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
22.5.2 Currency risk hedges
Currency risk hedges stated at the closing rates are illustrated below:
(in millions of euro)
Forward purchases
Cash flow hedging
December 31,
2012
December 31,
2011
US dollars 43.9 98.9
Others 0.0 0.4
Fair value hedging
US dollars 48.8 6.4
Others 46.8 100.7
Trading
US dollars -
Others -
Total 139.5 206.4
Forward sales
Fair value hedging
US dollars 555.1 489.4
Others 10.3 11.5
Trading
US dollars 2.8
Others 0.1
Total 565.5 503.7
Options
Cash flow hedging
US dollars 14.3 0.0
Fair value hedging
US dollars - -
Trading
US dollars - -
Total 14.3 0.0
Cross currency swaps
Fair value hedging
US dollars 0.0 103.2
Total 0.0 103.2
TOTAL 719.3 813.3
All currency risk hedges expire within 12 months.
22.6 Management of commodity risk
CO 2
The Group’s European subsidiaries are exposed to market fluctuations on CO 2 emission right prices, in
connection with their surplus or deficit on the quotas allocated by their respective national governments.
In 2012, in view of the surplus accumulated and the macroeconomic and industry scenario, the Group sold
EUAs on the spot market for 37.2 million euro (62.1 million euro in 2011).
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