| Notional | Market value | |||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2022 | 31.12.2021 | 31.12.2020 |
| Purchase of CNY against foreign currencies | ||||||
| CNY/IDR | 29.0 | 28.4 | 18.9 | 0.3 | -0.2 | -0.3 |
| CNY/THB | 20.2 | 21.8 | 21.1 | -1.1 | 1.1 | 0.3 |
| CNY/INR | 17.7 | 21.4 | 23.5 | 0.1 | 0.1 | 0.8 |
| CNY/PHP | 10.8 | 9.1 | 3.4 | -0.3 | 0.3 | 0.1 |
| CNY/Other currencies | 7.0 | 6.3 | 7.9 | 0.1 | 0.3 | 0.4 |
| Other currencies pairs | ||||||
| JPY/CNY | 66.7 | 95.6 | 48.9 | 0.9 | -7.0 | -1.5 |
| KRW/CNY | 25.6 | 31.8 | 44.5 | 1.3 | -2.7 | 0.6 |
| PLN/RUB | 0.0 | 5.7 | 10.6 | 0.0 | -0.4 | 0.3 |
| Others | 34.2 | 33.8 | 27.5 | 1.2 | -1.0 | -0.6 |
| Currency futures total | 3,395.9 | 3,253.11 | 2,531.0 | 26.5 | -175.8 | 6.2 |
| Currency options | ||||||
| EUR/CNY | 0.0 | 0.0 | 101.1 | 0.0 | 0.0 | 3.6 |
| EUR/RUB | 0.0 | 0.0 | 62.2 | 0.0 | 0.0 | 7.4 |
| EUR/BRL | 0.0 | 11.1 | 26.0 | 0.0 | 0.1 | 2.1 |
| USD/BRL | 0.0 | 0.0 | 18.6 | 0.0 | 0.0 | 0.6 |
| EUR/USD | 0.0 | 28.2 | 13.6 | 0.0 | 0.0 | 1.1 |
| EUR/TRY | 0.0 | 0.0 | 9.4 | 0.0 | 0.0 | 1.5 |
| Other currencies | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Currencies options total | 0.0 | 39.3 | 230.9 | 0.0 | 0.1 | 16.3 |
| Of which total options purchased | 0.0 | 39.3 | 230.9 | 0.0 | 0.1 | 16.3 |
| Of which total options sold | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| TOTAL INSTRUMENTS | 3,395.9 | 3,292.4 | 2,761.9 | 26.5 | -175.7 | 22.5 |
All material related-party transactions were entered into on an arm’s length basis.
Operating lease commitments amounted to €78.2 million due in less than one year, €176.6 million due between one and five years and €29.3 million due after five years.
The breakdown of finance lease commitments is provided in note 13.
Confirmed credit facilities are set out in note 19.
Other off-balance sheet commitments can be broken down as follows:
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Commitments in connection with employee retirement obligations and related benefits(1) | -205.5 | 111.2 | 499.4 |
| Commitments to buy out non-controlling interests | 11.6 | 10.6 | 8.5 |
| Guarantees given(2) | 2,002.9 | 4,579.0 | 4,235.6 |
| Guarantees received | 2.8 | 1.6 | 3.3 |
| Capital expenditure orders | 111.4 | 154.0 | 74.2 |
| Documentary credits | - | - | - |
(1) The discount rate used in 2022 to measure commitments was 3.75% for plans providing for the payment of capital and 3.75% for annuity plans, compared with 0.80% and 1.10% respectively in 2021, and 0.30% and 0.60% in 2020. The increase in interest rates resulted in a funding surplus for pension liabilities in the amount of €205 million at end 2022.
An agreement for the pooling of employee-related liabilities was set up in 2004. Pursuant to this agreement, commitments are allocated among the French companies in the Group and their financing is organised in proportion to their respective payroll costs (customised for each plan) so that the companies are joint and severally liable for meeting the aforementioned commitments within the limit of the collective funds built up.
(2) This line includes miscellaneous guarantees and warranties, including €1,922.9 million at 31 December 2022 on behalf of the Group’s direct and indirect subsidiaries, compared with €4,434.4 million at 31 December 2021 and €4,100.5 million at 31 December 2020. Seller’s warranties are also included in this amount as appropriate. This line also includes a commitment to pay towards the Notre Dame Cathedral Reconstruction fund.
