EURAZEO_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements

There were no covenant breaches for which a major counterparty default has been notified or which benefited from a waiver at the period end. The debt repayment schedule was drawn up based on current scheduled maturity dates.

9.2

Derivative instruments

Fair value as of 12/31/2017

Changes in fair value during the fiscal year

Impact on net financial expense *

Impact on hedging reserve

Nominal

(In thousands of euros) Interest-rate derivatives Interest rate caps

468,927

1,072 1,348 2,420 1,427 2,421 (349) (452) 994

1,047 1,348

983

64

Interest rate swaps maturing 2020 and beyond (delayed start)

-

1,348

Total non-current asset derivatives

Interest rate caps

150,036 217,610

133 (76)

133 (76)

- -

Interest rate swaps maturing 2019 Total current asset derivatives Interest rate swaps maturing 2018 Interest rate swaps maturing 2019

28,550 52,644 497,999

(28) 106

(28)

-

3

103

Interest rate swaps maturing 2020 and beyond

(7,703) (8,504)

2,688

278

2,410

Total non-current liability derivatives

Interest rate swaps maturing 2020 and beyond

50,000

(54) (54)

(54)

-

(54)

Total current liability derivatives

TOTAL INTEREST RATE DERIVATIVES QUALIFYING FOR HEDGE ACCOUNTING

1,465,766

(3,717)

5,164

1,293

3,871

Other interest rate caps

91 91 38

(53)

(53)

-

Total non-current asset derivatives

Other interest rate caps

(287)

(287)

Other interest rate swaps (including swaps that matured during the year)

-

(1,020)

(1,020)

-

Total current asset derivatives

38

Other interest rate swaps

(1,457) (1,457)

773

773

-

4

Total non-current liability derivatives

Other interest rate caps

(348)

8

8

- -

Other interest rate swaps (including swaps that matured during the year)

-

3,485

3,485

Total current liability derivatives

(348)

TOTAL INTEREST RATE DERIVATIVES NOT QUALIFYING FOR HEDGE ACCOUNTING

(1,676)

2,906

2,906

-

Ineffective portion of instruments qualifying for hedge accounting and change in fair value of other derivatives. *

Fair value as of 12/31/2017

Changes in fair value during the fiscal year

Impact on net financial expense

Impact on hedging reserve

Note

(In thousands of euros)

Other derivative instruments Embedded derivative associated with the structured financing of AccorHotels shares

-

(1,834) (1,044)

(1,834)

-

Other derivatives

900 900

(238)

(806)

Total other current asset derivatives

Equity swap associated with the structured financing of AccorHotels shares

-

1,834 (594)

1,834 (643)

-

Other derivatives

(1,107) (1,107)

49

Total other current liability derivatives TOTAL OTHER DERIVATIVE INSTRUMENTS

(207)

(1,638)

(881)

(757) 4,483 7,597

Impact of equity-accounted groups

Gains (losses) arising on the fair value measurement of hedging instruments (1)

Income and expenses on changes in interest rate derivatives Income and expenses on changes in other derivatives

Note 9.4 Note 9.4

4,199 (881)

Total impact on net financial expense (2) 3,319 Gains and losses arising on the fair value measurement of hedging instruments are equal to the sum of the impact on hedging reserves of interest rate (1) derivatives (+€3.9 million) and other hedging derivatives (-€0.8 million) and the impact of equity-accounted groups (+€4.5 million). The impact on the net financial expense is equal to the impact of interest rate derivatives (€1.3 million and €2.9 million) and the impact of other (2) derivatives (-€0.9 million).

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Eurazeo

2017 Registration document