160 2014 Reference Document FINANCIAL STATEMENTS Notes to the consolidated

160 2014 reference document financial statements

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160 2014 Reference Document FINANCIAL STATEMENTS Notes to the consolidated financial statements (1) The financial statements as of December 31, 2013 and 2012 have been restated to reflect the retrospective application as of January 1, 2012 of IFRS 11 Joint Arrangements. See Note 1.2.
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22.3. Summary of derivatives Derivatives are recorded in the balance sheet for the amounts and in the captions detailed as follows: (EUR millions) Notes 2014 2013 2012 Interest rate risk Assets: non-current 61 67 131 current 42 68 56 Liabilities: non-current (3) (9) (1) current (6) (9) (8) 22.3 94 117 178 Foreign exchange risk Assets: non-current 14 1 17 current 217 389 369 Liabilities: non-current (13) (42) (40) current (268) (60) (9) 22.4 (50) 288 337 Other risks Assets: non-current - - 28 current 45 37 - Liabilities: non-current - - - current - (7) (3) 45 30 25 Total Assets: non-current 9 75 68 176 current 12 304 494 425 Liabilities: non-current 20 (16) (51) (41) current 21 (274) (76) (20) 89 435 540 22.4. Derivatives used to manage interest rate risk The aim of the Group’s debt management policy is to adapt the debt maturity profile to the characteristics of the assets held, to contain borrowing costs, and to protect net profit from the effects of significant changes in interest rates. As such, the Group uses interest rate swaps and options. Derivatives used to manage interest rate risk outstanding as of December 31, 2014 break down as follows: (EUR millions) Nominal amounts by maturity Market value (a)(b) Less than One to More than Total Fair value Not Total one year five years five years hedges allocated Interest rate swaps in euros, floating rate payer 750 400 650 1,800 80 - 80 Foreign currency swaps 72 2,773 - 2,845 14 - 14 Other interest rate risk derivatives - 500 - 500 - - - Total 94 - 94 (a) Gain /(Loss). (b) See Note 1.9 regarding the methodology used for market value measurement. 161 2014 Reference Document Notes to the consolidated financial statements FINANCIAL STATEMENTS
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(EUR millions) Nominal amounts by fiscal year of allocation Market value (a)(b) 2014 2015 Beyond Total Fair value Future Foreign Not Total hedges cash flow currency net allocated hedges investment hedges Options purchased Put USD 325 1,335 - 1,660 - 2 - - 2 Put JPY 30 13 - 43 1 - - - 1 Put GBP 2 12 - 14 - - - - - Other 6 - - 6 1 - - 1 2 363 1,360 - 1,723 2 2 - 1 5 Collars Written USD 17 2,781 357 3,155 - (40) - - (40) Written JPY 14 609 - 623 - 34 - - 34 Written Other 25 226 - 251 - - - - - 56 3,616 357 4,029 - (6) - - (6) Forward exchange contracts (c) USD 175 (32) - 143 (2) 4 - - 2 CHF 68 309 - 377 - 2 - - 2 GBP 9 28 - 37 - (1) - - (1) Other 32 (16) - 16 7 2 - 1 10 284 289 - 573 5 7 - 1 13 Foreign exchange swaps (c) USD 3,346 (63) - 3,283 (67) - (41) 24 (84) CHF 402 - - 402 - - (7) - (7) GBP 174 (5) - 169 (1) - - 10 9 JPY 297 - - 297 2 - (1) - 1 HKD 73 - - 73 33 - (38) - (5) Other 217 (19) 43 241 10 - - 14 24 4,509 (87) 43 4,465 (23) - (87) 48 (62) Total (16) 3 (87) 50 (50) (a) Gain /(Loss). (b) See Note 1.9 regarding the methodology used for market value measurement. (c) Sale /(Purchase). A significant part of Group companies’ sales to customers and to their own retail subsidiaries as well as certain purchases are denominated in currencies other than their functional currency; the majority of these foreign currency-denominated cash flows are inter-company cash flows. Hedging instruments are used to reduce the risks arising from the fluctuations of currencies against the exporting and importing companies’ functional currencies and are allocated to either accounts receivable or
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