The table below shows the disclosures required under IFRS 7 relating to the measurement principles applied to financial instruments.
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Level in
fair value
hierarchy |
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Method used to determine fair value |
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B.6. |
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Financial assets
measured at fair value (quoted equity instruments) |
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Fair value |
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1 |
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Market value |
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Quoted market price |
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N/A |
B.6. |
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Financial assets measured at fair value (quoted debt instruments) |
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Fair value |
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1 |
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Market value |
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Quoted market price |
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N/A |
B.6. |
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Financial assets measured at fair value (unquoted equity instruments) |
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Fair value |
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3 |
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Amortized cost/ Peer comparison (primarily) |
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If cost ceases to be a representative measure of fair value, an internal valuation based primarily on peer comparison is used. |
B.6. |
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Financial assets measured at fair value (contingent consideration receivable) |
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Fair value |
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3 |
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Revenue-based approach |
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The fair value of contingent consideration receivable is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note D.7.3. to the consolidated financial statements for the year ended December 31, 2024. |
B.6. |
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Long-term loans and advances and other non-current receivables |
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Amortized cost |
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N/A |
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N/A |
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The amortized cost of long-term loans and advances and other non-current receivables at the end of the reporting period is not materially different from their fair value. |
B.6. |
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Financial assets measured at fair value held to meet obligations under post-employment benefit plans |
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Fair value |
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1 |
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Market value |
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Quoted market price |
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N/A |
B.6. |
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Financial assets designated at fair value held to meet obligations under deferred compensation plans |
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Fair value |
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1 |
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Market value |
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Quoted market price |
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N/A |
B.9. |
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Investments in mutual funds |
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Fair value |
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1 |
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Market value |
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Net asset value |
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N/A |
B.9. |
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Negotiable debt instruments, commercial paper, instant access deposits and term deposits |
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Amortized cost |
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N/A |
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N/A |
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Because these instruments have a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as disclosed in the notes to the consolidated financial statements. |
B.9.
B.12. |
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Financial liabilities |
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N/A |
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N/A |
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In the case of financial liabilities with a maturity of less than 3 months, amortized cost is regarded as an acceptable approximation of fair value as reported in the notes to the consolidated financial statements. For financial liabilities with a maturity of more than 3 months, fair value as reported in the notes to the consolidated financial statements is determined either by reference to quoted market prices at the end of the reporting period (quoted instruments) or by discounting the future cash flows based on observable market data at the end of the reporting period (unquoted instruments). For financial liabilities based on variable payments such as royalties, fair value is determined on the basis of discounted cash flow projections. |
B.9. |
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Lease liabilities |
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Amortized cost |
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N/A |
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N/A |
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Future lease payments are discounted using the incremental borrowing rate. |
B.10. |
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Forward currency contracts |
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Fair value |
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2 |
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Revenue-based approach |
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Present value of future cash flows |
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Mid Market Spot |
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< 1 year: Mid Money Market > 1 year: Mid Zero Coupon |
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N/A |
B.10. |
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Interest rate swaps |
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Fair value |
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2 |
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Revenue- based approach |
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Present value of future cash flows |
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Mid Market Spot |
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< 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon |
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N/A |
B.10. |
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Cross-currency swaps |
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Fair value |
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2 |
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Revenue- based approach |
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Present value of future cash flows |
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Mid Market Spot |
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< 1 year: Mid Money Market and Euronext interest rate futures > 1 year: Mid Zero Coupon |
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N/A |
B.11. |
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Liabilities related to business combinations and to non-controlling interests |
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Fair value |
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3 |
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Revenue- based approach |
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Under IAS 32, contingent consideration payable in a business combination is a financial liability. The fair value of such liabilities is determined by adjusting the contingent consideration at the end of the reporting period using the method described in Note B.11. |