| € millionsnon-inclus</span< | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Floating rate | 821.5 | 1,638.5 | 4,529.9 |
| Fixed rate including lease debts | 7,870.6 | 4,012.4 | 1,770.5 |
| TOTAL | 8,692.1 | 5,650.9 | 6,300.4 |
Effective interest rates on Group debt for short-term marketable instruments after allowing for hedging instruments are 0.00% in 2023 due to marketable instruments repayment at closing compared with 1.68% in 2022 and -0.54% in 2021.
The effective interest rate on bonds issued in 2022 and 2023 by the Group amounts to 2.35% in 2023.
There is no medium-term bank loan at 31 December 2023 as at 31 December 2022 and 31 December 2021.
Average debt interest rates after allowing for hedging instruments break down as follows:
| non-inclus</span< | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Euro (EUR) | 2.09% | 0.26% | -0.51% |
| US dollar (USD) | 3.58% | 2.18% | 0.08% |
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 €6,838.1 million at 31 December 2023 compared with €4,030.3 million at 31 December 2022 and €4,630.0 million at 31 December 2021.
No debt was covered by material amounts of collateral at 31 December 2023, 2022 and 2021.
At 31 December 2023, L’Oréal and its subsidiaries had €5,000 million of confirmed undrawn credit lines, as at 31 December 2022 and 31 December 2021. The maturities of the credit lines at 31 December 2023 are broken down as follows:
| non-inclus</span< | 31.12.2023 | 31.12.2022 | 31.12.2021 | |||
|---|---|---|---|---|---|---|
| € millions | Carrying | Acquisition | Carrying | Acquisition | Carrying | Acquisition |
| Marketable securities | 624.1 | 624.1 | 718.5 | 718.5 | 513.2 | 513.3 |
| Bank accounts and other cash and cash equivalents(1)Including €245 million in cash in countries in which cash repatriation is difficult. | 3,664.0 | 3,664.2 | 1,899.2 | 1,899.4 | 2,200.6 | 2,201.6 |
| TOTAL | 4,288.1 | 4,288.3 | 2,617.7 | 2,617.9 | 2,713.8 | 2,714.9 |
(1) Including €245 million in cash in countries in which cash repatriation is difficult.
Marketable securities consist mainly of SICAV money market funds and unit trusts (on which the return is based on EONIA). They are considered as financial assets at fair value through profit or loss.
Term accounts with a maturity of less than three months at inception are shown on the Bank accounts and other cash and cash equivalents line.
