| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Euro (EUR) | Euro (EUR) 31.12.20223,065.7 |
Euro (EUR) 31.12.20214,441.4 |
Euro (EUR) 31.12.2020382.0 |
| US dollar (USD) | US dollar (USD) 31.12.2022822.2 |
US dollar (USD) 31.12.202159.2 |
US dollar (USD) 31.12.2020368.4 |
| Turkish lira (TRY) | Turkish lira (TRY) 31.12.202246.2 |
Turkish lira (TRY) 31.12.202119.3 |
Turkish lira (TRY) 31.12.20205.4 |
| Colombian Peso (COP) | Colombian Peso (COP) 31.12.202225.2 |
Colombian Peso (COP) 31.12.202121.2 |
Colombian Peso (COP) 31.12.202034.8 |
| Egyptian Pound (EGP) | Egyptian Pound (EGP) 31.12.202212.5 |
Egyptian Pound (EGP) 31.12.20218.3 |
Egyptian Pound (EGP) 31.12.202013.9 |
| Indonesian Rupee (IDR) | Indonesian Rupee (IDR) 31.12.202210.5 |
Indonesian Rupee (IDR) 31.12.2021— |
Indonesian Rupee (IDR) 31.12.2020— |
| Kenyan Shilling (KES) | Kenyan Shilling (KES) 31.12.202210.0 |
Kenyan Shilling (KES) 31.12.202112.9 |
Kenyan Shilling (KES) 31.12.20206.4 |
| Chilean Peso (CLP) | Chilean Peso (CLP) 31.12.20228.7 |
Chilean Peso (CLP) 31.12.20218.8 |
Chilean Peso (CLP) 31.12.202024.1 |
| Korean Won (KRW) | Korean Won (KRW) 31.12.20227.8 |
Korean Won (KRW) 31.12.2021— |
Korean Won (KRW) 31.12.2020— |
| Filipino Peso (PHP) | Filipino Peso (PHP) 31.12.20225.9 |
Filipino Peso (PHP) 31.12.20214.3 |
Filipino Peso (PHP) 31.12.2020— |
| Pakistani Rupee (PKR) | Pakistani Rupee (PKR) 31.12.20225.2 |
Pakistani Rupee (PKR) 31.12.20218.0 |
Pakistani Rupee (PKR) 31.12.20207.4 |
| Other | Other 31.12.202210.4 |
Other 31.12.202146.6 |
Other 31.12.202022.5 |
| TOTAL | TOTAL 31.12.20224,030.3 |
TOTAL 31.12.20214,630.0 |
TOTAL 31.12.2020864.9 |
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Floating rate | Floating rate 31.12.20221,638.5 |
Floating rate 31.12.20214,529.9 |
Floating rate 31.12.2020768.2 |
| Fixed rate including lease debts | Fixed rate including lease debts 31.12.20224,012.4 |
Fixed rate including lease debts 31.12.20211,770.5 |
Fixed rate including lease debts 31.12.20201,778.3 |
| TOTAL | TOTAL 31.12.20225,650.9 |
TOTAL 31.12.20216,300.4 |
TOTAL 31.12.20202,546.5 |
Effective interest rates on Group debt after allowing for hedging instruments are 1.68% in 2022 compared with -0.54% in 2021 and 0.39% in 2020 for short-term marketable instruments.
Effective interest rate on the bond issued by the Group in March 2022 is 2.24% in 2022.
There is no medium- to long-term bank loan at 31 December 2022 as at 31 December 2021 and 31 December 2020.
Average debt interest rates after allowing for hedging instruments break down as follows:
| 31.12.2022 | 31.12.2021 | 31.12.2020 | |
|---|---|---|---|
| Euro (EUR) | Euro (EUR) 31.12.20220.26% |
Euro (EUR) 31.12.2021-0.51% |
Euro (EUR) 31.12.2020-0.30% |
| US dollar (USD) | US dollar (USD) 31.12.20222.18% |
US dollar (USD) 31.12.20210.08% |
US dollar (USD) 31.12.20200.90% |
The fair value of fixed-rate debt is determined for each loan by discounting future cash flows, based on bond yield curves at the balance sheet date, after allowing for the spread corresponding to the Group’s risk rating.
The net carrying amount of outstanding bank loans and other floating-rate loans is a reasonable approximation of their fair value.
The fair value of borrowings and debt excluding IFRS 16 amounted to €4,030.3 million at 31 December 2022 compared with €4,630.0 million at 31 December 2021 and €864.9 million at 31 December 2020.
No debt was covered by material amounts of collateral at 31 December 2022, 2021 and 2020.
At 31 December 2022, L’Oréal and its subsidiaries had €5,000 million of confirmed undrawn credit lines, compared with €5,000.0 million at 31 December 2021 and €5,363.0 million at 31 December 2020.
The maturities of the credit lines at 31 December 2022 are broken down as follows:
