Report 2010 - Italcementi Group

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
Liquidity risk
Cash and cash equivalents consist largely of short-term assets with a negligible risk of changes in value (shortterm
deposits, certificates of deposit, mutual funds). At December 31, 2010, the maximum exposure to a single
counterpart was 22%.
Due to currency regulations in force in some countries where the Group operates, the cash and cash
equivalents may not be immediately available to the Ciments Français holding, see note 36.1.
Group centralized financial policy is designed to ensure that at any time debt at less than two years is less than
or equal to undrawn confirmed lines of credit.
The Group aims to keep indebtedness at a level that ensures a balance between the average maturity,
flexibility and diversification of its sources of funds. Consequently, the Group arranges confirmed lines of credit
and diversifies sources of finance (bank credit lines, borrowings, debentures, drawings on lines of credit,
commercial papers, finance leases and factoring). Borrowing maturities are evenly distributed, without
particular concentrations in specific periods, to enable the Group to refinance transactions due to mature in a
satisfactory manner, notwithstanding the difficult economic scenario.
The tables below compare net debt (excluding the fair value of derivatives and current financial receivables) by
maturity with available lines of credit at the end of each period
At December 31, 2010 *
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
Interest-bearing loans and long-term borrowings (**) 359.1 828.0 1,380.4 2,567.5
Interest-bearing loans and short-term borrowings 358.5 358.5
Amounts due to banks 158.0 158.0
Cash and cash equivalents (575.2) (575.2)
Total (58.7) 359.1 828.0 1,380.4 2,508.8
end 2011 end 2012 end 2015
Confirmed lines of credit, available at end of each period 1,670.0 1,670.0 0.0 (***)
(*) excluding fair value of derivative financial instruments
(**) of which "billets de trésorerie" linked to medium/long-term confirmed lines of credit
(***) confirmed lines of credit available at the end of 2014 amount to 973 million euro
127 50 177.0
At December 31, 2009 *
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
Interest-bearing loans and long-term borrowings (**) - 193.0 1,576.9 862.7 2,632.6
Interest-bearing loans and short-term borrowings 240.4 240.4
Amounts due to banks 292.1 292.1
Cash and cash equivalents (547.3) (547.3)
Total (14.8) 193.0 1,576.9 862.7 2,617.8
end 2010 end 2011 end 2014
Confirmed lines of credit, available at end of each period 1,462.7 1,380.6 150.0 (***)
(*) excluding fair value of derivative financial instruments
(**) of which "billets de trésorerie" linked to medium/long-term confirmed lines of credi
(***) confirmed lines of credit available at the end of 2013 amount to 525 million euro
437 50 487.0
127
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