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DECEMBER 31st
2015CONSOLIDATEDFINANCIALSTATEMENTS
CONS
OLID
ATED
FIN
ANCI
AL S
TATE
MEN
TS D
ECEM
BER
31st 2
015
HEADQUARTERSMAPEI SpA Via Cafiero, 22 - 20158 MilanTel. +39-02-37673.1 Fax +39-02-37673.214Internet: www.mapei.comE-mail: [email protected]
ADHESIVES • SEALANTS • CHEMICAL PRODUCTS FOR BUILDING
DECEMBER 31st
2015CONSOLIDATED FINANCIALSTATEMENTS
2
3
Index
A letter from the CEO 5
Group Flow Chart 6
Mapei Group around the world 8
Innovation and constant research to continue our growth and generate culture 11
MAPEI GROUP CONSOLIDATED FINANCIAL STATEMENTS
Management report 33
Balance sheet 67
Statement of income 70
Cash-flow statement 72
Notes to the consolidated financial statements 73
Report of independent auditors 110
The major projects in 2015 113
4
T E S T A T I N A
4
5
Out of all the world’s leading companies involved in the
manufacture of chemical products for the building industry,
thanks to their innovative products and desire to compete and
excel at a global level, Mapei has always raised the bar in terms
of new standards of quality.
Safe in the knowledge that, for every market we operate on, we
o�er only products of the highest quality, 2015 was a positive
year for Mapei, with a global rate of growth of almost 13%.
But while looking at this result we must also take into
consideration the various local conditions, with certain countries
where the market is going through a negative phase - such as
Italy and France - while in other parts of the world, such as North
America and the Asia-Pacific area, the rate of growth has been
as high as 20%. Added to this is the positive performance of
the Group as a whole in countries such as Germany, the United Kingdom, Hungary and Scandinavia.
These results have been determined by the excellent competitiveness of the Group on the global market
and are the result of the constant commitment of Mapei’s three strategic cornerstones: research,
internationalisation and specialisation.
Investment in Research and Development work to develop new products and technologies has also
grown, aimed at always meeting the requirements of every market in which we operate and where our
ambition is to be the leader.
All this is carried out by consolidating our commitment to the sustainable development of products and
industrial processes, with products that are designed to reduce energy consumption and the emission
of VOC (volatile organic compounds), while also being safe for the environment, production workers,
those who apply our products and the end users of our products.
A commitment to safeguard the environment and people’s health that is also expressed through our design
work, such as the construction of new manufacturing facilities using local eco-sustainable materials.
The growth of the Group for 2015 in the five continents also continued from a commercial, production
and organisational point of view, with the construction of new industrial sites, the upgrading of existing
facilities and by increasing the number of employees.
An extraordinary rate of growth in this period of global crisis, which represents enormous satisfaction
for the more than 9,000 direct and indirect employees that make up Mapei Group.
While it may be true that, for 2016, forecasters are predicting an improvement in the state of the global
construction industry - with a rate of growth expected to be around 3.6% - the overall economic climate
has more of a “swings and roundabouts” feel to it for various reasons, such as a decrease in the price
of petrol.
In spite of all this, we are confident of achieving important results for 2016, with further investments into
research work, the upgrading of our existing plants and the construction of new plants.
Our declared aim is to further increase our capacity to compete on a world level while creating new job
opportunities.
To know how to welcome and act upon the opportunities we are presented with and transform them
into opportunities to grow and improve. And together with the energy of our employees and the team
spirit which has always been an inspiration for its operations, this is the strength of a Group that
continues to follow its chosen route with determination and hope for the future.
Milan, May 27th 2016 Giorgio Squinzi CEO
Innovate to improveand create further growth
6
Flow Chart
MAPEI GROUP
MAPEI SpaItaly
Mapei Ukraine LlcUkraine
Zao MapeiRussia
Mapei Bulgaria EoodBulgaria
Resconsult AsNorway
Mapei OyFinland
Mapei AbSweden
Mapei IncCanada
4307721 Canada IncCanada
Mapei Caribe IncPuerto Rico
Mapei CorpUnited States
General Resource Technology Corporation
United States
Mapei East CorpUnited States
Mapei Venezuela CaVenezuela
Mapei de Mexico Sa de CvMexico
Mapei Stadium SrlItaly
U.S. Sassuolo Calcio SrlItaly
CerCol SpaItaly
Mapei Suisse SaSwitzerland
Mapei France SaFrance
Mapei Benelux SaBelgium
Ibermapei Sa Spain
Mapei UK LtdUnited Kingdom
Mapei Romania SrlRomania
Mapei Croatia DooCroatia
Mapei DooSlovenia
Mapei Hellas SaGreece
Lusomapei SaPortugal
Mapei GmbhGermany
Mapei Nederland BvNetherlands
Mapei Denmark AsDenmark
Mapei Yapi Kimyasallari Ins.San.Ve Tic.A.S.Turkey
Mapei AsNorway
Mapei Argentina SaArgentina
Mapei Brasil Construction Materials LTDABrasil
Adesital SpaItaly
Vinavil SpaItaly
Mosaico Plus Ukraine LlcUkraine
Vinavil Egypt for Chemicals SaeEgypt
Mapei South Africa Pty LtdSouth Africa
Vaga SrlItaly
Vaga Società Agricola S.s.Italy
Mosaico+ SrlItaly
Progetto Mosaico+ SrlItaly
99.50%
99.99%
100.00%
99.99%
100.00%
100.00%
100.00%
100.00%
99.96%
100.00%
100.00%
100.00%
100.00%
100.00%
99.97%
100.00%
99.98%
100.00%
50.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
1.00%
86.00%
91.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
78.50%
99.00%
14.00%
9.00%
50.00%
100.00%
90.00%
50.00%
7
100,00% PT Mapei Indonesia Construction ProductsIndonesia
MAPEI SpaItaly
Polyglass SpaItaly
Polyglass Great Britain LtdUnited Kingdom
Polyglass Romania SrlRomania
Polyglass USA IncUnited States
Mapei Vietnam LtdVietnam
Mapei Korea LtdSouth Korea
Mapei Australia Pty LtdAustralia
Mapei New Zealand LtdNew Zealand
Mapei Construction Chemicals LlcUnited Arab Emirates
Mapei Doha LlcQatar
Mapei Middle East FzcoUnited Arab Emirates
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
73.12%
66.58%
60.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
99.99%
49.00%
49.00%
50.00%
99.99%
99.99%
0.01%
100.00%
100.00%
100.00%
99.99%
100.00%
100.00%
99.00%
100.00%
Mapei GmbhAustria
Mapefin Austria GmbhAustria
Mapei Betontechnik GmbhAustria
Mapei KftHungary
Mapei SroCzeck Republic
Mapei SK SroSlovak Republic
Mapei Polska SpzooPoland
Mapei SRB D.o.o.Serbia
Gorka Cement SpzooPoland
Mapei Construction Chemicals Panama Sa
Panama
Mapefin Deutschland GmbhGermany
Sopro Bauchemie GmbhGermany
Sopro Hungária KftHungary
Rasco Bitumentechnik GmbhGermany
Sopro Bauchemie GmbhAustria
Sopro Polska SpzooPoland
Sopro Netherland BvNetherlands
100.00%
100.00%
100.00%
100.00%
100.00%
26.88%
33.42%
40.00%
100.00%
100.00%
Mapei Far East Pte Ltd Singapore
Mapei Malaysia Sdn BhdMalaysia
100.00%
100.00%
Mapei China LtdHong Kong S.A.R.
Mapei Costa Rica SaCosta Rica
8
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
67 PLANTS AND79 SUBSIDIARIES
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.
1 0
1 1
Innovation and constant researchto continue our growthand generate culture The progress of the construction industry towards a sustainable future is tightly connected to innovations from the chemicals sector. Mapei, who plays a leading role in this area at a global level, knows this all too well.Not only must the development of sustainable technology in this sector proceed in steps, by improving existing products and making them increasingly healthy, but it must also develop by focusing on radical innovation based on scientific research and in-depth knowledge of emerging technology, which is precisely the way Mapei operates.Commitment, experience and constant research. These are the key words on which the Company’s responsibility towards the environmental is based, which in turn is behind all Mapei’s choices and decisions as a company. Products, in fact, are developed and tested through long-term research work, to ensure they are always more effective and innovative.With special attention on the production of products compatible with the health of those working in the building industry, and by opting for highly advanced technological solutions that help safeguard the environment around us.All this with a 360° view of global industrial conditions, which is coherent with a vision of a company that, as Giorgio Squinzi said, “Is not just about profit margins and accountancy rules, it is rather a place where relationships between individuals, organisations and the surrounding territories are formed and nurtured; a highly complex place which, for this very reason, is a powerful generator of culture in general”. “Because when we run a company”, according to the CEO of Mapei, “we express behaviours and values that cannot be closed and confined within its walls; they pervade into society as a whole, they offer inspiration up to the point where they become part of the cultural heritage of our society”.These are the solid foundations that help explain the reason for Mapei Group’s growth in 2015 and confirm the Company’s indisputable world leadership amongst companies manufacturing complementary materials for the building industry.
1 2
I N T E R N A T I O N A L I S A T I O N
1 3
I N T E R N A T I O N A L I S A T I O N
InternationalisationOne of the distinguishing features of Mapei’s company policy has always been its desire to grow. Internationalisation is a part of this programme, with Mapei doing business in the 5 continents, with the aim of expanding even more where their market presence is still limited.The results for 2015 were positive across the board and for all product lines. The overall growth was almost 5% and, if we take into consideration the exchange rate, which penalised us by an estimated 1.3%, this result would certainly have been even better.Positive results in line with a seemingly simplistic view in line with the fundamental principal of our Company: always make the most of new opportunities and know how to turn them into sound, sustainable growth.We aim at being one step ahead of the market requirements for every country in the world by offering the most technologically advanced products. These are the rewards of the considerable resources, not only economic, invested into Research and Development to satisfy the requirements of each and every market where we operate and where we aspire to become leader.Mapei’s global strategy is not just focused on those areas with a high rate of growth; our leadership is also strengthened by those markets where Mapei has already established a consolidated position.Close attention to our clientele, the market and new technologies are a constant guide for Mapei Group’s experience which has always implemented a strategy of medium to long-term growth.
1 4
C O M M I T M E N T T O S U S T A I N A B I L I T Y
The winning sustainability.Mapei Spa amongst the winners of the 2015 Responsible Care AwardThe involvement of social organisations, the distribution and transport of chemical products, energy efficiency, safeguarding the environment, health and safety in the workplace, safe working practices, product responsibility and the control and defence of manufacturing facilities.These are the eight key areas of management that Federchimica took into consideration when adjudicating the winners of the 2015 Responsible Care Awards for Italian companies, one of which was Mapei.Mapei Spa received recognition for their RE-CON ZERO, a sustainable solution for recycling and reusing leftover concrete, a perfect example of “circular economy”.RE-CON ZERO is the most sustainable method for treating leftover concrete and completely transforming it into reusable granular aggregates to be used in the production of new concrete, thereby avoiding sending it for landfill.Recognition of the commitment of Mapei and their offer of solutions based on their experience matured on sites all around the world, and not on empty promises. Products and solutions that offer a concrete assurance of increased durability and that help save materials and energy.
RE-CON ZERØIl prodotto innovativo per il recupero sostenibile del calcestruzzo reso• Non produce rifiuti • Viene aggiunto in autobetoniera• Non richiede impianti di trattamento• Produce aggregati interamente riutilizzabili• Riduce l’impatto ambientale• Riduce i costi operativi
SCARICO
STEP
0.5 kg
Parte A0.5 kg/m3
STEPParte B6 kg/m3
3 minutidi miscelazione3 minuti
di miscelazione
STEP
1 kg1 kg
1 kg
1 kg
1 kg1 kg
CALCESTRUZZO
/mapeispaMapei con voi:approfondiamo insieme su www.mapei.it
Questo prodotto contribuisce al conseguimento di punteggi LEED
1 5
C O M M I T M E N T T O S U S T A I N A B I L I T Y
LOW DUST
PRESTAZIONI MAXI, IMPATTO ZERO / MAXI PERFORMANCES WITH MAXI PERFORMANCES WITH MAXI ZERO IMPACTZERO IMPACTZERO
diventa | becomesbecomesbecomes
®
®
B
FASHIONABLY GREEN FOR OVER 30 YEARS:CERTIFIED SOLUTIONS FOR ECO-SUSTAINABLE PROJECTS WORLDWIDE FOR MORE THAN 30 YEARS
MAPEI COMMITMENT TO RESEARCH & DEVELOPMENT IS CONSTANTLY DEVOTED TO THE DEVELOPMENT OF ZERO IMPACT PRODUCTS.
MAPEI PRODUCTS ARE FORMULATEDUSING INNOVATIVE, RECYCLED AND ULTRA-LIGHT RAW MATERIALS DEVELOPED TO REDUCE ENERGY CONSUMPTION AND HAVE VERY LOW EMISSION LEVEL OF VOLATILE ORGANIC COMPOUNDS.
GLOBAL SUSTAINABILITY,SAFETY AND TRASPARENCY:ONE STEP AHEAD TO BEALWAYS THE BEST
1 6
M A P E I & E X P O
Expo 2015On the 31st of October 2015 the curtain went down on Expo 2015, the Universal Exposition that brought 21 million visitors to Milan to take part in the theme “Feeding the Planet, Energy for Life”.Inside the exposition site, Mapei supplied products to build 65 pavilions, nine clusters and various complementary features, such as the enormous foundation slab on which the event was built, without forgetting, of course, all the works carried out around the site, such as the Expo Bridge and the TEEM (External East Milan Ring road), and those inside the city of Milan itself, such as the new stations along the M5 metropolitan rail link, redevelopment of the port and the new “home” for the Pietà by Rondanini at Castello Sforzesco. Mapei sponsored the USA pavilion, the symbolic sculpture of a giant seed “Il Seme dell’altissimo” and the Pride of Brescia Consortium that created the Tree of Life, and also took part in the “Ecco la mia impresa” exhibition organised by Intesa San Paolo in the Waterstone pavilion.Over the course of the event, Mapei brought more than 3,000 international visitors from the building industry to Expo and to the city of Milan.As a way of interpreting the theme selected by Expo, Mapei brought to everyone’s attention systems suitable for use in all types of environment where drinks and foodstuffs are stored, processed, distributed and consumed.Following the indications set by Expo, Mapei took part in a humanitarian programme organised by the E4Impact Foundation, which provides support for the development of African countries in the sub-Sahara region in the training of socially-aware new businessmen by offering a Global MBA in Impact Entrepreneurship.
A
.
B C D E
F G
H II L M N O P
EXAMPLES OF WORK CARRIED OUT BEYOND THE BOUNDARIES OF THE MILAN EXPO 2015 EXHIBITION SITE USING MAPEI PRODUCTS
PEDEMONTANAHIGHWAY
BRE.BE.MIHIGHWAY
TEEMHIGHWAY
LINE 5UNDERGROUND
CENTRAL STATIONRAILWAY
DARSENAWATERWAYS
CASCINAMERLATA
CITY LIFEDISTRICT
PORTA NUOVADISTRICT
DUOMOSQUARE
SCIENCES TECHNOLOGY MUSEUM
PIETÀ RONDANINIROOM
BAGNI MISTERIOSI SCULPTURE
ARCOBALENOTOWER
1 71 7
M A P E I & E X P O
http://www.mapeifood.com/EXPO BY NUMBERS
AND MAPEI BY NUMBERS
21.5 MILLION THE TOTAL NUMBER VISITORS, OF WHICH 6.5 FROM OVERSEAS
2.3 BILLION THE AMOUNT OF MONEY SPENT BY ITALIAN VISITORS
88% THE NUMBER OF VISITORS SATISFIED BY THEIR VISIT AND 74% THE NUMBER CONVINCED THAT THE EVENT WAS A SUCCESS FOR ITALY
300 VISITS BY THE AUTHORITIES AND 60 BY HEADS OF STATE
2 HOURS AND 45 MINUTES THE AVERAGE LENGTH OF TIME SPENT QUEUING
JAPAN, CHINA, KAZAKHSTAN, UAE AND ISRAEL THE PAVILIONS MOST APPRECIATED BY THE VISITORS
4,200 NUMBER OF SEATS RECYCLED AND REUSED IN OFFICES AND AUDITORIUMS
700 BENCHES SPREAD BETWEEN THE DECUMANO AND SURROUNDING AREAS
13,000 TREES AND 85,000 BUSHES THAT WILL REMAIN ON THE SITE
1,100 KM OF CABLES RUNNING BENEATH 24 KM OF INTERNAL ROADS
29,000 TONNES OF STEEL FOR THE METAL STRUCTURES TO BUILD THE PAVILIONS
28,000 TONNES OF REBAR TO REINFORCE THE CONCRETE
250.000 PHOTOS OF THE TREE OF LIFE POSTED ON INSTAGRAM
65 PAVILIONS, 9 CLUSTERS AND VARIOUS COMPLEMENTARY WORKS AND FEATURES USED MAPEI PRODUCTS
THE DECUMANO (1.5 KM) AND THE CARDO (350 M) WERE PAINTED WITH ASPHALT COAT TRAFFIC HB 136 IN 7 DIFFERENT COLOURS
TO BUILD PERMANENT INFRASTRUCTURES SUCH AS THE EXPO BRIDGE, THE MILAN EXTERNAL EASTERN RING ROAD AND THE A36 MOTORWAY NUMEROUS MAPEI PRODUCTS WERE USED
MAPEI TOOK PART IN THE CONSTRUCTION OF STATIONS ALONG THE M5 METROPOLITAN RAIL LINK, RENOVATION WORK ON THE PORT, AND ON BUILDING WORK FOR THE NEW HOME OF THE PIETÀ RONDANINIMAPEI BROUGHT 3,000 INTERNATIONAL OPERATORS TO EXPO
1 8
T R A D E F A I R S
DOMOTEX - HANNOVER - GERMANY
CERSAIE / SAIE - BOLOGNA - ITALY
COVERINGS - ORLANDO - FLORIDA (USA)
Global trade-fairsInnovation and creativity to showcase our products. These are the two concepts that best summarise Mapei’s trade-fair activities in 2015 with the aim of strengthening our ties with those who work in the business even more.Our trade-fair strategy is based on clear communication choices, aimed at highlighting how “the best combination” to construct a level of quality that is unique in the international world of building, is the winning union between Mapei and users, designers, contractors, architects and all those people from all around the world who choose Mapei to get the best results.In 2015 Mapei confirmed their presence at the most important international events in the ceramics and building sectors: Cersaie in Bologna for the ceramics sector, Saie in Bologna, Made Expo in Milan and BAU in Munich for the building sector, Marmomacc in Verona for the marble and stone sector and Domotex in Hannover for the resilients sector.A global presence at trade fairs that, nonetheless, did not overlook the importance of national or regional events held in every part of the world. To highlight how “choosing Mapei” offers the advantage of interfacing with just “one single representative on site”: to decide quickly on the most efficient integrated solutions to adopt, safe in the knowledge that every type of intervention is possible.
BAU - MUNICH - GERMANY
SURFACES - LAS VEGAS - NEVADA (USA)
TURKEY BUILD ISTANBUL - ISTANBUL - TURKEY
MADEEXPO - MILAN - ITALY
VIETBUILD EXHIBITION - HO CHI MINH CITY - VIETNAM
FSB - COLOGNE - GERMANY
1 9
T H E N E W P R O D U C T S
So many new products for the most specific site requirementsWith the aim of covering the most diverse array of site requirements and, as a result, develop a range of products that are highly evolved technologically and have increasingly high performance characteristics, there were numerous new cutting-edge products in 2015.Six new polyurethane foams were introduced for filling, sealing, soundproofing and insulating work. MAPEPUR UNIVERSAL FOAM M, MAPEPUR UNIVERSAL FOAM G, MAPEPUR ROOF FOAM M, MAPEPUR ROOF FOAM G, MAPEPUR FIRE FOAM M, MAPEPUR CLEANER.Four products were added to the resilient and textile floorings Line of products. ULTRAPLAN FAST TRACK, ULTRABOND ECO FAST TRACK, ULTRABOND ECO 550, ULTRABOND ECO VS 90 PLUS; a new product was added to the wood Line, ULTRABOND ECO S968 1K, while another was also added to the ceramics and stone material Line, ULTRABOND ECO PU 2K.Brand new showcased products for 2015 were the steel structural fibres for concrete: MAPEI STEEL DRY 316, MAPEI STEEL BAR 304, MAPEI STEEL BAR 316 and MANDRILL FOR MAPEI STEEL DRY.Four new products were introduced to the waterproofing Line in 2015:AQUAFLEX ROOF PLUS represents an evolution of traditional ready-mixed acrylic waterproofing membranes;MAPEGUARD WP SYSTEM alkali-resistant, waterproofing and anti-fracture membrane, suitable for ceramic and stone flooring;MAPETEX 50 non-woven polypropylene fabric (weight 50 g/m²) for reinforcing waterproof membranes;MAPECOAT PU15 HR aliphatic polyurethane finish for waterproofing membranes.DURSILITE PLUS and QUARZOLITE HF PLUS are the new products for the protective and decorative coating Line; the first is a water-based hygienising wall paint for internal use, while the second product is an acrylic hygienising paint with granular quartz fillers for internal and external use.Amongst our sealant products, the new MAPEFLEX MS CRYSTAL is specifically formulated to be highly transparent and act as both sealant and adhesive.A new release for repairing concrete was MAPEGROUT BETONTECH HPC, free-flowing, shrinkage compensated cementitious grout containing polymer fibre reinforcement with a work-hardening effect for restoring concrete where high ductility is required.As part of the thermal insulation repair systems, MAPETHERM FLEX RP is a ready-mixed, cement-free skimming paste that is extremely elastic and resistant to aggressive mould and mildew.MAPEWALL MURATURA FINE is our new, high-strength breathable masonry mortar, while MAPEFLOOR EP 90 is our new three-component epoxy mortar for floors resistant to wear.For the conservative renovation and consolidation of porous stone, brickwork, terracotta and render, our latest additions are CONSOLIDATOR ETS 10 and CONSOLIDATOR ETS 30, consolidating products made from tetraethyl orthosilicate in solvent.
2 0
Investing in training to keep growing and improvingTraining has an important role to play for Mapei and we actively promote refresher courses and workshops to perfect the laying techniques for our products.Training has always been budgeted for and, since April 2015, at our Sassuolo, Latina and Marcianise sites, there are 11 schools dedicated to teaching how to install ceramic tiles and apply waterproofing systems.Mapei also periodically organises conventions for designers and site managers, with the collaboration of members from chartered bodies. The speakers at these events, which are held in Italy at the Company’s various training centres (in Milan, Rome, Latina, Lecce, Sassuolo, Caserta and in Ponte di Piave works and abroad at the headquarters of various associate companies, particularly Poland, Hungary, USA and France), are all experts from the sector, Product Managers and external professionals and the themes they discuss are of primary importance to the building industry.Mapei is also a member of the main national and international technical standards committees and is an active participant in the groups that have drawn up various technical laying norms and standards published in recent years.Amongst the courses promoted through our “Technical Partner” system, Mapei provides constant support for Assoposa – the National Association of Ceramic Tile Installers - and organises specialist training courses aimed at providing qualifications for the tiling profession.
T R A I N I N G
TRAVELLING TRAINING INITIATIVE - ITALY MAPEI YAPI KIMYASALLARI A.S. CARRIES OUT AN INTENSE PROGRAMME OF TRAINING ACTIVITIES FOR USERS, DISTRIBUTORS, CONTRACTORS AND DESIGNERS
PAMIE, THE PLATFORM FOR MAPEI UK AND THEIR TRAVELLING TRAINING INITIATIVE
EUF: ANNUAL WORKSHOP IN MILAN
ASSOPOSA
2 1
R E S E A R C H
ResearchResearch work is carried out in the 18 R&D laboratories and is coordinated by the Corporate Research Centre in Milan.The numerous papers published by respected scientific journals and presented at international congresses are a testimony of the high scientific level of the Research and Development work carried out by Mapei.Scientific research work, which originates from ongoing research projects, is keenly supported by the Scientific Community.
There have been numerous collaborations with bodies such as:• University of Padua: the formation of the nano-scale structure of cement during its initial hydration phases;• Federico II University of Naples: the development of composites to strengthen the structures of buildings;• University of Genoa, focused on the development of activities carried out by the Engineering and Sustainable Architecture faculty, with
the active support of Mapei engineers in training modules regarding products and systems for sustainable building.
