Report 2010 - Italcementi Group

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v) in the third quarter of 2010, Ciments Français S.A. obtained from Italcementi Finance S.A. a 350 million euro short-term line of credit maturing on June 30, 2011, enabling it to replace the previous lines of credit at 364 days. No drawings had been made on this line of credit at December 31, 2010; w) in the third quarter of 2010, Ciments Français S.A. replaced the 700 million euro five-year syndicated line of credit maturing in May 2012, with a 700 million euro five-year renewable line of credit granted by Italcementi Finance S.A. The operation extended the average life of the available lines of credit, enabling Ciments Français S.A. to cover borrowings maturing over the next four years. No drawings had been made on this line of credit at December 31, 2010. All loans and lines of credit arranged between Ciments Français S.A. and Italcementi S.p.A. and its subsidiaries are regulated at normal market conditions. 116
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 22.2 Value of financial assets and liabilities The table below sets out the carrying amount and fair value of financial assets and liabilities at December 31, 2010: December 31, 2010 December 31, 2009 Fair value Carrying Fair value Carrying (in millions of euro) amount amount FINANCIAL ASSETS AT FAIR VALUE Assets originally designated at fair value Cash and cash equivalents without short-term deposits (note 36.1) 239.1 239.1 214.9 214.9 Assets classified as held for trading Fair value of derivatives (note 22.3) 52.5 52.5 22.7 22.7 HELD-TO-MATURITY INVESTMENTS LOANS AND RECEIVABLES Short-term deposits (note 36.1) 336.2 336.2 332.4 332.4 Trade receivables (note 12) 738.6 738.6 881.1 881.1 Other current assets 3.0 3.0 4.7 4.7 Other financial assets without concessions, licenses paid in advance and derivatives (note 10) 63.3 63.3 59.5 59.5 Equity investments and financial receivables 249.9 249.9 227.8 227.8 AVAILABLE-FOR-SALE FINANCIAL ASSETS Other equity investments (note 9) 200.2 200.2 269.1 269.1 FINANCIAL LIABILITIES AT FAIR VALUE Liabilities originally designated at fair value - - - - Liabilities classified as held for trading Fair value of derivatives (note 22.3) 47.6 47.6 72.4 72.4 OTHER FINANCIAL LIABILITIES Trade payables 588.6 588.6 548.4 548.4 Other current liabilities 113.4 113.4 101.2 101.2 Finance lease payables 17.6 17.6 21.1 21.1 Floating-rate loans and borrowings 1,469.3 1,469.3 1,714.7 1,714.7 Fixed-rate loans and borrowings 1,461.9 1,422.2 1,153.1 1,122.4 Amounts due to banks 158.0 158.0 292.1 292.1 Other short-term financing 16.9 16.9 14.8 14.8 Purchase commitments on minority interests 63.7 63.7 71.4 71.4 Trade receivables and payables are current assets and liabilities and are carried at amounts that are reasonable approximations of their fair value. Derivative instruments are measured and recognized at fair value. The fair value of interest-rate contracts is determined on the present value of cash flows using the zero coupon curve. The fair value of forward currency purchase contracts is based on the current exchange rates of contracts with similar maturity profiles. The fair value of foreign currency payables and receivables is determined using year-end exchange rates. The fair value of fixed-rate payables and receivables is based on a fixed rate with no credit margin, net of transaction costs directly related to the financial asset or liability. 117 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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Engineering, technical assistance,
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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
Page 78 and 79: Subsidiaries Subsidiaries are compa
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Page 82 and 83: 1.10. Intangible assets Intangible
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Page 86 and 87: Pending publication of a standard/i
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Page 92 and 93: Operating segments The table below
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Page 96 and 97: Assets 5 Property, plant and equipm
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Page 108 and 109: The movements in defined benefit li
Page 110 and 111: 20. Provisions Non-current and curr
Page 112 and 113: 22.1 Loans and borrowings Loans and
Page 114 and 115: ) in the third quarter of 2010, Ita
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Page 120 and 121: In 2009 and 2010, in view of the su
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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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Page 138 and 139: 36. Cash flow statement 36.1. Cash
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Page 142 and 143: Annex 1 The following table has bee
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Page 150: Representation form pursuant to art
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Page 156 and 157: Statement of comprehensive income (
Page 158 and 159: Cash flow statement 2010 2009 (euro
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Page 164 and 165: 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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