Report 2010 - Italcementi Group

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22.1 Loans and borrowings Loans and borrowings are shown below by category, subdivided by non-current and current liabilities: Effective interest rate Maturity December 31, 2010 December 31, 2009 (in thousands of euro) Bank overdrafts and drawings on lines of credit 1,068,451 1,217,106 Debentures 1,281,663 877,823 EMTN 500 mln euro 4.75% 4.84% 2017 513,138 509,479 For private investors EMTN 15 mln euro 4.47% 4.50% 2013 15,000 15,000 For private investors 180 mln USD 5.63% 5.79% 2012 12,348 124,679 For private investors 20 mln USD 5.73% 2014 - 13,704 For private investors 150 mln USD 5.80% 2018 - 111,167 For private investors 150 mln USD 5.90% 2021 - 103,794 EMTN 750 mln euro 5.375% 5.55% 2020 741,177 - Convertible debentures 1.72% 2012 3,776 3,747 Financing entities 199,731 516,594 Billets de trésorerie 1.08% 177,000 487,000 Other (0% - 3.67%) 22,731 29,594 Finance lease payables 13,847 17,318 Non-current loans and borrowings 2,567,468 2,632,588 Fair value of hedging derivatives 28,640 53,820 Total medium/long-term financing 2,596,108 2,686,408 Debentures For private investors 50mln euro 3.50% 9 50,623 Others Banks 157,984 292,094 Bank overdrafts and drawings on lines of credit 281,600 153,971 Financing entities 25,446 14,759 Finance lease payables 3,705 3,791 Accrued interest expense 47,734 17,251 Current loans and borrowings 516,478 532,489 Fair value of hedging derivatives 18,940 18,545 Total short-term financing 535,418 551,034 Total loans and borrowings 3,131,526 3,237,442 At December 31, 2010, bank overdrafts and drawings on lines of credit secured by mortgages and liens on property, plant and equipment amounted to 89.0 million euro, of which 8 million euro short-term and 81 million euro medium/long-term. At December 31, 2010, short-term “Financing entities” included 8.2 million euro relating to factoring programs (9.2 million euro at December 31, 2009). “Billets de trésorerie” are linked to medium/long-term lines of credit. 112
2010 Annual Report Presentazione 6 Consolidated Annual Report Directors’ report 27 Corporate Governance Consolidated financial statements Financial statements 68 Italcementi S.p.A. financial statements Notes 73 Annexes 142 Report of the Independent Auditors 151 Non-current loans and borrowings by currency: (in millions of euro) December 31, 2010 December 31, 2009 Euro 2,332.8 2,096.0 US and Canadian dollar 14.6 356.2 Moroccan dirham 108.2 83.8 Indian rupee 92.4 79.7 Saudi Arabian riyal 8.0 9.3 Egyptian pound 2.6 3.4 Chinese renminbi - - Other 8.9 4.2 Total 2,567.5 2,632.6 Non-current loans and borrowings by maturity: (in millions of euro) December 31, 2010 December 31, 2009 2011 - 193.0 2012 359.1 634.5 2013 456.8 625.2 2014 166.7 317.2 2015 204.5 18.4 2016 20.1 - Beyond 1,360.3 844.3 Total 2,567.5 2,632.6 The main medium/long-term loans and borrowings are described below. Italcementi Finance S.A. a) The Italcementi Group covers its financial requirements through recourse to diversified instruments. It covers its long-term financial requirements largely through debenture issues. Specifically, Italcementi S.p.A. has launched a Euro Medium Term Notes program (EMTN) targeting qualified investors on the European market, for a maximum amount of 2 billion euro. This replaces the program previously in operation at Ciments Français S.A.. The EMTN program is part of a broader project to optimize management of financial operations, under which Italcementi S.p.A. has been assigned a greater role as parent company responsible for the coordination and direct implementation of financing programs for all Group operations. Under this program, on March 16, 2010, Italcementi Finance S.A., a French subsidiary of Italcementi S.p.A., closed the placement of a ten-year debenture at a fixed rate of 5.375%, for a nominal amount of 750 million euro. The debenture is listed on Luxembourg Stock Exchange. The placement was managed by Banca IMI, BNP Paribas, Bank of America Merrill Lynch, Société Générale and Unicredit. The proceeds from the issue have been transferred to Italcementi S.p.A. and Ciments Français S.A. through medium/long-term intercompany loans for 210 million euro and 540 million euro respectively; 113 www.italcementigroup.com
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2010 Annual Report
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2010 Annual Report Italcementi S.p.
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In the past three financial years w
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2010 Annual Report Presentation Gen
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Directors’ report Following the a
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Significant events for the year Sig
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Business and financial performance
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Fourth-quarter sales volumes and in
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Revenues and operating results Cont
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Total comprehensive income In 2010,
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Net debt breakdown (in millions of
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2010 to the Internal Control Commit
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Conformity risks The Group is subje
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constraints imposed by the stringen
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The construction sector reported a
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ASIA Thailand India Others (1) Tota
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The reduction arose essentially as
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Turkey Work continued in 2010 to ob
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variable amount. The fixed amount i
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Information systems The three-year
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Raw materials and alternative fuels
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Page 64 and 65: serves public companies and institu
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Page 68 and 69: Financial statements Balance sheet
Page 70 and 71: Statement of comprehensive income (
Page 72 and 73: Consolidated cash flow statement No
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Page 76 and 77: no longer generate goodwill, nor ga
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Page 96 and 97: Assets 5 Property, plant and equipm
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Page 122 and 123: 22.4 Interest-rate risk Notional va
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Page 126 and 127: 22.8 Hedge Accounting The effects a
Page 128 and 129: At December 31, 2010, the average m
Page 130 and 131: 25. Goods and utilities expenses Go
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Page 134 and 135: The reconciliation between the theo
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Summary of resolutions The Annual G
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Extraordinary session: 1) to amend
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Report on Corporate Governance and
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c) Significant shareholders as disc
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In the event of presentation of mor
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By resolution of June 20 th , 2007,
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d) Analysis of controls at process
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8) the various company functions, w
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knowledge of the company and its dy
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Emilio Zanetti * Unione di Banche I
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at their request, the Chief Executi
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The lists must be presented at the
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- for the simultaneous replacement
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Within the Board of Directors, the
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their level of agreement has been m
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The Board of Directors, with the as
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TABLE 2 BOARD OF STATUTORY AUDITORS
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Code of ethics The Code, approved f
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only if the unrelated shareholders
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EQUITY INVESTMENTS OF DIRECTORS, ST
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parent company, on a regular basis,
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Stock option plan for directors - 2
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Based on the opinion of the Committ
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g) Share capital increase; disposal
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Italcementi S.p.A. will have a pre-
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iii) approving for each assignee th
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Annex 1 Highlights from the most re
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(in thousands of euro) Full name Po
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STOCK OPTIONS GRANTED TO DIRECTORS
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CIMENTS FRANÇAIS S.A. Options held
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Corporate bodies resulting from the
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italcementi S.p.A. Via G. Camozzi,
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Report 2010 - Italcementi Group

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