstrated, not only in the products
supplied, but also by providing tailor-made designs and solutions.
MAPEI PRODUCTS: REDISIT, CONFIX, SUPERFLYT, REDIREP 25 RSF, REDIREP 45 RSF, FASADEMÖRTEL SI W/FIBER, MONOFINISH, NONSET 400 SR, MONTOCRYL, MAPEPOXY BI IMP, PRIMER FR, UNIPLAN FR, UNIPLAN ECO, PLAN 35 R, VR RÖRMANSCHETT 32 - 55 MM, VR RÖRMANSCHETT 75 - 110 MM, VR RÖRMANSCHETT 100 - 130 MM, VR INNERHÖRN, VR YTTERHÖRN, FIBERFILT 100 X 50M, BRUNNSMANSCHETT SMB BUTYL, MAPELASTIC, MAPELASTIC SMART, MAPENET 150, MAPETEX SEL, PRIMER G, MAPEGUM WPS, ADESILEX P4, ULTRALITE S1, KERAFLEX MAXI S1, ULTRACOLOR PLUS, KERAPOXY.
1 1 7
The Circolo Castellazzo Club is a structure located in a park spreading over
an area of 150.000 m2 where members can take part in a number of sports.
The indoor courts were renovated in 2012, with the old playing surfaces
replaced with new textile covering. Before installing the new surfaces, the
substrate also required preliminary work. Mapei intervention consisted in
treating the concrete surfaces and installing more than 2,800 m2 of textile
playing surface.
MAPEI PRODUCTS: LIVIGUM, PIANOCEM M, PRIMER G, ULTRABOND ECO 185.
Circolo Castellazzo ClubParma - Italy
P R O D U C T S F O R S P O R T S F A C I L I T I E S A N D L E I S U R E
1 1 8
Located right in the heart of Milan in Corso Vittorio Emanuele II, the new
boutique of the MAX&Co. chain welcomes both Italian and overseas
clients. The client and project designer wanted to install industrial wooden
flooring in oak in a herringbone pattern on all the floors of the showroom,
a total of 500 m2. Another request of the client was to install and finish o�
the flooring as soon as possible. To meet the requirements of the client, the
company contracted to install the flooring contacted the Mapei Technical
Services Department, who recommended the most appropriate adhesives
and finishing products.
MAPEI PRODUCTS: SILWOOD, ULTRABOND ECO S945 1K, ULTRACOAT HIGH TRAFFIC, ULTRACOAT PREMIUM BASE.
MAX&Co. ShowroomMilan - Italy
P R O D U C T S F O R W O O D E N F L O O R I N G S
1 1 9
P R O D U C T S F O R W O O D E N F L O O R I N G S
The layout of the insurance company’s new headquarters in Hannover was
developed according to criteria of sustainability specified by the German
Sustainable Building Council, a German body that oversees the design
and construction of eco-compatible buildings. Mapei contributed to the
building being awarded “Gold” certification by supplying products for
installing textile and parquet flooring.
MAPEI PRODUCTS: PLANIPATCH, PRIMER MF, ULTRABOND ECO 170, ULTRABOND ECO FIX, ULTRABOND ECO S955 1K.
HDI Gerling Insurance CompanyHannover - Germany
1 2 0
Saturday the 10th of March 2012 was a memorable day for Modena,
with the city invaded by crowds of visitors to celebrate the unbreakable
union between Modena and Enzo Ferrari, a man, driver, constructor and
indisputable personality of the 1900’s. The new museum complex was built
thanks to the technical sponsorship of Mapei who supplied technologically
advanced products and solutions and constant on-site technical support.
MAPEI PRODUCTS: MAPEFLOOR FINISH 56, MAPEFLOOR I 500 W, MAPECOLOR PASTE, MAPEFLEX PU 45, MAPENET 150, PRIMER AS,QUARTZ 0.5, TOPCEM PRONTO, PRIMER SN, TRIBLOCK P, EVOLIGHT (Polyglass product).
