5 ÉLÉMENTS FINANCIERS
Comptes consolidés et annexes
Couverture des prêts à taux variable +;NCRCM ONCFCM? >?M MQ;JM >? N;OR P;HCFF?M JLxN?OLM >? N;OR @CR? ;@CH >? @CA?L >;HM F? @ONOL F?M @FOR r N;OR P;LC;? JLxNM r N;OR P;LC;A? ?MN ONCFCMw? JLCH=CJ;F?G?HN JIOL F; =IOP?LNOL? AFI<;F? >O LCMKO? >? N;OR >? +;NCRCM ); >I=OG?HN;NCIH >? F; =IOP?LNOL? AFI<;F? >O LCMKO? >? N;OR >? +;NCRCM Mf;JJOC? MOL F; GCM? ?H JF;=? >fw=Bw;H=C?LM >? @FOR @ONOLM P;LC;?M IJwL;NCIHM w=Bw;H=w?M )? N?MN JLIMJ?=NC@ =IHMCMN? r =IHMNLOCL? J;L NSJ? >fCH>?R ?N J;L >?PCM? n OH w=Bw;H=C?L >? GIHN;HNM =OGOFwM >f?GJLOHNM r N;OR P;LC;? MQ;JM ?GJLOHN?OLM N;OR @CR? J;L <;H>? >? G;NOLCNw OH w=Bw;H=C?L >? GIHN;HNM =OGOFwM >? JLxNM r N;OR P;LC;? MQ;JM JLxN?OLM N;OR @CR? J;L <;H>? >? G;NOLCNw ); =IOP?LNOL? ?MN ;PwLw? MC JIOL =B;KO? <;H>? >? G;NOLCNw >? Ffw=Bw;H=C?L =C?M wFwG?HNM r =IOPLCL ?MN MOJwLC?OL ;O GIHN;HN HINCIHH?F >?M >wLCPwM >? =IOP?LNOL? )? N?MN LwNLIMJ?=NC@ J?LG?N >? Mf;MMOL?L ; JIMN?LCILC >? Ff?@@C=;=CNw IO HIH >? F; =IOP?LNOL? GCM? ?H JF;=? ;OR >C@@wL?HN?M >;N?M >f;LLxNw o =B;KO? ;LLxNw F?M P;LC;NCIHM >? DOMN? P;F?OL JC?> >? =IOJIH >?M CHMNLOG?HNM >wLCPwM >? =IOP?LNOL? MIHN =IGJ;Lw?M r =?FF?M >?M CHMNLOG?HNM >wLCPwM BSJINBwNCKO?M CHMNLOG?HNM MSHNBwNCKO?M L?JLwM?HN;NC@M >?M wFwG?HNM >f;=NC@M IO >? J;MMC@M =IOP?LNM ?N >? FfCHN?HNCIH >? A?MNCIH )? L;JJILN >? F?OLM P;LC;NCIHM L?MJ?=NCP?M >ICN xNL? =IGJLCM ?HNL? n ?N n "H >?BILM >? =?M ? =IOP?LNOL? ?MN CHN?LLIGJO? Comptabilisation d’une couverture de flux de trésorerie )?M P;LC;NCIHM >? DOMN? P;F?OL >?M >wLCPwM MIHN ?HL?ACMNLw?M ?H =;JCN;OR JLIJL?M JIOL F; J;LNC? ?@@C=;=? >? F; =IOP?LNOL? ?N M?OF? F; J;LNC? CH?@@C=;=? >? F; =IOP?LNOL? ;@@?=N? F? =IGJN? >? LwMOFN;N r =B;KO? >;N? >f;LLxNw ;O HCP?;O >O JIMN? Yn$;CHM IO J?LN?M H?NM MOL CHMNLOG?HNM @CH;H=C?LM r F; DOMN? P;F?OL J;L LwMOFN;Nn^ )?M wFwG?HNM =IOP?LNM H? @IHN FfIf;O=OH? w=LCNOL? MJw=C@CKO? ;ONL? KO? =?FF?M KOfCFM AwHwL?L;C?HN MfCFM HfwN;C?HN J;M =IOP?LNM .O;H> OH? L?F;NCIH >? =IOP?LNOL? ?MN CHN?LLIGJO? ?H J;LNC=OFC?L KO;H> F? L;NCI >f?@@C=;=CNw MILN >?M wLCPw >;HM F?M CHMNLOG?HNM @CH;H=C?LM r F; DOMN? P;F?OL J;L LwMOFN;N ?N r L?JL?H>L? J;L F? LwMOFN;N ;O @OL ?N r G?MOL? KO? FfIJwL;NCIH =IOP?LN? JILN? M?M ?