FINANCIAL AND ACCOUNTING INFORMATION Credit risk with respect to trade accounts The counterparty risk concerning cash, cash receivable is l imited due to the large number equivalents and hedging instruments is l ikewise of customers, the diversity of their activities limited by the quality of the relevant counterparties, (contractors, manufacturers, municipalities), and which are the Group’s traditional banking partners their geographical spread in France and abroad. for its financing and are almost exclusively based in In addition, credit insurance programs have been Europe. The outstanding amount was €576.1 million implemented in the majority of the significant as of December 31, 2017 (€631.6 mi l l ion as of countries in which the Group operates.As of December 31, 2016), which equals the net book December 31, 2017, the maximum risk corresponding value of the aforementioned items. to the total accounts receivable amounted to The maximum counterparty risk on the Group’s other €2,077.0 million (€2,187.3 million as of December 31, financial assets was €533.8 million (€531.4 million as 2016) and is detailed in note 13.2 Trade accounts of December 31, 2016) and mainly corresponds to receivable. supplier discounts receivable. 24. Summary of financial liabilities AS OF DECEMBER 31, 2017 2016 CATEGORY FAIR VALUE CARRYING FAIR CARRYING FAIR (in millions of euros) IAS 39 HIERARCHY* AMOUNT VALUE AMOUNT VALUE Bonds AC 1 1,446.6 1,481.4 1,480.9 1,525.5 Other financial debts, including accrued interest AC 1,165.7 1,165.7 1,324.2 1,324.2 Total financial liabilities 2,612.3 2,805.1 Hedging derivatives (1) FV P&L 2 1.6 1.6 – – Hedging derivatives (1) FV OCI 2 0.5 0.5 – – Other derivative instruments not eligible to hedge accounting FV P&L 2 0.1 0.1 2.9 2.9 Other liabilities (2) N/A 8.4 N/A 9.7 N/A Total other non-current liabilities 10.1 13.0 Trade accounts payable AC 2,034.8 2,034.8 2,179.0 2,179.0 Vendor rebates receivable AC 139.1 139.1 136.1 136.1 Personnel and social obligations(2) N/A 253.7 N/A 246.5 N/A VAT payable and other sales taxes (2) N/A 76.1 N/A 78.8 N/A Hedging derivatives (1) FV OCI 2 0.1 0.1 – – Other derivative instruments not eligible to hedge accounting FV P&L 2 1.1 1.1 3.9 3.9 Other liabilities AC 226.5 226.5 217.8 217.8 Deferred income N/A 6.6 N/A 10.4 N/A Total other debts 703.2 693.5 (1) Specific accounting measurements for hedging. (2) Not classified as a financial instrument under IAS 39. Financial liabilities - stated at amortized cost AC Fair value through profit or loss FV P&L Fair value through other comprehensive income FV OCI Not applicable N/A * For fair value hierarchy see note 3.8.4. REXEL 2017 – REGISTRATION DOCUMENT 264