MEFEnzo Ferrari MuseumModena - Italy
P R O D U C T S F O R C E M E N T I T I O U S A N D R E S I N F L O O R C O V E R I N G S
1 2 1
The Grundfos Group is a multinational company with headquarters in
Denmark. It is a leading company in the production of heating, ventilation
and air-conditioning pumps. In Singapore in 2011, the company decided to
move their three local production facilities and build new ones in the Tukang
Innovation Park industrial zone.
The new facilities, built using innovative technology to respect the local
environment and reduce energy consumption, include o¨ce space and
production plants. In various areas, and in particular the production and
assembly plants and warehouses, industry-grade epoxy flooring was chosen
for its high mechanical strength, excellent durability and resistance to wear.
MAPEI PRODUCTS: MAPEGROUT HI-FLOW SP*, MAPEFLOOR I300 SL, MAPECOLOR PASTE, PRIMER G, PRIMER SN, QUARTZ 0.5.
*The product is manufactured and distributed in Singapore by Mapei Far East.
Grundfos Asia Pacific Production FacilitiesSingapore
P R O D U C T S F O R C E M E N T I T I O U S A N D R E S I N F L O O R C O V E R I N G S
1 2 2
P R O D U C T S F O R B U I L D I N G
The viaduct is located at point km 414+490 along the A3 Salerno-Reggio
Calabria motorway near Bagnara Calabra (Province of Reggio Calabria,
Southern Italy) and is still one of the tallest bridge of this kind in the world.
In 2009, the structure underwent important renovation work. The work on
the enormous hollow, reinforced concrete piles that support the bridge was
particularly important, and it was carried out using systems recommended
by Mapei working in coordination with the Italian highways authority ANAS,
the project designer and the contractor. The intervention on the piles included
repairs to the damaged concrete on the internal surfaces and structural
strengthening on the external surfaces.
MAPEI PRODUCTS: MAPEGROUT EASY FLOW, MAPEGROUT 430, MAPELASTIC GUARD, ELASTOCOLOR PAINT, PLANICRETE, MAPECURE SRA, MALECH, MAPESHIELD I, RESFOAM 1KM, RESFOAM 1KM AKS, MAPEFLEX PB 27, PRIMER PU 60, MAPEPLAST SF, PRIMER P.
Sfalassà ViaductBagnara Calabra (Reggio Calabria) - Italy
1 2 3
The A4 motorway, crossing the southern part of Poland and linking the border
in the west to the one in the east, will be the longest motorway in the country.
Mapei has been involved in construction work on the Wierzchosławice–Krzyż
stretch, near to Krakow, with interventions on 13 di�erent structures, and in
particular on the long bridge.
MAPEI PRODUCTS: ADESILEX PG1, ADESILEX PG4, COLORITE PERFORMANCE, ELASTOCOLOR PAINT, EPOJET LV, EPORIP, MAPEFLEX PU 40, MAPEFLEX PU 45, MAPEGROUT 430, MONOFINISH, PLANICRETE, PLANITOP 400, PLASTIMUL.
Bridge along theA4 MotorwayWierzchosławice-Krzyż - Poland
P R O D U C T S F O R B U I L D I N G
1 2 4
The city of Incheon has started construction work on a Maglev train called
Yeongjongdo, and once completed it will provide a high-speed, eco-
sustainable link between the airport and city centre.
This railway is the first of its kind in Korea and is made up of three sections
built in three successive phases. Mapei took part in the first phase of the
project by supplying mortars for anchoring, a field in which the company has
a wide, consolidated experience and project references from building sites all
over the world for their constant technical support and high quality products.
MAPEI PRODUCT: MAPEFILL 13KS*.
*This product is manufactured and distributed on the local market by Mapei Korea.
The Yeongjongdo Maglev Train Incheon - Korea
P R O D U C T S F O R B U I L D I N G
1 2 5
The Pantano D’Avio hydro-electric power station is located in Val Camonica.
The concrete dam is made up of 15 lightweight elements and 2 solid, stocky
abutments. In the years immediately after the dam was built, work had to
be carried out a number of times to protect the concrete of the upstream
retaining wall, while only recently an overall renovation plan has been drawn
up. Mapei started working on the plan in 2006 and helped during the design
phase for the repairs to the retaining walls of the dam on Lake Venerocolo
and the dam at Pantano.
