Universal Registration Document 2022

6.6 Notes To The Consolidated Financial statements

Note 24 Lease contracts

In order to manage its liquidity risk, Publicis holds a substantial amount of cash (cash and cash equivalents) for a total of euro 4,616 million as of December 31, 2022 and undrawn confirmed credit lines representing a total of euro 2,000 million as of December 31, 2022 being a multi-currency syndicated loan, 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, 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.

Note 24 Lease contracts

/ Analysis of right-of-use assets by category of underlying assets

(in millions of euros)	Real Estate	Outdoor contracts	Other assets	Total
Gross values at January 1, 2022	Gross values at January 1, 2022Real Estate2,421	Gross values at January 1, 2022Outdoor contracts64	Gross values at January 1, 2022Other assets50	Gross values at January 1, 2022Total2,535
Addition of assets⁽¹⁾	Addition of assets ⁽¹⁾Real Estate 120	Addition of assets ⁽¹⁾Outdoor contracts 609	Addition of assets ⁽¹⁾Other assets 14	Addition of assets ⁽¹⁾Total 743
Terminations or end of contracts	Terminations or end of contracts Real Estate (175)	Terminations or end of contracts Outdoor contracts (36)	Terminations or end of contracts Other assets (15)	Terminations or end of contracts Total (226)
Impacts of sub-leasing⁽²⁾	Impacts of sub-leasing ⁽²⁾Real Estate (482)	Impacts of sub-leasing ⁽²⁾Outdoor contracts -	Impacts of sub-leasing ⁽²⁾Other assets -	Impacts of sub-leasing ⁽²⁾Total (482)
Change in scope	Change in scope Real Estate (11)	Change in scope Outdoor contracts -	Change in scope Other assets -	Change in scope Total (11)
Foreign exchange and others	Foreign exchange and others Real Estate 73	Foreign exchange and others Outdoor contracts -	Foreign exchange and others Other assets 1	Foreign exchange and others Total 74
Gross value at December 31, 2022	Gross value at December 31, 2022Real Estate1,946	Gross value at December 31, 2022Outdoor contracts637	Gross value at December 31, 2022Other assets50	Gross value at December 31, 2022Total2,633
Accumulated amortization at January 1, 2022	Accumulated amortization at January 1, 2022Real Estate(972)	Accumulated amortization at January 1, 2022Outdoor contracts(48)	Accumulated amortization at January 1, 2022Other assets(26)	Accumulated amortization at January 1, 2022Total(1,046)
Amortization & depreciation	Amortization & depreciation Real Estate (214)	Amortization & depreciation Outdoor contracts (93)	Amortization & depreciation Other assets (19)	Amortization & depreciation Total (326)
Impairment losses	Impairment losses Real Estate (46)	Impairment losses Outdoor contracts -	Impairment losses Other assets -	Impairment losses Total (46)
Terminations or end of contracts	Terminations or end of contracts Real Estate 175	Terminations or end of contracts Outdoor contracts 36	Terminations or end of contracts Other assets 15	Terminations or end of contracts Total 226
Impacts of sub-leasing⁽²⁾	Impacts of sub-leasing ⁽²⁾Real Estate 343	Impacts of sub-leasing ⁽²⁾Outdoor contracts -	Impacts of sub-leasing ⁽²⁾Other assets -	Impacts of sub-leasing ⁽²⁾Total 343
Change in scope	Change in scope Real Estate 4	Change in scope Outdoor contracts -	Change in scope Other assets -	Change in scope Total 4
Foreign exchange and others	Foreign exchange and others Real Estate (34)	Foreign exchange and others Outdoor contracts (1)	Foreign exchange and others Other assets -	Foreign exchange and others Total (35)
Accumulated depreciation at December 31, 2022	Accumulated depreciation at December 31, 2022Real Estate(744)	Accumulated depreciation at December 31, 2022Outdoor contracts(106)	Accumulated depreciation at December 31, 2022Other assets(30)	Accumulated depreciation at December 31, 2022Total(880)
Net value at December 31, 2022	Net value at December 31, 2022Real Estate 1,202	Net value at December 31, 2022Outdoor contracts 531	Net value at December 31, 2022Other assets 20	Net value at December 31, 2022Total 1,753

Additions of assets are net of changes in assumptions on contracts.
Those impacts relate mainly to sub-lease contracts, which have been fully effective during the period; the net right-of-use values have been reclassified to “Other financial assets” for the long-term part and to “Other receivables and current assets” for the short-term part.