2013 Registration document and annual financial report - page 252

Registration Document 2013
250
Financial Statemements
5
Consolidated Financial Statements And Notes
3. Fair value
3.1. Fair value of financial instruments
The carrying amount and fair value of financial instruments at December 31, 2013 are as follows:
(in millions of euros)
December 31, 2013
Carrying amount
Fair value
Bonds
(1)
1,944
2,015
Bank borrowings
144
144
Finance lease liabilities
49
49
Other financial liabilities
95
95
Interest rate derivatives (Cash Flow Hedge)
-
-
Currency derivatives (Fair Value Hedge)
-
-
FINANCIAL LIABILITIES
2,232
2,303
Money market securities
(1,796)
(1,796)
Cash
(132)
(132)
Other
(73)
(73)
Interest rate derivatives (Cash Flow Hedge)
-
-
Currency derivatives (Fair Value Hedge)
-
-
FINANCIAL ASSETS
(2,001)
(2,001)
NET DEBT
231
302
(1) The fair value of listed bonds corresponds to their quoted market value on the Luxembourg Stock Exchange and on Bloomberg on the last day of the period
(level 1 valuation technique: see note 1.R).
3.2. Fair value of money market securities
The carrying amount and fair value of money market securities at December 31, 2013 are as follows:
(in millions of euros)
December 31, 2013
Carrying amount
Fair value
Other negotiable debt securities
(1)
-
-
Money market securities
(2)
(1,748)
(1,748)
Mutual fund units convertible into cash in less than three months*
(3)
(38)
(38)
Other (accrued interest)
(10)
(10)
TOTAL MONEY MARKET SECURITIES
(1,796)
(1,796)
* The fair value of mutual fund units corresponds to their net asset value (level 1 valuation technique: see note 1.R).
(1) Held to maturity investments.
(2) Loans and receivables issued by the Group.
(3) Available-for-sale financial assets.
Note 29.6. Financial Risk Management
The Group’s Risk Management objectives, policies and procedures (liquidity risk, credit risk, interest risk and equity risk) are described in
Section III of the 2013 Registration Document about Risk Management, which also includes rates and currency rates sensibility analyses.
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