2012 Annual Report - Italcementi Group

20.5.2. Currency risk hedges
Currency risk hedges stated at the closing rates are illustrated below:
(in millions of euro)
12.31.2012 12.31.2011
Forward purchases
Cash flow hedges US dollars 14.6 32.5
Fair value hedges US dollars - 1.4
Total 14.6 33.9
Options
Cash flow hedges US dollars 6.6 -
Total 6.6 -
Total 21.2 33.9
Exchange-rate derivatives at December 31, 2012 expire within 12 months
20.6. Management of commodity risk
CO 2
Italcementi S.p.A. is exposed to market fluctuations on CO 2 emission rights prices, in connection with its
surplus or deficit on the quotas allocated by its national government.
In 2012, in view of the surplus accumulated and the macroeconomic and industry scenario, Italcementi S.p.A.
sold EUAs on the spot market for 14.4 million euro (28 million euro in 2011)
From 2008 to 2011, Italcementi S.p.A. transacted forward EUA-CER/ERU swaps (forward EUA sales and
forward CER or ERU purchases) distributed in the period 2009-2013, to diversify and optimize its CO 2
emission rights portfolio.
Since 2010 Italcementi S.p.A. has operated on the spot and forward markets on behalf of the Group’s other
European companies under an agency basis.
ELECTRICITY
In 2012, Italcementi S.p.A. arranged price risk hedges on electric power purchases for 2012 and 2013.
TIN (II) SULFATE
In 2012, Italcementi S.p.A. arranged a modest volume of price risk hedges on tin(II) sulfate purchases for
2012.
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