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
20.7. Management of equity risk
Italcementi S.p.A. is exposed to market fluctuations on listed shares held in portfolio recognized under “Other
equity investments”. Treasury shares held by Italcementi S.p.A. are measured at cost and deducted against
equity under the “Treasury shares” reserve (see note 15).
The risk of fluctuations in the value of these equity investments is not actively managed with financial hedging
instruments.
20.8. Hedge Accounting
The effects arising from application of hedge accounting rules are summarized below.
The specific equity reserve reflects fair value gains and losses on the effective component of cash flow hedges
only.
New derivatives recognized in equity totaled -11,220 thousand euro at December 31, 2012 (+344 thousand
euro at December 31, 2011). The eliminated portion of the reserve relating to instruments that expired in 2012
amounted to +2,506 thousand euro at December 31, 2012, from +9,858 thousand euro at December 31, 2011.
The changes in equity relating to derivatives contracted in 2010 and still in portfolio at December 31, 2012
amounted to -10,825 thousand euro (-7,305 thousand euro at December 31, 2011).
The non-effective component of cash flow hedges in portfolio at December 31, 2012 recognized in profit or loss
was immaterial in both 2012 and 2011.
285
www.italcementigroup.com