| non-inclus | Nominal | Market value | ||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2023 | 31.12.2022 | 31.12.2021 |
| Currency options | ||||||
| EUR/CNY | — | — | — | — | — | — |
| EUR/RUB | — | — | — | — | — | — |
| EUR/USD | — | — | 69.4 | — | — | — |
| EUR/BRL | — | — | 11.1 | — | — | 0.1 |
| EUR/MXN | — | — | 7.7 | — | — | — |
| EUR/TRY | — | — | — | — | — | — |
| EUR/HKD | — | — | 70.4 | — | — | -0.1 |
| Other currency pairs | — | — | — | — | — | — |
| CURRENCY OPTIONS TOTAL | — | — | 158.5 | — | — | -0.1 |
| Of which total options purchased | — | — | 158.5 | — | — | 0.1 |
| Other hedging elements | — | — | — | — | — | — |
| Cross Currency Swap | 1,620.1 | 604.2 | — | 13.5 | -1.3 | — |
| OTHER ELEMENTS TOTAL | 1,620.1 | 604.2 | — | 13.5 | -1.3 | — |
| TOTAL | 8,811.6 | 7,198.9 | 4,318.8 | 50.8 | 90.9 | -172.5 |
The market values by type of hedging are as follows:
| € millions | 2023 | 2022 | 2021 |
|---|---|---|---|
| Fair value hedges(1)Fair value hedges relate to currency risks on operating receivables and payables as well as on foreign currency investments and financing. |
Fair value hedges (1)Fair value hedges relate to currency risks on operating receivables and payables as well as on foreign currency investments and financing.202347.9 |
Fair value hedges (1)Fair value hedges relate to currency risks on operating receivables and payables as well as on foreign currency investments and financing.2022- 42.7 |
Fair value hedges (1)Fair value hedges relate to currency risks on operating receivables and payables as well as on foreign currency investments and financing.2021- 38.6 |
| Cash flow hedges |
Cash flow hedges 20232.7 |
Cash flow hedges 2022133.4 |
Cash flow hedges 2021- 133.9 |
| TOTAL | TOTAL202350.6 | TOTAL202290.7 | TOTAL2021- 172.5 |
The fair value of the derivatives is their market value.
Foreign exchange gains and losses resulting from the difference between the value of foreign currency operating income and expenses translated at the spot rate effective on the transaction date and at the exchange rate effective on the settlement date are recognised directly on the appropriate income and expense lines, after allowing for hedging derivatives.
Foreign exchange gains and losses break down as follows:
| € millions | 2023 | 2022 | 2021 |
|---|---|---|---|
| Time value |
Time value 2023-121.7 |
Time value 2022-105.1 |
Time value 2021-70.5 |
| Other foreign exchange gains and losses |
Other foreign exchange gains and losses 202341.1 |
Other foreign exchange gains and losses 2022-309.6 |
Other foreign exchange gains and losses 202117.7 |
| TOTAL |
TOTAL 2023-80.6 |
TOTAL 2022-414.7 |
TOTAL 2021-52.8 |
Foreign currency transactions are translated at the spot rate at the transaction date.
Assets and liabilities denominated in foreign currencies have been translated using the exchange rates effective at the closing date. Foreign exchange gains and losses also include the following items relating to derivative instruments:
