A euro 2.25 billion bond was issued on June 5, 2019 to finance the acquisition of Epsilon. It was issued in three tranches of euro 750 million each, at a fixed rate and in euros, each swapped into US dollars at a fixed rate.
The swaps were qualified as cash flow hedges of the bond issue in euros. The fair value of these swaps was booked in the balance sheet under “Other receivables and current assets” and/or “Other creditors and current liabilities”. The change in the fair value of these instruments is booked in “Other comprehensive income” and transferred to the income statement as interests on bond are recognized and the variation in the liabilities in US dollars. At December 31, 2022, the fair value of these derivatives was booked in other creditors and current liabilities for euro 260 million (compared to euro 97 million in other creditors and current liabilities at December 31, 2021).
The other Publicis Groupe SA bonds are issued at a fixed rate and denominated in euros. The 2021 tranche of euro 700 million was repaid at term in December 2021.
/ December 31, 2022
| 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) | 3,338 | 499 | 601 | 747 | - | - | 1,491 |
| Debt related to earn-out commitments | 185 | 58 | 42 | 37 | 32 | 16 | - |
| Debt related to commitments to buy-out non-controlling interests | 30 | 11 | 7 | 10 | 2 | - | - |
| Other financial liabilities | 63 | 59 | 4 | - | - | - | - |
| Total financial liabilities | 3,616 | 627 | 654 | 794 | 34 | 16 | 1,491 |
| Fair value of derivatives | 366 | 106 | - | 60 | - | - | 200 |
| Total liabilities related to financing activities | 3,982 | 733 | 654 | 854 | 34 | 16 | 1,691 |
/ December 31, 2021
| 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) | 3,335 | - | 498 | 601 | 746 | - | 1,490 |
| 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 | 0 | 1 | 0 | - |
| Other financial liabilities | 73 | 68 | 5 | - | - | - | - |
| Total financial liabilities | 3,630 | 184 | 573 | 626 | 754 | 3 | 1,490 |
| Fair value of derivatives | 105 | 8 | - | - | 23 | - | 74 |
| Total liabilities related to financing activities | 3,735 | 192 | 573 | 626 | 777 | 3 | 1,564 |
