Annual Report 2011 - Analist.be

18. Other current liabilitiesIn EUR million 2011 2010 2009Share acquisition debt - 8.9 1.5Tax debts other than those related to income tax on profits 29.9 0.1 0.1Social debts 135.8 7.8 0.6GBL coupons to be paid 23.4 23.4 25.4Derivatives 24.5 29.2 26.1Income to be carried forward 7.8 - -Other 130.6 16.6 14.1Total 352.0 86.0 67.8Of which: Holding 42.5 - -Imerys 280.7 - -Private equity 28.8 - -“GBL coupons to be paid” primarily represents GBL’s coupons of the last three years, which were not cashed in.19. DerivativesConsidering the specific nature of each of the entities consolidated in the Group’s financial statements and their very differentactivities (financial for GBL and industrial for Imerys), risks are managed independently by each entity.Management of the financial risks specific to GBL is discussed in note 24.As for Imerys, this entity manages at its own level foreign exchange and transactional risks, interest rate risks and risks relatedto energy prices. Imerys does not adopt speculative positions. Derivatives are negotiated in a centralised manner by Imerys,which prohibits its entities from subscribing derivatives directly outside the group. Imerys covers part of its net investments inits foreign operations through loans specifically allocated to their long-term financing and through the share of its financial debtdenominated in currencies other than the euro.Accounts at 31 December 2011More detailed information on Imerys’s derivatives can be found in its registration document, which can be consulted on thewebsite www.imerys.com.Annual Report 2011 107