Report 2010 - Italcementi Group

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In 2009 and 2010, in view of the surplus accumulated and the new macroeconomic and industry scenario, the Group sold EUAs on the spot market for approximately 73.3 million euro (17.5 million euro in 2009 and 55.8 million euro in 2010). In 2010, the Group arranged price risk hedges with respect to the sales of surplus emission rights planned in the fourth quarter of 2010 for 2011 and 2012. In 2010, the Group also transacted a modest volume of price risk hedges on the tin (II) sulfate purchases made in 2010. These hedges expired during 2010 and so no longer existed at December 31, 2010. d) Equities risk The Group is exposed to market fluctuations on listed shares held in portfolio recognized under “Other equity investments”. Treasury shares held by Italcementi S.p.A are measured at cost and deducted against shareholders' equity under the “Treasury share” reserve (see note 16). Equity investments treated as available-for-sale financial assets are recognized under “Other equity investments” (see note 9) and refer mainly to the Goltas Cimento and Bursa listed equity investments. 22.3 Financial instruments Fair value of derivative financial instruments The table shows the fair value of financial instruments reflected in the balance sheet, subdivided by type of hedge: December 31, 2010 December 31, 2009 (in thousands of euro) Assets Liabilities Assets Liabilities Derivatives - interest rates 200 5,368 533 6,846 Future cash flow hedges - 5,017 3 6,697 Trading 200 351 530 149 Derivatives - exchange rates 4,507 13,572 1,781 11,699 Future cash flow hedges 1,393 882 1,015 520 Fair value hedges 3,079 12,359 746 11,067 Trading 35 331 21 112 Total current instruments 4,707 18,940 2,314 18,545 Derivatives - interest rates 46,986 28,640 20,345 18,811 Future cash flow hedges 105 8,716 1,081 18,811 Fair value hedges 46,881 19,924 19,264 Derivatives - exchange rates 769 - - 35,009 Fair value hedges 769 - - 35,009 Total medium/long-term instruments 47,755 28,640 20,345 53,820 Total 52,462 47,580 22,659 72,365 The cross currency swaps hedging the fixed-rate debenture issued in US dollars (private placement) were cancelled upon early repayment of the loan in April 2010. Medium/long-term derivatives on interest rates reflected under assets for 47.0 million euro mainly refer to fixedrate to Euribor-indexed floating-rate interest-rate swaps hedging part of the 500 million euro debenture issued by Ciments Français S.A. and part of the 750 million euro debenture issued by Italcementi Finance S.A.; both 120
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 debentures were fixed-rate issues under the respective EMTN programs; at December 31, 2009, the Ciments Français S.A. derivative was carried under assets at 11.9 million euro. The Group does not set up hedges on sales and purchases of equities. Derivatives on trading interest rates and exchange rates refer to assets that do not qualify for recognition with hedge accounting criteria. The fair value of derivative instruments relating to EUA and CER transactions was 1.5 million euro at December 31, 2010, of which -0.9 million euro reflected under “Other current liabilities”, 1.7 million euro under “Other current assets”, -2.4 million euro under “Other non-current liabilities” and 3.1 million euro under “Other non-current assets”. 2010 derivative transactions on emission rights had a positive impact of 0.6 million euro on the income statement and an impact of 0.3 million euro on equity (OCI reserve). 121 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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Set Group Holding represents a sign
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Financial statements Balance sheet
Page 70 and 71: Statement of comprehensive income (
Page 72 and 73: Consolidated cash flow statement No
Page 74 and 75: 21. Deferred tax 22. Net debt 23. O
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 90 and 91: 4. Operating segment disclosure The
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
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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
Page 136 and 137: 34. Transactions with related parti
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
Page 154 and 155: Financial statements Balance sheet
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
Page 166 and 167: Extraordinary session: 1) to amend
Page 168 and 169: 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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