FINANCIAL REPORT 2014

Quoted prices in active markets for identical instruments: LEVEL 1

Valuation based on observable data: LEVEL 2

Valuation based on unobservable data: LEVEL 3

(in thousands of euros)

Total 31.12.2013

FINANCIAL ASSETS HELD-FOR-TRADING Securities held-for-trading - Treasury bills and similar securities

240 362

0

240 362

0

0

Derivative instruments

240 362

240 362

AVAILABLE-FOR-SALE FINANCIAL ASSETS

21 176 128 4 354 008

21 170 003

6 125

0

Treasury bills and similar securities

4 354 008

Bonds and other fixed income securities

16 815 777

16 815 777

0

Equities and other variable- income securities

6 343

218

6 125

HEDGING DERIVATIVE INSTRUMENTS

3 670

0

3 670

0

TOTAL FINANCIAL LIABILITIES OF WHICH FAIR VALUE IS DISCLOSED

21 420 160

21 170 003

250 157

0

Financial liabilities measured at fair value

Quoted prices in active markets for identical instruments: LEVEL 1

Valuation based on observable data: LEVEL 2

Valuation based on unobservable data: LEVEL 3

(in thousands of euros)

Total 31.12.2014

FINANCIAL ASSETS HELD-FOR-TRADING

476 077

0

476 077

0

Derivative instruments

476 077

476 077

HEDGING DERIVATIVE INSTRUMENTS

106 315

106 315

TOTAL FINANCIAL LIABILITIES OF WHICH FAIR VALUE IS DISCLOSED

582 392

0

582 392

0

Quoted prices inactive markets for identical instruments: LEVEL 1

Valuation based on observable data: LEVEL 2

Valuation based on unobservable data: LEVEL 3

(in thousands of euros)

Total 31.12.2013

FINANCIAL ASSETS HELD-FOR-TRADING

255 897

0

255 897

0

Derivative instruments

255 897

255 897

HEDGING DERIVATIVE INSTRUMENTS

54 406

0

54 406

0

TOTAL FINANCIAL LIABILITIES OF WHICH FAIR VALUE IS DISCLOSED

310 303

0

310 303

0

42