Universal Registration Document 2021

/ December 31, 2020

(in millions of euros)	Level 1	Level 2	Level 3	Total
Short-term liquid investments	Short-term liquid investments Level 1 1,884	Short-term liquid investments Level 2 -	Short-term liquid investments Level 3 -	Short-term liquid investments Total 1,884
Venture Capital Funds and other securities	Venture Capital Funds and other securities Level 1 110	Venture Capital Funds and other securities Level 2 -	Venture Capital Funds and other securities Level 3 11	Venture Capital Funds and other securities Total 121
Derivative instruments – assets	Derivative instruments – assets Level 1 -	Derivative instruments – assets Level 2 118	Derivative instruments – assets Level 3 -	Derivative instruments – assets Total 118
Total financial instruments at fair value – Assets	Total financial instruments at fair value – AssetsLevel 11,994	Total financial instruments at fair value – AssetsLevel 2118	Total financial instruments at fair value – AssetsLevel 311	Total financial instruments at fair value – Assets Total 2,123
Derivative instruments – liabilities	Derivative instruments – liabilities Level 1 -	Derivative instruments – liabilities Level 2 104	Derivative instruments – liabilities Level 3 -	Derivative instruments – liabilities Total 104
Total financial instruments liabilities at fair value	Total financial instruments liabilities at fair valueLevel 1-	Total financial instruments liabilities at fair valueLevel 2104	Total financial instruments liabilities at fair valueLevel 3-	Total financial instruments liabilities at fair value Total 104

Note 29 Risk management

Exposure to interest rate risk

Groupe management determines the allocation of debt between fixed- and variable-rate debt, which is periodically reviewed in terms of interest rate trend forecasts.

At the end of 2021, the Groupe’s gross borrowings, excluding debt related to earn-out payments and debt relating to commitments to buy-out non-controlling interests (minority
interests), consisted of:

98% in fixed-rate loans with an average interest rate for 2021 of 2.5%;
2% in variable-rate loans.

The table below sets out the carrying amount by maturity at December 31, 2021 of the Groupe’s financial instruments exposed to interest rate risk:

		Maturities
(in millions of euros)	Total at December 31, 2021	-1 year	1-5 year	+5 years
Fixed rate
Eurobond 2023⁽¹⁾	498	-	498	-
Eurobond 2024⁽¹⁾	601	-	601	-
Eurobond 2025⁽¹⁾⁽²⁾	746	-	746	-
Eurobond 2028⁽¹⁾⁽²⁾	747	-	-	747
Eurobond 2031 ⁽¹⁾⁽²⁾	743	-	-	743
Net fixed-rate liabilities (assets)	3,335	-	1,845	1,490
Variable rate
Other borrowings and credit lines	17	12	5	-
Bank overdrafts	12	12	-	-
Cash and cash equivalents	(3,659)	(3,659)	-	-
Other financial assets	(277)	(277)	-	-
Net variable-rate liabilities (assets)	(3,907)	(3,912)	5	-

(1) Net of issuance costs.
(2)The Eurobond 2025, 2028 and 2031 swaps have the following characteristics:

2025: euro 750 million equivalent, 6-year, weighted average fixed rate at 3.1386%;
2028: euro 750 million equivalent, 9-year, weighted average fixed rate at 3.5963%;
2031: euro 750 million equivalent, 12-year, weighted average fixed rate at 4.1079%.