At 31 December 2020, the Group held 118,227,307 Sanofi shares for an amount of €9,304.5 million (note 9.3). A change of plus or minus 10% in the market price of these shares relative to the market price of €78.70 on 31 December 2020 would have an impact of plus or minus €930.4 million before tax on Group equity.
At 31 December 2019, the Group held 118,227,307 Sanofi shares for an amount of €10,595.5 million (note 9.3). A change of plus or minus 10% in the market price of these shares relative to the market price of €89.62 on 31 December 2019 would have an impact of plus or minus €1,059.5 million before tax on Group equity.
IFRS 7 requires financial assets and liabilities recognised at fair value in the balance sheet to be classified according to three levels:
The table below provides an analysis of financial instruments recorded at fair value on the balance sheet by level of the fair value hierarchy.
|
€ millions 31 December 2021 |
Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|
| Assets at fair value | Assets at fair value Level 1
|
Assets at fair value Level 2
|
Assets at fair value Level 3
|
Assets at fair value Total fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1 - |
Foreign exchange derivatives Level 2 67.6 |
Foreign exchange derivatives Level 3 - |
Foreign exchange derivatives Total fair value 67.6 |
| Sanofi shares | Sanofi shares Level 1 10,472.6 |
Sanofi shares Level 2 - |
Sanofi shares Level 3 - |
Sanofi shares Total fair value 10,472.6 |
| Marketable securities | Marketable securities Level 1 - |
Marketable securities Level 2 - |
Marketable securities Level 3 - |
Marketable securities Total fair value - |
| TOTAL ASSETS AT FAIR VALUE | TOTAL ASSETS AT FAIR VALUE Level 1 10,472.6 |
TOTAL ASSETS AT FAIR VALUE Level 2 67.6 |
TOTAL ASSETS AT FAIR VALUE Level 3 - |
TOTAL ASSETS AT FAIR VALUE Total fair value 10,540.2 |
| Liabilities at fair value | Liabilities at fair value Level 1
|
Liabilities at fair value Level 2
|
Liabilities at fair value Level 3
|
Liabilities at fair value Total fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1 - |
Foreign exchange derivatives Level 2 240.4 |
Foreign exchange derivatives Level 3 - |
Foreign exchange derivatives Total fair value 240.4 |
| TOTAL LIABILITIES AT FAIR VALUE | TOTAL LIABILITIES AT FAIR VALUE Level 1 - |
TOTAL LIABILITIES AT FAIR VALUE Level 2 240.4 |
TOTAL LIABILITIES AT FAIR VALUE Level 3 - |
TOTAL LIABILITIES AT FAIR VALUE Total fair value 240.4 |
|
€ millions 31 December 2020 |
Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|
| Assets at fair value | Assets at fair valueLevel 1
|
Assets at fair valueLevel 2
|
Assets at fair valueLevel 3
|
Assets at fair valueTotal fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1- |
Foreign exchange derivatives Level 2183.0 |
Foreign exchange derivatives Level 3- |
Foreign exchange derivatives Total fair value183.0 |
| Sanofi shares | Sanofi shares Level 19,304.5 |
Sanofi shares Level 2- |
Sanofi shares Level 3- |
Sanofi shares Total fair value9,304.5 |
| Marketable securities | Marketable securities Level 13,739.9 |
Marketable securities Level 2- |
Marketable securities Level 3- |
Marketable securities Total fair value3,739.9 |
| TOTAL ASSETS AT FAIR VALUE | TOTAL ASSETS AT FAIR VALUELevel 113,044.4 | TOTAL ASSETS AT FAIR VALUELevel 2183.0 | TOTAL ASSETS AT FAIR VALUELevel 3 - |
TOTAL ASSETS AT FAIR VALUETotal fair value13,227.4 |
| Liabilities at fair value | Liabilities at fair valueLevel 1
|
Liabilities at fair valueLevel 2
|
Liabilities at fair valueLevel 3
|
Liabilities at fair valueTotal fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1- |
Foreign exchange derivatives Level 294.9 |
Foreign exchange derivatives Level 3- |
Foreign exchange derivatives Total fair value94.9 |
| TOTAL LIABILITIES AT FAIR VALUE | TOTAL LIABILITIES AT FAIR VALUELevel 1 - |
TOTAL LIABILITIES AT FAIR VALUELevel 294.9 | TOTAL LIABILITIES AT FAIR VALUELevel 3 - |
TOTAL LIABILITIES AT FAIR VALUETotal fair value94.9 |
|
€ millions 31 December 2019 |
Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|
| Assets at fair value | Assets at fair valueLevel 1
|
Assets at fair valueLevel 2
|
Assets at fair valueLevel 3
|
Assets at fair valueTotal fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1- |
Foreign exchange derivatives Level 249.2 |
Foreign exchange derivatives Level 3- |
Foreign exchange derivatives Total fair value49.2 |
| Sanofi shares | Sanofi shares Level 110,595.5 |
Sanofi shares Level 2- |
Sanofi shares Level 3- |
Sanofi shares Total fair value10,595.5 |
| Marketable securities | Marketable securities Level 13,042.4 |
Marketable securities Level 2- |
Marketable securities Level 3- |
Marketable securities Total fair value3,042.4 |
| TOTAL ASSETS AT FAIR VALUE | TOTAL ASSETS AT FAIR VALUELevel 113,637.9 | TOTAL ASSETS AT FAIR VALUELevel 249.2 | TOTAL ASSETS AT FAIR VALUELevel 3 - |
TOTAL ASSETS AT FAIR VALUETotal fair value13,687.1 |
| Liabilities at fair value | Liabilities at fair valueLevel 1
|
Liabilities at fair valueLevel 2
|
Liabilities at fair valueLevel 3
|
Liabilities at fair valueTotal fair value
|
| Foreign exchange derivatives | Foreign exchange derivatives Level 1- |
Foreign exchange derivatives Level 2123.6 |
Foreign exchange derivatives Level 3- |
Foreign exchange derivatives Total fair value123.6 |
| TOTAL LIABILITIES AT FAIR VALUE | TOTAL LIABILITIES AT FAIR VALUELevel 1 - |
TOTAL LIABILITIES AT FAIR VALUELevel 2123.6 | TOTAL LIABILITIES AT FAIR VALUELevel 3 - |
TOTAL LIABILITIES AT FAIR VALUETotal fair value123.6 |
Financial assets and liabilities resulting from foreign exchange and/or interest rate hedging transactions entered into with the Group’s counterparty banks are not offset in the balance sheet since they are FBF (French Banking Federation) or ISDA (International Swaps and Derivatives Association) agreements that only provide for offsetting in the event of default by one of the parties to the agreement. Accordingly, they do not meet the offsetting criteria set out in IAS 32.
Had the agreements been offset at the level of each counterparty bank, assets and liabilities would have decreased by €62.7 million, €75.5 million and €48.8 million respectively in 2021, 2020 and 2019.
