| Maturities | |||||||
|---|---|---|---|---|---|---|---|
| (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) | 3,600 | 40 | 539 | 636 | 776 | 23 | 1,586 |
| Debt related to earn-out commitments | 206 | 106 | 65 | 25 | 7 | 3 | - |
| Debt related to commitments to buy-out non-controlling interests | 16 | 10 | 5 | - | 1 | - | - |
| Other financial liabilities | 73 | 68 | 5 | - | - | - | - |
| Total future payments relating to financial liabilities | 3,895 | 224 | 614 | 661 | 784 | 26 | 1,586 |
| Fair value of derivatives | 105 | 8 | - | - | 23 | - | 74 |
| Total future payments relating to financing activities | 4,000 | 232 | 614 | 661 | 807 | 26 | 1,660 |
| Maturities | |||||||
|---|---|---|---|---|---|---|---|
| (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) | 4,346 | 748 | 40 | 538 | 636 | 775 | 1,609 |
| Medium-term loan (financing of Epsilon acquisition) | 150 | - | - | 150 | - | - | - |
| Debt related to earn-out commitments | 241 | 85 | 79 | 38 | 38 | 1 | - |
| Debt related to commitments to buy-out non-controlling interests | 24 | 16 | 4 | 2 | - | 2 | - |
| Other financial liabilities | 63 | 56 | 7 | - | - | - | - |
| Total future payments relating to financial liabilities | 4,824 | 905 | 130 | 728 | 674 | 778 | 1,609 |
| Fair value of derivatives | 24 | 89 | - | - | - | - | (65) |
| Total future payments relating to financing activities | 4,848 | 994 | 130 | 728 | 674 | 778 | 1,544 |
In order to manage its liquidity risk, Publicis holds a substantial amount of cash (cash and cash equivalents) for a total of euro 3,659 million as of December 31, 2021 and undrawn confirmed credit lines representing a total of euro 2,244 million as of December 31, 2021. The main component of these credit facilities is a multi-currency syndicated loan of euro 2,000 million, maturing in 2024. This credit facility has been renewed until 2026 up to euro 1,579 million. 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.
