2012 Annual Report - Italcementi Group

22.3.1 Fair value of derivatives
The table shows the fair value of financial instruments reflected in the statement of financial position,
subdivided by type of hedge:
December 31, 2012 December 31, 2011
(in thousands of euro) Assets Liabilities Assets Liabilities
Derivatives - interest rates - 1,337 379 3,023
Future cash flow hedges - 318 379 2,728
Trading - 1,019 - 295
Derivatives - exchange rates 18,518 442 5,614 20,466
Future cash flow hedges 299 330 4,237 37
Fair value hedges 18,219 112 1,377 20,301
Trading - - - 128
Total current instruments 18,518 1,779 5,993 23,489
Derivatives - interest rates 126,789 33,080 95,257 13,786
Future cash flow hedges - 19,794 - 5,498
Fair value hedges 126,789 13,286 95,257 8,288
Derivatives - exchange rates - - - -
Fair value hedges - - - -
Total medium/long-term instruments 126,789 33,080 95,257 13,786
Total 145,307 34,859 101,250 37,275
Medium/long-term derivatives on interest rates reflected under assets for 126.8 million euro mainly refer to
fixed-rate to Euribor-indexed floating-rate interest-rate swaps hedging part of the 500 million euro bond issued
by Ciments Français S.A. for 26.1 million euro and part of the 750 million euro bond issued by Italcementi
Finance S.A. for 100.7 million euro; both bond issues were fixed-rate issues under the respective EMTN
programs; at December 31, 2011 the derivatives were carried under assets at 22 million euro and 73.2 million
euro respectively.
The Group does not set up hedges on sales and purchases of shares.
Derivatives on trading exchange rates and interest rates refer to assets that do not qualify for recognition with
hedge accounting criteria.
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