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
The tables below compare net debt (excluding the fair value of derivatives and current financial assets) by
maturity with available lines of credit at the end of each period
At December 31, 2011 *
Maturity less Maturity Maturity Maturity Maturity Maturity more Total
than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years
than
(in millions of euro)
5 years
Non-current financial liabilities - 409.1 271.9 32.8 3.7 1,381.8 2,099.3
Current financial liabilities (**) 581.0 581.0
Amount due to banks 152.2 152.2
Cash and cash equivalents (613.3) (613.3)
Total 119.9 409.1 271.9 32.8 3.7 1,381.8 2,219.2
Confirmed lines of credit,
1,687.0 1,490.0 1,170.0 100.0 - -
available at end of each period
(*) excluding fair value of derivatives
(**) of which "billets de trésorerie" 70
At December 31, 2010 *
Maturity less Maturity Maturity Maturity Maturity Maturity more Total
than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years
than
(in millions of euro)
5 years
Non-current financial liabilities - 359.1 456.8 166.7 204.5 1,380.4 2,567.5
Current financial liabilities (**) 358.5 358.5
Amount due to banks 158.0 158.0
Cash and cash equivalents (575.2) (575.2)
Total (58.7) 359.1 456.8 166.7 204.5 1,380.4 2,508.8
Confirmed lines of credit,
available at end of each period
1,670.0 1,670.0 1,373.0 973.0 - -
(*) excluding fair value of derivatives
(**) of which "billets de trésorerie" linked to medium/long term confirmed lines
of credit
127 50 177.0
At December 31, 2011, the average maturity of Group gross debt was 4 years and 7 months (5 years and 4
months at December 31, 2010).
Short-term liabilities included billets de trésorerie for 70 million euro (177 million euro at December 31, 2010,
classified under long-term liabilities).
At December 31, 2011 the Group had 2,506 million euro of confirmed lines of credit, of which 1,907 million euro
undrawn and immediately available (2,777 and 2,061 million euro respectively at December 31, 2010).
22.2.2 Covenants
In addition to the customary clauses, some of the Group’s financing contracts include covenants requiring
compliance with financial ratios, fixed for the most part at the year end. For bilateral or syndicated lines of credit
and borrowings, failure to comply with covenants leads to termination and consequent early repayment,
however these clauses also include a stand-by period prior to actual execution. Lines of credit and financing
contracts do not contain rating triggers that would lead to early repayment. Some financing contracts involve
assumption of negative pledges to the counterparty, although these are limited to specific instances that do not
substantially compromise the Group’s ability to finance or refinance its operations.
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