FINANCIAL REPORT 2015

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 31.12.2015

(in thousands of euros)

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

30 445 405 24 858 526

0 0

30 445 405 24 858 526

0 0

Loans and receivables due from credit institutions

Current accounts and overnight loans

7 236 581

7 236 581

Accounts and term deposits

133 624

133 624

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

3 934 395

3 934 395

13 553 926

13 553 926

5 586 879

0

5 586 879

0

Loans and receivables due from customers

Trade receivables

613

613

Other customer loans

92 599

92 599

Securities bought under repurchase agreements Advances in associates current accounts

3 909 788

3 909 788

265

265

Current accounts in debit

1 583 614

1 583 614

TOTAL FINANCIAL ASSETS OF WHICH FAIR VALUE IS DISCLOSED

30 445 405

0

30 445 405

0

41