MAPEI PRODUCTS: IDROSILEX PRONTO, MAPECURE SRA, MAPEGROUT EASY FLOW, MAPEFLEX PB27, MAPEFLEX PB25, MAPEFLEX PU45, MAPEFOAM, MAPEGRID G220, MAPEGRID G120, MAPECURE S, TRIBLOCK FINISH.
Pantano d’Avio and Venerocolo DamBrescia - Italy
P R O D U C T S F O R B U I L D I N G
1 2 6
PDRM Residential ComplexCheras (Selangor) - Malaysia
P R O D U C T S F O R S T R U C T U R A L S T R E N G T H E N I N G
The Police Quarters residential complex is located in Cheras near Selangor,
Malaysia. The buildings have been used by the police force for more than
twenty years and were in need of extensive renovation work. The innovative
solutions proposed by Mapei proved to be fundamental in reaching this
objective.
MAPEI PRODUCTS: EPOJET LV, ADESILEX PG2 SP, MAPEFER 1K, PLANITOP G40 SP, MAPEFILL SP, MAPEWRAP PRIMER 1 SP, MAPEWRAP 31 SP, MAPEWRAP C UNI-AX 300/50, MAPEBAND TPE, IDROSILEX 2K.
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San Donato in PolentaParish ChurchBertinoro (Forli’-Cesena) - Italy
P R O D U C T S F O R S T R U C T U R A L S T R E N G T H E N I N G
Last May this historic church, mentioned by Dante and Carducci, found its
antique beauty again. The church has been modified and transformed various
times over the centuries and in 2009 the Fondazione Cassa dei Risparmi di
Forlì (Forlì Savings Bank Foundation), the Diocese of Forlì-Bertinoro and the
Bertinoro Town Council signed an agreement to carry out further, necessary
renovation work. Several other private partners took part in the project by
supplying resources and manpower for the renovation projects of the ancient
parish church. Mapei could not miss out on this opportunity and donated
a wide variety of products and also provided technical support for the site.
MAPEI PRODUCTS: CARBOTUBE, MAPEGRID G 220, MAPEWRAP 11, MAPEWRAP PRIMER 1, MAPEWRAP S FIOCCO, PLANITOP HDM RESTAURO, MAPEFLUID AC3, MAPE-ANTIQUE FC CIVILE, MAPE-ANTIQUE I, MAPE-ANTIQUE INTONACO NHL, MAPE-ANTIQUE MC, MAPE-ANTIQUE RINZAFFO, ADESILEX P9, KERACOLOR FF.
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The most antique Chinese temple in Singapore, Thian Hock Keng has been
renovated a number of times. The most recent renovation work involved
mainly waterproofing, structural strengthening and renovating 1,800 m2 of
walls. Mapei was a perfect choice for this work, thanks mainly to their long,
proven experience, constant on-site supervision by their technicians and,
last but not least, their vast portfolio of products and solutions.
MAPEI PRODUCTS: ADESILEX PG2 SP*, EPOJET LV*, EPORIP, PLANITOP G40 SP*, MAPEFER, MAPELASTIC*, FIBREGLASS MESH*, PLANITOP 200*, MAPEFILL GP*, PLANICRETE SP*, MAPEWRAP PRIMER 1 SP*, MAPEWRAP G UNI-AX 900/60, MAPEWRAP 31 SP*, CARBOPLATE, PLANITOP HDM, MAPEGRID G220, ADESILEX PG2 SP*, CONSOLIDANTE 8020, MAPESTOP, MAPE-ANTIQUE RINZAFFO, MAPE-ANTIQUE MC, MAPE-ANTIQUE FC, SILEXCOLOR PAINT, SILEXCOLOR PRIMER, SILANCOLOR PAINT, SILANCOLOR PRIMER, AQUAFLEX SYSTEM, MALECH, MAPEFLOOR FINISH 52W.
*These products are manufactured in Singapore by Mapei Far East.
