Report 2010 - Italcementi Group

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22.6 Exposure to exchange-rate risk Consolidated net exposure by currency of financial assets and liabilities denominated in currencies other than the local currency is illustrated below: (in millions of euro) Euro (*) USD (*) Other (*) Financial assets (°) 10.1 547.3 13.3 Financial liabilities (°) (21.7) (48.1) (38.0) Derivatives - (502.0) 29.2 Net exposure (11.6) (2.7) 4.5 (*) assets and liabilities are expressed at nominal value in euro when the local currency is not euro (°) excluding trade payables and receivables Foreign currency exposure refers mainly to the US dollar, the Thai baht, the Morocco dirham, the Egyptian pound and the Indian rupee. No hedging is set up on net investments in these subsidiaries. At December 31, 2010, a 10% change in the exchange rate with the euro, in cases where the local currency is not euro, would have had an impact of 4.3 million euro on shareholders' equity, of which 0.8 million euro on minority interests. At December 31, 2010, a 10% rise in the US dollar would have an impact on exchange-rate derivatives in portfolio of +5.7 million euro on shareholders' equity and -39.4 million euro on profit before tax. A 10% decrease in the US dollar would have an impact on exchange-rate derivatives in portfolio of -6.2. million euro on shareholders' equity and +38.9 million euro on profit before tax. 124
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 22.7 Exchange-risk hedges Exchange-risk hedges stated at the closing exchange rates are illustrated below: (in millions of euro) Forward purcahses Cash flow hedging December 31, 2010 December 31, 2009 US dollars 35.1 23.5 Fair value hedging US dollars 41.8 23.1 Others 40.1 33.5 Trading US dollars - - Others - - Total 117.0 80.1 Forward sales Fair value hedging US dollars 500.2 436.3 Others 10.9 5.1 Trading US dollars 1.3 1.0 Total 512.4 442.4 Options Cash flow hedging US dollars 31.7 26.1 Fair value hedging US dollars - - Trading US dollars 8.1 2.9 Total 39.8 29.0 Cross currency swaps Fair value hedging US dollars 100.7 278.0 Total 100.7 278.0 TOTAL 769.9 829.5 Exchange-risk hedges expire within 12 months, with the sole exception of cross-currency swaps, which expire within the next 2 years for 100.7 million euro. 125 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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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 96 and 97: Assets 5 Property, plant and equipm
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Page 112 and 113: 22.1 Loans and borrowings Loans and
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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 142 and 143: Annex 1 The following table has bee
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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
Page 166 and 167: Extraordinary session: 1) to amend
Page 168 and 169: Report on Corporate Governance and
Page 170 and 171: c) Significant shareholders as disc
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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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