These are the main scientific papers accepted for publication by international journals:• Journal of Materials Science: Development of the microstructure of Portland cement using synchrotron micro-tomography• Cement and Concrete Research: Deterioration processes of concrete due to combined sulphate-phosphate attack• Crystal Growth & Design: Direct imaging of nucleation mechanisms of cement in the presence of super-plasticisers using synchrotron
micro-tomography• Journal of the American Ceramic Society: In-situ quantitative analysis of cement hydration• Zement Kalk Gips, drymix special: Controlled encapsulation and release of hexavalent chrome reducing agents
Main scientific papers presented at congresses:• 11th Int. Conference on Super-plasticisers. Ottawa 2015: o Influence of C3A on the dissolution kinetics of alite/gypsum mixes o Influence of a new metallic-silicate-hydrate additive on the strength and durability of concrete• 31st Int. Conference on Recent Advances in Concrete Technology and Sustainability Issues. Ottawa 2015: Characterisation of concrete
made from recycled aggregates derived from waste concrete• 14th Int. Congress on the Chemistry of Cement. Beijing 2015: o 3D Imaging of nucleation processes using computerised tomography o A new metallic-silicate-hydrate set-accelerating admixture o Reactivity of additives for cement o Correlation of the performance characteristics of additives for cement containing fly-ash• First ECI Conference on Geopolymers. Hernstein-Austria 2015: Structural strengthening of masonry using fibres in a geo-polymeric
matrix• 40th Conference on Our World in Concrete & Structures. Singapore 2015: A new polysilicate for high strength, highly durable concrete
after brief curing cycles• 37th ICMA International Cement Microscopy Association Conference. Seattle 2015: o The influence of composition on the quality of clinker and the formulation of grinding aid admixtures o Activation of fly-ash using chemical additives: interaction with the hydration of Portland cement• 4th Latin American Dry Mortar Meeting. Sao Paolo 2015: “Pull-out” tests on cementitious adhesives: analysis and statistics• XIX Congress of the Industrial Chemistry Division of the Italian Chemistry Society. Salerno 2015: Innovative sustainable technology for
the construction industry
Through their connections with various institutes and bodies, representatives from Mapei were active members of groups operating in the Research and Innovation field, including the following:• Confindustria Technical Committee• Federchimica Research and Innovation Committee• Federchimica “Sustainable Chemistry” work group • Research and Innovation Programme Council of the CEFIC (European Federation of the National Associations of the Chemical
Industry)• Executive Board of the ICMA (International Cement Microscopy Association) • Management Committee of the Industrial Chemistry Division of the Italian Chemistry Society• Management Committee of AIRI (Italian Industrial Research Association)
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
Realtà Mapei: in-depth reports, news and culture to strengthen our worldwide networkRealtà Mapei, a “Two-monthly magazine of current affairs, technical news and culture”, is an international magazine. 150,000 copies of each edition were printed in 2015 and were posted all over Italy and abroad to around 145,000 subscribers from our constantly updated database.It is more than a company magazine; apart from strengthening communications coming from the Company, Realtà Mapei acts as a tool to take an in-depth look into numerous arguments from the building world.Apart from the Italian version, Realtà Mapei is also available in English: Realtà Mapei International, issued four times a year with a circulation of 30,000 copies. In 15 different countries from around world there are versions in the local language, all published directly by the Group’s various subsidiaries. Realtà Mapei may be read and downloaded on the Mapei website www.mapei.com, and on the websites of our subsidiary companies if you prefer one of the local editions.
Apart from Realtà Mapei there is also the monthly Mapei Newsletter delivered via email directly to the mailbox of more than 50,000 contacts all around the world: it carries the most important news about Company life, along with previews of the latest products and in-depth articles about important technical issues.
Moreover, Realtà Mapei is edited and published in 15 dierent countries in the local languages!
Realtà MAPEI
AMERICAS
[ ]RealtàMAPEI
Sustainable growth • Mosaic artists’ gallery • Reducing sound between floors • Ultralite family of mortars • USA Pavilion at Expo 2015
MAPEI supports cycling – from individuals and teams, to events and research
AUSGABE NR. 17 SEPTEMBER 2015[ ][ ][ ]Realtà[ ][ ]RealtàRealtà[Realtà[Realtà]Realtà]MAPEI
DEUTSCHLAND
TITELTHEMA:
DER ALLIANZ TOWERINTERVIEW:
ANDREA MAFFEIREFERENZEN FUSSBODENTECHNIK:
KARE KRAFTWERKREFERENZEN KERAMIK UND BAUSTOFFE:
KASSELER RATHAUS
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INTERNATIONAL ISSUE 54ISSUE 54][ ][ ][Realtà][ ][MAPEI
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INTERNATIONAL ISSUE 55
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Realtà MAPEI International
Several front pages of Mapei’s corporate magazine from 2015 printed in Italian and English for Italy and the rest of the world
NewsletterPeriodico mensile ad uso interno di MAPEI S.p.A.
N. 58 | Dicembre 2015
Direttore Responsabile: ADRIANA SPAZZOLI | Coordinamento e redazione: FEDERICA POZZI | Progetto grafico: LIDIA MANDELLI | Impaginazione: FABIO VASCIAVEO
1/4
Grazie alla sua versatilità, alla cartuccia completamente
trasparente che permette di intravedere il contenuto e all’elevato
stoccaggio (18 mesi), MAPEFLEX MS CRYSTAL è ideale per tutti
gli usi. Il lancio del prodotto è avvenuto attraverso una scatola
auto-espositiva da 24pz. disponibile dal 19 novembre.
info
RICERCA E SVILUPPO❐ Il 10 dicembre a Napoli si terrà l’assemblea del Distretto
Stress (Sviluppo Tecnologie e Ricerca per un’Edilizia
sismicamente Sicura ed ecosostenibile) . Mapei, socio di
Stress, sarà rappresentata da Amilcare Collina, membro del
Comitato Scientifico del Distretto.❐ Il 14 dicembre a Roma, presso il CNR (Consiglio Nazionale
delle Ricerche), verrà presentato il Report su Ricerca e
Innovazione Responsabile. Parteciperà Collina, che ha
contribuito alla redazione del Rapporto.❐ Il 15 dicembre a Roma si tiene il Consiglio Direttivo di
Federcostruzioni. Partecipa Amilcare Collina, membro del
Consiglio.
info
REFERENZE❐ Sono partiti i lavori di costruzione della torre progettata
da Daniel Libeskind all’interno di City Life: tra il 27 e il 29
novembre si è proceduto al getto delle fondazioni, per il quale
Mapei ha fornito l’additivo DYNAMON XTEND W300 N. Ha
invece quasi raggiunto la metà della sua altezza, sempre a City
Life, la torre di Zaha Hadid, per la cui realizzazione Mapei ha
fornito gli additivi DYNAMON XTEND W300 N e DYNAMON SP1.
Giorgio Squinzi, presente all’avvio del getto, ha dichiarato:
info
AMMINISTRAZIONE❐ Leggera frenata, ma sempre con un risultato positivo, del
fatturato del mese di ottobre 2015 rispetto all’anno precedente:
+7,2%. In evidenza il giro d’affari della zona del Far East (+47,8%),
di quella americana (+22,3%) e di quella asiatica (+22,1%).
❐ Le previsioni di chiusura dell’anno confermano una crescita
del Gruppo Mapei intorno al 12%.info
COMMERCIALE ITALIA❐ Da giovedì 5 novembre scorso Valerio Verdigi non
rappresenta più la nostra Azienda. Al suo posto è stato
inserito un nuovo agente, il sig. Simone Tognetti, al quale
vanno i nostri migliori auguri per un rapido e soddisfacente
inserimento nella nostra Forza Vendita.info
PRODUCT MANAGER❐ La gamma Mapeflex si arricchisce di un nuovo prodotto,
MAPEFLEX MS CRYSTAL, sigillante ed adesivo elastico ibrido
monocomponente a base di polimeri sililati, trasparente cristallino,
utilizzabile anche su fondi umidi. A differenza dei normali siliconi
“trasparenti”, MAPEFLEX MS CRYSTAL ha un effetto di trasparenza
cristallina. Infatti, grazie alla sua formulazione, rende possibile
sigillare o incollare anche superfici vetrate senza che si intraveda
il materiale applicato. Il prodotto ha le seguenti certificazioni e
marcature CE: • EN 15651-1 (sigillanti per facciate): F-EXT-INT
• EN 15651-3 (sigillanti per sanitari): XS1
• ISO 11600 (prestazioni meccaniche): F 20 HM
| Dicembre 2015I | Impaginazione: FABIO VASCIAVEOAVEOA
Grazie alla sua versatilità, alla cartuccia completamente
trasparente che permette di intravedere il contenuto e all’elevato
stoccaggio (18 mesi), MAPEFLEX MS CRYSTAL è ideale per tutti
gli usi. Il lancio del prodotto è avvenuto attraverso una scatola
auto-espositiva da 24pz. disponibile dal 19 novembre.
info
RICERCA E SVILUPPO❐ Il 10 dicembre a Napol
Stress
Consiglio.
info
REFERENZE❐ Sono partiti i lavori di costruzione della torre progettata
da Daniel Libesnovembre si è proceduto al gMapei ha fornito l’adinvece quasi raggiunto la me
Life, la torre di Zaha Hadidfornito gli additivi DYNAMON X
Giorgio Squinzi
empre con un risultato positivo, del
bre 2015 rispetto all’anno precedente:
. In evidenza il giro d’affari della zona del Far East (+47,8%),
quella americana (+22,3%) e di quella asiatica (+22,1%).’anno confermano una crescita .
COMMERCIALE ITALIADa giovedì 5 novembre scorso Valerio Verdigi non
a. Al suo posto è stato Simone Tognetti, al quale o e soddisfacente
hisce di un nuovo prodotto, o elastico ibrido
a base di polimeri sililati, trasparente cristallino,
utilizzabile anche su fondi umidi. A differenza dei normali siliconi trasparenza ulazione, rende possibile
sigillare o incollare anche superfici vetrate senza che si intraveda guenti certificazioni e
Consiglio.
info
REFERENZESono partiti i lavori di costruzione della torre progettata
Daniel Libesnovembre si è proceduto al grnito l’ad
la meZaha Hadid
Da giovedì 5 novembre scorso Valerio Verdigi non a. Al suo posto è stato
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EN 1504-2
EN 1504-2 (C)
CONFORME ALLA NORMAEUROPEA
SISTEMI DI PROTEZIONE DELLA SUPERFICIE DI CALCESTRUZZO
PI-MC-IRPRINCIPI
IMPERMEABILIZZANTIAPPLICATI LIQUIDI
CONFORME ALLA NORMA EUROPEA
CMO1PEN 14891
EN 14891
1KITda18kg=7,5m2
ÖSTERREICH AUSGABE NR. 4DEZEMBER 2015
RealtàMAPEIRealtàMAPEI[ DEZEMBERRealtàMAPEI]
绿色潮流
成就三十多载
RealtàMAPEIRealtàRealtàRealtàRealtàRealtàRealtà马贝资讯
马贝中国·2015年6月
对环保承诺 · 路演推广活动 · 瓷砖和石材专用产品案例
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INTERNATIONAL ISSUE 53ISSUE 53][ ][ ][Realtà][ ][MAPEIYe
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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
Social media for sharing and unifyingThe world-wide web is the framework of the “network society” we all live in and, in its own special way, permeates into our cultural development.In line with this principle, Mapei develops and improves its corporate communications network every year by constantly updating and implementing the company portal mapei.com and using the main social media platforms, such as Facebook and YouTube.All this is carried out not only to improve the general public’s perception of the Mapei brand, but also to generate effective input and a closer bond with all those who use Mapei products.2015 was another year of growth in the number of direct contacts through targeted marketing initiatives aimed at spreading and sharing the great “world of Mapei”. A multi-form reality that is constantly growing and transforming which, through these communications mechanisms, is able to express itself to the full.Mapei’s commitment to these forms of communication is carried out by coordinating all their aspects across the entire spectrum of corporate functions, to enable everyone to make the best use possible of the technology, tools, data and talent of each single person.
2 4
A C Q U I S I T I O N S
Mapei Stadium - Città del TricoloreRedevelopment work continuesDuring the summer of the 2015 season, seats were installed on the terraces behind the goals at the Mapei Stadium. Previously there were no seats and this work was carried out to bring the stadium in line with the infrastructure requirements of UEFA, which has already granted provisional authorisation for the stadium (the Mapei Stadium was selected to host the final of the 2016 Women’s Champions League on the 26th of May).Installation of the new seats, which apart from being functional also help make the stadium look much neater, was carried out in several steps. The preliminary phase involved repairing and waterproofing the terraces, which were basic and rather tatty looking, using innovative, highly qualified Mapei products (first and foremost PURTOP polyurea membrane). The entire operation - to treat more than 10,000 m² of terraces and install around 10,000 seats - took around seven weeks, thanks to the hard work put in by the highly qualified and highly motivated contractors.The work currently underway will be completed for the Spring of 2016, and includes:• upgrade of the stands by replacing the seats and carrying out work on the steps, similar to what
has already been done on the terraces behind the goals;• building a new TV compound for the television networks, with its own bathrooms for the TV
crews;• building a new platform in the West stand for the television cameras.
2 5
C O M M I T M E N T T O S P O R T : E V E N T S A N D S P O N S O R S H I P S
Sassuolo are playing in Europe!The dream has come true: Sassuolo have qualified for the Europa League. At the end of their third season in Serie A, the team sponsored by Mapei Group has qualified for the preliminary 3rd round of the Europa League by deservedly finishing sixth with 61 points in the league championship dominated by Juventus. Qualification for the Europa League is a goal Sassuolo managed to reach thanks to a run of five positive results in the last five games of the season, and following AC Milan’s defeat in the final of the TIM CUP at the hands of Juventus on the 21st of May. Owner Giorgio Squinzi was keen to underline that “We did all this with a squad of players made up almost entirely of Italian players”. The preliminary round, with the first leg of scheduled for the 28th of July and then the return match to be played on the 4th of August, will be the start of a fascinating and difficult adventure for this lively, ambitious club. But fans of the team trained by Eusebio Di Francesco have become accustomed to success in matches against the biggest clubs in football from the country’s most important cities. The Sassuolo of today, and we hope of the future, creates such a sensation because it represents the more sound and appealing side of Italian football that is growing in terms of both style of play and popularity. A policy that shows how, in the world of football, to build something important money just isn’t enough; what you really need are ideas and a plan.What has happened to Sassuolo over the last few years is not due to chance, neither is it a miracle. It is the result of careful, long-term, open style management that has managed to create a squad that is surprising everyone, and that will carry on surprising everyone.
2 6
C O M M I T M E N T T O R E S E A R C H A N D S P O R Tpr
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5° Convegno Centro Ricerche MAPEI Sport
Sabato 16 maggio 2015 - ore 8,45- 13,30
Mapei Stadium – Piazzale Atleti Azzurri D’Italia – Reggio Emilia
ore 08,00 Registrazione e Welcome Coffee
ore 08,45 Saluti e apertura dei lavori
Claudio Pecci, Giorgio Squinzi, Diana Bracco e Adriana Spazzoli
PRIMA SESSIONE Le ricerche
Moderatore: Alberto Mario Bargossi SANIS, Scuola di Nutrizione ed Integrazione nello Sport,
Bologna (BO), Italia
ore 09,15 Vitamina D: attualità in ambito sportivo
Luca Mondazzi Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia
ore 09,35 Presentazione risultati 3° progetto di ricerca “Aldo Sassi”: L’utilizzo della pedalata eccentrica
come riscaldamento di una prova a cronometro Davide Ferioli Vincitore 3° assegno di ricerca “Aldo Sassi”
ore 10,00 Match analysis nel calcio: per vincere bisogna correre più degli altri?
Ermanno Rampinini Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia
ore 10,20 Discussione
ore 10,30 Coffee Break
SECONDA SESSIONE Assegno di Ricerca “Aldo Sassi”
Moderatore: Andrea Morelli Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia
ore 10,45 Lectio Magistralis: Il modello psicobiologico degli sport di
resistenza: teoria e applicazioni pratiche
Samuele Marcora School of Sports and Exercise Sciences, University of Kent, Regno Unito
ore 11,30 Discussione
ore 11,40 Presentazione 4° assegno di ricerca “Aldo Sassi” Fondazione Mai
Amilcare Collina, Enrico Arcelli MAPEI SpA, Milano - Università degli studi di Milano, Milano
ore 11,45 Il progetto di ricerca: Brain Endurance Training - una nuova strategia per limitare la fatica mentale e
migliorare la performance nel calcio? Andrea Bosio Centro Ricerche MAPEI Sport, Olgiate Olona (VA), Italia
TERZA SESSIONE Tavola rotonda
Moderatore: Francesco Pierantozzi
ore 12,00 Test di valutazione, moda o scienza: l’opinione di
tecnici ed atleti
Giorgio Squinzi, Claudio Ranieri, Cadel Evans, Eusebio Di Francesco,
Massimiliano Menetti, atleti del Sassuolo Calcio e della Reggiana
Basket
ore 13,00 Saluti e chiusura lavori
ore 13,30 Aperitivo
Sport Service MAPEI - Via Busto Fagnano, 38 - 21057 Olgiate Olona (VA)L’ISCRIZIONE AL CONVEGNO È GRATUITA E OBBLIGATORIA inviando i propri dati all’indirizzo e-mail [email protected]
ASSEGNO DI RICERCA “ALDO SASSI”
Promosso da Mapei Sport in collaborazione con Fondazione MAI Confindustria.
Pubblicazione bando 20/04/2015 - Chiusura bando 19/06/2015.
Assegnazione ufficiale assegno 31/07/2015.
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 19/06/2015.
Per scaricare il bando completo visitare il sito www.fondazionemai.it oppure www.mapeisport.it
Per ulteriori informazioni e-mail [email protected] oppure telefono 0331-575757.
Presentazione 4° assegno di ricerca “Aldo Sassi”
per Laureati in Scienze Motorie
Mapei Sport e Ricerca:
Il monitoraggio alla base della Prestazione
5th Mapei Sport Research Centre ConventionOn the 16th of May 2015, against the backdrop of the Mapei Stadium, the 5th Mapei sport convention was held, entitled “Mapei Sport and Research: monitoring as the basis for performance”, an important event for the world of scientific research specialised in sport.Over the course of the convention, the results of the previous year’s “Aldo Sassi” research project were announced and the 4th “Aldo Sassi” research grant from Confindustria’s Giuseppina Mai Foundation was presented.The 10,000 Euro cheque is awarded to a young graduate in Motor Sciences in memory of the scientific activities of Aldo Sassi and everything he represented and is awarded through an open competition advertised by various communications channels chosen jointly by the Mapei Sport Research Centre and the Giuseppina Mai Foundation.A round-table with 10 carefully selected guests brought the convention to an end. Francesco Pierantozzi from Sky Sport put questions to the guests about Assessment Tests for different sports. Not just technical experts and renowned figures such as Cadel Evans, World Champion and historical team member of the Mapei team, Claudio Ranieri, Eusebio Di Francesco and Massimiliano Menetti, head coach of the Reggiana basketball team, but also players from Sassuolo FC such as Zaza and Magnanelli and from the Reggiana basketball team such as Cinciarini and Cervi, all had their chance to give their own personal opinion on this topic.
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C O M M I T M E N T T O S P O R T : E V E N T S A N D S P O N S O R S H I P S
Close to sport and its winning values2015 ROAD WORLD CYCLING CHAMPIONSHIPSCycling collected new fans and strengthened its image in America, thanks also to Mapei who supported the Road World Cycling Championships as “UCI Main Event Partner”. The international cycling races, which were held in Richmond in the USA from the 19th to the 27th of September, were once again the occasion for the Company’s blue and white jersey to splendour in the most important cycling event of the year.
REGGIANA BASKETBALL - RUNNERS-UP IN THE LEAGUEOur praises go to Reggiana basketball, sponsored by Mapei: just one single shot stood between them winning the title against Sassari. Reggiana finished second in Italian basketball’s top league in the 2014/2015 season, losing out only in the seventh and decisive game against Dinamo Sassari, who managed to win 75 to 73. Mapei, which has been sponsoring Reggiana, is happy with the results achieved, the result of a solid organisation and an ambitious project that looks towards the future.
KING OF THE STELVIO 2015If the 2014 edition was the final Mapei Day, the 31st edition of the Mapei King of the Stelvio 2015 – the classic climb for cyclists up Mount Stelvio which, for the last ten years, has been combined with an uphill half-marathon held in Bormio on the 12th of July – is the story of the continuity of this special relationship between this race and territory that are firmly in Mapei’s hearts.
ReStelvio2015ReStelvio2015
ReStelvio2015ReStelvio2015
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C O M M I T M E N T T O C U L T U R E
Social commitment towards the environment and the peopleInspired by ethics and values which put people and the environment they live in first, Mapei’s social commitment continued and was shown in various ways. Because, for Mapei, making a contribution to sustainable development means that our sense of responsibility towards future generations, improving our relationship with local communities and helping those people on the edges of society due to economic problems or other difficulties has to maintain a high profile.Along with reducing waste and its impact on the environment, the promotion of community development programmes and the Company’s solidarity in trying to understand the needs and problems of those less fortunate, are expressed concretely in various directions through donations, support for cultural events and by supplying the Company’s own products.Mapei - which has been a supporter of Sodalitas since 2011 - has also been a supporter of numerous associations for many years such as the Umberto Veronesi Foundation, the Negri Weizmann Foundation, San Patrignano, the Exodus Foundation, the Archè Foundation, the Italian Red Cross, the Italian Environment Fund (FAI) and Celebrity Fight Night.
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C O M M I T M E N T T O C U L T U R E
Art and culture to help build the futureMapei’s strong bond and firm commitment to art, culture and the surrounding territory has always been one of its distinguishing features.Convinced that “work can never truly be separated from art and passion”, Mapei has been a founding member of the Teatro alla Scala since 2008, and more recently also became Founding Member of the National Academy of Santa Cecilia, one of the oldest musical institutions in the world, whose headquarters are at the Parco della Musica Auditorium in Rome.Corporate Golden Donor of the FAI (Italian Environment Fund), Mapei has played a leading role in the renovation and conservation work on various famous buildings from Italy’s rich historical and architectural heritage, such as the Teatro alla Scala in Milan, the Petruzzelli Theatre in Bari, the San Carlo Theatre in Naples, the “Antonio Salinas” Museum of Archaeology in Palermo, the Peggy Guggenheim Collection in Venezia, as well as on important historical buildings all over the world. One such example is the Turkish-Italian expedition in the Gaziantep region of Turkey, led by Prof. Nicolò Marchetti from the University of Bologna. It started in 2003 and, thanks also to the support of Mapei, two archaeological parks have been opened in the province of Islahiye, one in Tilmen Höyük in 2007 and the other in Taşli Geçit Höyü.After 5 years of intense work, 2015 also saw the reopening of the historical archaeological site of Karkemish, in south-east Turkey near the border with Syria, which had been inaccessible for many years.
TEATRO ALLA SCALA - MILAN (ITALY)
ARCHAEOLOGICAL SITE OF DI KARKEMISH - TURKEY PARCO DELLA MUSICA AUDITORIUM - ROME (ITALY)
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C O M M I T M E N T T O I N S T I T U T I O N S
CONFINDUSTRIA ASSEMBLY 2015
FEDERCHIMICA ASSEMBLY 2015
Mapei and professional bodiesMAPEI AND THE WORLD OF ASSOCIATE BODIESThe commitment of associate bodies towards the authorities and institutions includes the presence of Mapei Management in the most important associate bodies, such as Confindustria, Federchimica and Confindustria Ceramica. A commitment shared by our subsidiary companies in all those countries around the world where Mapei has production or commercial interests.
CONFINDUSTRIA ASSEMBLY 2015. Cultivate the ambition to be greatOn the 28th of May 2105, the annual Confindustria Assembly was moved for the first time from Rome to the Milan Expo 2015 exhibition, to underline the importance of this great event and its place in kick-starting the country. During his speech the Chairman of Confindustria and CEO of Mapei, Giorgio Squinzi, spoke to the confederation assembly about the difficult moment and how the “seedlings of change that we can see need to be protected and defended and helped to flourish by an associate system with sound principles and a technical structure that can face the times we are going through”.
Federchimica ASSEMBLY 2015. Technology and innovation to get out of the crisisThe annual Federchimica Assembly was held on the 22nd of June 2015. “Italian chemical companies are managing to overcome the crisis thanks to specialisation, innovation and internationalisation and by strengthening the more advanced and higher quality businesses”. These are the key factors with which, according to Cesare Puccioni, Chairman of Federchimica, this sector has done better during the economic crisis than other industries.Speaking as Chairman of Confindustria and CEO of Mapei, Giorgio Squinzi invited the Government to “not lose the determination to promote competition and the market”.
3 1
Mapei GroupManagement ReportMapei GroupManagement Report
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3 3
MANAGEMENT REPORT
Report to the sole shareholder year ended December 31st, 2015
The consolidated financial statements of the Mapei Group as of December 31st, 2015,
which we hereby submit for your approval, show a consolidated Net Profit of € 45.2 million,
compared to 2014 Net Profit of € 23.5 million, after amortisation/depreciation and write
downs for € 94.6 million (€ 86.3 million in 2014) and after income tax accruals for € 43.8
million (€ 18.6 million in 2014).
Net Profit of the Group is € 45.6 million (€ 23.4 million in 2014).
