2011 Annual Report - Italcementi Group

2011 Annual Report
Presentation 4
General information 15
Annual Report Consolidated Annual Report Directors’ report 28
Extraordinary session Italcementi S.p.A. Annual Report Consolidated financial statements 63
Italcementi S.p.A. has been assigned a public rating since 2006, by the Moody’s and Standards & Poors
ratings agencies. At December 31, 2011, the rating was, respectively, Ba1 outlook negative-NP and BBBoutlook
negative-A3. During 2011 the ratings were reviewed on, respectively, September 14, 2011, by
Standards & Poor’s, which confirmed the rating and downgraded the outlook from stable to negative, and
December 15, 2011, by Moody’s, which downgraded the long-term rating from Baa3 to Ba1, outlook negative.
Non-current financial liabilities by currency:
December 31, 2011 December 31, 2010
(in millions of euro)
Euro 1,957.6 2,332.8
US and Canadian dollar 25.8 14.6
Moroccan dirham 29.7 108.2
Indian rupee 77.7 92.4
Saudi Arabian riyal - 8.0
Egyptian pound 1.6 2.6
Others 6.9 8.9
Total 2,099.3 2,567.5
Non-current financial liabilities by maturity:
December 31, 2011 December 31, 2010
(in millions of euro)
2012 - 359.1
2013 409.1 456.8
2014 271.9 166.7
2015 32.8 204.5
2016 3.7 -
Beyond 1,381.8 1,380.4
Total 2,099.3 2,567.5
The main medium/long-term loans and borrowings in 2011 and 2010 are described below.
Bank loans and drawings on lines of credit:
a) On April 29, 2011, Italcementi Finance S.A. arranged a 50 million euro floating-rate five-year bilateral line of
credit, guaranteed by Italcementi S.p.A.. No drawings had been made at December 31, 2011;
b) During 2011, Italcementi Finance S.A. arranged bilateral lines of credit with leading international banks for a
total amount of 200 million euro at 364 days. No drawings had been made at December 31, 2011;
c) During 2010, Italcementi S.p.A. arranged a three-year line of credit for an original amount of 100 million euro,
subsequently reduced to 25 million euro after the counterparty joined the syndicated line of credit headed by
Italcementi Finance S.A. No drawings had been made at December 31, 2011;
d) in the third quarter of 2010, Italcementi Finance S.A. was granted a five-year floating-rate 920 million euro
syndicated line of credit guaranteed by Italcementi S.p.A. The group of banks was coordinated by Bank of
America, BNP Paribas, Credit Agricole, Intesa Sanpaolo, Natixis, Société Générale, The Royal Bank of
Scotland and Unicredit.
The arrangement of the syndicated line of credit extinguished the similar facility for 700 million euro granted to
Ciments Français S.A. in May 2005.
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