2011 Registration Document - Imerys

As of December 31, 2010
(€ millions)
Financial liabilities
at amortized cost
Fair value through
profit or loss Hedge derivatives
Non hedge
derivatives Fair value Cash flow
FINANCIAL STATEMENTS
Consolidated financial statements
Non
IAS 39 Total
Non-current liabilities
Loans and financial debts 996.1 (6.9) 24.9 - 2.7 1,016.8
Other debts 6.9 - - - 3.3 10.2
Derivative financial liabilities
Current liabilities
- 5.5 - 9.8 - 15.3
Trade payables 317.1 - - - - 317.1
Other debts 123.3 - - - 116.5 239.8
Derivative financial liabilities - 1.2 - 0.1 - 1.3
Loans and financial debts 217.1 - - 1.9 0.5 219.5
Bank overdrafts 4.7 - - - - 4.7
Total financial liabilities 1,665.2 (0.2) 24.9 11.8 - -
The fair value of fixed rate bonds included in the position “Loans and financial debts” is superior to their carrying amount by €59.0 million:
Nominal amount
(in millions) Maturity Quotation
Interest rate
Nominal Effective
Carrying
amount Fair value Difference
JPY 7,000.0 9/16/2033 Unlisted 3.40% 3.47% 65.1 84.0 18.9
USD 140.0 8/6/2013 Unlisted 4.88% 4.98% 106.8 117.1 10.3
USD 30.0 8/6/2018 Unlisted 5.28% 5.38% 22.9 26.6 3.7
EUR 300.0 4/25/2014 Listed 5.13% 5.42% 310.6 327.7 17.1
EUR 500.0 4/18/2017 Listed 5.00% 5.09% 517.7 526.7 9.0
Total as of December 31, 2010 (€ millions) 1,023.1 1,082.1 59.0
25.2 Financial debt
The net financial debt is used in the management of the financial
resources of Imerys. This indicator is used in particular in the
calculation of financial ratios that the Group has to comply with under
financing agreements entered into with financial markets (Note 25.5 -
Borrower’s liquidity risk). The following table presents the link between
the net financial debt and the consolidated statement of financial
position with a distinction between non-derivative and derivative
financial instruments. Derivative financial instruments included in the
calculation of the net financial debt correspond to financing hedge
instruments assets and liabilities since they are part of the future cash
outflows of this aggregate (Note 25.5 - Borrower’s liquidity risk). The
operational hedge instruments (Note 25.4 - Derivative instruments
in the financial statements) are not included in the calculation of the
net financial debt.
(€ millions) Notes 2011 2010
Non-derivative financial liabilities 1,463.1 1,241.0
Loans and financial debts - non-current 1,028.4 1,016.8
Loans and financial debts - current 422.0 219.5
Bank overdrafts 12.7 4.7
Non-derivative financial assets (430.6) (358.1)
Marketable securities and other financial assets (6.4) (6.0)
Cash and cash equivalents (424.2) (352.1)
Hedge derivatives (1.4) (10.1)
Financing hedge instruments - liabilities 21.3 12.6 16.7
Financing hedge instruments - assets 21.3 (14.0) (26.8)
Net financial debt 1,031.1 872.8
IMERYS 2011 REGISTRATION DOCUMENT
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