Global economic trendsIn 2015, world economy growth stood at 3.1% and recorded a slowdown, compared to
the previous year, in which the global GDP increased by 3.4%. Last year the real economic
growth in developed countries was 1.9%, while in the emerging economies the increase
was 4%. As it is shown in the chart, the last few years recorded a realignment of growth
rates in both emerging and mature economies. In 2015 the growth rates between the two
groups of countries reported the minimum gap.
MAPEI S.p.A.Registered office in Milan - Via Cafiero 22Share capital € 50,560,000, fully paid-upTax Code and registration number at the Register of Companies of Milan no. 01649960158 - Economic and administrative register (R.E.A.) no. 585534Sole Shareholder Company
WORLD GDP TRENDSOURCE :IMF, APRIL 2016
2010 2011 2012 2013 2014 2015 2016 FORECAST
EMERGING ECONOMIES
ADVANCED ECONOMIES
WORLD
% V
AR
IAT
ION
vs.
PR
EV
IOU
S Y
EA
R
8
7
6
5
4
3
2
1
0
3 4
M A N A G E M E N T R E P O R T
The map below shows the GDP trend in 2015 around the different geographical areas.
2015 WORLD GDP TREND% VARIATION VS PREVIOUS YEAR
NAFTA+2.4% vs. 2014
Latin America-1.2% vs. 2014
WesternEurope
+1.6% vs. 2014
Other Middle East countries
and Africa+2.6% vs. 2014
EasternEurope
-0.3% vs. 2014
Persian Gulf+1.9% vs. 2014
APAC+4.2% vs. 2014
Source: Prometeia
The year 2015 was characterised by a moderate growth in the economy of Western
Europe, where GDP recorded 1.6% growth. The countries in the region that reported the
highest growth were Spain, United Kingdom and Germany.
In Eastern Europe, a slight economic recession was recorded last year. The expansion
phase in Poland, Hungary, Czech Republic and Romania did not succeed in recovering
the strong fall of GDP in Russia and Ukraine.
Amongst advanced economies, in 2015 growth was 2.4% in the United States and 1.2% in
Canada. Conversely, the severe recession of the Brazilian economy had a negative impact
on the trend of the GDP in this Latin America region, which in fact decreased by over 1%.
Amongst the main emerging countries, the highest economic growth rate was recorded
in India, where, in 2105, GDP increased by 7.3%. The Chinese economy recorded 6.9%
growth rate.
The general economic growth in the Persian Gulf’s countries was around 2% due to the
drop in oil price.
In 2015, North Africa GDP growth was hit by the worsening of the Civil War in Libya and
the new threats of terrorism in some countries of the region. In sub-Saharan Africa, growth
was instead equal to 3.4%.
The chart (source: World Bank, January 2016) highlights the estimates on the GDP trends,
in the main world emerging economies. Despite the slowdown reported in some countries,
in 2015 the Asian emerging markets were characterised by the highest growth rates in
GDP at world level.
3 5
A. Growth: Emerging and developing countries
Percent 2014 2015f 2016f 10 8 6 4 2 0 -2 -4
Indi
a
Chi
na
Indo
nesi
a
Mal
aysi
a
Turk
ey
Nig
eria
Mes
xico
Sou
th A
frica
Bra
zil
Rus
sia
Aver
age
In 2015, the world market value of buildings came to around € 7,000 billion, resulting in an
estimated development of 2.6%, which is lower than the world economy. Investments in
the building segment showed a strongly different trend in the various regions. The following
map summarises the estimates on the size and trends of investments by geographical
macro areas.
THE 2015 GLOBAL CONSTRUCTION INDUSTRYINVESTMENT VALUE AND % VARIATION VS PREVIOUS YEAR
NAFTA1,309 Billion € +3.6% vs. 2014
Latin America359 Billion €
-3.3% vs. 2014
Western Europe1,308 Billion € +0.7% vs. 2014
Other Middle East countries
and Africa221 Billion € +4% vs. 2014
Eastern Europe370 Billion €
-2.1% vs. 2014
Persian Gulf229 Billion €
+4.4% vs. 2014
APAC3,195 Billion € +4.0% vs. 2014
Source: Prometeia
The chart highlights the apportionment of world investments in buildings.
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M A N A G E M E N T R E P O R T
2015 SPLIT OF THE GLOBAL CONSTRUCTION INDUSTRY
APAC 46%
WESTERN EUROPE 19%
NAFTA 19%
LATIN AMERICA 5%
PERSIAN GULF 3%
OTHER MIDDLE EAST COUNTRIES AND AFRICA
3%
EASTERN EUROPE 5%
Group economic trendsPreliminarily, please take note that 2015 Consolidated Financial Statements (due to the
OIC 17 accounting standard, this year as in 2014) include U.S. Sassuolo Calcio Srl and
Mapei Stadium Srl on a line-by-line basis.
In order to perform a proper Mapei Group economical and financial analysis, highlighting
Group core business results, in 2015 as well, we have prepared a Group Pro-Forma
Consolidated Profit & Loss and Balance Sheet, in which U.S. Sassuolo Calcio Srl and
Mapei Stadium Srl financials are evaluated by using the Equity method.
In fact, among Groups consolidating non-core business activities, it is a common practice
to present consolidated financial statements through a Pro-Forma report.
Consolidated Pro-Forma Net Result and Shareholders’ Equity are in line with those of the
Mapei Group consolidated financial statements.
In this section, all comments and performance ratios are made comparing 2015 Pro-
Forma financials to 2014 Pro-Forma financials.
The following table summarises main Group financial indicators according to the Pro-
Forma report:
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PROFIT & LOSS (m € ) 2015 2015Pro-Forma
2014Pro-Forma
DIFF %
REVENUES 2,179.7 2,144.5 1,909.3 12.3%
EBITDA 223.1 226.1 168.9 33.9%
% on revenues 10.2% 10.5% 8.8%
EBIT 125.4 145.8 94.0 55.1%
% on revenues 5.8% 6.8% 4.9%
Profit before tax 89.1 86.5 47.2 83.3%
% on revenues 4.1% 4.0% 2.5%
Net result 45.2 45.2 23.5 92.3%
% on revenues 2.1% 2.1% 1.2%
BALANCE SHEET (m € )
Net Invested Capital 1,105.1 1,094.4 1,025.3 6,7%
Shareholders’ Equity 728.0 728.0 675.7 7.7%
Net Financial Position (Cash on hand) 377.1 366.4 349.6 4.8%
HEADCOUNT 8,098 7,983 7,665 4.1%
In 2015, Mapei Group increased its Pro-Forma turnover by 12.3%, with a growth in all
geographical areas and in all product lines, even if in different size. The Consolidated
Pro-Forma turnover is € 2,144.5 million compared to € 1,909.3 million in 2014, with
an increase of € 235.2 million. The Net Profit amounted to € 45.2 million, up by 92.3%
compared to the previous year. This result was negatively affected by the settlement of
two outstanding disputes with Tax Authorities concerning 10 fiscal years. The cost of the
settlement agreement signed by Mapei Spa was entirely entered in the Profit and Loss of
the year under evaluation.
Sales grew mainly thanks to internal growth, as the contribution of the two companies
consolidated for the first time, Mapei Indonesia Construction Product Pt e Mapei Costa
Rica Sa, was modest.
Report on Group operations Turnover in all the main product lines reported a growth compared to the previous year.
The ceramic adhesives increased by 11.4%, resilient and textile coverings by 19.2%,
building products by 14.8%, concrete and cement admixtures by 10.9% and vinyl acetate
emulsions/resins by 3.4%. Sundry materials record a decrease of 0.2%.
3 8
M A N A G E M E N T R E P O R T
The chart below shows the trend of selling lines in 2015:
% increase in Selling Lines in 2015
11.4%
19.2%
14.8% 10.9%
3.4%
-0.2% -5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Ceramic Resilient andTextile
Building Admixtures Vynil acetateemulsion
Sundrymaterials
Average 12.3%
The following Chart highlights the weight of the single lines in 2015, compared with the previous
year: resilient and textile coverings building products and additives grew in importance,
while ceramic adhesives and vinyl acetate emulsions/resins show an opposite trend.
36.3%
17.0%
31.1%
8.6% 6.3%
0.7%
37.0%
16.2%
30.7%
8.4% 7.0%
0.7% 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2015
2014
Ceramic Resilient andTextile
Building Admixtures Vynil acetateemulsion
Sundrymaterials
The Group Turnover increased in all the geographical areas. The Asian area increased by
34.1% and the American one by 30.7%.
The chart below shows the percentage change by macro geographical area, compared to
the previous year:
% increase in the macro-areas in 2015 compared to 2014
0.3%
6.0% 4.7%
30.7%
34.1%
14.5%
20.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Italy WesternEurope
EasternEurope
Americas Asia Oceania Africa
Average 12.3%
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The incidence by geographical area on total Group turnover significantly changed. The
main area is the American one, 28.2% on the total, followed by the Western Europe area,
27.7%, and Italy, 23.8%.
23.8%
27.7%
10.0%
28.2%
6.9%
1.6% 1.8%
26.7% 29.4%
10.7%
24.2%
5.8%
1.6% 1.6% 0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Italy WesternEurope
EasternEurope
Americas Asia Oceania Africa
2015
2014
The table below shows the 2015 Group Pro-Forma turnover, split by macro-areas,
indicating increases or decreases, compared to the previous year and the incidence of
each single area over the total sales:
2015 2014 Increase % Incidence %
Italy 510.4 509.1 0.3 23.8
Western Europe 595.1 561.3 6.0 27.7
Eastern Europe 214.1 204.4 4.7 10.0
Americas 604.6 462.7 30.7 28.2
Asia 148.7 110.9 34.1 6.9
Oceania 34.0 29.7 14.5 1.6
Africa 37.6 31.2 20.5 1.8
Totali 2,144.5 1,909.3 12.3 100.0
The Mapei Group is made up of 79 operating companies. Its presence is in all five continents
with 44 manufacturing companies in 67 plants each one equipped with a quality control
laboratory, 27 trading companies, 8 service companies and 17 R&D labs.
We will now analyse Group companies Sales and Profitability performances according
to the geographical macro-area where they operate, together with some highlights on
economy, with an eye to the building industry sector.
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M A N A G E M E N T R E P O R T
Italy The Group turnover in the Italian area remained
substantially unchanged. In fact, we go from
a 2014 turnover of € 509.1 million to a 2015
€ 510.4 million, with a slight increase of 0.3%.
Profitability for this area reported an increase.
This was mainly due to the absence of
extraordinary factors, which affected the
profitability of 2014. In particular, profitability of
Vinavil Spa recovered to previous levels thanks
to the price of the main raw material (VAM),
which is now back to the levels before 2014. A
similar situation occurred in Polyglass Spa, due
to the decrease in bitumen price, an important
raw material. A greater attention to fixed costs
also led to the improvement of the EBIT.
Our Group is present in Italy with 10 companies:
6 manufacturing entities with 8 plants, 2 trading
and 2 services. 3 R&D labs are also based in
Italy.
In term of Revenues, the best performances in
this area were obtained by Vaga Srl (+13.8%)
and Mapei Spa (+2.5%).
In 2015, the Italian GDP recorded a growth, estimated in 0.8%. This is a reversion in trend,
compared to last years, characterised by a recession of economy. Last year was also
characterised by a reduction in unemployment rate, which decreased below 12%. The
percentage of unemployed is however still higher than the percentage recorded in the
European Union. Inflation is almost nil (as in the rest of the EU), also thanks to the decrease
in energy price. The development of economy should strengthen moderately this year,
reaching 1%, which is in any case a figure that is lower than the percentage in other EU
countries, that expect 1.8% growth.
GDP INFLATION RATE UNEMPLOYMENT RATE
2015 2016 2015 2016 2015 2016
ITALY 0.8 1.0 0.1 0.2 11.9 11.4
EURO AREA 1.6 1.5 0.0 0.4 10.9 10.3
EUROPEAN UNION 2.0 1.8 0.0 0.4 9.5 9.0
Source : IMF, April 2016
Last year, the Italian building sector should have reported the end of recession. No further
downturn occurred and that the construction industry reported a substantial stagnation in
investments or a very limited decrease.
Companies of the Group:
Adesital SpaCercol SpaMapei SpaMapei Stadium Srl (*)Mosaico+ SrlPolyglass SpaProgetto Mosaico+ SrlU.S. Sassuolo Calcio Srl (*)Vaga SrlVinavil Spa(*) Companies not included in Pro-Forma FS
4 1
Western EuropeGood increase in terms of turnover, passing from € 561.3 million in 2014 to € 595.1 million in 2015, with an increase of 6.0%.
This area maintained the excellent profitability that had always been recorded, and confirmed itself as the best area in our Group. It is worth noting the excellent results obtained by the companies Mapei Suisse Sa, Sopro Bauchemie Gmbh (D) and Mapei UK Ltd.
Western Europe is the area with the highest number of companies of our Group (23). Production companies are 13 with 16 plants, trading companies are 7 and 3 are service companies. There are also 6 R&D labs.
The companies achieving the best performances in 2015 in terms of turnover were Mapei Denmark As (+80.87%), Mapei UK Ltd (+24.9%), Mapei Hellas Sa (+19.4%) e Mapei Suisse Sa (+18.0%).
Last year, Euro area economies reported a moderate growth, estimated at 1.6%, with a slight improvement compared to 2014.
In Germany, economy grew by 1.5%, an increase in line with the growth recorded in the previous year, and should remain unchanged in 2016.
In France, the GDP recorded a modest growth, estimated at 1.1%. The economic situation has strengthened compared to 2014, which ended with a substantial stagnation.
Among major economies in Western Europe, Spain reported the highest growth rate: GDP, in fact, reported a positive change of 3.2%, remarkably improving compared to 1.4% of the previous year.
In the UK, as well, the economic situation was positive and the GDP recorded a 2.2% increase, although with a slowdown compared to the 2.9% growth rate recorded in 2014.
In 2015, the market value of buildings in Western Europe recorded a general growth of 0.7%. The growth of the building sector was therefore clearly lower than the general economic growth reported in the area.
Last year, the German building sector reported a slowdown compared to the previous year, leading to a modest growth of around 1%. The French construction sector recorded a new drop in investments, which is estimated in more than 3%. The British construction sector recorded a slowdown compared to the record growth registered until 2014. Lastly, in 2015, after a long and severe recession, the Spanish building sector reported a 4.6% growth in investments.
Companies of the Group:
Ibermapei SaLusomapei SaMapefin Austria GmbhMapefin 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
4 2
M A N A G E M E N T R E P O R T
Eastern EuropeMapei is present in Eastern Europe
with 17 companies: 7 are production
companies with 9 plants and 10 are
trading ones. In this area, 1 R&D lab is
located.
The turnover of this area increased from
€ 204.4 million in 2014 to € 214.1 million
in 2015, recording a +4.7%. The limited
growth is mainly due to the results of
Zao Mapei and Mapei Ukraina Llc, as
a consequence of the serious political
issues between the two states and the
negative trend of exchange rate.
The EBIT of the area remained
unchanged. Excellent results were
performed by Mapei Polska Spzoo,
Gorka Cement Spzoo and Mapei Kft.
The companies with the greatest
increase in turnover were Mapei SRB
Doo (+82.2%), Mapei Yapi Kimyasallari
Ins.San. Ve Tic. As (+52.8%) and Mapei
SK Sro (+30.4%).
In 2015, the economy in this area
registered a substantial stagnation and
was negatively affected by the strong
recession occurred in Russia, where
the GDP dropped by 3.7%. A severe
economic recession occurred in Ukraine,
as well, due to the conflict in the Eastern
region of the country. The negative trend
of the Russian economy was offset by the strong growth in GDP in the main EU member
countries of Eastern Europe. In 2015, in fact, the economic growth rate was 3.6% in
Poland, 2.9% in Hungary, 4.2% in Czech Republic and 3.7% in Romania.
Last year, the strong recession of the Russian construction sector (which lost over 9% in
value), hit both the residential segment and the infrastructure one. The crisis of the most
important regional market and the collapse of the Ukraine construction sector are the
reasons why, in 2015, in Eastern Europe the value of investments in buildings decreased
by around 2%. The chart shows the trend of the Russian construction sector over the last
few years:
Companies of the Group:
Gorka Cement Spzoo
Mapei Bulgaria Eood
Mapei Croatia Doo
Mapei Doo
Mapei Kft
Mapei Polska Spzoo
Mapei Romania Srl
Mapei Sk Sro
Mapei Srb Doo
Mapei Sro
Mapei Ukraina Llc
Mapei Yapi Kimyasallari Ins.San. Ve Tic. As
Mosaico Plus Ukraine Llc
Polyglass Romania Srl
Sopro Hungaria Kft
Sopro Polska Spzoo
Zao Mapei
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CONSTRUCTION INVESTMENTS TREND IN RUSSIAVARIATION vs. PREVIOUS YEAR - SOURCE :PROMETEIA
2013 2014 2015 2016 FORECAST
2
0
-2
-4
-6
-8
-10
0.7
-2.7
-9.4
-3.6
The aggregate decrease in the market of the area was offset by the good performance
of countries in Central-Eastern Europe, especially Poland, which recorded a boost in the
building sector of 5.6% last year. The year 2015 witnessed a growth in the building market
in almost all countries in Eastern Europe, with the highest growth rates in Romania and
Czech Republic.
4 4
M A N A G E M E N T R E P O R T
AmericasThe turnover reached by Mapei Group in
the Americas exceeded € 604.6 million
compared to € 462.7 million in 2014, with
an exceptional increase of 30.7%, also
influenced by the Euro/Dollar exchange
rate.
The Group is operating in the area with 14
companies: 8 manufacturing entities with
23 plants, 3 trading and 3 services. 4 are
the R&D lab operating in the area.
The remarkable increase in sales helped
to triple the profitability in the area, which
is now heading to the top position in our
Group. This effect was mainly generated
by Mapei Corp, Polyglass Usa Inc and
Mapei Inc.
The companies with the best increase in
sales in this area were Mapei Argentina Sa
(+90.7%), General Resource Technology
Corp (+76.2%) Polyglass Usa Inc (+42.1%)
and Mapei Corp (+31.2%).
In 2015, the US economy reported a
2.4% growth rate, a rate similar to the
one recorded in 2014. Income and labour
market had a positive impact on economy
trends.
In Canada, the increase in GDP was modest
in 2015 and recorded 1.2% growth. The
growth rate was approximately half the
rate recorded last year.
Mexican GDP grew by 2.5%, improving
the results of 2014 (2.3%).
The strong growth of the residential
market in the United States and Mexico supported the aggregate development of the
construction industry in the region, while market growth was lower in Canada. An overall
growth in investments in construction, equal to 3.6%, is estimated for this area.
Companies of the Group:
4307721 Canada Inc
General Resource Technology Corp
Mapei Argentina Sa
Mapei Brasil Construction Materials Ltda
Mapei Caribe Inc
Mapei Contruction Chemicals Panama Sa
Mapei Corp
Mapei Costa Rica Sa
Mapei East Corp
Mapei Inc
Mapei Mexico Sa de Cv
Mapei Venezuela Ca
Polyglass Usa Inc
Vinavil Americas Inc
4 5
CONSTRUCTION INVESTMENTS TREND IN THE USA AND CANADAVARIATION vs. PREVIOUS YEAR - SOURCE: PROMETEIA
2013 2014 2015 2016 FORECAST
USA
CANADA
6
5
4
3
2
1
0
-1
-2
2.7
3.6
4.85.6
1.7
0.7
-0.8
2.6
The trends in economy and the Mexican building segment is linked to the US trends.
The Mexican construction industry features great growth potentiality and the country is
included within the first 15 world construction markets.
Last year, in South America, GDP decreased by approx. 1%. The area was negatively
affected by the strong recession recorded in the Brazilian economy, with a GDP that
decreased by 3.8%. Amongst the main economies of the area, also Venezuela (political
and social instability) has suffered a severe recession. The economic situation has been
modest in Argentina.
In 2015, the construction sector in South America reported a very negative performance
and the value of investments decreased by 3.3%, the worst performance at global level.
It is estimated that, in 2016, the Brazilian and Venezuelan economies will suffer a severe
recession of 3.8% and 8.0%, respectively.
4 6
M A N A G E M E N T R E P O R T
Asia This is the region with the largest growth in turnover of our Group: +34.1%, from € 110.9 million in 2014 to € 148.7 million in 2015.
We are present with 11 companies: 7 manufacturing with 8 plants and 4 trading companies. In this area we have three R&D labs.
In this region, an excellent profitability performance was recorded, more than threefold higher than in the previous year. The companies Mapei Malaysia Sdn Bhd and Mapei Far East Pte Ltd. mostly contributed to the achievement of this important result.
The companies with the best results in sales in this area were Mapei Korea Ltd (+47.0%), Mapei Construction Chemical Llc -ex IBS- (+35.4%), Mapei Vietnam Ltd (+33.5%) and Mapei China Ltd (+33.1%).
Although recording a slight slowdown, compared to 2014, in 2015 as well the Asian emerging economies were the main driver for growth in the world GDP, with a 6.6% increase, as estimated by the International Monetary Fund (the rate of the previous year was 6.8%).
The Chinese economy recorded a 6.9% growth. Last year, the economic growth recorded a slowdown also in Indonesia, Malaysia and Vietnam. Conversely, in 2015, the Indian economy continued its expansion phase, confirming the 7.3% growth recorded in 2014.
Korea, in 2015, achieved one of the highest growth rates of all the world advanced economies (2.6%) and, over the year, the GDP might increase by almost 3%.
In 2015, in the Middle East, Saudi Arabia, the major economy, was only moderately affected by the drop in oil price. GDP growth rate, in fact, recorded 3.4%, slightly lower than 3.8% in 2014. The slowdown in economy was instead greater in the Arab Emirates, where GDP growth decreased from 4.6% in 2014 to 3.9% in 2015.
Last year, the construction market in Far East recorded 4% growth. The growth therefore continues, but at more sustainable rates, much lower than those recorded in previous years.
The construction sector in the Persian Gulf area was only partially affected by the drop in oil price. In 2015, the overall growth rate of investments in the construction segment in the region was 4.4%.
In general, despite the moderate growth rate recorded in the construction sector, Asia is still the driver of global construction industry. The region includes six out of the ten most important global construction markets, and absorbs the majority of cement global consumption.
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 Doha Llc
Mapei Far East Pte Ltd
Mapei Indonesia Construction Products Pt
Mapei Korea Ltd
Mapei Malaysia Sdn Bhd
Mapei Vietnam Ltd
4 7
OceaniaWe are present in Oceania with Mapei Australia
Pty Ltd, a manufacturing company with a quality
control laboratory, and with a trading company,
Mapei New Zealand Ltd.
Sales grew by 14.5%, € 34.0 million compared to
€ 29.7 million in 2014.
Profitability performance of the two companies is
excellent, up by 45% compared to the previous
year.
Mapei Australia increased its sales by 16.0%, while
Mapei New Zealand Ltd achieved an increase in
turnover of 8.1%.
In 2015, the Australian economy achieved an estimated growth of 2.5%, a rate higher than
the average of the world’s advanced economies, one of the most solid economies in the
world.
In New Zealand, the other main market in the area, 2015 GDP growth rate was 3.4%. The
economic situation improved compared with 2014.
The construction market in Australia is estimated the eighth larger than other markets in
the world, with a value of around € 185 billion. The Australian market is a “rich” market,
characterised by high quality standards and very high levels of investment per capita.
In 2015, constructions in New Zealand recorded a growth rate of around 4%. The
performance of the building segments was therefore well beyond the overall economy
performance in the region.
Companies of the Group:
Mapei Australia Pty Ltd
Mapei New Zealand Ltd
4 8
M A N A G E M E N T R E P O R T
AfricaGood growth in turnover in this area, from € 31.2
million in 2014 to € 37.6 million this year, up by
20.5%.
Our presence in the African continent is represented
by two manufacturing companies with 2 facilities.
The first, Vinavil Egypt for Chemicals Sae, produces
vinyl acetate resins, and trades throughout the area
of North Africa and the Middle East. The second,
Mapei South Africa Pty Ltd produces chemicals for
the construction industry and trades in South Africa
and neighbour countries.
The profitability in area has two different trends: very
good for Vinavil Egypt for Chemicals Sae, under the
average for Mapei South Africa Pty Ltd.
In terms of turnover, the two companies had a double-digit growth: Vinavil Egypt for
Chemicals Sae ended the year with an increase of 21.4%, while the growth of Mapei South
Africa Pty Ltd was 13.8%.
In North Africa, the political instability and turmoil in Libya negatively affected the economic
growth in 2015. In the main countries in the area, GDP grew unevenly. Egypt and Morocco
recorded a growth rate over 4%.
In 2015, the Sub-Saharan Africa economic growth stood at 3.4%, recording a slowdown
with respect to 2014.
South Africa economy continued to show a modest growth rate, up by 1.3%, slightly lower
than in 2014.
Last year, the African construction sector recorded a growth in investments of 4%. Although
the presence of delays in the reconstruction process in Libya, the market benefited from
the development of infrastructure projects. It is worth noting that Mapei is supplying various
products with cutting-edge technology for the construction of many dams, built above all
by Italian companies.
