2011 Annual Report - Italcementi Group

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Main bank loans and drawn and available lines of credit The main changes in Italcementi S.p.A. medium/long-term loans and borrowings in 2011 and 2010 are described below: Bank loans and drawings on lines of credit: a) In 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 on the facility at December 31, 2011; Main intercompany borrowings and lines of credit at Italcementi S.p.A. b) 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; c) In 2010, concomitantly with the Italcementi Finance S.A. bond issue, Italcementi S.p.A. obtained two tenyear intercompany 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; d) In 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 intercompany loan for 100 million euro; e) In 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; f) As a result of the Moody’s rating downgrade on December 15, 2011, the intercompany loans granted by Italcementi Finance S.A. to Italcementi S.p.A. for a total amount of 210 million euro will be subject to the applicable interest-rate increase of 125 basis points, in compliance with the step-up clause of the 750 million euro bond issued by Italcementi Finance S.A.. 272
2011 Annual Report Presentation 4 General information 15 Annual Report Consolidated Annual Report Directors’ report 150 Extraordinary session Italcementi S.p.A. Annual Report Separate financial statements 239 19.2 Management of liquidity, credit and counterparty risks 19.2.1 Liquidity risk Italcementi S.p.A. cash and cash equivalents at December 31, 2011 were immaterial. The company’s objective is to maintain a debt level able to ensure a balance between average debt maturity, flexibility and diversification of sources. Consequently, it arranges confirmed lines of credit and diversified sources of finance. Distribution of loan maturities is balanced, and will enable the company to refinance its borrowings as they fall due in a satisfactory manner, despite the difficult economic scenario. The company’s policy is designed to ensure that at any time debt maturing in under two years is less than or equal to undrawn confirmed lines of credit. As from 2010, under its financial policy review, Italcementi S.p.A. is a recipient of the fund-raising activities of Italcementi Finance, enabling it to improve its access to credit and benefit from the synergies of a centralized financial policy. The policy aims to obtain loans at competitive conditions and to ensure a balance between average debt maturity, flexibility and diversification of sources. Consequently, Italcementi S.p.A. obtains refinancing from Italcementi Finance through short- and long-term intercompany loans, arranged at arm’s length conditions. The tables below compare net debt (excluding the fair value of derivatives and financial assets) by maturity with available lines of credit at the end of each period: At December 31, 2011 (*) : Maturity less than 1 year Maturity 1 to 2 years (in thousands of euro) Non-current financial liabilities 333,698 229,800 189 190 268,191 832,068 Other current financial liabilities 413,555 413,555 Amounts due to banks 71,416 71,416 Cash and cash equivalents (479) (479) Total 484,492 333,698 229,800 189 190 268,191 1,316,560 end 2012 end 2013 end 2014 end 2015 end 2016 Confirmed available lines of credit 765,000 740,000 420,000 50,000 (*) excluding fair value of derivatives Maturity 2 to 3 years Maturity 3 to 4 years Maturity 4 to 5 years Maturity more than 5 years Total At December 31, 2010 (*) : (in thousands of euro) Maturity less than 1 year Maturity 1 to 2 years Maturity 2 to 3 years Maturity 3 to 4 years Maturity 4 to 5 years Maturity more than 5 years Non-current financial liabilities 333,030 325,199 149,650 189 268,156 1,076,224 Other current financial liabilities 119,028 119,028 Amounts due to banks 70,546 70,546 Cash and cash equivalents (946) (946) Total 188,628 333,030 325,199 149,650 189 268,156 1,264,852 end 2011 end 2012 end 2013 end 2014 end 2015 Confirmed available lines of credit 795,000 795,000 770,000 370,000 (*) excluding fair value of derivatives Total 273 www.italcementigroup.com
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2011 Annual Report
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2011 Annual Report Italcementi S.p.
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The Group has decided to take a fur
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2011 Annual Report Presentation Ita
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2011 Annual Report Presentation 4 G
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Directors’ report Following the a
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The Calcestruzzi group returned to
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Financial performance in 2011 Key c
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In cement and clinker, performance
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Revenue and operating performance C
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The loss relating to continuing ope
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Net debt breakdown (in millions of
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4. Implementation of defined mitiga
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Financial disclosure risks The main
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the negative trend in sales volumes
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Ready mixed concrete sales volumes
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ASIA Thailand India Others (1) Tot
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70% by Fotowatio Italy, a subsidiar
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During the year Italcementi S.p.A.
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Raw materials and alternative fuels
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Engineering, technical assistance,
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After a revenue decline in 2009 and
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Outlook The markets on which the Gr
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Financial statements Statement of f
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Statement of comprehensive income N
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Statement of cash flows Notes 2011
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21. Deferred tax assets and Deferre
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limits in question. The benefits ar
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Associates Associates are companies
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1.5 Translation of foreign currency
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Subsequent to initial recognition,
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Deferred tax assets and deferred ta
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1.21. Trade payables and other paya
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2. Exchange rates used to translate
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4. Operating segment disclosure The
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The table below sets out segment re
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The table below sets out other segm
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5.2 Investment property (in thousan
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As in 2010, for the CGUs in the EU
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Sensitivity analysis With reference
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Other equity investments at Decembe
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14. Share capital and Share premium
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Net liabilities determined on the b
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The table below sets out key data f
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of the favorable ruling obtained in
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22.1 Financial liabilities Financia
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No drawings had been made on the sy
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As a result of the Moody’s rating
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At December 31, 2011, lines of cred
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22.3.1 Fair value of derivatives Th
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22.4.1 Interest-rate risk hedging T
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With regard to financing for subsid
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In 2011, in view of the surplus acc
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26. Services Services amounted to 1
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28. Other operating income (expense
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The reconciliation between the tax
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35. Earnings per share Earnings per
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36. Transactions with related parti
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38. Statement of cash flows 38.1 Ca
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40. Audit fees (as per CONSOB Resol
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Annex 1 The following table has bee
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Company Registered office Share cap
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148
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Directors’ report Any changes in
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which remained the most dynamic com
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Statement of financial position, ca
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Dealings with subsidiaries, joint v
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Risks and uncertainties Italcementi
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Ratings risks The Group’s ability
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January 2011 entitled “Europe at
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Ciments Français S.A. profit for t
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INFORMATION ON OWNERSHIP STRUCTURE
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l) Laws applicable to the appointme
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- Selection of priority risks and d
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) implementing the guidelines defin
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A) ORGANIZATIONAL STRUCTURE Board o
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No limits to re-eligibility of dire
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* Mittel S.p.A. - Director Pierfran
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The Code provides for the Board of
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Lastly, the Board of Directors, in
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) a brief resume on the personal an
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) evaluate the proposals made by ex
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time to express their point of view
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In addition, the Chief Executive Of
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During 2011 the Internal control co
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TABLE 1 STRUCTURE OF THE BOARD OF D
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to be noted that CONSOB, the Italia
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* indicates the responsibilities, p
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consolidated financial statements.
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to apportion the profit for the yea
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Department of Human Resources and O
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A) VARIABLE COMPONENTS Under the Po
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This plan aims at: - tying the over
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The variable components are aligned
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With reference to the other offices
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The Board of Directors may also gra
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) Plan Management The corporate bod
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g) Any Support for the Plan by the
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position of the role of each benefi
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The proposed amendments do not gran
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• operate, in compliance with cur
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Corporate bodies resulting from the
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2011 Annual Report - Italcementi Group

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