See Note 29. Risk management – “Exposure to interest rate risk.”
Future payments related to financial debt before the impact of discounting (excluding debt linked to finance leases) are as follows:
December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|
Échéance | |||||||
(in millions of euros) | Total | -1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | +5 years |
Bonds (excl. accrued interest) | Bonds (excl. accrued interest) December 31, 2020 4,346 | 748 | 40 | 538 | 636 | 775 | 1 609 |
Medium-term loan (financing of Epsilon acquisition) | Medium-term loan (financing of Epsilon acquisition) December 31, 2020 150 | - | - | 150 | - | - | - |
Debt related to earn-out commitments | Debt related to earn-out commitments December 31, 2020 241 | 85 | 79 | 38 | 38 | 1 | - |
Debt related to commitments to buy-out non-controlling interests | Debt related to commitments to buy-out non-controlling interests December 31, 2020 24 | 16 | 4 | 2 | - | 2 | - |
Other financial liabilities | Other financial liabilities December 31, 2020 63 | 56 | 7 | - | - | - | - |
Total borrowings and other financial liabilities | Total borrowings and other financial liabilities December 31, 2020 4,824 | 905 | 130 | 728 | 674 | 778 | 1,609 |
Fair value of derivatives | Fair value of derivatives December 31, 2020 24 | 89 | - | - | - | - | (65) |
Total liabilities related to financing activities | Total liabilities related to financing activities December 31, 2020 4,848 | 994 | 130 | 728 | 674 | 778 | 1,544 |
December 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|
Maturity | |||||||
(in millions of euros) | Total | -1 year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | +5 years |
Bonds (excl. accrued interest) | Bonds (excl. accrued interest) December 31, 2019 4,394 | 48 | 748 | 40 | 538 | 636 | 2,384 |
Medium-term loan (financing of Epsilon acquisition) | Medium-term loan (financing of Epsilon acquisition) December 31, 2019 1,100 | - | - | 800 | 150 | 150 | - |
Medium-term syndicated loan | Medium-term syndicated loan December 31, 2019 327 | 327 | - | - | - | - | - |
Debt related to earn-out commitments | Debt related to earn-out commitments December 31, 2019 347 | 111 | 84 | 71 | 30 | 51 | - |
Debt related to commitments to buy-out non-controlling interests | Debt related to commitments to buy-out non-controlling interests December 31, 2019 36 | 22 | 8 | 3 | 2 | 1 | - |
Other financial liabilities | Other financial liabilities December 31, 2019 51 | 51 | - | - | - | - | - |
Total borrowings and other financial liabilities | Total borrowings and other financial liabilities December 31, 2019 6,255 | 559 | 840 | 914 | 720 | 838 | 2,384 |
Fair value of derivatives | Fair value of derivatives December 31, 2019 238 | 40 | 70 | - | - | 41 | 87 |
Total liabilities related to financing activities | Total liabilities related to financing activities December 31, 2019 6,493 | 599 | 910 | 914 | 720 | 879 | 2,471 |
In order to manage its liquidity risk, Publicis holds a substantial amount of cash (cash and cash equivalents) for a total of euro 3,700 million as of December 31, 2020 and undrawn confirmed credit lines representing a total of euro 2,606 million as of December 31, 2020. The main component of these credit facilities is a multi-currency syndicated loan of euro 2,000 million, maturing in 2024. These immediately or almost immediately available sums allow the Groupe to meet its general funding requirements.
Apart from bank overdrafts, most of the Groupe’s debt is comprised of bonds and the medium-term loans, none of which are subject to financial covenants. They only include standard credit default event clauses (liquidation, cessation of payment, default on the debt itself or on the repayment of another debt above a given threshold) which are generally applicable above a threshold of euro 25 million.
The Groupe has not established any credit derivatives to date.