The African continent absorbs a very modest portion of world investments in the construction
industry. In reality, Africa is a continent in which the building activities represent great
development potentiality. The share of investments per capita, in the construction sector,
is still very low and it is likely to grow, also thanks to the expected improvement of living
standards. The infrastructure market is also one of the most attractive in the world and plays
a key role in the development of the whole African economy. Over the last years, large-
scale works attracted huge capitals (especially from Asian countries) for the development
of projects connected with transportation and energy. The political and social stability, the
settlement of still ongoing conflicts and the defeat of terrorism are factors that will lead the
African continent to an even more key position in the world construction market.
Companies of the Group:
Mapei South Africa Pty Ltd
Vinavil Egypt for Chemicals Sae
4 9
Disclosure according to Article 2428 of the Italian Civil Code and Legislative Decree no. 32/2007 In order to better describe our Group performance trend, in the table below we compare the
Pro-Forma Financial Statements as at December 31st, 2015 with the Pro-Forma Financial
Statements as at December 31st, 2014, through a reclassified Balance Sheet by source of
financing and a Profit & Loss Statement reclassified according to the management areas:
Reclassified balance sheet as at December 31st
2015 2015 P.F. 2014 P.F.
Net fixed assets
Intangible assets 106.8 54.3 57.9
Tangible assets 525.3 515.5 498.6
Financial assets 54.9 71.2 69.0
Total 687.0 641.0 625.5
Net working capital
Inventory 279.6 279.5 269.5
Trade Receivables 571.4 549.3 497.1
Other current assets 9.0 6.2 4.7
Trade Payables -361.4 -308.2 -296.7
Other current liabilities -11.1 -4.5 -6.0
Total 487.5 522.3 468.6
Sundry risk provision and Staff Severance fund
Sundry risk provision -58.0 -58.0 -57.4
Staff Severance Fund -11.4 -10.9 -11.4
Total -69.4 -68.9 -68.8
Net Invested Capital (NIC) 1,105.1 1,094.4 1,025.3
Net financial position
Cash and cash equivalents -87.5 -86.6 -50.6
Short-term borrowings 192.5 185.9 170.9
Medium/long-term borrowings 272.1 267.1 229.3
Total 377.1 366.4 349.6
Shareholders’ Equity 728.0 728.0 675.7
Total sources of financing 1,105.1 1,094.4 1,025.3
5 0
M A N A G E M E N T R E P O R T
Analysing the reclassified Pro-Forma Balance Sheet of 2015 and 2014, a slight worsening
is noted in the net financial position, from € 349.6 million in 2014 to € 366.4 million as at
December 31st, 2015, mainly due to investments made over the year and the increased
turnover, which led to an increased working capital.
In detail, there has been an increase of the Medium/Long Term borrowings (from € 229.3
million to € 267.1 million), attributed to the underwriting of some new contracts, including
the € 45 million with the EIB, the European Investment Bank. Short-term borrowings
increased by € 15.0 million, from € 170.9 million to € 185.9 million. The greater bank
exposure was mitigated by the increase in cash on hand, amounting to € 36.0 million.
All items are better detailed in the Notes to the Financial Statements.
Reclassified profit and loss as at December 31st
2015 2015 P.F. 2014 P.F.
Revenues 2,179.7 2,144.5 1,909.3
Internal production 7.0 7.0 10.5
Value of production 2,186.7 2,151.5 1,919.8
External operating costs -1,468.4 -1,479.7 -1,352.2
Gross Margin 718.3 671.8 567.6
Personnel costs -495.2 -445.7 -398.7
EBITDA 223.1 226.1 168.9
Amortisation/depreciation and provisions -97.7 -80.3 -74.9
EBIT 125.4 145.8 94.0
Other revenues/costs 7.6 -15.4 -12.2
Financial Income 0.7 1.0 1.3
Adjusted EBIT 133.7 131.4 83.1
Extraordinary items -38.5 -38.6 -12.2
EBIT with financial income 95.2 92.8 70.9
Financial expenses -6.1 -6.3 -23.7
Profit before tax 89.1 86.5 47.2
Income taxes -43.9 -41.3 -23.7
Net result 45.2 45.2 23.5
5 1
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 2015 2014
Equity to Fixed Assets ratio
(Equity/Fixed assets) 1.14 1.08
The stable trend of this ratio is attributed to the increase in shareholders’ equity as well as
to the greater investments in 2015 compared to previous year.
Fixed Assets Coverage
[(Equity + Consolidated liabilities) / Fixed assets] 1.66 1.56
This ratio shows fixed assets coverage in relation to Shareholders’ Equity and medium/
long-term borrowings. The change in this ratio is mainly due to the higher medium/long-
term borrowings compared to previous year.
b) Leverage ratios 2015 2014
Total debt-equity ratio
[(Consolidated liabilities + Current liabilities) / Equity] 1.15 1.14
Financial debt-equity ratio
(Net financial position / Equity) 0.62 0.59
The increase of these two ratios is related to the higher increase of current and long-term
consolidated liabilities compared to the increase of the Shareholders’ Equity.
c) Profitability ratios 2015 2014
Net ROE
(Net profit/Equity) 6.2% 3.5%
Gross ROE
(Profit before tax/Equity) 11.9% 7.0%
Both ratios highlight the improvement of Group profitability.
ROI
[EBIT/(NIC)] 14.5% 10.5%
ROS
(EBIT/Revenues) 6.8% 4.9%
Even these two ratios highlight the great improvement in the Group operating results.
5 2
M A N A G E M E N T R E P O R T
d) Liquidity ratios 2015 2014
Current ratio
(Current assets/Current liabilities) 1.85 1.74
Quick ratio
[(Trade and other receivables + Cash and cash equivalents) /
Current liabilities] 1.29 1.17
The improvement of these two ratios highlight the significant improvement of cash on
hand.
Capital ExpenditureIn 2015, the capital expenditure has been approximately € 68.0 million.
Here below the investments by geographical area.
Italy:
– Mapei Spa invested € 5.7 million primarily for the purchase of a building for laboratories in
Milan, the enlargement of the production site in Mediglia and the extraordinary renovation
of the building in Sassuolo.
– Vinavil Spa invested € 3.1 million, mainly due to rationalisation and expansion of the
production capacity, as well interventions to comply with safety standards at the
Villadossola and Ravenna plants.
– Polyglass Spa invested slightly more than € 1.3 million, mainly for the servicing of the
second production plant of synthetic membranes, as well as interventions to comply with
safety standards.
– Mapei Stadium Srl invested € 1.9 million for the extraordinary maintenance of the stadium
in Reggio Emilia.
Western Europe:
– Mapei France Sa: € 1.3 million, mainly for purchasing of industrial and laboratory
equipment for the plant in Saint Alban.
– Mapei As: € 3.0 million for extraordinary renovation and maintenance of existing facilities
and buildings.
– Mapei Benelux Sa: € 4.0 million mainly for enlargement of the warehouse.
– Mapei Uk Ltd: € 0.7 million for extraordinary maintenance of the plant in Halesowen.
Eastern Europe:
– Mapei Polska Spzoo invested approximately € 1.6 million, mainly for the extraordinary
maintenance of the production site in Barcin, the purchase of equipment and silos in the
site in Gliwice and the purchase of office equipment.
5 3
– Gorka Cement Spzoo invested € 1.4 million for the extraordinary renovation and
maintenance of the grinding plant in Tzerbinia.
Americas:
– Mapei Corp invested € 10.0 million for the renovation of the site in Garland and the
purchase of a new spray dryer machine in the plant in Chicago.
– General Resource Technology Corp invested € 1.5 million mainly for the upgrading of the
production sites in Texas and New Jersey.
– Mapei Inc, which had disbursements for € 1.3 million mainly for the new machinery
purchasing for the plants in Laval and Toronto.
– Polyglass Usa Inc invested € 8.3 million, mainly for the purchase of land and a building in
Texas and the purchase of a new packaging system in the plant in Winter Haven.
– Mapei Argentina Sa invested € 0.8 million for the renovation of both offices and the
production site in Buenos Aires.
Asia:
– Mapei Malaysia Sdn Bhd, made investments mainly to the finalization of the new offices
in Kuala Lumpur, for an amount of approximately € 1.2 million.
– Mapei Contruction Products India Ltd made investments of € 4.0 million for the building
of a new production site in Vadorada (Gujarat).
– Mapei Yapi Kimyasallari Ins.San.Ve Tic.As invested € 1.7 million, mainly for the
enlargement and the renewal of the site in Polatli.
Oceania:
– Mapei Australia Pty Ltd invested € 7.0 million, mainly for the construction of the new
production site near Brisbane.
The remaining investments, of around € 8.2 million, were made by all the other companies
and are related to the renovation and extraordinary maintenance of offices and production
sites.
Disposals for the year amount to € 2.0 million, net of the accumulated depreciation, and
mainly refer to assets in the category Buildings, Plant & Machinery, Equipment and Other
Assets of various companies, which are no longer used in the production processes.
Exchange rates had a significant impact in fixed assets as at December 31st, 2015. In
fact, we had an increase of € 23.0 million attributed to the revaluation of the USD dollar,
the Swiss franc and the Dirham, offset by the devaluation of the Norwegian krone and the
Russian rouble.
5 4
M A N A G E M E N T R E P O R T
Research & DevelopmentMapei, one of the world leaders in the construction sector, is always setting new quality
standards thanks to its innovative products, stemming from an accurate research, and to
its willingness to compete and excel at global level.
Together with the energy of its collaborators and the team spirit that has always inspired
the Group’s actions, R&D is the strong point of the Group, which is making headway with
determination and confidence in the future.
The Mapei Group experience is focused on the great care for Customers, as well as on the
market and new technologies. The Group, in fact, has always maintained a medium-long
term growth strategy.
Well aware that we are acting in a market in which the Group is present with top quality
products, the year 2015 had been a positive period for our Group which, at global level,
almost reached 13% growth.
In 2015 as well, investments in R&D for new products and technologies grew, always
striving to meet the necessities of each single market in which the Group operates and
aims to be leader.
Having said the above, our commitment in a sustainable development of products and
industrial processes, with materials specially studied to reduce energy consumption and
the issue of volatile and safe organic substances in the environment, as well as specially
studied to be friendly for workers, applicators and end users.
We hereby highlight the main investments made over the year and developed in our 17
main research centres, coordinated by the central lab in Milan:
– for Mapei Korea Ltd, a new range of coloured cement mortar joints, called KERACOLOR K
was developed, together with a new basic adhesive, KERASET K. Both products are
compliant with KS standards to better meet the requirements of Korean installers.
These products come to complete the already wide product range developed for this
specific country. Always for the Korean market, the formula Ademastik K was further
optimized;
– as regards our Group, the S1 adhesives, called “deformable”, are always being optimized
and even more products are being added to the product range. As per the Italian market,
the new super white versions of KERAFLEX MAXI S1 (C2TES1) were developed for all
production sites, to meet the increased demand by installers;
– as for the Bulgarian market, a new, non-thixotropic formula, KERAFLEX PLUS S1
(C2ES1), was developed. This formula allows for the flooring of large formats, with an
easier wetting of the rear of tiles;
– as for Mapei UK Ltd, a semi-lightened, fibred rapid adhesive, called KERAQUICK XL
Fiberlite -C2FTS1, was developed;
5 5
– for the Italian market, self-levelling smoothing cementitious products were developed,
such as ULTRAPLAN FAST TRACK, which is matched with ULTRAPLAN QUICK TRAFFIC,
already introduced on the market;
– for the Norwegian market, in which Mapei As is leader, a new high-thickness, smoothing
compound (Uniplan Pro) was developed and introduced for primer-free applications;
– for the Chinese market, the product NOVOPLAN 165 was developed. It offers a low-
price smoothing for large-scale projects based on local raw materials that will allow us to
better compete with other local competitors;
– for the French market, a smoothing, thixotropic formula, PLANIPREP FLASH, was
developed to be matched with the already existing PLANIPREP SC. This new product is
characterised by a high malleability and quick drying that renders it the ideal product for
substrate preparation before the laying of resilient flooring.
– for the Panamanian market, the product DURSILITE GLOSS has been developed. This
is an acrylic gloss finish for luxury interiors and it comes to complete the range already
introduced in previous years;
– for the Turkish market, we have introduced FARBER AQUA SATEN, semi-glossy, acrylic
paint, which is abrasion-resistant and easy to clean; FARBER AQUASIL, an acrylic-
siloxane interior paint, which is glossy and washable as well as products for the tinting
machine, such as FASSADE EXTREME, FASSADE EXTREME MATT, and FASSADE
NANOTHERMAL PLUS;
– all polyurethane formulas for industrial flooring, such as MAPEFLOOR PU 460 , PU461,
PU 470 and decorative flooring have been reviewed over the year;
– as regards the naval segment, we have introduced MAPEDECK LITESCREED, and
the sound-proof membrane MAPEDECK VISCOELASTIC 100, as well as the new
polyurethane adhesive ULTRABOND PU ECO 2K, with a good fire-proof resistance,
rapid hardening and IMO certification;
– as regards the waterproofing segment of flat covers, AQUAFLEX ROOF PLUS was
developed and tested. This is an acryl-polyurethane membrane, which is UV-resistant
and highly durable, with a SRI (solar reflectans index) of 107;
– for the Singapore market, MAPELASTIC HIGH FLEX was introduced. This is an elastic,
cement-based, waterproofing membrane, compliant with HDB standards with extension
of 150%;
– in order to reinforce our leadership in the sector of structural reinforcements of buildings
in concrete, we have developed new, highly performing, cement formulas, both
reinforced through fibres (PLANITOP HPC 46, PLANITOP HPC FLOOR, MAPEGROUT
BETONTECH HPC), or not reinforced (BETONFLUID C60-75, PLANITOP HPC LV).
5 6
M A N A G E M E N T R E P O R T
Environment, health and safety The Group’s strong commitment on issues concerning Health-Safety-Environment has led
to a remarkable reduction in the number of injuries compared to the previous year (-23%).
The geographical areas which contributed the most to this achievement are Europe, and
above all North America. The situation of the Italian sites remains at a good level and
remarkably lower compared to the Group average. In particular, the situation of the plant in
Latina should be mentioned, which has reported “no accidents” for more than four years.
An important initiative launched by the Management during 2015 is the obtaining of
the Management System for Environment (pursuant to the ISO 14001 standard) and
of the Safety Certification Scheme (pursuant to BS OHSAS 18001 standard), also for
R&D laboratories and its Headquarters in Milan. This decision is a clear willingness to
continue considering Health, Safety and Environment as key elements for the business
management, as well as elements that are extremely important under the ethical point of
view; the above, in perfect compliance with the latest HSE Policy of the Mapei Group and
its Code of Ethics.
Always regarding certificates, it is worth noting the new certificates on the Environment
Management Systems (ISO 14001), obtained by the North-American plants in Dalton
(USA), S. Bernardino (USA) and Brampton (Canada), and the double certification on
Environment Management Systems (BS OHSAS 18001) obtained by Mapei Far East in
Singapore.
As regards North America, the implementation project on organization has been completed.
This envisaged to endow each single factory with a person in charge of the HSE area. The
implementation was carried out through the training of new persons, while informing the
Unit Managers (Head of the production sites) on these issues.
At European level, the new standards included in two European Directives on energy
efficiency and major accident hazards had important effects on the larger-size plants.
The directive on energy efficiency required to carry out energy auditing on the larger-
sized sites by year end. The outcome of these audits permitted to identify the energy
consumption of the main areas within the sites and the related possible interventions
aimed at energy efficiency. These indications have already been adopted in some plants,
with investment projects which will permit to reduce energy consumption; some of them
have very interesting returns on investment.
The directive on major accident hazards, adopted by the domestic legislative authorities
with the Legislative Decree 105/15, will primarily affect the Italian plants. This will involve
audits on industrial accident hazards and subsequent information to Authorities and
population. This is however an activity which will allow to obtain a deep understanding of
the inner hazards of production processes, as well as to envisage structural, procedural
interventions, as well as training, with a further improvement of safety levels in our sites.
5 7
Quality managementAgain in 2015, the actions promoting the culture of quality in our Group continued with the
aim of ameliorating the Group’s organization.
The new edition of ISO 9001 on Quality Management Systems was published in September
2015. This introduced various important news in terms of risk analysis, in an even more
complex, demanding and dynamic environment, that the Mapei Group has already
adopted for the management of processes and activities affecting the quality of products
and services.
The main target of the corporate Quality Management System is to rapidly seize trends
and changes with the aim of continuously improving products and services offered to the
market. This system should firstly take account of needs and expectations of customers
and involved parties, with special care to corporate economic aspects and customers, in
view of a sustainable and durable output.
A support to affiliated companies endowed with a certified Quality Management System will
be developed in the next few months. These companies are currently 38, plus Polyglass
USA Inc and Mapei Vietnam Ltd, which were added in 2015, in view of a coordinated
adoption of the revised standard.
The IT support for the management and dissemination of DoP and some environmental
certificates (GEV, Blue Angel and EPD) was completed, and affiliated companies continued
to receive assistance for the management of novelties brought to CRP by the Delegated
Regulations published in 2014.
The new range of products was specially developed for the naval industry, and obtained
the certificate of compliance with the MED directive (Marine Equipment Directive 96/98/
EC).
A further process integration is scheduled in 2016, with the implementation of the new
corporate management system Microsoft Dynamics AX, as well as with the sharing and
coordination of the activities necessary to implement the SGAS for offices and laboratories
in the headquarters of Mapei Spa.
Information TechnologyOver 2015, IT activities were carried out essentially in three macro areas:
– Maintenance and Support to both the Legacy system (Mapei Sw), still used by most
of the Group associated companies, and the Dynamics Ax system, for the associated
companies that are already operating on the new ERP platform.
– Start-up of the new AX Core Model platform, for the companies acting in Vietnam, Brazil
and Denmark.
– Finalization and execution of the work plan for the go-live of the parent company Mapei
Spa on the new system Dynamics Ax took place on January 4th, 2016.
5 8
M A N A G E M E N T R E P O R T
As regards the last issue, in the first half of 2015, the testing of the Core Model functions
was completed with all the Project teams. External resources were involved to support the
tailoring of the software.
In the second half of the year, attention focused on the preparation of data migration, which
was considered a key factor for a successful go-live. Data translation programmes and
sharing of results with key users allowed us to migrate all personal data of the static type,
in the first phase, since the beginning of December. These data were then maintained in
parallel on both Mapei Sw and AX Core Model. The migration of dynamic data occurred
at the beginning of 2016.
Always in the second half of 2015, a widespread training program was defined and managed,
taking into account not only the new system functions, but also some organizational and
process changes that were envisaged with the introduction of Ax Core Model. The training
programme, addressed to internal resources and external consultants, was carried out
extensively in all operating headquarters.
Based on the above, since the morning of January 4th, all the Italian headquarters of Mapei
Spa (Plants in Mediglia and Latina, distribution warehouse in Sassuolo, external machining
department in Ravenna, Administrative office and R&D laboratory), began their activities on
the new AX Core Model system.
Upon start-up, no particular problems or inconveniences for customers were highlighted.
The production departments were in a position to start their activities, and follow the new
process with efficacy and without delays. As from the second operating week, normal
shifting was recovered.
Operating support activities at the various plants continued in the first two/three weeks of
2016.
Human resourcesAs at December 31st 2015, the headcount was 8,098, out of which 115 refer to sports
activities (U.S. Sassuolo Calcio Srl and Mapei Stadium Srl).
As at December 31st 2015, Mapei Group headcount, related to the core business, was
7,983, compared to 7,665 in 2014, which represents an increase of 318 equal to 4.1%.
Pro-Forma total cost for the year amounted to € 445.7 million compared to € 398.7 million
in the previous year, with an increase of 11.8%.
The following chart compares the headcount incidence by geographical macro-areas in
the last two financial years:
5 9
25.3% 24.3%
17.2%
22.7%
7.5%
1.1% 1.9%
25.5% 23.6%
18.1%
22.2%
7.7%
1.2% 1.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Italy WesternEurope
EasternEurope
Americas Asia Oceania Africa
2015
2014
The table below shows the breakdown of Group headcount by category and by
geographical area:
Blue collars White collarsand Directors
Total as at 12.31.15
Total as at 12.31.14 increase %
Italy 865 1,153 2,018 1,953 3.3
Western Europe 564 1,372 1,936 1,809 7.0
Eastern Europe 391 981 1,372 1,388 - 1.2
Americas 892 924 1,816 1,703 6.6
Asia 163 439 602 593 1.5
Oceania 12 78 90 88 2.3
Africa 99 50 149 131 13.7
Total 2,986 4,997 7,983 7,665 4.1
The numbers confirm the continuous growth trend of the Group, achieved also through
continuous investments in human resources, not only considering numbers but also quality.
Special attention was given to salary and wages. The MBO (Management by Objectives)
policy is now consolidated and applied to almost all the General Managers, while proving to
be an effective and structured system to assess performance, which can be also adapted
to context and local variables.
The exhaustive audit of remuneration packages continued for local management teams,
with the aim of ensuring internal and external fair treatment, with the correct positioning
of wages and salaries on the market. Further progress was made in this direction, even
more systematically, through the harmonization of incentive schemes that are currently
being used for the sales department. The aim is not only the achievement of sales targets,
6 0
M A N A G E M E N T R E P O R T
but also the creation of a careful and constructive partnership with our old and new
customers.
Moreover, the attention was still focused on the analyses of key structures and organizational
processes, in the aim of rendering them consistent with the strengthening and evolution of
the business. The co-ordination efforts between Corporate HR & Organization Management
and the local staff referees continue through meetings and sharing of best practices.
International mobility projects are being implemented within the entire Group, which enjoy
initial success for a policy that reflects the commitment for an effective management of
skills and a strengthening of the Group structure at global level. The very low turnover of
people leaving the Group awards these policies, while confirming the attention to young
people and “best performers”.
During 2015 again, all General Managers, employees and collaborators were involved
in projects on the values of the Group Code of Ethics, while confirming the Group’s
commitment towards loyalty and transparency as inalienable values.
Lastly, it is worth noting that attention was focused on the development of training courses
for managers and potential resources. These courses will be carried out in the next few
years and will ensure the exchange of experiences between the various affiliated companies
and an even more profitable intercultural exchange.
We feel committed to once again thank all our Employees and Collaborators all over
the world who, with their daily commitment, allowed our Group to successfully face a
competitive and difficult market, with a final result that we consider to be highly satisfactory.
Risk managementThe Group operates in the building sector and is generally subject to inherent risks and
uncertainty factors. We have identified the main risk areas, while striving to define the
suited instruments to mitigate them.
Financial requirements and cash management risks
Financial risks are constantly monitored by Corporate Treasury in order to have a 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 Parent
Company. The main goal of these instruments is to finance Group operating activities.
At the reporting date, the main sources of financing of the Mapei Group, in addition to the
use of flows generated by the operating management, are composed of short-term bank
borrowings, medium and long-term bank borrowings and loans of European and world
credit institutions, as well as bond loans, mainly issued by the Parent Company, which
are used to support the development of our business. Some of these loans are subject to
covenants. The cash surplus is kept on the bank accounts in order to have it immediately
available.
6 1
In the Notes to the financial statements, paragraph “Payables due to banks”, we have
underlined the exposure towards credit institutions of each single company. We should
also note that, as at the end of the financial year, the Group holds cash on hand amounting
to € 86.6 million, as well as credit lines amounting to more than € 396 million, which
have been made available by prominent credit institutions, have not been used, but are
promptly available.
Interest rates risks
This is the risk resulting from any significant increase in financial charges on floating rate
loans. We deem that, in this period, the risk is fairly remote. For this reason, our Treasury
Service decided to use mainly loans, both short and medium/long-term, at floating rates
which enable us to obtain a lower cost of money.
At the end of 2015 Mapei Group had three 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 at December 31st, 2015,
the notional value of these contracts amounted to € 91.2 million, of which € 87.5 million
pertaining to Mapei Spa and € 3.7 million to Polyglass Spa. The mark-to-market value of
these two contracts as at December 31st, 2015 showed a risk amounting to € 0.9 million.
Currency fluctuations risks
This risk is limited for our Group, because all our foreign subsidiaries, operating outside the
Eurozone, benefit from a natural hedging, given that commercial transactions are mostly
carried out in local currency. Currency fluctuations are constantly monitored by Corporate
Treasury. As regards loans in foreign currency, our Treasury Service constantly monitors
the fluctuations of currencies to provide for a prompt intervention, if required.
Credit management risks
Group Management adopted restrictive policies in order to reduce credit risk, also through
the management of credit limits based on internal ratings. The maximum exposure to this
risk is equal to the value of Trade receivables, as stated in the financial statements.
In this extremely difficult period on several markets, especially European ones, we
have strengthened our cooperation with companies specialized in credit rating for the
construction sector. With regard to this risk, we however specify that Group’s business
operations have a good credit quality. Moreover, we believe that provisions made with
respect to insolvency risks are consistent.
It is also noted that, by working with a high number of customers, our Group does not
show significant credit positions, which imply an excessive credit concentration.
