Aéroport de Paris - 2018 Registration document

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20

9.5.2 Fair value hierarchy

Fair value hierarchy IFRS 13, “Fair Value Measurement”, establishes a fair value hierarchy and distinguishes three levels: ¯ level 1: fair value based on quoted prices for the same instrument in an active market (without modification or repackaging). This level mainly applies to marketable securities whose prices are reported by the French Financial Markets Authority ( Autorité des marchés financiers );

¯ level 2: fair value based on quoted prices for similar assets or liabilities and valuation techniques whose major data are based on observable market data. This level mainly applies to derivative instruments whose values are provided by Bloomberg; ¯ level 3: fair value based on valuation techniques whose major data are not all based on observable market data. Currently, this level does not apply within the Group.

The fair value hierarchy for financial instruments in 2018 and 2017 is as follows:

As at 31 Dec., 2018

Level 3 Prices base on non-observable data

Level 2 Prices base on observable data

Level 1 Quoted prices

in active markets

Book value Fair value

(in millions of euros)

Assets Equity instruments – fair value through P&L 1 Loans and receivables excluding finance leases receivables

61

61

-

61

-

379 628

390 628

- - -

390 628

- - - - - - - - - - -

Trade receivables

Derivatives

21

21

21

Cash and cash equivalents

2,056

2,056

2,056

-

Liabilities Bonds Bank loans

4,678 2,078

5,141

- - - - - - -

5,141

2,330

2,330

Other loans and assimilated debt

212 98

212 98

212 98

Accrued interest

Derivatives

63

63

63

Other non-current liabilities

780 793

804 793

804 793

Other debts and deferred income

1 See Note 1.3.

Level 3 Prices base on non-observable data

Level 2 Prices base on observable data

As at 31 Dec., 2017

Level 1 Quoted prices

in active markets

Book value Fair value

(in millions of euros)

Assets Available-for-sale financial assets

29

29

-

29

-

Loans and receivables excluding finance leases receivables

420

417 641

- - -

417 641

- - - - - - - - - - -

Trade receivables

641

Derivatives

27

27

27

Cash and cash equivalents

1,912

1,912

1,912

-

Liabilities Bonds Bank loans

4,179 1,623

4,640

- - - - - - -

4,640

1,835

1,835

Other loans and assimilated debt

42 67 54

42 67 54

42 67 54

Accrued interest

Derivatives

Other non-current liabilities

780 724

743 724

743 724

Other debts and deferred income

228

AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018