2012 Annual Report - Italcementi Group

20.3. 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 1,424 1,424 479 479
Assets classified as held for trading
Fair value of derivatives (note 20.3.1) 28 28 1,537 1,538
HELD-TO-MATURITY INVESTMENTS
LOANS AND RECEIVABLES
Trade receivables 220,798 220,798 276,999 276,999
Other current assets 1 1 1 1
Other financial assets (note 6) without derivatives (note 20.3.1) 190,991 190,991 200,708 200,708
Equity investments, bonds and financial assets 298,382 296,708 376,559 375,758
AVAILABLE-FOR-SALE FINANCIAL ASSETS
Other equity investments (note 5.1) 5,730 5,730 5,731 5,731
FINANCIAL LIABILITIES AT FAIR VALUE
Liabilities originally designated at fair value - - - -
Assets classified as held for trading
Derivatives (note 20.3.1) 25,471 25,471 12,592 12,592
OTHER FINANCIAL LIABILITIES
Trade payables 107,654 107,654 112,802 112,802
Finance lease payables 35 35 8,518 8,518
Floating-rate financial liabilities 679,572 679,572 985,755 985,755
Fixed-rate financial liabilities 121,118 107,077 107,936 100,443
Amounts due to banks 373,488 373,488 146,416 146,416
Other short-term financing 214,436 214,436 75,908 75,908
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 closing 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. Other short-term financing includes financial liabilities and
current account amounts due to Group companies for 214,436 thousand euro.
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