@@?NM ?H LwMOFN;N F? GIHN;HN >f?@@C=;=CNw ;==OGOFw ;O NCNL? >?M JwLCI>?M >? =IOP?LNOL? JLw=w>?HN?M >;HM F?M =;JCN;OR JLIJL?M L?=S=F;CL?=N?G?HN ?H =;JCN;OR JLIJL?Mn^ ?NN? =IOP?LNOL? ?MN >?MNCHw? r =IOPLCL F?M LCMKO?M >? @FO=NO;NCIH >? P;FILCM;NCIH >?M CHMNLOG?HNM >O ?M ?HA;A?G?HNM @?LG?M Couverture globale du risque de taux ); @CFC;F? +;NCRCM #CH;H=C;F -LI>O=NMn)) >I=OG?HN? F; =IOP?LNOL? AFI<;F? >? MIH LCMKO? >? N;OR MOCP;HN F; GwNBI>IFIAC? >? F; =IOP?LNOL? >? DOMN? P;F?OL -IOL F? NL;CN?G?HN =IGJN;? =?M IJwL;NCIHM Ff?HNCNw ;JJFCKO? F?M >CMJIMCNCIHM JLwPO?M J;L F; HILG? & 0n ;>IJNw? >;HM Ff2HCIH ?OLIJw?HH? & 0n Yn=;LP? IONn^ )? NL;CN?G?HN =IGJN;?M CHMNLOG?HNM @CH;H=C?LM >wLCPwM KO;FC@CwM =IGJN;? =IOP?LNOL? AFI<;F? >? DOMN? P;F?OL ?MN MCGCF;CL? r =?FOC >?M CHMNLOG?HNM >wLCPwM >? =IOP?LNOL? >? DOMN? P;F?OL )?M P;LC;NCIHM >? DOMN? P;F?OL >?M JILN?@?OCFF?M >fCHMNLOG?HNM =IOP?LNM MIHN ?HL?ACMNLw?M >;HM OH? FCAH? MJw=C@CKO? >O ? LwwP;FO;NCIH >?M JILN?@?OCFF?M =IOP?LNM ?H N;ORn^ J;L F; =IHNL?J;LNC? >O =IGJN? >? LwMOFN;N Couverture en Fair Value Hedge (couverture de juste valeur)
Couverture de prêts ou d’emprunts à taux fixe +;NCRCM ONCFCM? >?M MQ;JM >? N;OR P;HCFF?M JLxN?OLM >? N;OR @CR? ;@CH >? M? JLINwA?L =IHNL? OH? wPIFONCIH >w@;PIL;?M N;OR MOL M?M ?GJLOHNM ?N wGCMMCIHM r N;OR @CR? "FF? ONCFCM? >?M MQ;JM >? N;OR P;HCFF?M ?GJLOHN?OLM >? N;OR @CR? ;@CH >? M? JLINwA?L >fOH? wPIFONCIH >w@;PIL;?M N;OR MOL M?M JLxNM ?N NCNL?M r N;OR @CR? Documentation de la couverture de juste valeur )? N?MN JLIMJ?=NC@ =IHMCMN? r PwLC@C?L KO? F?M =;L;=NwLCMNCKO?M @CH;H=CvL?M >? FfwFwG?HN =IOP?LN ?N >? FfCHMNLOG?HN >? =IOP?LNOL? MIHN KO;MC
C>?HNCKO?Mn >;N? >? P;F?OL >;N? >fw=Bw;H=? HINCIHH?F N;OR @CR? @LwKO?H=? >?M J;C?G?HNM )? N?MN LwNLIMJ?=NC@ J?LG?N >? Mf;MMOL?L ; JIMN?LCILC >? Ff?@@C=;=CNw IO HIH >? F; =IOP?LNOL? GCM? ?H JF;=? ;OR >C@@wL?HN?M >;N?M >f;LLxNwM o =B;KO? ;LLxNw F?M P;LC;NCIHM >? DOMN? P;F?OL JC?> >? =IOJIH >?M CHMNLOG?HNM >wLCPwM >? =IOP?LNOL? MIHN =IGJ;Lw?M r =?FF?M >?M ;=NC@M J;MMC@M BSJINBwNCKO?M CHMNLOG?HNM MSHNBwNCKO?M L?JLwM?HN;NC@M >?M wFwG?HNM >f;=NC@M J;MMC@M r =IOPLCL )? L;JJILN >? F?OLM P;LC;NCIHM L?MJ?