FINANCIAL REPORT 2014

2.10. FAIR VALUE OF FINANCIAL INSTRUMENTS For financial instruments that are traded in an active market (i.e. prices are quoted and disseminated), the best estimate of fair value is their market price.

The amounts hereafter quoted are those estimated at the closing date, they are likely to evolve with the changes of the markets’ conditions or of other factors’ changes.

The calculations are the best estimations possible. In the absence of a market and of reliable data, fair value is determined at the closing date using an appropriate method that is consistent with the valuation methods used in financial markets: market value of a comparable instrument, discounted future cash flows, or valuation models. Considering the hypothesis and uncertainties the models contain, the fair values stated might not be materialised at the outcome of the operation.

In practice and in business continuity logic, all of the financial instruments couldn’t be subject to an immediate realisation for the values quoted below.

2.10.1. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT AMORTISED COST Financial assets recognised at cost and measured at fair value on the balance sheet

Quoted prices in active markets for identical instruments: LEVEL 1

Valuation based on observable data: LEVEL 2

Valuation based on unobservable data: LEVEL 3

Total 31.12.2014

(in thousands of euros)

FINANCIAL ASSETS NOT MEASURED AT FAIR VALUE ON BALANCE SHEET LOANS AND RECEIVABLES

28 068 566 25 113 577 5 770 232

0 0

28 068 566 25 113 577 5 770 232

0 0

Loans and receivables due from credit institutions

Current accounts and overnight loans

Accounts and term deposits

166 259

166 259

Securities bought under repurchase agreements Securities not quoted in an active market

5 803 134

5 803 134

13 373 952

13 373 952

2 954 989

0

2 954 989

0

Loans and receivables due from customers

Trade receivables

311

311

Other customer loans

1 131

1 131

Securities bought under repurchase agreements

1 083 694

1 083 694

Current accounts in debit

1 869 853

1 869 853

TOTAL FINANCIAL ASSETS OF WHICH FAIR VALUE IS DISCLOSED

28 068 566

0

28 068 566

0

40