2012 Annual Report - Italcementi Group

22.1 Financial liabilities
Financial liabilities are shown below by category, subdivided by non-current and current liabilities:
Effective Nominal Maturity 12.31.2012 12.31.2011
interest rate value at
(in thousands of euro)
12.31.2012
Bank overdrafts and drawings on lines of credit 654,635 743,152
Italcementi S.p.A. 522,138 614,688
Italcementi Finance S.A. 50,000 -
Other Group companies 82,497 128,464
Bond loans 1,335,010 1,318,260
Issued by Italcementi Finance: EMTN 750 mln euro 5.375% 5.55% 738,000 2020 810,065 782,728
Issued by Ciments Français S.A.: EMTN 500 mln euro 4.75% 4.84% 500,000 2017 524,945 520,532
For private investors EMTN 15 mln euro 4.47% 4.50% 15,000 2013 - 15,000
Other loans and borrowings 24,518 23,678
Other liabilities (0% - 3.67%) 24,518 23,678
Finance lease payables 2,783 14,178
Non-current financial liabilities 2,016,946 2,099,268
Fair value of hedging derivatives 33,080 13,786
Non-current financial liabilities 2,050,026 2,113,054
Bank overdrafts and drawings on lines of credit 517,745 458,443
Amounts due to banks 104,903 114,300
Bond loans
For private investors EMTN 15 mln euro 4.47% 4.50% 15,000 15,000 -
For private investors 16.5 mln US dollars 5.90% - 12,761
Convertible bonds - 3,805
Other
Other loans and borrowings 25,000 21,632
Billets de trésorerie 6,000 70,000
Finance lease payables 2,103 5,115
Accrued interest expense 55,104 47,174
Current financial liabilities 725,855 733,230
Fair value of hedging derivatives 1,779 23,489
Current financial liabilities 727,634 756,719
Total financial liabilities 2,777,660 2,869,773
At December 31, 2012 bank overdrafts and drawings on lines of credit included amounts secured by
mortgages and liens on property, plant and equipment for 98.3 million euro, of which 30.5 million euro shortterm
and 67.8 million euro medium/long-term.
At December 31, 2012 short-term “Other loans and borrowings” included 8.2 million euro relating to factoring
programs (9.1 million euro at December 31, 2011).
Italcementi S.p.A. has been assigned a public rating since 2006, by the Moody’s and Standard & Poor’s ratings
agencies. At December 31, 2012, the rating was respectively Ba2 outlook negative-NP and BB+ outlook stable-
B. During 2012 the ratings were reviewed on, respectively, May 28, 2012 by Standard & Poor’s, which
downgraded the long-term rating from BBB- to BB+, and November 15, 2012 by Moody’s, which downgraded
the long-term rating from Ba1 to Ba2.
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