The Group conducts bond issues to cover its medium-term financing needs and issues short-term marketable instruments in France and commercial paper in the US to cover its financing needs in the short term. None of the Group’s borrowings or debt contains an early repayment clause linked to financial ratios (covenants).
| 31.12.2024 | 31.12.2023 | 31.12.2022 | ||||
|---|---|---|---|---|---|---|
| € millions | Non-current | Current | Non-current | Current | Non-current | Current |
| Short-term marketable instruments | — | — | — | — | — | 795.2 |
| MLT bank loans | — | — | — | — | — | — |
| Lease debt | 1,458.0 | 468.6 | 1,394.2 | 459.8 | 1,213.5 | 407.0 |
| Overdrafts | — | 36.3 | — | 67.0 | — | 81.7 |
| Other borrowings and debt | 209.5 | 263.4 | 18.3 | 219.3 | 17.8 | 122.3 |
| Bonds | 4,977.6 | 1,081.6 | 4,728.3 | 1,805.1 | 2,999.8 | 13.5 |
| TOTAL | 6,645.1 | 1,849.9 | 6,140.8 | 2,551.3 | 4,231.1 | 1,419.8 |
|
Tranches € millions |
Issuance | Issuance date | Rate type | EIR(1) | Maturity date | 31.12.2024(4) | 31.12.2023(4) | 31.12.2022 | |
|---|---|---|---|---|---|---|---|---|---|
|
750 |
Issuance — |
Issuance date March 2022 |
Rate type Floating |
EIR (1)2.40% |
Maturity date March 2024 |
31.12.2024 (4)— |
31.12.2023 (4)754.5 |
31.12.2022 758.4 |
|
|
1,000 |
Issuance — |
Issuance date March 2022 |
Rate type Fixed |
EIR (1)0.58% |
Maturity date March 2024 |
31.12.2024 (4)— |
31.12.2023 (4)1,002.3 |
31.12.2022 1,000.3 |
|
|
1,250 |
Issuance SLB(2) |
Issuance date March 2022 |
Rate type Fixed |
EIR (1)0.96% |
Maturity date June 2026 |
31.12.2024 (4)1,253.9 |
31.12.2023 (4)1,252.9 |
31.12.2022 1,254.6 |
|
|
1,000 |
Issuance EMTN(3) |
Issuance date May 2023 |
Rate type Fixed |
EIR (1)3.39% |
Maturity date May 2025 |
31.12.2024 (4)1,018.4 |
31.12.2023 (4)1,015.8 |
31.12.2022 — |
|
|
1,000 |
Issuance EMTN(3) |
Issuance date May 2023 |
Rate type Fixed |
EIR (1)3.08% |
Maturity date May 2028 |
31.12.2024 (4)1,011.3 |
31.12.2023 (4)1,009.5 |
31.12.2022 — |
|
|
800 |
Issuance EMTN(3) |
Issuance date November 2023 |
Rate type Fixed |
EIR (1)3.52% |
Maturity date January 2027 |
31.12.2024 (4)827.5 |
31.12.2023 (4)799.4 |
31.12.2022 — |
|
|
700 |
Issuance EMTN(3) |
Issuance date November 2023 |
Rate type Fixed |
EIR (1)3.47% |
Maturity date November 2029 |
31.12.2024 (4)699.5 |
31.12.2023 (4)699.0 |
31.12.2022 — |
|
|
750 |
Issuance EMTN(3) |
Issuance date November 2024 |
Rate type Fixed |
EIR (1)2.71% |
Maturity date November 2027 |
31.12.2024 (4)748.5 |
31.12.2023 (4)— |
31.12.2022 — |
|
|
500 |
Issuance EMTN(3) |
Issuance date November 2024 |
Rate type Fixed |
EIR (1)2.94% |
Maturity date November 2031 |
31.12.2024 (4)500.2 |
31.12.2023 (4)— |
31.12.2022 — |
|
| TOTAL |
TOTAL 7,750 |
TOTAL Issuance
|
TOTAL Issuance date
|
TOTAL Rate type
|
TOTAL EIR (1)
|
TOTAL Maturity date
|
TOTAL 31.12.2024 (4)6,059.2 |
TOTAL 31.12.2023 (4)6,533.4 |
TOTAL 31.12.2022 3,013.3 |
Bond issues are mainly carried out as part of a “Euro Medium-Term Notes” program with a ceiling of €5 billion at 31 December 2024.
Sustainability-linked Bond
On 22 March 2022, the Group issued its first Sustainability- linked bond. This fixed-rate issue with a maturity of 4 years and 3 months and an amount of €1,250 million, has a coupon of 0.875% per year.
The financial characteristics of the Sustainability-linked bond are linked to three sustainability performance targets:
New issue during the financial year
On 29 October 2024, the Group placed a bond issue for a total nominal amount of €1.25 billion, comprising two tranches:
The bond issue was carried out in order to partially refinance the Galderma equity investment.
