2014 Registration Document and Annual Financial Report - page 237

5
Financial Statemements
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, 2014 are as follows:
(inmillions of euros)
December 31, 2014
Carrying amount
Fair value
Bonds
(1)
2,625
2,808
Bank borrowings
92
92
Finance lease liabilities
72
72
Other financial liabilities
77
77
FINANCIAL LIABILITIES
2,866
3,049
Money market securities
(2,549)
(2,549)
Cash
(126)
(126)
Other
(30)
(30)
Currency derivatives (Fair Value Hedge)
(2)
(2)
(2)
FINANCIAL ASSETS
(2,707)
(2,707)
NET DEBT
159
342
(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 2.R).
(2) The fair value of forward foreign exchange contracts and interest rate and currency swaps corresponds to the market price that the Group would have to pay or receive
to unwind these contracts (level 2 valuation technique: see Note 2.R).
3.2 Fair value of money market securities
The carrying amount and fair value of money market securities at December 31, 2014 are as follows:
(inmillions of euros)
December 31, 2014
Carrying amount
Fair value
Other negotiable debt securities
(1)
(1,701)
(1,701)
Mutual fund units convertible into cash in less than three months*
(2)
(831)
(831)
Other (accrued interest)
(17)
(17)
TOTAL MONEY MARKET SECURITIES
(2,549)
(2,549)
* The fair value of mutual fund units corresponds to their net asset value (level 1 valuation technique: see Note 2.R).
(1) Held to maturity investments.
(2) Loans and receivables issued by the Group.
Note 30.6 Credit rating
At December 31, 2014, Accor’s credit ratings are as follows:
Rating Agency
Long-term
debt
Short-term
Debt
Last update
of the rating
Outlook
Last update
of the outlook
Standard & Poor’s
BBB-
A-3
February 24, 2010
Stable
March 9, 2012
Fitch Ratings
BBB-
F-3
July 2, 2009
Stable
May 25, 2011
Standard & Poor’s reaffirmed Accor’s ratings on June 17, 2014 whereas Fitch reaffirmed Accor’s ratings and outlooks on October 27, 2014.
Registration Document 2014
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