2012 Annual Report - Italcementi Group

The bond was assigned a Ba2 Moody’s rating and BB+ Standard & Poor’s rating. Its purpose is to refinance
debt maturing in 2012 and reduce recourse to the Group back-up lines. In connection with the issue,
Italcementi Finance S.A. granted a five-year 350 million euro loan to Italcementi S.p.A., used to meet current
maturities and reduce drawings on bank lines of credit and on the short-term intercompany line arranged with
Italcementi Finance S.A.
The bond, reserved exclusively for qualified investors, is listed on the Luxembourg Stock Exchange.
22.2 Management of liquidity, credit and counterparty risks
22.2.1 Liquidity risk
Group centralized financial policy is designed to ensure that at any time debt maturing in less than two years is
less than or equal to undrawn committed lines of credit and liquidity.
As from 2010, under the financial policy review, Italcementi S.p.A. and Ciments Français S.A. are the recipients
of the fund-raising activities of Italcementi Finance S.A., enabling them to improve their access to credit and
benefit from the synergies of a centralized financial policy. The policy aims to obtain loans at competitive
conditions and ensure a balance between average debt maturity, flexibility and diversification of sources.
Consequently, Italcementi S.p.A. and Ciments Français S.A. obtain refinancing from Italcementi Finance S.A.
through short- and long-term intragroup loans, arranged at arm’s length conditions.
Cash and cash equivalents, 578.4 million euro at December 31, 2012, consist largely of short-term assets such
as short-term deposits, certificates of deposit, mutual funds. At December 31, 2012 the maximum exposure to
a single counterparty was 24%.
Due to currency regulations in Egypt, Morocco, Thailand and India, the cash and cash equivalents of the Group
companies in these countries, for a total of 336.5 million euro, are not immediately available to the Ciments
Français S.A. holding (note 37.1).
The tables below compare net debt (excluding the fair value of derivatives and current financial assets) by
maturity with available lines of credit at the end of each period:
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