=NCP?M >ICN xNL? =IGJLCM ?HNL? n ?N n "H >?BILM >? =?M ? =IOP?LNOL? H? M?L;CN JFOM DOMNC@C;? F; =IGJN;? DOMN? P;F?OL >?M >wLCPwM MIHN ?HL?ACMNLw?M ?H LwMOFN;N J;LNC? ?@@C=;=? ?N CH?@@C=;=? 0SGwNLCKO?G?HN F?M P;LC;NCIHM >? DOMN? P;F?OL >?M =IGJIM;HN?M >? LCMKO? =IOP?LN?M MIHN ?HL?ACMNLw?M ?H LwMOFN;N )fCGJ;=N H?N >;HM F? =IGJN? >? LwMOFN;N ?MN >IH= FCGCNw r F; J;LN CH?@@C=;=? >? F; =IOP?LNOL? ); P;LC;NCIH >? DOMN? P;F?OL JC?> >? =IOJIH >?M >wLCPwM >? =IOP?LNOL? ?MN CHM=LCN? ?H LwMOFN;N ;O JIMN? Yn$;CHM IO J?LN?M MOL CHMNLOG?HNM @CH;H=C?LM r F; DOMN? P;F?OL J;L LwMOFN;Nn^ )?M CHNwLxNM =IOLOM L?F;NC@M r =?M CHMNLOG?HNM MIHN ?HL?ACMNLwM ;O HCP?;O >O JIMN? Yn&HNwLxNM ?N JLI>OCNM ;MMCGCFwMn^ IO >O JIMN? Yn&HNwLxNM ?N =B;LA?M ;MMCGCFw?Mn^ .O;H> OH? L?F;NCIH >? =IOP?LNOL? ?MN CHN?LLIGJO? F? >wLCPw >? =IOP?LNOL? ?MN ;FILM L?=F;MMw >;HM F?M CHMNLOG?HNM r F; DOMN? P;F?OL J;L LwMOFN;N ?N F? LwMOFN;N F;N?HN MOL FfwFwG?HN =IOP?LN r F; >;N? >? =?MM;NCIH >? F; L?F;NCIH >? =IOP?LNOL? ?MN @CAw ?N ;GILNC ?H LwMOFN;N DOMKOfr F; >;N? >fw=Bw;H=? >? =?N wFwG?HN ); =IOP?LNOL? >fOH CHP?MNCMM?G?HN H?N FC?PCM?M ?MN ONCFCMw? JIOL F; =IOP?LNOL? >O LCMKO? >? =B;HA? FCw ;OR CHP?MNCMM?G?HNM H?NM @CFC;F? IO J;LNC=CJ;NCIH =IHMIFC>w? ?H >?PCM?M Lw;FCMwM r FfwNL;HA?L ? NSJ? >? =IOP?LNOL? MOCN F?M GxG?M LvAF?M >? =IGJN;? @FOR >? NLwMIL?LC? ); J;LNC? ?@@C=;=? >?M P;LC;NCIHM >? DOMN? P;F?OL L?F;NCP?M ;OR CHMNLOG?HNM @CH;H=C?LM >? =IOP?LNOL? >wLCPw IO J;MMC@ GIHwN;CL? FC?PCM?M ?MN CHM=LCN? ?H =;JCN;OR JLIJL?M ?M P;LC;NCIHM >? DOMN? P;F?OL PC?HH?HN =IGJ?HM?L F?M w=;LNM >? =IHP?LMCIH ?HL?ACMNLwM FILM >? F; =IHMIFC>;NCIH >? Ff?HNCNw =@ hHIN?h ); J;LNC? CH?@@C=;=? >?M P;LC;NCIHM >? DOMN? P;F?OL ?MN JILNw? ?H =IGJN? >? LwMOFN;N )?M A;CHM ?N J?LN?M =IGJN;CL?=N?G?HN ?H =;JCN;OR JLIJL?M MIHN NL;HM@wLwM ?H LwMOFN;N FILM >? F; =?MMCIH >? NION IO J;LNC? >? FfCHP?MNCMM?G?HN H?N Contrats internes !? HIG?M >wLCPwM ONCFCMwM ?H =IGJN;? =IOP?LNOL? MIHN =IH=FOM ?H CHN?LH? ?HNL? +;NCRCM ?N M?M @CFC;F?M !? G;HCvL? r J?LG?NNL? F; KO;FC@C=;NCIH >? =IOP?LNOL? ;O HCP?;O =IHMIFC>w +;NCRCM Mf;MMOL? JwLCI>CKO?G?HN >O =ILL?=N L?NIOLH?G?HN >?M IJwL;NCIHM =IH=?LHw?M MOL F? G;L=Bw Couverture d’un investissement net libellé en devises
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