FINANCIAL AND ACCOUNTING INFORMATION The breakdown of financial debt between fixed and variable rates, before and after hedging, is as follows: AS OF DECEMBER 31, (in millions of euros) 2017 2016 Senior notes and other fixed rate debt 1,445.7 1,475.2 Floating to fixed rate swaps 1,037.0 848.9 Fixed to floating rate swaps (850.0) (784.6) Sub-total fixed or capped rate instruments 1,632.6 1,539.5 Floating rate debt before hedging 1,159.2 1,316.7 Floating to fixed rate swaps (1,037.0) (848.9) Fixed to floating rate swaps 850.0 784.6 Cash and cash equivalents (563.6) (619.3) Sub-total floating rate debt instruments 408.6 633.1 Total net financial debt 2,041.2 2,172.6 Fair value hedge derivatives As of December 31, 2017, the portfolio of interest rate swaps used as hedge for exposure of changes in fair value of its senior notes disclosed in note 22.1.2 is as follows: WEIGHTED TOTAL NOTIONAL TOTAL NOTIONAL AVERAGE AMOUNT AMOUNT FIXED RATE FLOATING RATE FAIR VALUE (1) (in millions of currency)(in millions of euros) MATURITY RECEIVED PAID (in millions of euros) SWAPS PAYING FIXED RATE Euro 500.0 500.0 June 2022 0.55% Euribor 3M 8.8 50.0 50.0 June 2023 0.31% Euribor 3M 0.0 300.0 300.0 June 2024 0.33% Euribor 3M (1.5) Total 850.0 7.3 (1)Derivative instruments are presented at fair value, including accrued interest receivable for €0.3 million. The gain or loss on the hedged item attributable Cash flow hedge derivatives to the hedged risk adjusts the carrying amount of In accordance with the policy described above, the the hedged item and is recognized in the income Group has entered into several fixed interest rate statement as interest expenses on borrowings. swap contracts. The changes in fair value of the derivatives and the changes in the fair value of the hedged item are Cash flow hedge swaps mature until September recognized in the income statement to match each 2020. The Group intends to renew a significant other. portion of these swaps in order to hedge the variabi l ity of future interest expense related to Any adjustment to carrying value of items carried at its floating interest debt, in accordance with the amortized cost is amortized through profit or loss strategy described above. The allocation of hedging over the remaining term. instruments among currencies hinges upon the The change in fair value of these fair value hedging Group’s expectations concerning trends of the swaps for the year ended December 31, 2017 interest rates linked to those currencies. represented a gain of €8.9 million, partially offset by a loss of €6.3 million resulting from the change in the fair value of the senior notes. REXEL 2017 – REGISTRATION DOCUMENT 260