9.1.1. Debt by type
| 31.12.2022 | 31.12.2021 | 31.12.2020 | ||||
|---|---|---|---|---|---|---|
| € millions | Non-current | Current | Non-current | Current | Non-current | Current |
| Short-term marketable instruments(1) | — | 795.2 | — | 2,507.0 | — | 706.4 |
| MLT bank loans | — | — | — | — | — | — |
| Lease debt | 1,213.5 | 407.0 | 1,247.5 | 422.8 | 1,294.7 | 386.9 |
| Overdrafts | — | 81.7 | — | 118.7 | — | 61.6 |
| Other borrowings and debt | 17.8 | 122.3 | 10.7 | 1,993.7 | 8.6 | 88.3 |
| Bond | 2,999.8 | 13.5 | — | — | — | — |
| TOTAL | 4,231.1 | 1,419.8 | 1,258.2 | 5,042.2 | 1,303.3 | 1,243.2 |
9.1.2. Change in debt
| “Non-cash” changes | |||||||
|---|---|---|---|---|---|---|---|
| € millions | 31.12.2021 | Cash-flows | Changes in the scope of consolidation | Translation adjustments | Changes in fair value | Other | 31.12.2022 |
| Short-term marketable instruments | 2,507.1 | -1,711.8 | — | — | — | — | 795.2 |
| MLT bank loans | — | — | — | — | — | — | — |
| Lease debt | 1,670.3 | -446.9 | 1.3 | 30.1 | — | 365.7 | 1,620.5 |
| Overdrafts | 118.7 | 7.1 | — | -43.9 | — | — | 81.7 |
| Other borrowings and debt | 2,004.4 | -1,846.9 | — | -18.6 | — | 1.2 | 140.1 |
| Bond | — | 3,013.3 | — | — | — | — | 3,013.3 |
| TOTAL | 6,300.4 | -985.1 | 1.3 | -32.3 | — | 366.9 | 5,650.9 |
(1) These are renewals and amendments to contracts and new leases.
This graph shows the change in debt.
Debt at 01.01.2022: 6,300
Debt at 31.12.2022: 5,651
“Non Cash” Changes
Cash-flows: - 985
Change in the scope: 1
Translation: - 32
Other: 367
9.1.3. Debt by maturity date
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Less than 1 year(1) | 1,419.8 | 5,042.2 | 1,243.2 |
| 1 to 5 years | 3,859.0 | 933.7 | 994.8 |
| More than 5 years | 372.1 | 324.4 | 308.5 |
| TOTAL | 5,650.9 | 6,300.4 | 2,546.5 |
(1) At 31 December 2022 the Group had confirmed undrawn credit lines for €5,000 million compared with €5,000.0 million at 31 December 2021 and €5,363.0 million at31 December 2020. These lines were not subject to any covenants.
Estimated interest expense at 31 December 2022, as at 31 December 2021 and 31 December 2020, is not material given the outstanding debt at these dates, comprising short-term marketable instruments drawn at very short terms and at negative interest rates in France, very short-term miscellaneous borrowings contracted locally by subsidiaries, and lease debts.
These estimates are computed on the basis of the effective interest rate at the end of the financial year, after allowing for hedging instruments and assuming that no debt is rolled over at maturity.