2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 30
Sustainability disclosure Italcementi S.p.A. Annual Report Consolidated financial statements 63
Extraordinary session 351
22.3 Financial assets and liabilities
The table below sets out the carrying amount and fair value of financial assets and liabilities at December 31,
2012:
December 31, 2012 December 31, 2011
Fair Value Carrying Fair Value Carrying
(in millions of euro)
amount
amount
FINANCIAL ASSETS AT FAIR VALUE
Assets originally designated at fair value
Cash and cash equivalents without short-term deposits (note 37.1) 338 338 355.6 355.6
Assets classified as held for trading
Fair value of derivatives (note 22.3.1) 145.3 145.3 101.2 101.2
HELD-TO-MATURITY INVESTMENTS
LOANS AND RECEIVABLES
Short-term deposits (note 37.1) 240 240 257.7 257.7
Trade receivables (note 12) 744.6 744.6 857.3 857.3
Other current assets 2.0 2.0 2.9 2.9
Other financial assets without concessions, licenses paid in advance and
derivatives (note 10) 180.6 180.6 193.8 193.8
Equity investments, bonds and financial assets 23.0 23.0 36.0 36.0
AVAILABLE-FOR-SALE FINANCIAL ASSETS
Other equity investments (note 9) 80.1 80.1 88.2 88.2
FINANCIAL LIABILITIES AT FAIR VALUE
Liabilities originally designated at fair value - - - -
Liabilities classified as held for trading
Fair value of derivatives (note 22.3.1) 34.9 34.9 37.3 37.3
OTHER FINANCIAL LIABILITIES
Trade payables 605.6 605.6 618.3 618.3
Other current liabilities 123.4 123.4 70.6 70.6
Finance lease payables 4.9 4.9 19.3 19.3
Floating-rate financial liabilities 1,068.7 1,068.7 1,288.4 1,288.4
Fixed-rate financial liabilities 1,481.4 1,398.5 1,456.5 1,395.6
Amounts due to banks 104.9 104.9 114.3 114.3
Other short-term financing 165.8 165.8 14.9 14.9
Purchase commitments on non-controlling interests 45.8 45.8 67.8 67.8
Trade receivables and payables are current assets and liabilities and are carried at amounts that are
reasonable approximations of their fair value.
Derivatives are measured and recognized at fair value. The fair value of interest-rate contracts is determined
on the present value of cash flows using the zero coupon curve.
The fair value of forward currency purchase contracts is based on the current exchange rates of contracts with
similar maturity profiles.
The fair value of foreign currency payables and receivables is determined using year-end exchange rates. The
fair value of fixed-rate payables and receivables is based on a fixed rate with no credit margin, net of
transaction costs directly related to the financial asset or liability.
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