Environmental risks
Our Group Is committed to the protection of the environment and to the safety in the
production sites. Most of our plants are certified to fulfil environment and safety standards.
6 2
M A N A G E M E N T R E P O R T
Our subsidiaries have dedicated departments in order to manage these tasks. On a
Corporate level, a function HSE (Health, Safety and Environment) has been created.
Fiscal audit risks
In December 2015, we settled a dispute with Italian Tax Authorities through a global
agreement on two outstanding cases related to Mapei Spa. The first concerned a general
assessment for the years from 2003 to 2009, which began in November 2009. The second
involved the years from 2010 to 2012 and began in March 2015.
There are no relevant fiscal risks related to the rest of the Group companies.
Legal litigation risks
In 2011, Flag Spa, a company of the French group Soprema, initiated a legal action
against Polyglass Spa and the parent company Mapei Spa, for the claimed violation of
confidential information and fair competition principles related to the construction of the
first PVC membranes production plant. In the case was also called the company S.A.T.
Engineering di Francesco D’Ursi & C Sas, as co-owner with Flag Spa of the patents in
connection with the plant in object.
With sentence of June 11th, 2015, the Court of Milan rejected the appeals of Flag Spa
against both Polyglass Spa and Mapei Spa, as well as the appeals against other parties,
and ordered Flag Spa to pay the legal costs. The companies Flag Spa, D’Ursi and SAT
Engineering objected the decision and our companies cross-appealed the costs of the
proceedings, which were paid to a lower extent than due. The sentence is expected by
February 2017.
Although the level of uncertainty that characterises these proceedings, we believe that no
significant liabilities for the companies should occur, at least to the extent asked for by the
plaintiff, which, in any case, cannot be quantified at the moment. This opinion is based
on the fact that valid defence elements were brought before the Court and the technical
expertise did not assess the existence of a valid know-how owned by Flag Spa.
Some other legal disputes, of an irrelevant amount and with counterparts of our companies,
are monitored also through our lawyers. Where necessary the coverage of the insurance
policy is activated. In most other cases, based on experience gained over the years,
we believe that no significant liabilities will be charged to our company and therefore no
specific actions are required to offset this type of risks.
Related party transactionsAll shareholdings with subsidiaries and associated companies are described in the Notes
to the Financial Statements.
There were no significant transactions with related parties.
6 3
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 2015, Group subsidiaries did not hold any share of Mapei Spa.
Mapei Spa held 3,060,000 treasury shares, having nominal value of € 1 each, for a total value
of € 3,060,000, corresponding to 6.052% of the share capital, having counterbalanced
value in Equity Reserves for the amount of € 51.5 million. This amount is unchanged
compared to the previous year.
Important events subsequent to the close of the financial yearNo other significant events occurred which could require additional comments on the
Group’s economic, equity and financial position as at December 31st 2015.
Developments in the financial results expected in 2016As at April 30th, 2016, the Group’s sales increased by over 5% compared to the previous
year. Excellent performance was recorded by our American companies (+13.5%) and
Western European companies (7.5%). Without the negative effect of exchange rates
recorded at the beginning of the year, growth would have been 7.8%.
Over the last few months, also profitability had a good performance. We expect that the
end of the year will show a better result than 2015.
Milan, May 27th 2016
The Sole Shareholder
Mr. Giorgio Squinzi
6 4
6 5
Mapei Group Consolidated Financial Statements
6 6
6 7
B A L A N C E S H E E T
ASSETS12.31.2015 12.31.2014 Difference
B) Fixed AssetsI Intangible assets
1) Establishment and broadening costs 335,948 7,323 328,625
3) Industrial patents 825,543 1,114,291 (288,748)
4) Governament concessions, know how, licenses, trade-marks and similar rights 3,896,611 1,543,066 2,353,545
5) Goodwill 32,584,211 39,495,240 (6,911,029)
6) Assets in progress and payments in advance 8,903,562 5,624,876 3,278,686
7) Other intangible assets 60,221,212 47,223,149 12,998,063
Total intangible assets 106,767,087 95,007,945 11,759,142
II Tangible assets
1) Land and buildings 343,974,034 329,344,829 14,629,205
2) Plant and machinery 128,352,848 120,919,670 7,433,178
3) Industrial and commercial equipment 9,546,476 8,896,115 650,361
4) Other tangible assets 17,109,000 16,634,912 474,088
5) Assets in progress and payments in advance 26,268,638 31,018,932 (4,750,294)
Total tangible assets 525,250,996 506,814,458 18,436,538
III Financial assets
1) Investments in:
a) subsidiaries 90,779 90,458 321
d) other companies 256,828 4,756,886 (4,500,058)
2) Financial credits towards:
d) others 1,781,991 1,308,421 473,570
3) Term securities 1,295,044 1,308,798 (13,754)
4) Own Shares 51,515,113 51,515,113 0
Total financial assets 54,939,755 58,979,676 (4,039,921)
Total Fixed Assets 686,957,838 660,802,079 26,155,759
6 8
B A L A N C E S H E E T
ASSETS12.31.2015 12.31.2014 Difference
C) Current Assets
I Inventories
1) Raw materials, packaging and supplies 127,466,193 126,274,490 1,191,703
2) Work in progress and semi-finished goods 7,995,701 7,767,159 228,542
3) Work in progress on a contract basis 102,444 93,825 8,619
4) Finished products and merchandise 143,596,788 134,815,310 8,781,478
5) Advances to suppliers 405,092 515,933 (110,841)
Total inventory 279,566,218 269,466,717 10,099,501
II Receivables
1) Trade receivables (net of allowance for doubtful credits) 458,583,444 425,684,404 32,899,040
2) Trade receivables towards subsidiaries 0 125,353 (125,353)
4) bis Receivables towards tax offices 28,687,268 28,625,696 61,572
4) ter Deferred tax assets 24,379,677 30,193,012 (5,813,335)
5) Other receivables 59,798,278 42,734,401 17,063,877
Total receivables 571,448,667 527,362,866 44,085,801
III Other current assets
6) Marketable securities 6,424 6,674 (250)
Total other current assets 6,424 6,674 (250)
IV Cash on hand and banks
1) Bank & postal current accounts 83,367,186 51,440,782 31,926,404
3) Cash 4,142,316 2,564,324 1,577,992
Total cash & bank 87,509,502 54,005,106 33,504,396
Total current assets 938,530,811 850,841,363 87,689,448
D) Accruals and pre-payments 8,962,682 7,445,603 1,517,079
Total assets 1,634,451,331 1,519,089,045 115,362,286
6 9
LIABILITIES & NET WORTH12.31.2015 12.31.2014 Difference
A) Net WorthI Share capital 50,560,000 50,560,000 0
III Revaluation reserves 78,687,539 78,687,539 0
IV Legal reserve 10,112,000 10,112,000 0
VI Own Shares Reserve 51,515,113 51,515,113 0
VII Other reserves 21,707,900 9,918,367 11,789,533
Translation reserve 8,900,183 (455,065) 9,355,248
Consolidation reserve 1,493,976 1,907,863 (413,887)
VIII Accumulated profit/(loss) brought forward 459,164,716 449,397,985 9,766,731
IX Net Profit 45,564,943 23,368,934 22,196,009
Total Net Worth 727,706,370 675,012,736 52,693,634
Minority Capital and Reserves 683,778 525,733 158,045
Minority Profit (Loss) (353,208) 128,710 (481,918)
Total Net Worth & Minority Interests 728,036,940 675,667,179 52,369,761
B) Sundry risks and other Funds1) Pension funds 21,618,908 20,320,069 1,298,839
2) Taxation 17,257,960 23,272,256 (6,014,296)
3) Others 19,080,484 13,802,263 5,278,221
Total Sundry risk and other funds 57,957,352 57,394,588 562,764
C) Staff severance Reserve 11,355,715 11,739,029 (383,314)
D) Liabilities1) Bonds
a) repayable within 12 months 46,000,000 0 46,000,000
b) repayable after 12 months 0 46,000,000 (46,000,000)
4) Banks
a) repayable within 12 months 144,498,186 175,779,152 (31,280,966)
b) repayable after 12 months 266,321,845 189,123,601 77,198,244
5) Other financial institutions
a) repayable within 12 months 2,025,472 1,761,495 263,977
b) repayable after 12 months 5,737,715 5,858,870 (121,155)
6) Advances from customers 3,260,806 3,499,979 (239,173)
7) Trade payables 219,095,357 211,346,627 7,748,730
8) Draft and promissory notes 1,114,182 730,415 383,767
12) Due to tax office 32,959,777 23,979,688 8,980,089
13) Social security contributions 11,369,028 11,356,810 12,218
14) Other payables 93,615,130 90,546,554 3,068,576
Total Liabilities 825,997,498 759,983,191 66,014,307
E) Accruals and pre-payments 11,103,826 14,305,058 (3,201,232)
Total liabilities and net worth 1,634,451,331 1,519,089,045 115,362,286
ContingenciesNotional value of derivative contracts 91,156,382 51,673,697 39,482,685
Guarantees to third-party 15,052,622 18,924,261 (3,871,639)
Guarantees from third parties 6,011,350 4,852,229 1,159,121
Total contingencies 112,220,354 75,450,187 36,770,167
7 0
S T A T E M E N T O F I N C O M E
12.31.2015 12.31.2014 Difference
A) Value of production1) Net sales 2,179,676,544 1,940,241,877 239,434,667
2) Increase/(decrease) in stock of work in progress, finished and semi-finished products 6,147,377 9,340,889 (3,193,512)
3) Changes in work in progress 85,200 0 85,200
4) Capitalised costs 803,916 1,179,861 (375,945)
5) Other revenues 40,145,425 26,617,900 13,527,525
Total Value of production 2,226,858,462 1,977,380,527 249,392,735
B) Production costs
6) Purchase of raw materials, packaging and suppliers (1,024,682,373) (955,168,252) (69,514,121)
7) Purchase of services (409,504,709) (372,694,392) (36,810,317)
8) Rentals and leasing (32,242,516) (29,196,204) (3,046,312)
9) Labour costs
a) wages and salaries (392,697,461) (347,114,894) (45,582,567)
b) social security contributions (66,498,066) (62,612,580) (3,885,486)
c) provision for staff severance (7,573,678) (6,842,074) (731,604)
d) provision for pension funds (4,923,944) (4,395,335) (528,609)
e) other labour costs (23,517,119) (23,290,746) (226,373)
Total labour costs (495,210,268) (444,255,629) (50,954,639)
10) Depreciation, amortisation and doubtful credits provisions
a) amortisation of intangible fixed assets (24,892,438) (20,729,918) (4,162,520)
b) depreciation of tangible fixed assets (57,277,411) (53,690,677) (3,586,734)
c) other devaluation of fixed assets (3,780,970) 0 (3,780,970)
d) provision for doubtful credits, cash & bank and other current asset devaluations (8,606,938) (11,903,944) 3,297,006
Total depreciation, amortisation and doubtful credits provisions (94,557,757) (86,324,539) (8,233,218)
11) Decrease/(increase) in stock of raw materials, pack., suppl. and merch. (1,996,337) 17,694,360 (19,690,697)
12) Sundry risk provisions (3,143,274) (796,553) (2,346,721)
14) Other operating costs (32,550,611) (45,552,737) 13,002,126
Total Production costs (2,093,887,845) (1,916,293,946) (177,593,899)
Earning before interest and tax 132,970,617 61,086,581 71,798,836
7 1
12.31.2015 12.31.2014 Difference
C) Financial income and expenses16) Other financial income
b) term securities 7,970 9,744 (1,774)
c) marketable securities 5,572 3,645 1,927
d) other proceeds 714,228 823,081 (108,853)
17) Interest paid and other financial charges (10,246,612) (10,174,560) (72,052)
17) bis Gains and losses on exchange rates 4,147,059 2,510,966 1,636,093
Total Financial income and expenses (5,371,783) (6,827,124) 1,455,341
D) Adjustments in the value of Finacial assets19) Devaluations
b) devaluation of other financial assets (7,670) (23,530) 15,860
Total adjustments in the value of finacial assets (7,670) (23,530) 15,860
E) Extraordinary items20) Extraordinary income
a) gains on disposal of assets 22,483 436,904 (414,421)
b) other extraordinary income 1,098,738 1,049,270 49,468
21) Extraordinary losses
a) losses on disposal of assets (636,107) (111,228) (524,879)
b) taxation related to previous accounting periods (25,258,898) (883,738) (24,375,160)
c) other extraordinary losses (13,764,225) (12,632,935) (1,131,290)
Total extraordinary items (38,538,009) (12,141,727) (26,396,282)
Profit/(loss) before tax 89,053,155 42,094,200 46,958,955
22 a) Income tax (45,030,835) (23,969,318) (21,061,517)
22 b) Anticipated (Deferred) tax 1,189,415 5,372,762 (4,183,347)
Total taxes (43,841,420) (18,596,556) (25,244,864)
23) Profit (loss) for the year 45,211,735 23,497,644 21,714,091
Minority interests (353,208) 128,710 (481,918)
Net profit 45,564,943 23,368,934 22,196,009
7 2
C A S H F L O W S T A T E M E N T
12.31.2015 12.31.2014 Difference
Profit / (Loss) for the year 45,211,735 23,368,934 21,842,801
Income taxes 43,841,420 18,596,556 25,244,864
Interest expense/(interest income) 10,246,612 9,338,090 908,522
Profit/(Loss) for the year before income tax, interest, capital gain/loss 99,299,767 51,303,580 47,996,187
Adjustment of non-monetary elements having counterbalance in Net Working Capital 72,694,639 79,278,291 (6,583,652)
Depreciation of tangible assets 57,277,411 53,690,677 3,586,734
Amortisation intangible assets 24,892,438 20,729,918 4,162,520
Staff Severance provision (464,768) (1,002,786) 538,018
Change in reserves (11,469,282) 4,850,171 (16,319,453)
Devaluation/(Revaluation) 3,788,640 23,530 3,765,110
Other movements in reserves due to consolidation operations (1,329,800) 986,781 (2,316,581)
Net Cash before Working Capital 171,994,406 130,581,871 41,412,535
Working Capital Surplus/(Requirement) (29,322,449) (35,898,537) 6,576,088
(Increase) / Decrease in Net trade receivables (24,949,237) (31,831,693) 6,882,456
(Increase) / Decrease in inventories (3,658,960) (27,962,696) 24,303,736
(Increase) / Decrease in Other receivables (7,560,847) (42,534,834) 34,973,987
Increase / (Decrease) in Trade payables 6,130,860 5,359,133 771,727
Increase / (Decrease) in Other payables 715,735 61,071,553 (60,355,818)
Net Cash after Working Capital 142,671,957 94,683,334 47,988,623
Other adjustments
Interest cashed/paid (9,762,948) (9,338,090) (424,858)
(Income taxes, paid) (38,215,289) (18,596,556) (19,618,733)
Total other adjustments (47,978,237) (27,934,646) (20,043,591)
Net cash provided by / (used in) the operating activity (A) 94,693,720 66,748,688 27,945,032
Cash flow from investing activities (99,660,334) (134,395,396) 34,735,062
Intangible assets (37,788,055) (70,608,900) 32,820,845
Tangible assets (inclusive of the change in the consolidation area) (66,003,432) (60,952,139) (5,051,293)
Investments 4,131,153 (2,834,357) 6,965,510
(Increase)/Decrease in other ml/t receivables (net of other ml/t payable) (281,878) 2,151,940 (2,433,818)
Net cash (used in) / provided by the investing activity (B) (99,942,212) (132,243,456) 32,301,244
Cash flow from financing activities
Increase / (Decrease) in Shareholders’ Equity (2,226,562) 1,178,165 (3,404,727)
Dividends paid (1,500,000) (100,000) (1,400,000)
Increase of Net Equity Reserves (726,562) 1,278,165 (2,004,727)
Increase / (Decrease) in Loans and ml/t borrowings: 40,979,450 68,353,676 (27,374,226)
Loans and other ml/t borrowings 52,581,609 154,446,871 (101,865,262)
S/t bank and other financial institution (11,602,159) (86,093,195) 74,491,036
Net cash provided by / (used in) the financing activity (C) 38,752,888 69,531,841 (30,778,953 )
Increase / (Decrease) in cash and banks (A+B+C) 33,504,396 4,037,073 29,467,323
Cash on hand and banks as at January 1st, 2015 54,005,106
Cash on hand and banks as at December 31st, 2015 87,509,502
7 3
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year ended December 31st, 2015
Structure and contents of Balance Sheet and Profit and Loss StatementThese Consolidated Financial Statements as per December 31st, 2015, are composed
of the Balance Sheet, the Profit and Loss 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 9th, 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.IC.) (the
Italian Accounting Organisation). These standards have been recently revised and updated
by the Body itself.
Significant events occurring after year-end are included in the Report to the Sole
Shareholder.
Balance Sheet and Profit and Loss Statement 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:
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
Company Location Cur- rency
Share Capital Direct Ownership
Indirect Ownership
Adesital Spa Fiorano EUR 1,600,000 100% 0%
Cercol Spa Sassuolo EUR 520,000 100% 0%
General Resource Technology Corporation Eagan USD 19,823,630 0% 100%
Gorka Cement Spzoo Trzebinia PLN 10,000,000 100% 0%
Ibermapei Sa Barcellona EUR 7,662,904 100% 0%
Lusomapei Sa Anadia EUR 6,803,993 100% 0%
Mapefin Austria Gmbh Nußdorf EUR 35,000 0% 100%
Mapefin Deutschland Gmbh Wiesbaden EUR 25,000 100% 0%
Mapei Ab Stoccolma SEK 10,272,000 0% 100%
Mapei Argentina Sa Buenos Aires ARS 55,695,588 86% 14%
Mapei As Sagstua NOK 24,148,950 100% 0%
Mapei Australia Pty Ltd Brisbane AUD 8,400,000 100% 0%
Mapei Benelux Sa Liegi EUR 1,215,990 100% 0%
Mapei Betontechnik Gmbh Langenwang EUR 210,000 0% 100%
Mapei Brasil Construction Materials Ltda San Paolo BRL 7,700,000 91% 9%
Mapei Bulgaria Eood Ruse BGN 12,869,230 100% 0%
Mapei Caribe Inc Portorico 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 4,200,000 100% 0%
Mapei Construction Chemicals Llc Dubai AED 300,000 49% 0%
Mapei Construction Materials Co Ltd Canton RMB 41,350,000 0% 100%
Mapei Construction Materials Co Ltd Shanghai RMB 59,357,606 0% 100%
Mapei Construction Products India Ltd Bangalore INR 430,000,000 100% 0%
Mapei Corp Ft. Lauderdale USD 80,697,440 100% 0%
Mapei Costa Rica Sa San Josè CRC 5,381,300 0% 100%
Mapei Croatia Doo Zagreb HRK 1,250,000 100% 0%
Mapei Denmark As Fredriksberg DKK 500,600 100% 0%
Mapei Doha Llc Doha QAR 200,000 49% 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 8,500,000 100% 0%
Mapei Gmbh (D) Erlenbach EUR 3,500,000 100% 0%
Mapei Hellas Sa Atene EUR 10,500,000 100% 0%
Mapei Inc Montreal CAD 3,794,499 100% 0%
Mapei Indonesia Construction Products Pt Bekasi IDR 3,255,500,000 1% 99%
Mapei Kft Budaors HUF 400,000,000 73% 27%
Mapei Korea Ltd Chungbuk KRW 8,736,860,000 100% 0%
7 5
Company Location Cur- rency
Share Capital Direct Ownership
Indirect Ownership
Mapei Malaysia Sdn Bhd Selangor MYR 9,000,000 0% 100%
Mapei Mexico Sa de cv Queratero MXN 41,110,940 1% 99%
Mapei Nederland Bv Almelo EUR 2,900,000 100% 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 0% 100%
Mapei SRB Doo Belgrado RSD 55,375,000 100% 0%
Mapei Sro Olomouc CZK 75,100,000 67% 33%
Mapei South Africa Pty ltd Johannesburg ZAR 85,275,520 100% 0%
Mapei Stadium Srl Reggio Emilia EUR 20,000 100% 0%
Mapei Suisse Sa Sorens CHF 4,000,000 95% 4%
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%
Mapei Yapi Kimyasallari Ins. San. Ve Tic. As Ankara TRY 5,442,632 100% 0%
Mosaico+ Srl Modena EUR 1,600,000 100% 0%
Mosaico Plus Ukraine Llc Kiev UAH 105,580 0% 100%
Polyglass GB Ltd Willenhall GBP 50,100 0% 100%
Polyglass Romania Srl Lasi RON 90,200 0% 100%
Polyglass Spa Ponte di Piave EUR 30,000,000 100% 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 (D) Wiesbaden EUR 18,000,000 0% 100%
Sopro Bauchemie Gmbh (A) Asten EUR 2,617,167 0% 100%
Sopro Hungaria Kft Budakeszi HUF 37,000,000 0% 100%
Sopro Nederland Bv Nieuwegein EUR 18,000 0% 100%
Sopro Polska Spzoo Varsavia PLN 26,714,500 0% 100%
U.S. Sassuolo Calcio Srl Sassuolo EUR 5,000,000 100% 0%
Vaga Srl Costa De’ Nobili EUR 4,267,000 100% 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 Mosca RUR 934,100,000 100% 0%
4307721 Canada Inc Laval CAD 100 0% 100%
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
The Mapei Group Consolidated Financial Statements at December 31st, 2015 are based
on the Financial Statements of the parent company and the Italian and foreign companies
under its control.
The companies Mapei Indonesia Construction Product Pt, held by Mapei Far East, and
Mapei Costa Rica Sa, held by Mapei Construction Chemicals Panama Sa, which became
operative in 2015, were consolidated on a line-by-line basis.
It is mentioned that the company Mapei Middle East Fzco (50% owned by Mapei Spa) and
the company Mapei Perù Sac. are not included in the consolidation area and are measured
at cost, since they were not operative during 2015.
Moreover, the company Vaga Società Agricola Ss (90% owned), which is measured at
cost, is not included in the consolidation area due to the low financial relevance.
Principles of consolidationFinancial Statements of the companies included in the consolidation area are consolidated
on a line-by-line basis, irrespective of 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
consolidated 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 full consolidation method 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.
7 7
Financial Statements used for the consolidationThe Consolidated Financial Statements have been prepared using the Financial Statements
for the year-ended December 31st, 2015 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 0.09757 0.07094Australian Dollar 0.67728 0.67128Brazilian Real 0.27142 0.23193British Pound 1.37741 1.36258Bulgarian Lev 0.51130 0.51130Canadian Dollar 0.70542 0.66155Chinese Ren Min Bi 0.14341 0.14163Costa Rica Colon 0.00169 0.00171Czech Crown 0.03701 0.03665Danish Crown 0.13407 0.13400Egyptian Pound 0.11697 0.11736Hong Kong Dollar 0.11625 0.11852Hungarian Florin 0.00323 0.00316Indian Rupee 0.01405 0.01388Indonesia Rupia 0.00007 0.00007Korean Won Sud 0.00080 0.00078Malaysian Ringgit 0.23087 0.21295Mexican Pesos 0.05682 0.05287New Zealander Dollar 0.62865 0.62802Norwegian Crown 0.11184 0.10413Panama Balboa 0.90123 0.91853Polish Zloty 0.23907 0.23453Riyal Qatar 0.24756 0.25234Romanian New Lev 0.22496 0.22104Russian Rouble 0.01470 0.01240Serbian Dinar 0.00829 0.00823Singapore Dollar 0.65569 0.64863South African Rand 0.07066 0.05899Swedish Crown 0.10690 0.10882Swiss Franc 0.93668 0.92293Turkish Lira 0.33093 0.31481Ucrainian Hryvnia 0.04117 0.03823United Arab Emirates Dirham 0.24547 0.25021US Dollar 0.90123 0.91853Vietnamese Dong 0.00004 0.00004
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
Accounting policiesThe accounting policies ex art. 2426 of Italian Civil Code are compliant with those adopted
for the consolidated Financial Statements of the previous year, with the exception of the
changes required for the aforementioned accounting principles. There have been no
exceptional events disregarding the art. 2423 bis, 2 comma, and 2423, 4 comma of Italian
Civil Code.
It is also mentioned that, if needed, the amounts of the previous year have been reclassified,
ex art. 2423 ter, 5 comma of Italian Civil Code, in order to be comparable.
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:
Rate
Trade Marks 20%
Goodwill 10%
Other Intangible assets 20%
Know How 5-50%
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.
Other Intangible Assets also include the players’ registration rights, stated at purchase
price, inclusive of all directly attributable costs, net of the amortization, calculated on the
basis of the players’ 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:
7 9
Asset Class 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.
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.
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
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.
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.
8 1
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.