P R O D U C T S F O R T H E R E P A I R O F M A S O N R Y
Temple of Thian HockSingapore
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The Marian sanctuary in Święta Lipka, one of the most important places of
worship for Polish pilgrims is of extraordinary value from a historical point
of view, and is considered to be a highly significant example of religious
architecture from the late Baroque period in Poland.
In 2011, the external façades of the basilica and certain parts of the walls of
the cloisters were in need of restoration. The works, carried out using Mapei
products, included substituting the render and consolidating the masonry
where required.
MAPEI PRODUCTS: MAPE-ANTIQUE F21, MAPE-ANTIQUE FC CIVILE, MAPE-ANTIQUE LC, MAPE-ANTIQUE RINZAFFO, MAPE-ANTIQUE STRUTTURALE NHL, MAPEGRID G220, PLANITOP HDM RESTAURO.
Sanctuary of Saint Mary Święta Lipka - Poland
P R O D U C T S F O R T H E R E P A I R O F M A S O N R Y
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P R O D U C T S F O R A C O U S T I C I N S U L A T I O N
Giardini Milano Life ApartmentsRedecesio di Segrate (Milan) - Italy
Giardini Milano Life Apartments is a recent housing project for homes
near Milan. All the buildings have a high level of safety, insulation and
soundproofing features in the buildings, as well as eco-compatible solutions,
and the latest generation of plant systems so they are more economic to run
and o�er the highest level of living comfort available. The project designer
and main contractor of the project contacted the Mapei Technical Services
Department for solutions to overcome some of the problems. The first
interventions carried out on site were waterproofing the foundation walls and
lift wells. The Mapei Technical Services Department was also contacted for
advice on the application of the most appropriate products to make quick-
drying screeds and for soundproofing the surfaces inside the buildings.
MAPEI PRODUCTS: IDROSTOP B25, MAPEPROOF CD, MAPEPROOF LW, MAPESILENT BAND, MAPESILENT ROLL, TOPCEM.
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P R O D U C T S F O R T H E R M A L I N S U L A T I O N
Ampere ApartmentsMilan - Italy
A new generation apartment block located in the heart of Milan.
During construction work, special care was taken on its sustainability, the
wellbeing of the residents and lower energy consumption, and they were all
guaranteed thanks to the use of MAPETHERM TILE SYSTEM.
Apart from products for the thermal insulation system, Mapei also supplied
their latest generation of adhesives to bond the thin ceramic tiles on the
façade.
MAPEI PRODUCTS: PLANITOP HDM MAXI, MAPEGRID G 120, KERABOND, ISOLASTIC, ULTRACOLOR PLUS, MAPESIL LM.
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João de Deus Primary SchoolEntroncamento - Portugal
P R O D U C T S F O R T H E R M A L I N S U L A T I O N
The João de Deus Primary school was established in the city of
Entroncamento as an educational centre for the João de Deus Association,
a network of educational facilities with primary schools, high schools,
children’s centres, play centres and museums. They are a testimony to the
teaching methods promoted by their founder João de Deus who, through
the publication of his book “Cartilha Maternal” in 1876, played an important
part in combating the high rate of illiteracy at the time by o�ering a new
message and teaching method. The construction was protected from the
outside thanks to the support provided by Mapei Technical Services, who
recommended a thorough cleaning of the surfaces and then the application
of Mapei adhesive, insulating panels and a final finishing treatment.
MAPEI PRODUCTS: MAPETHERM AR1, QUARZOLITE BASE COAT, QUARZOLITE TONACHINO.
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ARB Residential ComplexBrussels - Belgium
P R O D U C T S F O R T H E R M A L I N S U L A T I O N
This large residential complex stretches along the chaussée de Louvain in
the city of Brussels. There are 5 structures in all, each one consisting of four
buildings with six floors. The construction of this complex included the use of
Mapei products for the thermal insulation system.
MAPEI PRODUCTS: MAPETHERM SYSTEM, SILANCOLORTONACHINO.
