2011 Annual Report - Italcementi Group
2011 Annual Report - Italcementi Group
2011 Annual Report - Italcementi Group
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22.1 Financial liabilities<br />
Financial liabilities are shown below by category, subdivided by non-current and current liabilities:<br />
Effective<br />
interest rate<br />
Nominal<br />
value at<br />
Dec.31, <strong>2011</strong><br />
Maturity<br />
December<br />
31, <strong>2011</strong><br />
December<br />
31, 2010<br />
(in thousands of euro)<br />
Bank overdrafts and drawings on lines of credit 743,152 1,068,451<br />
<strong>Italcementi</strong> S.p.A. 614,688 859,195<br />
Other <strong>Group</strong> companies 128,464 209,256<br />
Bond loans 1,318,260 1,281,663<br />
Issued by <strong>Italcementi</strong> Finance: EMTN 750 mln euro 5.375% 5.55% 739,000 2020 782,728 741,177<br />
Issued by Ciments Français S.A.: EMTN 500 mln euro 4.75% 4.84% 500,000 2017 520,532 513,138<br />
For private investors EMTN 15 mln euro 4.47% 4.50% 15,000 2013 15,000 15,000<br />
For private investors 180 mln USD 5.63% 5.79% 2012 - 12,348<br />
Convertible bonds 1.72% 2012 - 3,776<br />
Other loans and borrowings 23,678 199,731<br />
Billets de trésorerie issued by Ciments Français S.A. 1.08% - 177,000<br />
Other (0% - 3.67%) 23,678 22,731<br />
Finance lease payables 14,178 13,847<br />
Non-current financial liabilities 2,099,268 2,567,468<br />
Fair value of hedging derivatives 13,786 28,640<br />
Total non-current financial liabilities 2,113,054 2,596,108<br />
Bond loans<br />
For private investors 50 mln euro 3.50% 12,761 9<br />
Convertible bonds 3,805 -<br />
Other<br />
Amounts due to banks 114,300 157,984<br />
Bank overdrafts and drawings on lines of credit 458,443 281,600<br />
Other loans and borrowings 21,632 25,446<br />
Billets de trésorerie issued by Ciments Français S.A. 70,000 -<br />
Finance lease payables 5,115 3,705<br />
Accrued interest expense 47,174 47,734<br />
Current financial liabilities 733,230 516,478<br />
Fair value of hedging derivatives 23,489 18,940<br />
Total current financial liabilities 756,719 535,418<br />
Total financial liabilities 2,869,773 3,131,526<br />
At December 31, <strong>2011</strong>, bank overdrafts and drawings on lines of credit secured by mortgages and liens on<br />
property, plant and equipment amounted to 119.3 million euro, of which 25.7 million euro short-term and 93.6<br />
million euro medium/long-term.<br />
At December 31, <strong>2011</strong>, current “Other loans and borrowings” included 9.1 million euro relating to factoring<br />
programs (8.2 million euro at December 31, 2010).<br />
“Billets de trésorerie”, previously linked to medium/long-term lines of credit, were reclassified under current<br />
financial liabilities at December 31, <strong>2011</strong>.<br />
108
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