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
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:
12.31.2015 12.31.2014 Difference
Establishment and broadening costs 335,948 7,323 328,625 Industrial patents 825,543 1,114,291 -288,748
Governament Concessions, know how, licenses, trade-marks and similar rights 3,896,611 1,543,066 2,353,545
Goodwill 32,584,211 39,495,240 -6,911,029Assets in progress and payments in advance 8,903,562 5,624,876 3,278,686Other intangible assets 60,221,212 47,223,149 12,998,063
Total 106,767,087 95,007,945 11,759,142
The increase in item “Concessions, licenses and trademarks” is attributable to the rights
related to the quarry in Piacenza, that Vaga Srl began to exploit in 2015.
The decrease in item “Goodwill” results from the write offs and amortisation made during
the year.
Moreover, it is worth noting that a goodwill of € 689,739, related to the company Mapei
Construction Chemicals Panama Sa, acquired in 2011, was entered due to a more correct
reclassification of some items in the financial statements.
The table here below summarises the Goodwill composition:
Goodwill
Opening balance 149,249,673Exchange difference opening balance 2,340,241Increase 676,747Exchange difference variation 12,991
Acquisition cost 152,279,652Opening balance - Cumulated Amortisation 109,754,433Exchange difference opening balance 438,553Increase - Amortisation/Devaluation 9,470,658Exchange difference variation 31,797
Cumulated amortisation 119,695,441
Total 32,584,211
8 3
The breakdown of Goodwill by legal Entity as at December 31st, 2015 is as follows:
Acquisition cost Accumulated amortisation Total
Adesital Spa 1,869,925 1,869,925 0Vaga Srl 3,762,175 3,762,175 0Lusomapei Sa 421,065 421,065 0Ibermapei Sa 431,735 431,735 0Gorka Cement Spzoo 656,179 656,179 0Mapei Construction Chemicals Llc 6,435,320 4,131,169 2,304,151Vinavil Egypt for Chemicals Sae 8,593,446 2,148,361 6,445,085Mapei Betontechnik Gmbh 14,736,189 9,934,018 4,802,171Mosaico + Srl 2,933,938 2,933,938 0Mapei Korea Ltd 4,337,860 2,437,035 1,900,825Mapei Construction Chemicals Panama Sa 689,739 281,303 408,435Mapei Yapi Kimyasallari Ins San Ve Tic As 7,961,867 3,961,867 4,000,000Mapei Construction Materials (Guagzhou) Co Ltd 2,527,748 2,527,748 0Sopro Group 48,807,022 48,401,570 405,454Mapei As 9,284,890 9,284,890 0Mapei Inc 279,302 279,302 0Mapei Corp Group 32,071,348 22,216,003 9,855,345Polyglass Group 4,477,181 2,014,435 2,462,745Cercol Spa 2,002,723 2,002,723 0
Total 152,279,652 119,695,441 32,584,211
Goodwill included in Intangible assets is justified by the profit generated and by the market
and technological potentiality provided by the purchased companies. Goodwill of Mapei
Yapi Kimyasallari Ins. San. Ve Tic. As was partially written down in light of the expected
future cash flows.
The increase in “assets in progress and payments in advance” is due to the investment
made by Mapei Spa for the new Group ERP system.
The increase in “other intangible assets” is due to the increase in value of item “Football
players’ registration rights” of the company U.S. Sassuolo Calcio Srl.
Amortisation for the year amounts to € 24,892,438 (€ 20,729,918 in 2014).
Tangible assetsThe breakdown of tangible assets at the end of the financial year is as follows:
12.31.2015 12.31.2014 Difference
Land and buildings 343,974,034 329,344,829 14,629,205 Plants and machinery 128,352,848 120,919,670 7,433,178 Industrial and commercial equipment 9,546,476 8,896,115 650,361 Other tangible assets 17,109,000 16,634,912 474,088 Assets in progress and payments in advance 26,268,638 31,018,932 -4,750,294
Total 525,250,996 506,814,458 18,436,538
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
The change of € 18,436,538, net of depreciation of € 57,277,411 (€ 53,690,677 in 2014)
is detailed as follows:
Land and buildings
Plant and machinery
Industrial and commercial equipment
Other tangible assets
Assets in progress and payments in
advance
Total
Book value at 12.31.2014 511,300,407 563,867,032 55,917,046 64,793,596 31,018,932 1,226,897,013 Increase 14,442,121 16,426,195 3,751,595 6,242,255 27,144,855 68,007,021 Thereof due to change in the consolidation area - 31,627 - 16,398 - 48,025
(Decrease) -126,767 -1,542,183 -974,455 -6,160,068 - -8,803,474 Reclassification 10,816,406 21,324,638 326,274 242,041 -32,749,084 -39,724 Revaluation/(devaluation) - Exchange rate difference 9,545,023 9,993,160 1,223,204 1,456,876 853,935 23,072,198
Book value at 12.31.2015 545,977,190 610,068,842 60,243,664 66,574,700 26,268,638 1,309,133,034
Accumulated Depre-ciation at 12.31.2014 181,955,577 442,947,362 47,020,931 48,158,684 720,082,554
Depreciation 17,150,450 30,852,237 3,524,759 5,749,965 57,277,411 Reclassification 78,435 -18,749 87,037 -186,447 -39,724 (Decrease) -78,050 -487,174 -859,287 -5,353,955 -6,778,466 Exchange rate difference 2,896,744 8,422,318 923,748 1,097,453 13,340,263
Accumulated Depre-ciation at 12.31.2015 202,003,156 481,715,994 50,697,188 49,465,700 783,882,038
Net book value at 12.31.2015 343,974,034 128,352,848 9,546,476 17,109,000 26,268,638 525,250,996
Changes incurred during the year are as follows:
Mapei Corp made investments for approximately € 10,000,000 for the purchase of the spry
dryer machinery for the production site in Chicago (Illinois), as well as for the enlargement
of the warehouse and the renewal of the plant in Garland (Texas).
Polyglass USA Inc made investments of approximately € 8,300,000, mainly due to
the purchase of a land and a new building in Waco (Texas) and the purchase of a new
packaging system in the plant of Winter Haven (Florida).
Mapei Australia made investments of approximately € 7,000,000 for the construction of a
new production site near Brisbane (Queensland).
Mapei Spa made investments of approximately € 5,700,000 for the purchase of a building
in Milan and the expansion of Mediglia and Sassuolo production sites.
Mapei Construction Products India Ltd made investments of approximately € 4,000,000
for the construction of a new production site in Vadodara (Gujarat).
Mapei Benelux Sa made investments of approximately € 4,000,000, mainly related to the
expansion of the warehouse near Liège.
8 5
Vinavil Spa made investments of approximately € 3,100,000, mainly related to rationalization
and strengthening actions on the production and stocking capacities of the site in
Ravenna, especially on the “Raviflex bag filler” plant, as well as to the installation of a tank
for Acrylamide and the replacement of a plant for the production of demineralised water in
the site of Villadossola, as well as interventions to comply with safety standards.
Mapei As made investments of approximately € 3,000,000 for the upgrading and
extraordinary maintenance of plants and buildings.
Mapei Stadium Srl made investments of € 1,900,000 for the extraordinary maintenance of
the stadium in Reggio Emilia.
Mapei Yapi Kimyasallari Ins San Ve Tic AS made investments of approximately € 1,700,000,
mainly related to the extension and renovation of the production site in Polatli.
Mapei Polska Spzoo made investments of approximately € 1,600,000, mainly related to
the purchase of office equipment and the maintenance of the production site of Barcin, as
well as to the purchase of silos and equipment for the production site in Gliwice.
General Resource Technology Corporation made investments of approximately € 1,500,000
for the new production sites in Texas and New Jersey.
Gorka Cement Spzoo made investments of approximately € 1,400,000, mainly due to the
upgrading and maintenance of the grinding plant, as well as to the purchase of industrial
equipment for the production site in Trzebinia.
Polyglass Spa made investments of € 1,300,000, primarily for the completion and servicing
of the second production plant of synthetic membranes, the construction of a fire-
extinguishing plant in the bitumen area, the purchase of industrial and office equipment, as
well as interventions to comply with security standards.
Mapei Inc made investments of approximately € 1,300,000, primarily due to the upgrading
and the purchase of new machinery and equipment for the production sites in Laval and
Toronto.
Mapei France Sa made investments of approximately € 1,300,000, mainly for the purchase
of industrial equipment for the production site in Saint Alban.
Mapei Malaysia Sdn Bhd made investments for approximately € 1,200,000 mainly for the
new offices in Kuala Lumpur.
Mapei Argentina Sa made investments of € 800,000 for the refurbishment of offices and
renovation of the production site in Buenos Aires.
Mapei Uk Ltd made investments of approximately € 700,000 for the renovation and
extraordinary maintenance of the production site in Halesowen.
The remaining investments, of around € 8,200,000, were made by all the other companies
and are related to the extraordinary maintenance and renovation of the production sites.
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 decreases for the year, amounting to around € 2,000,000, net of accumulated
depreciation, are mainly related to disposals of “Plant and Machinery, Equipment and
other Assets (cars, computers and office equipment”) of various companies.
With reference to the variation of the consolidation area, the increase of approximately
€ 50,000 is due to the following companies: Mapei Costa Rica Sa e Mapei Indonesia
Construction Product Pt.
The exchange rate effect had a significant impact in the transactions of the year. The
2015 amount of approximately € 23,000,000 is mainly attributable to a revaluation of US
Dollar, Swiss Franc and Dirham of the Arab Emirates, while a devaluation is recorded for
Norwegian Krone and Russian Rouble.
Tangible assets were subjected 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 is as 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
Financial assets - Investments in subsidiariesThis item consists of equity investments in non-operational companies during 2015, Mapei
Middle East Fzco and Mapei Perù Sac, as well as in Vaga Società Agricola S.s, not included
in the consolidation area.
The following table shows the breakdown of balances of the above-mentioned equity
investments as at December 31st, 2015, compared with balances as at December 31st,
2014:
Company 12.31.2015 12.31.2014 Difference % of ownership
Mapei Middle East Fzco 81,458 81,458 0 50%
Mapei Perù Sac 321 0 321 100%
Vaga Società Agricola Ss 9,000 9,000 - 90%
Total 90,779 90,458 321
8 7
Financial assets - Investments in other companiesAs at December 31st, 2015 the amount totalled € 256,828 (€ 4,756,886 in 2014) and
mainly refers to minority interests held by Mapei Spa for € 56,332 and Vinavil Spa for
€ 195,909. The detail of other companies investments follows:
Company 12.31.2015 12.31.2014 Difference % of owner-ship
Ravenna Servizi Industriali 195,909 195,909 - 3.50%
Golf Club Modena Spa 18,000 18,000 - 0.05%
Internazionale Marmi e Macchine 10,331 10,331 - 0.10%
STRESS Scarl 24,000 24,000 - 6.00%
Consorzio Cis-e 4,000 4,000 - 5.00%
Inv. U.S. Sassuolo Calcio Srl 0 4,500,000 4,500,000 0
Other minority investments 4,588 4,646 -58
Total 256,828 4,756,886 -4,500,058
Financial assets - Other receivablesOther receivables of € 1,781,991 as at December 31st, 2015 (€ 1,308,421 in 2014),
mainly consist of loans related to the core business of Mapei Corp (€ 760,522), Mapei Spa
(€ 288,140), Mapei Construction Chemicals Llc (€ 145,550), the Sopro Group (€ 90,710),
Mapei Romania Srl (€ 90,402), Mapei As (€ 71,124), Vinavil Egypt for Chemicals Sae
(€ 70,943) and Polyglass Group (€ 66,573).
The interest rate applied to these loans is aligned with market conditions.
Financial assets - Term securitiesThis item amounts to € 1,295,044 (€ 1,308,798 as at December 31st, 2014) and mainly
includes securities held by Mapei Corp (€ 349,040), Sopro Group (€ 305,579), Polyglass
Group (€ 303,273), Mapei Gmbh (A) (€ 155,772) and Mapei Construction Chemicals
Panama Sa (€ 63,070).
Financial assets - Own SharesTreasury shares total € 51,515,113 at year end, same as in 2014, and are mainly related to
shares owned by Mapei Spa. Own shares as per December 31st 2015 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 as at December 31st, 2015, compared with December 31st, 2014,
is composed as follows:
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
12.31.2015 12.31.2014 Difference
Raw materials, packaging and supplies 127,466,193 126,274,490 1,191,703 Work in progress and semi-finished goods 7,995,701 7,767,159 228,542 Work in progress on a contract basis 102,444 93,825 8,619 Finished products and merchandise 143,596,788 134,815,310 8,781,478 Advances to suppliers 405,092 515,933 -110,841
Total 279,566,218 269,466,717 10,099,501
The major part of raw material stock is held by Mapei Spa (€ 20,730,579), Mapei Corp
(€ 20,660,384), Vinavil Spa (€ 15,780,251), Polyglass Group (€ 13,807,705), Vinavil
Egypt for Chemicals Sae (€ 5,177,126), Sopro Group (€ 4,318,693), Mapei Polska Spzoo
(€ 3,722,553), Mapei Inc (€ 3,456,142), Mapei France Sa (€ 3,305,803), Gorka Cement
Spzoo (€ 3,190,422), Mapei Far East Pte Ltd (€ 3,073,078), Mapei Construction Chemicals
Llc (€ 2,918,269), Mapei As (€ 2,776,617) and Mapei Gmbh (D) (€ 2,314,694).
Regarding finished products, the major part of the stock is held by Mapei Corp
(€ 23,339,657), Mapei Spa (€ 20,596,545), Polyglass Group (€ 12,804,222), Vinavil Spa
(€ 10,237,669), Mapei Inc. (€ 7,852,191), Sopro Group (€ 6,898,812), Mapei France Sa
(€ 4,770,536), Mapei Polska Spzoo (€ 4,323,546), Mapei As (€ 4,076,417), Mapei Gmbh
(D) (€ 3,813,940), Mapei Construction Chemicals Llc (€ 3,436,324), Gorka Cement Spzoo
(€ 3,335,670), Mosaico+ Srl (€ 2,950,846), Mapei Uk Ltd (€ 2,933,925) and Mapei Suisse
Sa (€ 2,920,264).
Inventories of raw materials are substantially unchanged, thanks to the rationalisation of
procurements in the various production sites.
The increase in inventories of finished goods, compared to the previous year, is attributable
to the increase in turnover. The exchange rate effect also affects this variation.
Current assets - ReceivablesThe breakdown is as follows:
12.31.2015 12.31.2014 Difference
Trade receivables 487,252,188 456,694,306 30,557,882 Allowance for doubtful credits at January 1st, 2015 -31,009,902 -30,963,771 -46,131
Exchange difference opening balance 16,991 50,774 -33,783
Provision to the allowance for credits -8,046,083 -10,967,119 2,921,036
Release of the allowance for credits 10,311,133 10,875,949 -564,816
Exchange difference variation 59,117 -5,735 64,852
Allowance for doubtful credits at December 31st, 2015 28,668,744 31,009,902 2,341,158 Trade receivables (net of allowance for doubtful credits) 458,583,444 425,684,404 32,899,040
Towards subsidiaries - 125,353 -125,353 Towards tax offices 28,687,268 28,625,696 61,572 Deferred tax assets 24,379,677 30,193,012 -5,813,335 Other receivables 59,798,278 42,734,401 17,063,877
Total 571,448,667 527,362,866 44,085,801
8 9
Current assets - Trade ReceivablesThe Companies showing the most significant increase are Mapei Corp (€ 11,405,529),
Mapei Construction Chemicals Llc (€ 5,397,326), Mapei Doha Llc (€ 4,688,137), Mapei Spa
(€ 4,126,126), Mapei Yapi Kimyasallari Ins. San. Ve Tic. San. Ve Tic. As (€ 2,902,979), U.S.
Sassuolo Calcio Srl (€ 2,125,805), Mapei As (€ 1,609,248), Mapei Gmbh (D) (€ 1,546,960),
Mapei Australia Pty Ltd (€ 1,440,947), Mapei Polska Spzoo (€ 1,269,624) and Mapei UK
Ltd (€ 1,191,561), mostly due to the increase in turnover.
The provision for doubtful accounts is mainly composed of amounts related to the Polyglass
Group (€ 7,160,994), Mapei Spa (€ 4,293,873), Mapei Yapi Kimyasallari Ins. San. Ve Tic.
As (€ 1,754,990), Sopro Group (€ 1,270,698), Mapei Hellas Sa (€ 1,170,618), Vinavil Spa
(€ 1,108,323), Mapei Corp (€ 790,904), Mapei Australia Pty Ltd (€ 650,613), Adesital Spa
(€ 650,000), Mapei Benelux Sa (€ 625,395) and Cercol Spa (€ 600,000).
Current assets - Receivables towards Tax officesReceivables towards Tax authorities, equal to € 28,687,268 as at December 31st, 2015
(€ 28,625,696 as at December 31st, 2014) mainly refer to receivables from tax authorities
related to income taxes and VAT. The Companies showing the most significant amounts
are Mapei Spa (€ 13,662,179), Mapei Corp (€ 2,050,319), Mapei France Sa (€ 1,732,123),
Mapei Hellas Sa (€ 1,425,000), Polyglass Group (€ 1,401,961), Mapei Suisse Sa
(€ 1,080,686) and Mapei Construction Chemicals Panama Sa (€ 945,174).
Current assets - Deferred tax assetsDeferred tax assets, equal to € 24,379,677 as at December 31st, 2015 (€ 30,193,012 as at
December 31st, 2014) are mainly attributable to Mapei Spa (€ 12,604,640), Polyglass Group
(€ 2,379,541), Mapei Corp (€ 1,429,589), U.S. Sassuolo Calcio Srl (€ 1,374,078), Sopro
Group (€ 804,423), Mapei Polska Spzoo (€ 695,589), Mapei Australia Pty Ltd (€ 586,992)
and Mapei Malaysia Sdn Bhd (€ 416,316). 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. Whenever necessary, the tax rate was adjusted to the
rate set out by the Stability Law. For further details, please refer to the enclosed attachment 3.
Current assets - Other ReceivablesThe breakdown of Other Receivables, totalling € 59,798,278 (€ 42,734,401 in 2014) is
detailed as follows:
12.31.2015 12.31.2014 Difference
Receivables from insurance companies 635,578 987,587 -352,009 Receivables from social security institutions 232,123 251,364 -19,241 Receivables from employees 1,740,292 1,515,254 225,038 Advances to suppliers 7,915,880 8,805,837 -889,957 Other receivables 49,274,405 31,174,359 18,100,046
Total 59,798,278 42,734,401 17,063,877
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
The increase in Other Receivables is mainly attributable to the company U.S. Sassuolo
Calcio Srl and they refer to receivables towards other Football clubs for the disposal of
players’ registration rights.
Current assets - Marketable securitiesAt the end of the year, Marketable securities amounted to € 6,424 (€ 6,674 as at December
31st, 2014) and consists of securities held by Mapei As.
Current assets - Cash and bankThe breakdown is as follows:
12.31.2015 12.31.2014 Difference
Bank and postal current accounts 83,367,186 51,440,782 31,926,404 Cash 4,142,316 2,564,324 1,577,992
Total 87,509,502 54,005,106 33,504,396
Bank and postal deposits represent temporary positions on bank current accounts, at
year end. The most significant amounts are related to Mapei Spa (€ 18,947,826), Vinavil
Egypt for Chemical Sae (€ 12,462,648), Mapei Inc (€ 6,285,270), Mapei Far East Pte
Ltd (€ 5,060,570), Zao Mapei (€ 3,439,495), Mapei Corp (€ 3,246,008), Mapei Suisse
Sa (€ 2,963,911), Mapei Construction Products India Ltd (€ 2,947,548), Mapei Malaysia
Sdn Bhd (€ 2,494,442), Mapei Construction Chemicals Llc (€ 2,408,559), Mapei As
(€ 2,064,135) and Sopro Group (€ 2,045,297).
Current assets - Accruals and pre-paymentsThis item amounted to € 8,962,682 as at December 31st, 2015 (€ 7,445,603 as at December
31st, 2014) and it is mainly composed of costs pertaining to future years and held by U.S.
Sassuolo Calcio Srl (€ 2,717,734), Mapei Spa (€ 1,829,685), Mapei Corp (€ 1,353,702),
Polyglass Group (€ 410,438), Mapei As (€ 327,035), Mapei Construction Chemicals Llc
(€ 292,467), Mapei Far East Pte Ltd (€ 231,345), Mapei Suisse Sa (€ 208,367), Mapei
Korea Ltd (€ 181,413) and Mapei France Sa (€ 176,645).
The breakdown is as follows:
12.31.2015 12.31.2014 Difference
Rents 2,901,142 1,853,887 1,047,255 Interests 335,012 529,255 -194,243 Insurances 1,468,957 1,276,093 192,864 Non capitalized grants 203,062 333,494 -130,432 Others 4,054,509 3,452,872 601,637
Total 8,962,682 7,445,601 1,517,081
9 1
Liabilities
Shareholders’ EquityThe breakdown is as follows (movements are disclosed in the enclosed Annex No. 2):
Share capital
The Share capital paid as of December 31st, 2015 is € 50,560,000, entirely paid, equal to
50,560,000 shares of 1 Euro each, without any change from the previous year.
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 Shareholders’ Equity
a dedicated monetary revaluation reserve of € 78,687,539.
Legal reserve
The legal reserve is recorded on the parent company books; it amounts to € 10,112,000,
unchanged in comparison with 2014.
Own Shares Reserve
Unchanged in comparison with 2014, the reserve for Treasury Shares 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 Assets.
Other reserves
They amounted to € 21,707,900 as at December 31st, 2015 (€ 9,918,367 as at December
31st, 2014), mainly attributable to Mapei Spa and Vinavil Spa, in compliance with specific
tax law. The difference, compared to the previous year, is attributable to the allocation of a
portion of accumulated profit brought forward made by the Holding Company.
Translation reserve
As at December 31st, 2015 this reserve, deriving from the translation of Financial Statements
expressed in foreign currencies using the current exchange rate method, shows a positive
balance of € 8,900,183 (negative balance of € 455,065 as at December 31st, 2014). The
significant increase is due to the trend of some currencies against Euro, in particular US
Dollar and Swiss Franc, while it is noted a negative trend of Norwegian Krone and Russian
Rouble.
Consolidation reserve
As at December 31st, 2015 this reserve totalled € 1,493,976 (€ 1,907,863 as at December
31st, 2014) and represents the difference between the purchase cost of consolidated
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
subsidiaries and the corresponding share of shareholders’ equity at the date of the first
consolidation. The decrease is attributable to Mapei Yapi Kimyasallari Ins. San. Ve Tic. As,
due to the increase of the investment.
Accumulated profit brought forward
As at December 31st, 2015 this reserve amounted to € 459,164,716 (€ 449,397,985 as at
December 31st, 2014) and includes the total amount of all the non-distributed accumulated
profit brought forward, net of the dividend distributed by Mapei Spa of € 1,500,000.
This reserve showed the following trend:
12.31.2015
Profit / (loss) brought forward - Dec 31st 2014 449,397,985
Consolidated accumulated profit brought forward - 2014 11,579,401
Dividends -1,500,000
Other changes -312,671
Profit/(loss) brought forward December 31st, 2015 459,164,716
Minority equity
Represents minority equity interest in consolidated subsidiaries. As at December 31st,
2015, this reserve amounted to € 330,570 (€ 654,443 as at December 31st, 2014).
Sundry risk and other fundsThis item totalled € 57,957,352 (€ 57,394,588 as at December 31st, 2014) and breaks
down as follows:
12.31.2015 12.31.2014 Difference
Pension Fund 21,618,908 20,320,069 1,298,839
Taxation 17,257,960 23,272,256 -6,014,296
Others 19,080,485 13,802,263 5,278,222
Total 57,957,353 57,394,588 562,765
Pension Funds mainly consist of the pension fund of the Sopro Group (€ 5,962,399), Mapei
Gmbh (D) (€ 2,134,686) and Mapei Corp (€ 539,151), the agents termination indemnity of
Mapei Spa (€ 3,101,768) and the pension fund dedicated to managers and directors of
Mapei Spa (€ 6,383,859), Vinavil Spa (€ 1,064,263) and Cercol Spa (€ 810,220).
9 3
The tax fund consists of deferred tax provision and the tax risk fund. The deferred tax
provision, equal to € 16,757,453, is mainly related to the companies Mapei Corp
(€ 6,988,695), Mapei Spa (€ 4,115,809), Mapei Inc (€ 1,758,870), Mapei France Sa
(€ 1,062,452), Adesital Spa (€ 760,881), Cercol Spa (€ 462,199), Gorka Cement Spzoo
(€ 285,025), Sopro Group (€ 239,653) and Polyglass Group (€ 230,187). The tax risk fund,
equal to € 500,507 (€ 5,746,717 as at December 31st, 2014) was almost entirely used by
Mapei Spa.
Deferred Tax Liabilities are originated by timing differences between the book value of
assets and liabilities included in Financial Statements and their correspondent tax basis.
Movements in this fund during the year 2015 are as follows:
Opening balance - Jan 1st 2015 23,272,256
Exchange difference opening balance 634,730
Increase 3,038,473
Decrease -9,642,677
Exchange difference variations -44,822
Closing balance - Dec 31st 2015 17,257,960
The decrease is mainly due to Mapei Spa, while the main increases are attributable to
Mapei Inc and Polyglass Group.