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W A L L P R O T E C T I V E A N D D E C O R A T I V E C O A T I N G S
Venice Tronchetto Car-ParkVenice - Italy
If you go to Venice by car or train, just before reaching Piazzale Roma, you will
find the Tronchetto Car-Park, or Isola Nuova (New Island). It is called “New”
because it is an artificial island created in the 1960’s from waste material. It
is now used as a terminus at the end of the motorway, along with the nearby
Piazzale Roma. Here you can find car-parks and a tourist centre, and it is
also the departure point for ferries sailing to the Venice Lido. Between 2010
and 2012, Mapei products were used to renovate the façade of the Venice
Tronchetto Car-Park.
MAPEI PRODUCTS: MALECH, MAPEFER, MAPEGROUT BM, MAPEGROUT LM2K, ELASTOCOLOR PAINT.
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Csepel Residential ComplexBudapest - Hungary
W A L L P R O T E C T I V E A N D D E C O R A T I V E C O A T I N G S
The façade of this apartment complex in the Csepel district near Budapest was
entirely covered with a thermal insulation system and Mapei’s collaboration
was vitally important in the creation of this complex. The thermal insulation
system covered a total area of 17,000 m2 and involved the application of
the complete MAPETHERM SYSTEM, from the adhesives to the substrates,
right up to the finishing products used for the walls.
MAPEI PRODUCTS: MAPETHERM SYSTEM, QUARZOLITE BASECOAT, QUARZOLITE GRAFFIATO.
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Residential and Business CentreVaraždin - Croazia
P R O D U C T S F O R W A T E R P R O O F I N G
This new complex is the first ever class A energy consumption building
constructed in the city of Varaždin in Croatia. In order to obtain this level
of certification, the designers and client covered the roof with insulating
panels and, to get the best results, contacted Mapei Technical Services
Department, who proposed applying the MAPEPLAN system produced by
Polyglass, a Mapei Group subsidiary company specialised in the production
of waterproofing membranes.
MAPEI PRODUCTS: MAPEBAND, MAPELASTIC, MAPENET 150, MAPEPLAN T M.
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P R O D U C T S F O R W A T E R P R O O F I N G
Varadero is a popular tourist location in the province of Matanzas in Cuba and
has one of the largest, most beautiful beaches in the Caribbean. Numerous
tourist villages and complexes have sprung up along the beaches. And
since 1999 up until 2012, Mapei has been involved in the construction of
seventeen hotels on the Varadero peninsula, and has supplied numerous
products for waterproofing, preparing substrates, installing ceramic wall
and floor coverings, grouting joints, finishing o� surfaces and for renovating
masonry work.
MAPEI PRODUCTS: MAPELASTIC, MAPEBAND, IDROSTOP PVC BI.
Hotel ComplexesVaradero - Cuba
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A D M I X T U R E S F O R C O N C R E T E
Vodafone VillageMilan - Italy
Situated in the Lorenteggio district in Milan, the new Vodafone Village is a
concentration of technology, sustainability and care for people’s health. It has
been defined as a modern village and has a central place which represents
a symbolic meeting place for a community that looks towards the future with
confidence.
It is also an example of eco-compatible architecture, and particularly special
care has been taken to respect the environment to guarantee a high standard
of comfort for the employees as they go about their daily a�airs.
During its construction, the technology of Mapei’s DYNAMON admixtures for
concrete was chosen.
MAPEI PRODUCTS: DYNAMON RANGE.
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The new tower, designed by the architects Arata Isozaki and Andrea Ma�ei,
is in the CityLife district, an important urban redevelopment site in the city
of Milan. Its overall height will be slightly more than 200 metres and, once
completed, it will be one of the tallest buildings in Italy. The foundation slab
was so large that the concrete was considered a mass cast and it took
several months of careful preliminary testing work before the mix was
approved. The basic idea on which Monvil Beton and Mapei carried out their
work started from the construction company’s choice to cast the concrete
in a continuous stream without using vibrators, and without any construction
joints in the foundation slab.
MAPEI PRODUCTS: MAPEPLAST PZ 300, DYNAMON SR 914, VISCOSTAR 3K.
