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
November 15, 2002, at a fixed rate of 5.63%. They continue to be regulated by the issue contracts and related
supplementary agreements;
Billets de Trésorerie issue program
i) On October 17, 2011, Italcementi Finance S.A. was authorized by the Bank of France to issue a Billets de
Trésorerie program for a maximum amount of 800 million euro. The program, guaranteed by Italcementi S.p.A.,
has an NP Moody’s rating and an A3 Standards & Poors rating. The operation was managed by Natixis, with
Bred Banque Populaire, Credit Agricole CIB, Credit Industriel et Commercial, HSBC France, ING Belgium S.A.,
Natixis and Société Générale as bookrunners. The program was granted a STEP label on October 24, 2011.
The program (reference number #0002214) meets the criteria of the STEP market convention.
Main intragroup relations
j) In 2011, after finalization of a bilateral bank line of credit arranged by Italcementi Finance S.A., Italcementi
S.p.A. obtained from Italcementi Finance S.A. a 50 million euro five-year renewable line of credit. No drawings
had been made on the line at December 31, 2011;
k) In the third quarter of 2011, Ciments Français S.A. obtained a 200 million euro short-term line of credit from
Italcementi Finance S.A. maturing on July 31, 2012, replacing the previous facilities at 364 days. No drawings
had been made on the line at December 31, 2011;
l) In the first half of 2010, concomitantly with the Italcementi Finance S.A. bond issue, Italcementi S.p.A.
obtained two ten-year loans from Italcementi Finance S.A., one at a fixed rate and one at a floating rate, for a
total amount of 210 million euro;
m) During the first half of 2010, Italcementi S.p.A. took part in financing the repurchase offer on the Ciments
Français S.A. US Private Placements, granting Ciments Français S.A. a long-term 5-year floating-rate loan for
100 million euro;
n) In the third quarter of 2010, concomitantly with the finalization of the Italcementi Finance S.A. syndicated
line of credit, Italcementi S.p.A. obtained from Italcementi Finance S.A. a five-year 220 million euro renewable
line of credit. No drawings had been made on the line at December 31, 2011.
o) In the first half of 2010, Ciments Français S.A. financed the repurchase of the US Private Placements and
the reimbursement of part of the short-term loans with a five-year long-term floating-rate loan granted by
Italcementi S.p.A. for an amount of 100 million euro and with a ten-year long-term floating-rate loan granted by
Italcementi Finance S.A. for an amount of 540 million euro;
p) In the third quarter of 2010, Ciments Français S.A. replaced the 700 million euro five-year syndicated line of
credit maturing in May 2012, with a 700 million euro five-year renewable line of credit granted by Italcementi
Finance S.A. This made it possible to extend the average life of available lines of credit, giving Ciments
Français S.A. debt coverage for the following 4 years. No drawings had been made on the line at December
31, 2011;
All loans and lines of credit between Ciments Français S.A., Italcementi S.p.A. and their subsidiaries are
arranged at arm’s length conditions.
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