Universal Registration Document 2021

Chapter 6. 2021 Consolidated financial statements

Note 23 Borrowings and financial liabilities

(in millions of euros) December 31, 2021 December 31, 2020
Bonds (excl. accrued interest)

Bonds (excl. accrued interest)

December 31, 2021

3,335

Bonds (excl. accrued interest)

December 31, 2020

4,031
Other debt

Other debt

December 31, 2021

295

Other debt

December 31, 2020

478
Total financial liabilities Total financial liabilitiesDecember 31, 20213,630 Total financial liabilitiesDecember 31, 20204,509
Of which short-term Of which short-termDecember 31, 2021184 Of which short-termDecember 31, 2020856
Of which long-term Of which long-termDecember 31, 20213,446 Of which long-termDecember 31, 20203,653
/ Change in financial liabilities
      Changes excl. cash outflows  
(in millions of euros) December 31, 2020 Cash outflows Acquisitions Exchange rate fluctuations Changes in fair value December 31, 2021
Eurobond 1.125% – December 2021 (EIR 1.261%)(1) 699 (699) - - - -
Eurobond 0.5% – November 2023 (EIR 0.741%(1)) 497 - - - 1 498
Eurobond 1.625% – December 2024 (EIR 1.732%(1)) 602 - - - (1) 601
Eurobond 0.625% – June 2025 (EIR 0.781%(1)) 745 - - - 1 746
Eurobond 1.25% – June 2028 (EIR 1.329%(1)) 746 - - - 1 747
Eurobond 1.75% – June 2031 (EIR 1.855%(1)) 742 - - - 1 743
Bonds (excl. accrued interest) 4,031 (699) - - 3 3,335
Medium-term loan (financing of Epsilon acquisition) 150 (150) - - - 0
Debt related to earn-out commitments 241 (103) 78 14 (24) 206
Debt related to commitments to buy-out non-controlling interests 24 (10) - 0 2 16
Accrued interest 43 (98) - 3 97 45
Other borrowings and credit lines 17 (4) - - 3 16
Bank overdrafts 3 9 - - - 12
Other financial liabilities 63 (93) 0 3 100 73
Total financial liabilities 4,509 (1,055) 78 17 81 3,630
Fair value of derivative helding on the 2025, 2028 and 2031 Eurobonds(2)  (65) - - - 162 97
Fair value of derivative hedging on intra-group loans and borrowings(2) 89 - - - (81) 8
Total liabilities related to financing activities 4,533 (1,055) 78 17 162 3,735
  • (1) Net of issuance costs. The number of securities at December 31, 2021 was 5,000 for the Eurobonds maturing in 2023, 6,000 for the Eurobonds maturing in 2024, 7,500 for the Eurobonds maturing in 2025, 7,500 for the Eurobonds maturing in 2028 and 7,500 for the Eurobonds maturing in 2031. The Effective Interest Rate (EIR) is given for each Eurobond.
  • (2) Carried under “Other receivables and current assets” and/or under “Other creditors and current liabilities” on the consolidated balance sheet.