2011 Annual Report - Italcementi Group
2011 Annual Report - Italcementi Group
2011 Annual Report - Italcementi Group
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<strong>2011</strong> <strong>Annual</strong> <strong>Report</strong><br />
Presentation 4<br />
General information 15<br />
<strong>Annual</strong> <strong>Report</strong> Consolidated <strong>Annual</strong> <strong>Report</strong> Directors’ report 28<br />
Extraordinary session <strong>Italcementi</strong> S.p.A. <strong>Annual</strong> <strong>Report</strong> Consolidated financial statements 63<br />
22. Net debt<br />
An itemized correlation of net debt with the statement of financial position is set out below:<br />
(in thousands of euro)<br />
Financial asset and liability category<br />
Statement of financial position<br />
caption<br />
December 31, <strong>2011</strong> December 31, 2010<br />
Current financial assets (659,685) (835,610)<br />
Cash and cash equivalents Cash and cash equivalents (613,334) (575,220)<br />
Current loan assets<br />
Equity investments, bonds and<br />
financial assets (35,733) (249,561)<br />
Other current financial assets Other current assets (4,625) (6,122)<br />
Derivatives Other current assets (5,993) (4,707)<br />
Current financial liabilities 756,719 535,418<br />
Bank overdrafts and short-term<br />
borrowings Loans and borrowings 189,296 222,985<br />
Loans and short-term borrowings Financial liabilities 543,934 293,493<br />
Derivatives Other current liabilities 23,489 18,940<br />
Non-current financial assets (117,073) (65,021)<br />
Securities and bonds Other non-current assets (21,816) (17,266)<br />
Derivatives Other non-current assets (95,257) (47,755)<br />
Non-current financial liabilities 2,113,054 2,596,108<br />
Loans and long-term borrowings Financial liabilities 2,099,268 2,567,468<br />
Derivatives Other non-current liabilities 13,786 28,640<br />
Net debt 2,093,015 2,230,895<br />
The net debt at December 31, <strong>2011</strong>, determined in compliance with Consob communication no. DEM/6064293<br />
of July 28, 2006 (i.e., excluding non-current financial assets), amounted to 2,210,088 thousand euro (2,295,916<br />
thousand euro at December 31, 2010).<br />
Current financial receivables at December 31, 2010, reflected the current account relationship between<br />
<strong>Italcementi</strong> S.p.A. and the Calcestruzzi group companies for 217.7 million euro.<br />
107<br />
www.italcementigroup.com