Isozaki TowerMilan - Italy
A D M I X T U R E S F O R C O N C R E T E
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A D M I X T U R E S F O R C O N C R E T E
Work is in full swing to double the capacity of the Panama Canal, a project
which includes the construction of two new sets of locks (one on the Atlantic
side and one on the Pacific side) to increase the flow of commercial tra¨c
along the canal by allowing even bigger and larger capacity ships to pass
through.
The presence of Made in Italy in Panama also includes Mapei amongst the
designers, with the supply of admixtures for the concrete for what is currently
considered the largest construction site in the world.
MAPEI PRODUCTS: PLANITOP 15, MAPECURE SRA, DYNAMON XP2, DYNAMON XP2 EVOLUTION 1.
Panama Canal IIPanama
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The cities of Graz and Klagenfurt are the two main cities in southern Austria.
Graz and Klagenfurt will be linked together by a modern, 130 km-long railway
line, called the Koralm line. The tunnel will be made up of two minor tunnels
running parallel to each other. The construction project is divided into three
separate phases. Mapei GmbH, the Austrian subsidiary of the Mapei Group,
was chosen to supply the admixtures for the shotcrete used during the first
phase of the project.
MAPEI PRODUCTS: MAPECURE E 30, MAPEQUICK 043 FFG, MAPEQUICK 043 FFG (SBE), MAPEQUICK 043 FFG /3G*.
*The latter product is manufactured and distributed on the Austrian market by Mapei GmbH.
Koralm TunnelGraz / Klagenfurt - Austria
P R O D U C T S F O R U N D E R G R O U N D C O N S T R U C T I O N S
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E6 Highway: Dal to Minnesund StretchEidsvoll - Norway
P R O D U C T S F O R U N D E R G R O U N D C O N S T R U C T I O N S
The E6 is a European highway running from the southern part of Sweden to
the northern border between Norway and Russia. This is an important road
with similar characteristics to those of a motorway. According to the design
presented by the Norwegian government, the E6 had to be widened to 4
lanes and be separated in the middle by a central reservation between the
towns of Dal and Minnesund. A new tunnel also had to be built alongside
the existing one in Eidsvoll. Mapei AS Technical Services Department was
on site during construction work, and recommended a wide range of well-
proven products to optimise the operations, especially when temperatures
were particularly low.
MAPEI PRODUCTS: MAPEQUICK AF 2000, MAPECURE CCI-2000*, NONSET 50*, NONSET 400*, NONSET 400 FF*, REDIREP 45 RSF*, ZINKBOLT*, MAPEPOXY L*, MAPEPOXY* BI IMP*.
*These products are manufactured and distributed in the Northern European countries by Mapei AS (Norway).
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The Sofia underground railway network has two main lines along its 31 km of
track. Line 1 started running in 2009. Construction work on the second line
started in 2007. Thanks to the support of the UTT division, Mapei Bulgaria
was involved in the building works for line 2, and worked alongside the
construction companies that took part in the project.
MAPEI PRODUCTS: ADESILEX P9, ECO PRIM GRIP, FOAMJET 260 LV, KERAFLEX MAXI S1, MAPEPLAN TU WL, MAPEQUICK AF 1000, MAPEQUICK AF 2000, MAPETHERM AR1, MAPETHERM NET, QUARZOLITE BASE COAT, QUARZOLITE TONACHINO , ULTRACOLOR PLUS.
Underground - Line 2Sofia - Bulgaria
P R O D U C T S F O R U N D E R G R O U N D C O N S T R U C T I O N S
Edited by
Mapei SpA, Communications and Art Direction
Financial Data
Mapei SpA, Accounting and Controlling Department
Graphic Design
Mapei SpA, Marketing Department
Photos
Mapei SpA photographic records
Printers
Rotolito Lombarda
Milan, August 2013
HEADQUARTERSMAPEI SpA Via Cafiero, 22 - 20158 MilanTel. +39-02-37673.1 Fax +39-02-37673.214Internet: www.mapei.comE-mail: [email protected]
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ADHESIVES • SEALANTS • CHEMICAL PRODUCTS FOR BUILDING
