2012 Annual Report - Italcementi Group

2012 Annual Report
Presentation 4
General information 14
Annual Report Consolidated Annual Report Directors’ report 146
Sustainability disclosure Italcementi S.p.A. Annual Report Separate financial statements 241
Extraordinary session 351
Main bank loans and drawn and available lines of credit
The main changes in Italcementi S.p.A. medium/long-term loans and borrowings in 2010, 2011 and 2012 are
described below:
Bank loans and drawings on medium/long-term lines of credit:
a) In May 2012, Italcementi S.p.A. arranged a 200 million euro floating-rate 5-year renewable line of credit to
replace a facility expiring in December 2012. In line with the policy introduced, Italcementi Finance S.A. is
part of the contract as alternative beneficiary of the facility, in which case Italcementi S.p.A. acts as
guarantor. No drawings had been made on the line at 31 December 2012;
b) During 2012 in September and November respectively, a three-year 50 million loan and a fully drawn fiveyear
75 million committed line of credit expired and were repaid on expiry, without renewal;
Main intragroup borrowings and lines of credit at Italcementi S.p.A.
c) In September 2012, after arrangement of a bilateral bank line of credit by Italcementi Finance S.A.,
Italcementi S.p.A. obtained from Italcementi Finance S.A. a 100 million euro line of credit renewable at 3
years and 6 months. No drawings had been made on the facility at December 31, 2012;
d) In 2011, after finalization of a bilateral bank line of credit arranged by Italcementi Finance S.A., Italcementi
S.p.A. obtained from Italcementi Finance S.A. a 50 million euro five-year renewable line of credit. At
December 31, 2012, the line had been fully drawn;
e) As a result of the Moody’s rating downgrade on December 15, 2011, the intragroup loans granted by
Italcementi Finance S.A. to Italcementi S.p.A. in March 2010 for a total amount of 210 million euro, will be
subject to the applicable interest-rate increase of 125 basis points as from March 19, 2013, in compliance
with the step-up clause of the 750 million euro bond issued by Italcementi Finance S.A.;
f) In 2010, concomitantly with the Italcementi Finance S.A. bond issue, Italcementi S.p.A. obtained two tenyear
intragroup loans from Italcementi Finance S.A., one at a fixed rate and one at a floating rate, for a total
amount of 210 million euro;
g) In 2010, Italcementi S.p.A. took part in financing the repurchase offer on the Ciments Français S.A. US
Private Placements, granting Ciments Français S.A. a long-term 5-year floating-rate intragroup loan for 100
million euro;
h) In 2010, concomitantly with the finalization of the Italcementi Finance S.A. syndicated line of credit,
Italcementi S.p.A. obtained from Italcementi Finance S.A. a five-year 220 million euro renewable line of
credit. No drawings had been made on the line at December 31, 2012.
Events after December 31, 2012:
i) In January 2013 Ciments Français made early repayment of the 100 million euro loan granted by
Italcementi S.p.A. in 2010.
j) In February 2013, concomitantly with the Italcementi Finance S.A. bond, Italcementi S.p.A. obtained from
Italcementi Finance S.A. a 5-year fixed-rate intragroup loan for 350 million euro.
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