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Note 28. Fair Value of Derivative Instruments
Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements | Consolidated
Financial Statements | Statutory Auditors’ Report on the Financial Statements |
Statutory Financial Statements
Note 28.
Fair Value of Derivative Instruments
As of December 31, 2014, the market values of derivative instrument
portfolios classified as interest rate and currency hedges, pursuant to
Article 224 of the 2014-03 French General Accounting Code, were
€63.0 million and €39.1 million, respectively (theoretical cost of
unwinding). As of December 31, 2013, the fair values of these hedging
portfolios were €81.1 million and €5.7 million, respectively.
As of December 31, 2014, aggregate derivative financial instruments,
which did not qualify for hedge accounting, totaled -€16.7 million
(theoretical cost of unwinding) compared to -€7.6 million as of
December 31, 2013.
(in millions of euros)
As of December 31, 2014
As of December 31, 2013
Derivative financial instruments
Derivative financial instruments
qualifying for
hedge accounting
not qualifying for
hedge accounting
qualifying for
hedge accounting
not qualifying for
hedge accounting
Interest rate risk management
63.0
0.0
81.1
0.0
fixed-rate payer swaps
(12.0)
-
(7.4)
-
floating-rate payer swaps
75.0
-
88.5
-
Foreign currency risk management
39.1
(16.7)
5.7
(7.6)
Note 29.
Subsequent Events
Between December 31, 2014 and February 11, 2015, the date on
which the 2014 statutory financial statements were approved by the
Management Board, no significant events occurred.
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Annual Report 2014