Universal Registration Document 2025

December 31, 2024
				Accounting category
(in millions of euros)	Fair value hierarchy	Carrying value	Fair value	Fair value through profit and loss⁽²⁾	Amortized cost ⁽¹⁾	Fair value through OCI ⁽²⁾
Other financial assets
Venture Capital Funds	Level 3	112	112	112	-	-
Unconsolidated securities	Level 3	12	12	12	-	-
Security deposits	Level 2	43	43	-	43	-
Loans to equity-accounted investees and non-consolidated companies	Level 2	32	32	-	32	-
Sub-lease receivables	Level 2	27	27	-	27	-
Surplus of plan assets for pension commitments	Level 1	31	31	-	-	31
Other	Level 2	30	30	-	30	-
Trade receivables		15,595	15,595	-	15,595	-
Contract assets		1,445	1,445	-	1,445	-
Other receivables and current assets
Derivatives hedging current assets and liabilities	Level 2	1	1	1	-	-
Derivatives hedging intercompany loans and borrowings	Level 2	55	55	55	-	-
Other receivables and current assets		120	120	-	120	-
Cash and cash equivalents		3,644	3,644	2,400	1,244	-
Total financial instruments – assets		21,147	21,147	2,580	18,536	31
Long-term borrowings	Level 2 and 3	1,843	1,843	287	1,556	-
Long-term lease liabilities (> 1 year)	⁽³⁾	2,099	N/A	-	-	-
Trade payables		19,375	19,375	-	19,375	-
Short-term borrowings	Level 2 and 3	872	872	41	831	-
Short-term lease liabilities (< 1 year)	⁽³⁾	361	N/A	-	-	-
Other creditors and current liabilities
Derivatives hedging current assets and liabilities	Level 2	2	2	2	-	-
Derivatives hedging intercompany loans and borrowings	Level 2	-	-	-	-	-
Derivatives hedging Eurobond 2025, 2028 and 2031	Level 2	209	209	-	-	209
Other current liabilities		99	99	-	99	-
Total financial instruments – liabilities		24,860	22,400	330	21,861	209

The carrying amount of financial assets and liabilities carried at amortized cost is close to fair value. The fair value of Eurobonds, earn-outs and commitments to buy out non-controlling interests was calculated by discounting expected future cash flows at market interest rates.
The fair value of non-consolidated equity investments is immaterial. The fair value of derivative instruments, most of which are traded over-the-counter, is determined using the value of estimated future cash flows, discounted using the interest rates observed at the end of the period by the Groupe. The results given by the internal valuation model are systematically compared with the values provided by banking counterparties and by Bloomberg.
As permitted by IFRS, the fair value of the lease liability and its level in the fair value hierarchy are not provided.

Board of directors