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
20.3.1. 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 thous ands of euro) Assets Liabilities Assets Liabilities
Interest-rate derivatives hedging cash flows - 1,975 - 1,989
Trading interest-rate derivatives - - - -
Exchange-rate derivatives hedging cash flows 28 132 1,520 -
Exchange-rate derivatives hedging fair value - - 17 -
Trading exchange-rate derivatives - - - -
To tal short term 28 2,107 1,537 1,989
Interest-rate derivatives hedging cash flows 23,364 10,604
To tal medium/long-term - 23,364 - 10,604
To tal 28 25,471 1,537 12,593
Italcementi S.p.A. 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.
The fair value of derivatives relating to EUA and CER transactions was -3,729 thousand euro at December 31,
2012, of which -25,660 thousand euro reflected under “Other current liabilities” and 21,931 thousand euro
under “Other current assets”.
2012 derivative transactions on emission rights had an impact of -1,257 thousand euro on the income
statement and -4,382 thousand euro on equity (OCI reserve).
The fair value of derivatives relating to transactions on electricity at December 31, 2012 was -967 thousand
euro, of which -826 thousand euro under “Other current liabilities” and -142 thousand euro under “Other noncurrent
liabilities”.
In 2012 derivative transactions on electricity generated an impact on income of 46 thousand euro and an
impact on equity (OCI reserve) of -504 thousand euro.
In 2012 derivative transactions on tin (II) sulfate had an impact on equity (OCI reserve) of 18 thousand euro.
20.3.2. Fair value – hierarchy
In determining and documenting the fair value of financial instruments, the company 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.
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