For further details, please refer to annex 3 of these Notes.
Other funds, equal to €19,080,484 compared to €13,802,263 in 2014, mainly consist
of the provision made by Sopro Group (€ 966,517) for potential future losses, as a result
of the difference between market value and contract value of the building rented, and
related to products guarantee, as well as of the provision of Mapei Gmbh (A) (€ 1,081,964)
related to any future third-party liability risks and the provision for the costs of restoration
of quarries owned by Vaga Srl (€ 592,000). The main increases are attributable to Mapei
Spa (€ 2,000,000), in relation to possible future risks resulting from any future third-party
liability risks and to the Polyglass Group (€ 2,505,766) for the restoration of the product
guarantees provision.
9 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
Staff severance reserveThe amount as at December 31st, 2015 is € 11,355,715 (€ 11,739,029 as at December
31st, 2014) and covers the whole liability towards employees, in compliance with current
legislation in each single country. During the year, the fund showed the following trend:
Opening balance
Provision (Utilized) Exchange rate
Closing balance
Mapei Spa 5,723,960 4,284,675 4,861,540 - 5,147,095
Vinavil Spa 1,171,005 1,097,079 1,218,857 - 1,049,227
Adesital Spa 268,235 122,436 112,170 - 278,501
Vaga Srl 480,199 94,793 132,462 - 442,530
Ibermapei Sa 123,271 - 86,887 - 36,384
Mapei Benelux Sa 1,808 - 1,808 - -
Mapei Gmbh (A) 657,260 77,033 70,379 - 663,915
Mapei Polska Spzoo 38,368 476 - 75 38,919
Gorka Cement Spzoo 119,152 2,526 2,526 260 119,412
Mapei Hellas Sa 156,979 15,972 - - 172,952
Mapei Construction Chemicals Llc 642,105 308,540 28,979 79,755 1,001,421
U.S. Sassuolo Calcio Srl 296,204 472,694 313,568 - 455,330
Mapei Betontechnik Gmbh 7,193 - 6,746 - 447
Mosaico+ Srl 117,944 35,116 15,578 - 137,482
Progetto Mosaico+ Srl 115,434 33,008 19,966 - 128,476
Mapei Construction Chemicals Panama Sa - 21,562 - 414 21,976
Mapei Doha Llc 3,824 7,813 - 593 12,230
Mapei Costa Rica Sa - 410 - 5 415
Sopro Group 596,092 147,598 170,660 352 573,382
Polyglass Group 957,937 442,936 540,214 - 860,659
Mapei Argentina SA - 277,426 277,426 - -
Cercol Spa 262,057 131,584 178,679 - 214,962
Total 11,739,029 7,573,677 8,038,445 81,454 11,355,715
LiabilitiesThe composition of liabilities is reported and commented below.
Bonds
They amount to € 46,000,000 and consist of a bond loan issued by Mapei Spa. The
amounts are unchanged compared to last year. The loan expires on June 14th, 2016.
9 5
Bank repayable within 12 months
As at December 31st, 2015 bank loans amounted to € 144,498,186 (€ 175,779,152 as at
December 31st, 2014) and refer to the following companies:
12.31.2015 12.31.2014 Difference
Mapei Spa 73,572,860 137,052,830 -63,479,970
Vinavil Spa 1,644 5,178,481 -5,176,837
Adesital Spa 574 856 -282
Vaga Srl 608 860 -252
Mapei France Sa 1,750,114 1,752,952 -2,838
Mapei Benelux Sa 2,500,000 2,500,000 -
Mapei UK Ltd 423 104,855 -104,432
Mapei Construction Chemicals Llc 33,301,321 - 33,301,321
Mapei Polska Spzoo 2,649 431 2,218
Mapei Korea Ltd 1,093,084 1,207,729 -114,645
Vinavil Egypt for Chemicals Sae 1,709,491 2,364,551 -655,060
Mapei Australia Pty Ltd 137 - 137
Mapei Panama Sa 461 42,167 -41,706
Mapei Betontechnik Gmbh - 4 -4
Mosaico+ Srl 2,396 2,398 -2
Progetto Mosaico+ Srl 174,285 313,552 -139,267
Mapei Yapi Kimyasallari Ins. San. Ve Tic As 5,033,133 3,197,877 1,835,256
Mapei China Ltd - 849,527 -849,527
Mapei Construction Materials Co Ltd (Guangzhou) 2,131,961 2,219,612 -87,651
Mapei Malaysia Sdn Bhd 5,813,361 6,898,255 -1,084,894
Mapei As 1,133,489 1,519,759 -386,270
Mapei Corp 9,197,405 520,977 8,676,428
Polyglass Group 397,720 3,372,957 -2,975,237
Cercol Spa 3,015 6,376 -3,361
U.S. Sassuolo Calcio Srl 6,666,922 6,667,176 -254
Mapei SRB Doo 11,133 4,970 6,163
Total 144,498,186 175,779,152 -31,280,966
These amounts also include the current portion of the long-term loans expiring in 2016,
which amount to € 65,933,172 (€ 90,006,260 in the previous financial year). The decrease
in short-term indebtedness is mainly due to the Holding Company for the reimbursement
of the short-term portion of loans.
9 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
Bank repayable after 12 months
As at December 31st, 2015, they amounted to € 266,321,845 (€ 189,123,601 as at
December 31st, 2014) and refer to the following companies:
12.31.2015 12.31.2014 Difference
Mapei Spa 194,666,667 170,000,000 24,666,667
Mapei France Sa 5,821 1,762,676 -1,756,855
Mapei Benelux Sa 3,700,000 - 3,700,000
Mapei Construction Chemicals Llc 27,566,416 - 27,566,416
Mapei As 1,627,096 1,893,939 -266,843
Mapei Inc 2,755,580 2,470,966 284,614
Mapei Corp 27,555,801 591,564 26,964,237
Mapei Construction Chemicals Panama Sa - 13,007 -13,007
Progetto Mosaico + Srl 156,250 - 156,250
Mapei Yapi Kimyasallari Ins. San. Ve Tic As 2,500,865 - 2,500,865
Mapei SRB Doo 1,232 10,411 -9,179
Polyglass Group 786,117 714,371 71,746
U.S. Sassuolo Calcio Srl 5,000,000 11,666,667 -6,666,667
Total 266,321,845 189,123,601 77,198,244
The increase occurred during the year, equal to € 77,198,244, is mainly due to new loans
issued by Mapei Spa, Mapei Construction Chemicals Llc and Mapei Corp with Banca
Regionale Europea, Intesa San Paolo and Unicredit.
The above loans will expire according to the following schedule:
2017 2018 2019 2020 and following
Bank maturity
Loans from banks 80,173,017 74,634,409 94,838,027 16,676,392 266,321,845
Debts to other financial institutions repayable within 12 months
As at December 31st, 2015, the amounted to € 2,025,472 (€ 1,761,495 As at December
31st, 2014) and include the current portion of the long-term finance lease contracts
outstanding with other financial institutions.
The most significant amounts are mainly referred to Mapei Polska Spzoo (€ 779,479),
Mapei Corp (€ 480,679), Polyglass Group (€ 379,518) and Mapei As (€ 117,151).
9 7
Debts to other financial institutions repayable after 12 months
As at December 31st, 2015 these debts amounted to € 5,737,715 (€ 5,858,870 as at
December 31st, 2014). The amounts are mainly attributable to the accounting for properties
under finance lease contracts according to the International Accounting Standard no. 17.
The breakdown is referred to the following companies:
12.31.2015 12.31.2014 Difference
Ibermapei Sa 444,172 442,940 1,232
Mapei France Sa - 14,614 -14,614
Mapei Polska Spzoo 546,619 716,380 -169,761
Mapei Bulgaria Eood 117,427 98,486 18,941
Mapei Romania Srl - 94,639 -94,639
Mapei Betontechnik Gmbh 10,877 18,279 -7,402
Mapei Malaysia Sdn Bhd 42,590 - 42,590
Mapei As 702,905 870,936 -168,031
Mapei Inc 10,459 25,227 -14,768
Mapei Corp 676,937 - 676,937
Mapei Argentina Sa 128,862 5,069 123,793
Polyglass Group 3,056,867 3,572,300 -515,433
Total 5,737,715 5,858,870 -121,155
The above loans expire according to the following schedule:
2017 2018 2019 2020 and following
Bank maturity
Loans from other fin. Institutions 1,556,743 1,237,269 995,569 1,948,134 5,737,715
Advances from customers
As at December 31st, 2015, advances from customers totalled € 3,260,806 (€ 3,499,979
as at December 31st, 2014) mostly due to advances from customers of Mapei Corp
(€ 2,165,432), Mapei Construction Materials Co Ltd (Guangzhou) (€ 337,794), Mapei
Nederland Bv (€ 225,008), Sopro Group (€ 141,121), Zao Mapei (€ 104.276) and Mapei
Betontechnik Gmbh (€ 57,728).
Trade payables
As at December 31st, 2015, they amounted to € 219,095,357 (€ 211,346,627 as at
December 31st, 2014) and mainly include trade payables of Mapei Spa (€ 58,588,444),
Gruppo Polyglass (€ 24,759,947), Vinavil Spa (€ 20,694,046), Sopro Group
9 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
(€ 13,564,224), Mapei Corp (€ 12,573,335), Mapei Uk Ltd (€ 8,424,956), Vinavil Egypt for
Chemicals Sae (€ 7,377,822), Mapei Construction Chemicals Llc (€ 6,246,454), Mapei
As (€ 5,301,688), Mapei France Sa (€ 4,754,157), Mapei Suisse Sa (€ 4,277,485) and
Vaga Srl (€ 4,081,307).
Draft and promissory notes
As at December 31st, 2015, draft and promissory notes totalled € 1,114,182 (€ 730,415 in
2014) and primarily included draft and promissory notes to suppliers of Mapei Korea Ltd.
Due to Tax office
As at December 31st, 2015, these payables totalled € 32,959,777 (€ 23,979,688 as at
December 31st, 2014), reflecting in full the current tax obligations of the Group.
Social security contributions
As at December 31st, 2015, these totalled € 11,369,028 (€ 11,356,810 as at December
31st, 2014) and are all payable within one year.
Other payables
As at December 31st, 2015, these payables totalled € 93,615,130 (€ 90,546,554 as at
December 31st, 2014). This amount mainly includes payables to Football clubs of U.S.
Sassuolo Calcio Srl (€ 53,935,317) for the purchase of players’ registration rights, payables
to employees of Mapei Spa (€ 10,412,630), Sopro Group (€ 3,155,463), Polyglass Group
(€ 2,920,448),Vinavil Spa (€ 2,676,326), Mapei Corp (€ 2,526,714), Mapei Inc (€ 1,541,630),
Mapei As (€ 1,501,284), Mapei France Sa (€ 1,462,581) and Mapei Construction Chemicals
Llc (€ 1,439,372).
The breakdown by category is detailed below:
12.31.2015 12.31.2014 Difference
Payables to insurance companies 1,567,117 128,381 1,438,736
Payables to employees 36,690,294 35,505,849 1,184,445
Other payables 55,357,719 54,912,324 445,395
Total 93,615,130 90,546,554 3,068,576
Accruals and pre-paymentsAs at December 31st, 2015, the balance was € 11,103,826 (€ 14,305,058 as at December
31st, 2014) and include accruals related to television and media revenues of U.S. Sassuolo
Calcio Srl, to not capitalised grants received by Mapei Hellas Sa from the Greek Government
9 9
for the investment in the production site in Athens and to insurance costs mainly related to
Mapei Corp. The breakdown by category is detailed below:
12.31.2015 12.31.2014 Difference
Rents 875,954 895,650 -19,696
Interests 564,930 1,523,968 -959,038
Insurance 1,592,397 1,439,099 153,298
Leasing 288,556 58,706 229,850
Not capitalized Grants 874,783 1,468,969 -594,186
Other 6,907,206 8,918,666 -2,011,460
Total 11,103,826 14,305,058 -3,201,232
Financial expenses booked to assets in the Balance SheetNo significant financial payments are booked to assets in the Balance Sheet.
ContingenciesThe line includes: the notional value of derivative contracts equal to € 91,156,382 as at
December 31st, 2015 (€ 51,673,697 in 2014) belonging to Mapei Spa and Polyglass Group.
As at December 31st, 2015, third-party guarantees for € 15,052,622 (€ 18,924,261 as
at December 31st, 2014), mainly issued by Mapei Spa, Vaga Srl, Mapei Australia Pty Ltd,
Mapei Yapi Kimyasallari Ins. San. Ve Tic. As, Mapei As, Mosaico+ Srl e Mapei Argentina Sa.
This item also includes guarantees received from third parties amounting to € 6,011,350
(€ 4,852,229 as at December 31st, 2014) belonging to Mapei Gmbh (D), Mapei Yapi
Kimyasallari Ins. San. Ve Tic. As and Mapei As.
Other obligations not recorded in the Balance SheetThere are no obligations not recorded in the Statement of Assets and Liabilities.
1 0 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
Notes to the Profit and Loss Statement
Value of productionNet sales
In 2015, our Group generated an aggregated turnover of € 2,600,082,797 against
€ 2,348,561,970 in 2014. Intercompany sales totalled € 420,406,253 (€ 408,320,093
as at December 31st 2014). The 2015 result is a Group consolidated turnover of
€ 2,179,676,544 against € 1,940,241,877 in 2014, with an increase of € 239,434,667,
equal to 12.3%.
The largest contribution to the increase in customer sales was provided by Mapei Corp,
Polyglass Group, Mapei Construction Chemicals Llc, Mapei Uk Ltd, Mapei Inc, Mapei
Suisse Sa, Mapei Doha Llc, Mapei Gmbh (D), Vinavil Egypt for Chemicals Sae, Mapei As,
Sopro Group, Mapei Far East Pte Ltd, Mapei Kft, Mapei Yapi Kimyasallari Ins. San. Ve Tic.
As, U.S. Sassuolo Calcio Srl, Mapei Spa and Mapei Australia Pty Ltd.
The Group consolidated turnover by geographic area is the following (amounts in millions
of euros):
Geographic area 12.31.2015 12.31.2014 % difference % incidence 2015
% incidence 2014
Italy 545.6 540.0 1.0% 25.1% 27.9%
Western Europe 595.1 561.3 6.0% 27.3% 28.9%
Eastern Europe 214.1 204.4 4.7% 9.8% 10.5%
Americas 604.6 462.7 30.7% 27.7% 23.9%
Asia 148.7 110.9 34.1% 6.8% 5.7%
Oceania 34.0 29.7 14.5% 1.6% 1.5%
Africa 37.6 31.2 20.5% 1.7% 1.6%
Total 2,179.7 1,940.2 12.3% 100.0% 100.0%
Capitalised costs
This line amounts to € 803,916 (€ 1,179,861 in 2014). It is attributable to the Holding
Company and refers to staff costs for the development of the new ERP system.
Other revenues
These amounts totalled € 40,145,425, with an increase of € 13,527,525 compared to
2014, and mainly include gain on disposal of players’ registration rights of U.S. Sassuolo
Calcio Srl (€ 28,887,091), cost recovery and release of funds of Sopro Group (€ 1,794,970),
other operating revenue of Mapei As (€ 1,195,927), employee costs recharged of Mapei
Spa (€ 2,719,764), release of funds and other operating revenues of Mapei Polska Spzoo
(€ 1,114,807).
1 0 1
Production costsProduction costs amounted to € 2,093,887,845, up by € 177,593,899 compared to 2014
and are detailed as follows:
12.31.2015 12.31.2014 Difference
Purchase of raw materials, packaging and supplies 1,024,682,373 955,168,252 69,514,121
Purchase of services 409,504,709 372,694,392 36,810,317
Rentals and leasing 32,242,516 29,196,204 3,046,312
Labour costs 495,210,268 444,255,629 50,954,639
Depreciation, amortisation and doubtful credits provision 94,557,757 86,324,539 8,233,218
Decrease/(increase) in stock of raw materials, pack., suppl. and merch. 1,996,337 -17,694,360 19,690,697
Sundry risk provisions 3,143,274 796,553 2,346,721
Other operating costs 32,550,611 45,552,737 -13,002,126
Total 2,093,887,845 1,916,293,946 177,593,899
Purchase of raw materials, packaging and suppliers
The increase in the purchase of raw materials, packaging and suppliers is mainly due to the
increase in turnover. The relative incidence on revenues decreased compared to last year
thanks to lower prices of raw materials.
Services
Purchase of services refers to industrial services (maintenance, consumption and third-
party services), commercial services (transport, fees, advertising and marketing) and
general services (consultancy, travels, courses, insurance, postal and telephone charges).
The breakdown by nature is detailed below:
12.31.2015 12.31.2014 Difference
Variable costs 70,013,349 66,144,657 3,868,692
Marketing and Advertising 54,563,384 51,040,536 3,522,848
Travel and Entertainment 35,594,638 31,408,023 4,186,615
Freight costs 117,300,925 112,562,567 4,738,358
Insurances 8,484,618 7,398,717 1,085,901
Other industrial and general services 123,547,795 104,139,892 19,407,903
Total 409,504,709 372,694,392 36,810,317
The increase in Freight costs is mainly due to the increase in turnover.
The increase in other industrial and general services is attributable to higher costs related
to maintenance, software and other commercial and professional services.
1 0 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
Labour costs
Staff costs in 2015 amounted to € 495,210,268, with an increase of € 50,954,639 compared
to 2014, as a consequence of the new personnel hired. The highest increases were
recorded by Mapei Corp (€ 16,527,821), Polyglass Group (€ 7,821,926), U.S. Sassuolo
Calcio Srl (€ 3,949,712), Mapei Spa (€ 3,776,630), Mapei Construction Chemicals Llc
(€ 2,117,740), Mapei Uk Ltd (€ 2,000,366), Mapei Inc (€ 1,819,107) and Sopro Group
(€ 1,791,691).
The headcount by geographic area is the following:
12.31.2015 12.31.2014
Blue- collars
White-collars
Total Blue- collars
White-collars
Total
Italy 876 1,257 2,133 858 1,185 2,043
Western Europe 564 1,372 1,936 543 1,266 1,809
Eastern Europe 391 981 1,372 406 982 1,388
Americas 892 924 1,816 789 914 1,703
Asia 163 439 602 173 420 593
Oceania 12 78 90 16 72 88
Africa 99 50 149 84 47 131
Total 2,997 5,101 8,098 2,869 4,886 7,755
Amortisation and depreciation
The amortisation of intangible assets increased compared to the previous year, mainly due
to the amortisation of football players’ registration rights of the company U.S. Sassuolo
Calcio Srl.
The depreciation of tangible assets increased compared to the previous years due to the
investments made.
Other devaluation of fixed assets
This item is related to write downs of players’ registration rights of U.S. Sassuolo Calcio Srl
and partial impairment of goodwill of Mapei Yapi Kimyasallari Ins. San. Ve Tic. As.
Provision for doubtful credits
This item includes allocations to the provision of doubtful accounts and it is mainly
composed of balances of Polyglass Group (€ 2,561,410), Mapei Spa (€ 2,007,713), Cercol
Spa (€ 600,000), Mapei Yapi Kimysallari Ins. San. Ve Tic. As (€ 556,128) and Mapei As
(€ 396,846).
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Sundry risk provisions
This item amounts to € 3,143,274 (€ 796,553 in 2014) and it is mainly attributable to the
Polyglass Group (€ 1,559,999), Vinavil Spa (€ 514,713) and Mapei France Sa (€ 250,481).
Other operating costs
Other operating costs break down as follows:
12.31.2015 12.31.2014 Difference
Associations 1,975,449 2,893,713 -918,264
Property taxes and rates 4,736,507 4,006,198 730,309
Other taxes and duties 4,073,501 3,945,271 128,230
Losses on disposal of assets 164,628 1,543,366 -1,378,738
Consultancy on products 4,131,160 3,415,710 715,450
Gratuity and donations 1,287,011 998,048 288,963
Other operating costs 16,182,355 28,750,431 -12,568,076
Total 32,550,611 45,552,737 -13,002,126
The decrease in other operating costs is primarily attributable to the company U.S. Sassuolo
Calcio Srl, due to the decrease of losses on disposal of player-sharing agreements.
Financial income and expensesOther financial income
Other financial income detailed in line C16) of the Profit and Loss Statement amount to
€ 727,770 (€ 836,470 in 2014) and are mainly attributable to Zao Mapei (€ 267,883),
Polyglass Group (€ 128,967), Mapei Spa (€ 59,770), Mapei Construction Products India
Ltd (€ 59,579), Mapei New Zealand Ltd (€ 41,302) and Mapei As (€ 30,103). These financial
revenues refer to interests income on financial activities of the Mapei Group member
companies.
Interest paid and other financial charges
Interests paid and other financial charges detailed in line C17) of the Profit and Loss
Statement amounted to € 10,246,612 (€ 10,174,560 in 2014) and are mainly attributable
to Mapei Spa (€ 4,641,668), Mapei Corp (€ 1,168,503), Mapei Yapi Kimyasallari Ins.
San. Ve Tic. San. Ve Tic. As (€ 791,920), Mapei Construction Chemicals Llc (€ 403,110),
Polyglass Group (€ 380,990), Mapei Malaysia Sdn Bhd (€ 343,978), Sopro Group
(€ 257.423) and Mapei As (€ 255,451), and are related to interest paid on loans and bank
current accounts.
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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
Gains and loss on exchange rates
The positive balance on exchange rates (€ 4,147,059) reported a clear improvement
compared to 2014 (€ 2,510,966), thanks to the higher revaluation of the Euro over last
year.
Extraordinary income and expenseThe balance of extraordinary items (line E) is negative for € 38,538,009 (€ 12,141,727 in
2014). Item other income (€ 1,121,221) is mainly composed of revenues from previous
years of the Sopro Group and Polyglass Group. The most significant negative amounts
related to previous years tax (€ 25,258,898), are primarily attributable to Mapei Spa
(€ 25,043,707).
Income and anticipated (deferred) taxIn 2015 these amounted to € 43,841,420 (€ 18,596,556 at December 31st 2014), of which
€ 45,030,835 for income tax provision, net of € 1,189,415 for deferred tax assets. The item
is primarily attributable to taxes related to Mapei Corp (€ 11,098,449), Polyglass Group
(€ 5,164,779), Sopro Group (€ 4,741,004), Mapei Suisse Sa (€ 3,011,139), U.S. Sassuolo
Calcio Srl (€ 2,566,099), Mapei Uk Ltd (€ 2,317,321), Mapei Polska Spzoo (€ 2,267,650)
and Vinavil Spa (€ 2,159,604). For further details, please refer to annex 3 of these Notes.
