Report 2010 - Italcementi Group

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22.4 Interest-rate risk Notional value of derivative instruments by maturity The notional value of interest rate derivatives by maturity is illustrated below: Maturity Maturity Maturity Maturity Total less than 1 to 2 2 to 5 more than (in millions of euro) 1 year years years 5 years Fair value hedges SWAPs receive Fixed / pay Floating 165 M€ 4.75% Euribor 3M+ 0.626% - - - 165.0 165.0 650 MUSD 5.375% Euribor 3M+2.284% - - - 650.0 650.0 Total - - - 815.0 815.0 Cash flow hedges SWAPs receive Floating / pay Fixed 210 M€ Euribor 3M 3.035% 110.0 100.0 - - 210.0 114 M€ Euribor 3M + 0.325% 3.536% 114.0 - - - 114.0 100.9 M€ Euribor 6M 2.697% 0.2 25.5 75.2 - 100.9 0.4 M€ Euribor 6M+0.50% 3.275% 0.4 - - - 0.4 75 MUSD Libor 3M 2.06% 37.4 18.7 - - 56.1 133.5 MUSD Libor 3M 1.25% - 100.7 - - 100.7 Cash flow hedges OPTIONS - Cap/Floor Euribor 3M 50.0 195.0 245.0 Cap/Floor Libor 3M 56.1 56.1 Total 368.1 439.9 75.2 - 883.2 Trading SWAPs receive Floating / pay Floating 114 M€ Euribor 3M + 0.50% - Euribor 3M+ 0.325% 114.0 - - - 114.0 SWAPs receive Floating / pay Fixed - 2 M€ Euribor 3M 1.95% 0.4 0.4 1.2 - 2.0 75 M€ Euribor 3M 3.44% 75.0 75.0 Trading Options - Total 189.4 0.4 1.2 - 191.0 Total 557.5 440.3 76.4 815.0 1,889.2 Exposure to interest-rate risk At December 31, 2010, 71% of Group net financial liabilities (not including the fair value of derivatives) was at a fixed rate or hedged against the risk of rate increases. 52% of fixed-rate commitments arose from swapped contracts initially arranged at floating rates. Hedges are stated at nominal value for the period in question (consistently with instrument maturity) and do not include fixed-rate to fixed-rate contracts. 122
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 22.5 Net debt at inception and after interest-rate hedging The evolution of net debt at December 31, 2010, is illustrated in the table below: Maturity (in millions of euro) Dec.31, 2010 < 1 year 1 - 2 years 2 - 5 years Beyond Fixed-rate financial liabilities 1,431.6 57.6 5.5 98.2 1,270.3 Fixed-rate financial assets - - - - - Fixed-rate net debt at inception 1,431.6 57.6 5.5 98.2 1,270.3 Fixed-to-floating rate hedges (815.0) - - - (815.0) Floating-to-fixed rate hedges 659.1 337.4 245.3 76.4 - Fixed-rate ND after hedging 1,275.7 395.0 250.8 174.6 455.3 Floating-rate financial liabilities 1,652.4 459.0 354.2 727.3 111.9 Floating-rate financial assets (848.3) (830.9) - (4.4) (13.0) Floating-rate ND at inception 804.1 (371.9) 354.2 722.9 98.9 Fixed-to-floating rate hedges 815.0 - - - 815.0 Floating-to-fixed rate hedges (659.1) (337.4) (245.3) (76.4) - Optional hedges (301.1) (106.1) (195.0) - - Floating-rate ND after hedging 658.9 (815.4) (86.1) 646.5 913.9 Optional hedges 301.1 106.1 195.0 - - Fair value of derivatives, net (4.9) 14.1 3.2 8.4 (30.6) Net debt 2,230.9 (300.2) 362.9 829.5 1,338.7 At December 31, 2010, a +0.5% change in the interest-rate curve would have an impact of -0.9 million euro, that is, 0.6% of 2010 net finance costs. The impact on interest-rate derivatives in portfolio would be +11.4 million euro on shareholders' equity and -4.8 million euro on profit before tax; the latter effect would be countered by an effect of +4.9 million euro on fixed-rate liabilities with fair value hedges. At December 31, 2010, a -0.5% change in the interest-rate curve would have an impact of +0.9 million euro, that is, 0.6% of 2010 net finance costs. The impact on interest-rate derivatives in portfolio would be -11.8 million euro on shareholders' equity and +4.9 million euro on profit before tax; the latter effect would be countered by an effect of -5.0 million euro on fixed-rate liabilities with fair value hedges. 123 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
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Statement of comprehensive income (
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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 96 and 97: Assets 5 Property, plant and equipm
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Page 124 and 125: 22.6 Exposure to exchange-rate risk
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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 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
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Page 168 and 169: Report on Corporate Governance and
Page 170 and 171: 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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