Universal Registration Document 2023

/ December 31, 2022

(in millions of euros)	Level 1	Level 2	Level 3	Total
Short‑term liquid investments	Short‑term liquid investments Level 1 2,819	Short‑term liquid investments Level 2 -	Short‑term liquid investments Level 3 -	Short‑term liquid investments Total 2,819
Venture Capital Funds and other securities	Venture Capital Funds and other securities Level 1 166	Venture Capital Funds and other securities Level 2 -	Venture Capital Funds and other securities Level 3 12	Venture Capital Funds and other securities Total 178
Derivative instruments – assets	Derivative instruments – assets Level 1 -	Derivative instruments – assets Level 2 50	Derivative instruments – assets Level 3 -	Derivative instruments – assets Total 50
Total financial instruments at fair value – assets	Total financial instruments at fair value – assets Level 1 2,985	Total financial instruments at fair value – assets Level 2 50	Total financial instruments at fair value – assets Level 3 12	Total financial instruments at fair value – assets Total 3,047
Derivative instruments – liabilities	Derivative instruments – liabilities Level 1 -	Derivative instruments – liabilities Level 2 414	Derivative instruments – liabilities Level 3 -	Derivative instruments – liabilities Total 414
Total financial instruments at fair value – liabilities	Total financial instruments at fair value – liabilities Level 1 -	Total financial instruments at fair value – liabilities Level 2 414	Total financial instruments at fair value – liabilities Level 3 -	Total financial instruments at fair value – liabilities Total 414

Note 30 Risk management

Exposure to interest rate risk

Group 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 2023, the Group’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 2023 of 2.9 %;
2% in variable‑rate loans.

The table below sets out the carrying amount by maturity at December 31, 2023 of the Group’s financial instruments exposed to interest rate risk:

(in millions of euros)	Total at December 31, 2023	- 1 Year	1‑5 Years	+5 Years
unspecified	Total at December 31, 2023	Maturities
Fixed rate	unspecified	unspecified	unspecified	unspecified
Eurobond 2024 ⁽¹⁾	600	600	-	-
Eurobond 2025 ^{(1) (2)}	748	-	748	-
Eurobond 2028 ^{(1) (2)}	748	-	748	-
Eurobond 2031 ^{(1) (2)}	745	-	-	745
Net fixed‑rate liabilities (assets)	2,841	600	1,496	745
Variable rate	unspecified	unspecified	unspecified	unspecified
Other borrowings and credit lines	24	15	8	1
Bank overdrafts	1	1	-	-
Cash and cash equivalents	(4,250)	(4,250)	-	-
Other financial assets	(316)	(316)	-	-
Net variable‑rate liabilities (assets)	(1,700)	(3,950)	1,504	746