Emoluments to the Directors and to the Statutory Auditors of the parent companyManaging Director Euro 1,000,000
Statutory Auditors Euro 160,500
Managing Director
Giorgio Squinzi
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A N N E X 1
Development of net equity of Mapei Group
Net Profit Net Equity
As per Mapei Spa’s Financial Statements 10,362,156 385,765,528
Increase in net profit and net worth arising from consolidation 89,548,137 389,640,473
Consolidation Adjustments:
Dividends from consolidated investments -63,007,070 0
Amortisation of Goodwill -9,534,066 -94,215,183
Devaluation of consolidated investments 22,478,117 36,544,177
Adjustments due to the Group accounting principles -4,845,376 6,412,184
Elimination of intecompany extraordinary gain -21,104 -1,309,887
Deferred taxation 584,149 -4,698,975
Translation Reserve 0 9,568,053
Group 45,564,943 727,706,370
Minority Interest -353,208 330,570
As per Mapei Group Financial Statements (TOTAL) 45,211,735 728,036,940
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A N N E X 2
Statement of changes in Consolidated Shareholders’ equity - 2013-2014-2015
2013 CHANGES As at December 31, 2012
2012 net Profit: Brought Forward
2012 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2013 net profit As at December
31, 2013
I Share capital 50,560,000 50,560,000 III Rev. Reserve 79,692,811 79,692,811 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 8,913,095 8,913,095 Translation reserve 18,743,026 (27,705,372) (8,962,346)Consolidation reserve 1,898,702 90,320 1,989,022 VIII Profit brought forward 378,904,466 27,336,620 (100,000) 406,141,086 IX Group Net Profit 27,336,620 (27,336,620) 41,997,576 41,997,576
Group Net Equity 627,675,833 0 (100,000) (27,705,372) 90,320 0 41,997,576 641,958,357
Minority interests capital and reserve 9,319,310 663,644 (67,337) (9,475,278) 0 440,339 Minority interest net profit 663,644 (663,644) 115,168 115,168
Total Net Equity 637,658,787 0 (100,000) (27,772,709) (9,384,958) 0 42,112,744 642,513,864
2014 CHANGES As at December 31, 2013
2013 net Profit: Brought Forward
2013 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2014 net profit As at December
31, 2014
I Share capital 50,560,000 50,560,000 III Rev. Reserve 79,692,811 (1,005,272) 78,687,539 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 8,913,095 1,005,272 9,918,367 Translation reserve (8,962,346) 8,507,281 (455,065)Consolidation reserve 1,989,022 (81,159) 1,907,863 VIII Profit brought forward 406,141,086 41,997,576 (100,000) 1,359,323 449,397,985 IX Group Net Profit 41,997,576 (41,997,576) 23,368,934 23,368,934
Group Net Equity 641,958,357 0 (100,000) 8,507,281 (81,159) 1,359,323 23,368,934 675,012,736
Minority interests capital and reserve 440,339 115,168 (29,774) 0 525,733 Minority interest net profit 115,168 (115,168) 128,710 128,710
Total Net Equity 642,513,864 0 (100,000) 8,477,507 0 1,278,164 23,497,644 675,667,179
2015 CHANGES As at December 31, 2014
2014 net Profit: Brought Forward
2014 net Profit: Dividends
Translation of the Financial Statements
Adjustments to the consolida-
tion reserveOther changes 2015 net profit As at December
31, 2015
I Share capital 50,560,000 50,560,000 III Rev. Reserve 78,687,539 78,687,539 IV Legal reserve 10,112,000 10,112,000 VI Own Shares Reserve 51,515,113 51,515,113 VII Other reserves 9,918,367 11,789,533 21,707,900 Translation reserve (455,065) 9,355,248 8,900,183 Consolidation reserve 1,907,863 (413,887) 1,493,976 VIII Profit brought forward 449,397,985 11,579,401 (1,500,000) (312,670) 459,164,716 IX Group Net Profit 23,368,934 (23,368,934) 45,564,943 45,564,943
Group Net Equity 675,012,736 0 (1,500,000) 9,355,248 0 (726,557) 45,564,943 727,706,370
Minority interests capital and reserve 525,733 128,710 29,335 0 683,778 Minority interest net profit 128,710 (128,710) (353,208) (353,208)
Total Net Equity 675,667,179 0 (1,500,000) 9,384,583 0 (726,557) 45,211,735 728,036,940
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A N N E X 3
Deferred tax assets and liabilities2015 2014
Amount of timing
differencesTax Rate Tax Effect
Amount of timing
differencesTax Rate Tax Effect
Deferred tax assets
Cost deductible in more fiscal years 6,287,350 27.5% 1,727,071 1,092,722 29.2% 318,619
Differences in provisions 33,465,602 26.5% 8,873,614 34,089,513 27.2% 9,260,319
Differences in depreciations 4,456,039 30.8% 1,370,472 4,175,336 36.0% 1,503,528
Tax losses carried forward 34,398,239 26.6% 9,167,004 56,794,215 27.5% 15,595,648
Unrealised losses on exchange rates 1,452,300 27.2% 395,536 273,963 25.5% 69,732
Deferred tax assets based on tax credit 367,474 19.9% 73,176 377,267 26.5% 100,010
Others 9,807,252 27.0% 2,644,139 11,069,956 29.4% 3,250,831
Total 90,234,255 24,251,012 107,872,972 30,098,687
Deferred tax liabilities
Tax effect on anticipated depreciations 28,246,133 27.7% 7,824,491 20,916,174 28.6% 5,987,041
Tax effect on leasing reclassification 15,447,077 29.4% 4,545,369 17,008,788 29.5% 5,015,259
Unrealised gains on exchange rates 7,171,033 25.9% 1,853,845 13,139,058 26.6% 3,491,326
Others 7,829,562 32.4% 2,533,748 9,036,099 33.6% 3,031,915
Total 58,693,805 16,757,453 60,100,119 17,525,541
Deferred tax liabilities (assets) net 7,493,559 12,573,146
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A N N E X 4
Sales, receivables and payables analysis by geographic area as per 12.31.2015
Consolidated Turnover
Consolidated Trade Receivables Other Receivables Trade Payables Other Payables
Italy 545,677,157 223,989,806 90,605,725 111,055,334 85,728,244
Europe 809,071,024 115,484,457 11,934,588 56,354,525 35,668,658
Americas 604,616,368 59,177,806 7,159,766 24,654,881 11,276,474
Asia 148,679,035 45,469,353 1,393,451 18,275,281 6,910,922
Oceania 34,041,735 7,935,873 786,538 824,882 1,373,003
Africa 37,591,225 6,526,149 985,155 7,930,454 1,361,622
Total 2,179,676,544 458,583,444 112,865,223 219,095,357 142,318,923
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Reconta Ernst & Young S.p.A.Sede Legale: Via Po, 32 - 00198 RomaCapitale Sociale € 1.402.500,00 i.v.Iscritta alla S.O. del Registro delle Imprese presso la C.C.I.A.A. di RomaCodice fiscale e numero di iscrizione 00434000584 - numero R.E.A. 250904P.IVA 00891231003Iscritta all’Albo Revisori Legali al n. 70945 Pubblicato sulla G.U. Suppl. 13 - IV Serie Speciale del 17/2/1998Iscritta all’Albo Speciale delle società di revisioneConsob al progressivo n. 2 delibera n.10831 del 16/7/1997
A member firm of Ernst & Young Global Limited
Reconta Ernst & Young S.p.A.Via della Chiusa, 220123 Milano
Tel: +39 02 722121Fax: +39 02 72212037ey.com
INDEPENDENT AUDITOR’S REPORT IN ACCORDANCE WITH ARTICLE 14 OFLEGISLATIVE DECREE N. 39, DATED 27 JANUARY 2010(Translation from the original Italian text)
To the Sole Shareholder ofMapei S.p.A.
Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements of Mapei S.p.A. (Mapei Group),which comprise the balance sheet as at December 31st, 2015, the income statement for the year thenended, and the explanatory notes.
Director’s responsibility for the consolidated financial statements
The Director of Mapei S.p.A. is responsible for the preparation of these consolidated financialstatements that give a true and fair view in accordance with the Italian regulations governing financialstatements.
Auditor's responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on ouraudit. We conducted our audit in accordance with International Standards on Auditing (ISA Italia)implemented in accordance with article 11, paragraph 3 of Legislative Decree n. 39, dated 27January 2010. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the consolidated financial statements. The procedures selected depend on the auditor'sprofessional judgment, including the assessment of the risks of material misstatement of theconsolidated financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity's preparation of the consolidated financialstatements that give a true and fair view in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimates made by Director, as well as evaluating theoverall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the financial positionof Mapei S.p.A. (Mapei Group) as at December 31st, 2015, and of its financial performance for theyear then ended in accordance with the Italian law.
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
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Report on other legal and regulatory requirements
We have performed the procedures required under audit standard SA Italia n. 720B in order toexpress an opinion, as required by the law, on the consistency of the Report to the Sole Shareholderwith the consolidated financial statements. The Director of Mapei S.p.A. is responsible for thepreparation of the Report to the Sole Shareholder in accordance with the applicable laws andregulations. In our opinion the Report to the Sole Shareholder is consistent with the consolidatedfinancial statements of Mapei S.p.A. (Mapei Group) as at December 31st, 2015.
Milan, June 27th, 2016
Reconta Ernst & Young S.p.A.Signed by: Renato Macchi, partner
This report has been translated into the English language solely for the convenience of internationalreaders.
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Used all around the world, not only in the residential building sector but also on strategic
infrastructures and large sports complexes and projects, Mapei products contain a high
rate of advanced technology and have an advantage in their quality/price ratio.
Durability, safety, eco-sustainability and specialisation are the main characteristics of
Mapei products.
They are the result of investments that go on to supply and enhance our portfolio of more
than 1,500 products, along with new developments in nano-technology and sustainability,
making Mapei solutions the winning choice for every site around the world, where Mapei
Technical Services are always on hand to give advice and work alongside clients, designers
and contractors.
The following pages illustrate the most important projects carried out in 2015.
The major projects in
2015
1 1 4
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
Mont Blanc Skyway CablecarCourmayeur (Aosta - Italy)
During the renovation works at the Mont Blanc SkyWay cable-car system, the underground concrete drinking water tanks were waterproofed with MAPEBAND and MAPELASTIC SMART. KERAFLEX MAXI S1 was used to bond the porcelain tiles, while IDROSILEX PRONTO was used to grout the joints. Porcelain tiles were bonded with ULTRALITE S1, KERAFLEX MAXI S1 and KERALASTIC T in the departure station at Pontal d’Entrèves, in the intermediate station at Pavillon du Mont Frèty and in the arrivals station at Punta Helbronner. Joints were grouted with KERACOLOR GG, KERAPOXY FF, KERAPOXY CQ and KERAPOXY.
MAPEI PRODUCTS: KERAFLEX MAXI S1, ULTRALITE S1, KERALASTIC T, KERACOLOR GG, KERACOLOR FF, KERAPOXY CQ, MAPESIL LM, MAPELASTIC SMART, MAPEBAND, IDROSILEX PRONTO
1 1 5
Porto Santo Airport Runway Porto Santo (Madeira, Portugal)
S E A L A N T S A N D E L A S T I C A D H E S I V E S
Porto Santo airport was built in 1959 and then extended several times over the years. Today, the airport has a runway extending over an area of around 3,000 linear metres. Because its life expectancy had been more than exceeded, repair work needed to be carried out to restore the surface of the runway and to put around 500 end sections of the runway back in service which over the years had been cordoned off because of the damage caused by the metal pipework used to drain off the rainwater. Some of the joints were removed, while others were sealed with EPORIP. PRIMER PU60 was then applied, which is used to consolidate and waterproof screeds with residual moisture above recommended levels, followed by MAPEFLEX PB27 sealant for the joints.
MAPEI PRODUCTS: EPORIP, PRIMER PU60, MAPEFLEX PB27
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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 F L O O R S A N D W A L L S
Nerviòn Plaza Shopping CentreSeville (Spain)
After 15 years of intense use, the granite flooring in the Nerviòn Plaza shopping centre had started to show dangerous signs of wear and it was decided to replace it. The client opted for LVT (Luxury Vinyl Tiles) flooring, the latest evolution in vinyl flooring, which is more resistant and particularly suitable for industrial and public areas. To get good smoothness for some of the surfaces to be covered, the substrates were smoothed over with NIVORAPID mixed with LATEX PLUS instead of water. In other areas, the substrate was treated with ECO PRIM GRIP and smoothed over with a 3 mm layer of ULTRAPLAN self-levelling and smoothing compound. The flooring was then bonded with ULTRABOND ECO 4 LVT, an adhesive developed specifically for bonding LVT.
MAPEI PRODUCTS: ECO PRIM GRIP, LATEX PLUS, NIVORAPID, ULTRABOND ECO 4 LVT, ULTRAPLAN
1 1 7
Luigi Ferraris StadiumGenoa (Italy)
P R O D U C T S F O R S P O R T A N D L E I S U R E
After years of intense activity, the pitch in the Luigi Ferraris Stadium in Genoa underwent significant upgrading work on its structure to bring it up to the high standards required for Serie A football matches. In 2013 Lega Serie A (Serie A’s governing body) decided to adopt the MAPESOIL drainage system. This system involves the installation of a no-pipe drainage system. Water is forced to run off by means of a drainage screed made from MAPESOIL VD hydraulic binder directly below the sandy root-zone underneath the grass surface. Apart from its very high drainage capacity, up to 100 times higher than with a conventional system, one of the many other advantages of MAPESOIL is that water drains off the grass playing surface much more quickly.
MAPEI PRODUCTS: MAPESOIL 50, MAPESOIL VD, MAPETARD, DYNAMON SR4
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P R O D U C T S F O R W O O D
Massimo Vittorio Emanuele TheatrePalermo (Italy)
Renovation work was carried out in August 2015 on the cherry wood parquet flooring in the “Great Hall”, or stalls, of the Massimo Vittorio Emanuele Theatre in Palermo.Work started by removing the old, solvent-based fire-proof varnish and applying ULTRACOAT TONING BASE. After sanding the surface again, a coat of ULTRACOAT PREMIUM BASE was applied followed by a first coat of ULTRACOAT HIGH TRAFFIC (30 gloss) varnish. After two hours, a second coat of ULTRACOAT HIGH TRAFFIC was applied in combination with a coat of ULTRACOAT PREMIUM BASE using the wet-on-wet technique. This enabled the flooring to be certified as fire-reaction class CFl and smoke development class S1 in compliance with EN 13501-1:2010 standards.
MAPEI PRODUCTS: ULTRACOAT TONING BASE, ULTRACOAT PREMIUM BASE, ULTRACOAT HIGH TRAFFIC
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Santa Bárbara Eco-Beach ResortSão Miguel, Azores (Portugal)
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 I N G S
In various zones of the Santa Bárbara Eco-Beach Resort the designers opted for cementitious floor and wall coverings using the ULTRATOP LOFT system. The floor and wall coverings were made with ULTRATOP LOFT F and ULTRATOP LOFT W, with a coat of PRIMER G diluted with water applied between the two coats. The final protection for the surfaces was provided by MAPEFLOOR FINISH 52 W and MAPEFLOOR FINISH 58 W. The substrates of the swimming pool were waterproofed with MAPELASTIC, MAPEBAND and MAPENET 150, before bonding mosaics with KERAFLEX MAXI S1 adhesive and grouting joints with KERAPOXY CQ. Cork was used to thermally insulate and soundproof the external façades and it was bonded with KERALASTIC.
MAPEI PRODUCTS: ECO PRIM GRIP, EPORIP, KERAFLEX MAXI S1, KERALASTIC, KERAPOXY CQ, MAPEFLOOR FINISH 52 W, MAPEBAND, MAPEFLOOR FINISH 58 W, MAPELASTIC, MAPENET 150, PRIMER G, PRIMER SN+QUARTZ 0.5, ULTRATOP LOFT F, ULTRATOP LOFT W
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P R O D U C T S F O R S O U N D P R O O F I N G
Prima Pearl TowerMelbourne (Australia)
Mapei systems were used for the installation of ceramic tiles and stone slabs in the apartments, swimming pools, steam rooms, balconies, and other areas of the Tower.MAPELASTIC SMART was chosen to waterproof external areas, while MAPELASTIC AQUADEFENSE was selected to waterproof internal areas. Porcelain tiles were bonded on the floors of all apartments using KERABOND PLUS mixed with ISOLASTIC 50 in the wet areas, while KERAFLEX was used to bond the tiles on all other floor areas. Porcelain and mosaic tiles were bonded on the walls with TIXOBOND FINE S1. All the floors and walls joints in the apartments were grouted using KERACOLOR FF. Mosaics were installed in the pools using KERAFLEX while joints were grouted with ULTRACOLOR PLUS. Joints were sealed with MAPESIL AC.
MAPEI PRODUCTS: MAPELASTIC AQUADEFENSE, MAPELASTIC SMART, ISOLASTIC 50, KERABOND PLUS, KERACOLOR FF, KERAFLEX, TIXOBOND FINE S1, ULTRACOLOR PLUS, MAPESIL AC, ULTRABOND ECO 350
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Cerchio Viaduct Along the A-25 MotorwayL’Aquila (Italy)
P R O D U C T S F O R B U I L D I N G
The “Cerchio” Viaduct is around 500 m long and is made up of 14 pairs of load-bearing piles and an abutment at each end. It was constructed at the beginning of the 1970’s. The renovation works were carried out between 2013 and 2104. The first step was to prepare the substrate by high-pressure hydro-scarifying to remove all the deteriorated concrete and then replace and integrate the reinforcement rods. To rebuild and strengthen the piles, which required the application of layers from 7 cm to 15 cm thick, MAPEGROUT EASY FLOW mortar and the curing admixture MAPECURE SRA were used. To completely protect the piles and make them waterproofed MAPELASTIC GUARD was applied, a two-component, elastic cementitious mortar for protecting large concrete structures subjected to high stress.
MAPEI PRODUCTS: MAPEGROUT EASY FLOW, MAPECURE SRA, MAPELASTIC GUARD
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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
Residential EstatesSingapore (Singapore)
The MAPEWRAP system was used to reinforce columns at the void decks of several housing estates in Singapore. MAPEWRAP 31 SP adhesive was applied on the column surfaces after removing existing paints and plasters. The same adhesive was used for the impregnation of MAPEWRAP G UNI-AX SP uni-directional glass fibre fabrics MAPEWRAP G UNI-AX SP was placed onto the freshly primed columns. These operations were repeated for another two times to complete a total of 3 layers of wrapping around the columns. Sand was broadcasted onto the surfaces while the last layer of MAPEWRAP G UNI-AX SP was still fresh to promote adhesion of the final plaster. ADESILEX PG2 SP was used to repair concrete substrates with big voids before starting reinforcement works.
MAPEI PRODUCTS: ADESILEX PG2 SP*, MAPEWRAP 31 SP*, MAPEWRAP G UNI-AX SP*
* These products are manufactured and distributed on the Singaporean market by Mapei Far East
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Sanctuary of Santa Maria del FonteCaravaggio (Italy)
P R O D U C T S F O R T H E R E S T O R A T I O N O F M A S O N R Y B U I L D I N G S
In the Sanctuary of Santa Maria del Fonte, a MAPE-ANTIQUE dehumidifying cycle was applied to restore the render for the porticoes which had been badly damaged by rising damp and soluble salts. After removing all the old render and washing the walls with low pressure water jets to eliminate all the loose materials, efflorescence and soluble salts, the masonry was treated with MAPE-ANTIQUE RINZAFFO. The next step was to apply a 20 mm thick layer of MAPE-ANTIQUE MC MACCHINA. Once the render was fully cured, the surface was skimmed with MAPE-ANTIQUE FC CIVILE, mixed with a small amount of very fine, ochre-yellow sand to give it the same colour as the original material. The parts of the masonry walls along the colonnades that are most exposed to rain were then treated with ANTIPLUVIOL W.
MAPEI PRODUCTS: MAPE-ANTIQUE ALLETTAMENTO, MAPE- ANTIQUE RINZAFFO, MAPE-ANTIQUE MC MACCHINA, MAPE-ANTIQUE FC CIVILE, ANTIPLUVIOL W
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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
Green ResidencesEkrene (Norway)
The housing project at Ekrene encloses over 100 residential houses located along the coastline of Rogaland. The façades of the houses need to be able to withstand the rough climate and conditions of the coastline. Insulating panels were bonded to the façades using MAPETHERM AR1 GG. One day after bonding the panels, the wall substrates were skimmed with a 2 mm thick coat of MAPETHERM AR1 GG and while it was still wet, MAPETHERM NET glass fibre mesh was embedded in the mortar. After another 24 hours, a second coat of MAPETHERM AR1 GG was applied to completely cover the mesh.After around 10 days, a finishing cycle of the SILANCOLOR system was applied made up of silioxane products such as SILANCOLOR BASE COAT and SILANCOLOR TONACHINO.
MAPEI PRODUCTS: MAPETHERM AR1 GG, MAPETHERM NET, SILANCOLOR BASE COAT, SILANCOLOR TONACHINO
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Vittorio Emanuele General HospitalCatania (Italy)
P R O D U C T S F O R 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 last renovation works at the General Hospital of Catania involved the application of new wall coatings. After a survey by Mapei Technical Services, five different interventions were recommended based on the various types of substrate. The products used included INTOMAP R1 admixed with PLANICRETE, PLANITOP 210 reinforced with MAPENET 150, QUARZOLITE BASE COAT, ELASTOCOLOR TONACHINO PLUS, SILANCOLOR BASE COAT, SILANCOLOR AC TONACHINO, POROMAP RINZAFFO, POROMAP INTONACO, SILANCOLOR PRIMER, SILANCOLOR TONACHINO, and MAPETHERM AR 1 GG reinforced with MAPENET 150.
MAPEI PRODUCTS: ELASTOCOLOR TONACHINO PLUS, INTOMAP R1, MAPENET 150, MAPETHERM AR 1, PLANICRETE, PLANITOP 210, POROMAP INTONACO, POROMAP RINZAFFO, QUARZOLITE BASE COAT, SILANCOLOR TONACHINO, SILANCOLOR PRIMER, SILANCOLOR TONACHINO
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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
Demjén Cave Bath and Adventure SpaDemjén (Hungary)
In this large spa theme park MAPEQUICK AF 1000 was used in the design of the shotcrete, while MAPEGROUT 430 and PLANITOP 400 were used to repair the concrete. The cracks were sealed with EPOJET. Before bonding ceramic tiles on walls and floors, the surfaces were treated with PLANITOP FAST 330, ADESILEX P4, PROSFAS and PRIMER G. MAPEBAND, MAPELASTIC, MAPEGUM WPS and MAPELASTIC AQUADEFENSE were used to waterproof the substrates in the swimming pools and bathrooms. Ceramic tiles and glass mosaics were bonded with ELASTORAPID in the pools, with KERAFLEX S1 in the relaxation areas, with KERAFLEX MAXI S1 in the thermal caves. The tile joints in the pools were grouted with KERAPOXY CQ mixed with MAPEGLITTER, while ULTRACOLOR PLUS was used to grout joints in all the other areas.
MAPEI PRODUCTS: MAPEQUICK AF 1000, MAPEGROUT 430, PLANITOP FAST 330, EPOJET, EPORIP, MAPELASTIC, MAPELASTIC AQUADEFENSE, MAPEGUM WPS, MAPEBAND, PRIMER G, PROSFAS, ELASTORAPID, KERAFLEX, KERAFLEX S1, KERAFLEX MAXI S1, KERAQUICK, ADESILEX P9, ADESILEX P4, KERACOLOR GG, KERACOLOR FF FLEX, KERAPOXY DESIGN, MAPEGLITTER, MAPESIL AC
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Allianz TowerMilan (Italy)
A D M I X T U R E S F O R C O N C R E T E
The Allianz Tower, designed by Arata Isozaki with Andrea Maffei Architects, is the new home for the headquarters of the German insurance group Allianz in Milan. Mapei admixtures for the concrete used for its construction, such as MAPEPLAST PZ 300, DYNAMON SR 914, DYNAMON SP1, DYNAMON XTEND W300 and VISCOSTAR 3K. Mapei systems for resin and cementitious floors were applied in the car parks, such as MAPEFLOOR PARKING SYSTEM RLT, MAPEFLOOR PARKING SYSTEM RHT, MAPEFLOOR PARKING SYSTEM ID, MAPEFLOOR PARKING SYSTEM 31 RLT, and ULTRATOP. MAPEGROUT SV, MAPEGROUT BM, CABLEJET and MAPEFILL F were used for anchoring works. The substrates of the bathrooms were treated and waterproofed with MAPELASTIC before bonding ceramic tiles with KERAFLEX MAXI and ADESILEX P9 and grouting joints with ULTRACOLOR PLUS. Joints were sealed with PRIMER FD and MAPESIL AC.
MAPEI PRODUCTS: DYNAMON SP1, DYNAMON XTEND W300, DYNAMON SR 914, MAPEPLAST PZ 300, VISCOSTAR 3K, MAPEFLOOR PARKING SYSTEM, MAPECOLOR PASTE, ULTRATOP, MAPELASTIC SMART, PLANITOP 210, CABLEJET, MAPEFILL F, MAPEGROUT BM, MAPEGROUT SV, PRIMER G, KERAFLEX MAXI, ADESILEX P9, ULTRACOLOR PLUS, PRIMER FD, MAPESIL AC
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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
Base tunnel along the mountain pass deviationThe A1 Motorway Sasso Marconi-Barberino Del Mugello (Italy)
The base tunnel along the mountain pass deviation of the A1 motorway is 8.6 km long and has a cross-sectional area of 180 m². It is a twin-bore tunnel, one for each of three-lane carriageways. Excavation work on this tunnel started in 2005 and was completed in 2015. Mapei has been involved since the beginning of the works by supplying accelerators from the MAPEQUICK line and superplasticizers for concrete and shotcrete from the DYNAMON line. Thin porcelain tiles were applied on the tunnel piers using KERAFLEX MAXI S1, which was chosen for its high thixotropy, adhesion and deformability. The joints were grouted with KERAPOXY CQ. MAPECOAT T28 and MAPEFLOOR FINISH 58W were used to finish the surfaces of bypasses, fire escapes and emergency exits.
MAPEI PRODUCTS: KERAFLEX MAXI S1, KERAPOXY CQ, MAPECOAT T28, MAPEFLOOR FINISH 58W, MAPEQUICK AF1000, DYNAMON SR3
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Dangote Cement PlantObajana (Nigeria)
C E M E N T A D D I T I V E S F O R C E M E N T
The Obajana Cement Plant, opened in 2006 and located in Nigeria, is one of the largest cement plants in the world, with a total capacity of 13.2 million tons of cement per year. Mapei engineers approached the plant staff to develop tailor-made solutions to improve the performances of the cement and reduce the CO2 emissions. Thanks to the use of the performance enhancer MAGA/VM 123, the cement produced at the plant has increased its strengths from 19-20 MPa at 2 days to 24-25 MPa and, at the same time, the clinker content has been reduced of 5%. We can estimate that, thanks to the Mapei technology, Dangote is saving more than 55 kg of CO2 for every ton of cement produced, which is equivalent to an annual saving of 730,000 tons of CO2 a year for the whole plant.
MAPEI PRODUCTS: MAGA/VM 123
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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 2016
DECEMBER 31st
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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]
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