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
Fair value of derivatives on management of commodities risk
The fair value of derivatives on management of commodities risk is illustrated below:
December 31,
2012
December 31,
2011
(in thousands of euro) Assets Liabilities Assets Liabilities
Short-term 11,147 20,791 22,948 14,685
Medium/long-term - 142 9,559 11,743
Total 11,147 20,932 32,507 26,428
The fair value of derivatives relating to EUA and CER transactions was -9 million euro at December 31, 2012,
of which 11 million euro reflected under “Other current assets” and -20 million euro under “Other current
liabilities”.
2012 derivative transactions on emission rights had a negative impact of 4 million euro on profit before tax and
a negative impact of 11.4 million euro on equity.
The fair value of derivatives relating to transactions on electricity at December 31, 2012 was -1 million euro,
reflected under “Other current liabilities” for -0.8 million euro and “Other non-current liabilities” for -0.2 million
euro.
In 2012 derivative transactions on electricity generated an impact on equity (OCI reserve) of -0.5 million euro.
22.3.2 Fair value - hierarchy
In determining and documenting the fair value of financial instruments, the Group uses the following hierarchy
based on different measurement methods:
level 1: financial instruments with prices quoted on active markets,
level 2: prices quoted on active markets for similar financial instruments, or fair value determined with other
measurement methods where all significant inputs are based on observable market data;
level 3: fair value determined with measurement methods where no significant input is based on observable
market data.
At December 31, 2012, financial assets and liabilities stated at fair value were subdivided as follows:
December 31,
2012
level 1 level 2 level 3
(in millions of euro)
Mutual funds (note 37.1) 217.8 217.8
Derivatives - assets (note 22.3.1) 145.3 145.3
Equity investments, bonds and financial assets 3.0 3.0
Other equity investments (note 9) 80.1 42.9 37.2
Derivatives - liabilities (note 22.3.1) 34.9 34.9
Purchase commitments on non-controlling interests (note 23) 45.8 45.8
No portfolio reclassifications of financial assets from categories measured at fair value to categories measured
at amortized cost were made by the Group, either in 2012 or in 2011.
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