All material related-party transactions were entered into on an arm’s length basis.
Operating lease commitments amounted to €5.2 million due in less than one year, €19.2 million due between one and five years and €5.2 million due after five years.
Confirmed credit facilities are set out in note 18.
Other off-balance sheet commitments can be broken down as follows:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Commitments in connection with employee retirement obligations and related benefits(1)The discount rate used in 2023 to measure commitments was 3.25% for plans providing for the payment of capital and 3.25% for annuity plans, compared with 3.75% and 3.75% respectively in 2022, and 0.80% and 1.10% in 2021. As in 2022, interest rate levels resulted in a funding surplus for pension liabilities in the amount of €81.2 million at end of 2023. 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. | Commitments in connection with employee retirement obligations and related benefits (1)The discount rate used in 2023 to measure commitments was 3.25% for plans providing for the payment of capital and 3.25% for annuity plans, compared with 3.75% and 3.75% respectively in 2022, and 0.80% and 1.10% in 2021. As in 2022, interest rate levels resulted in a funding surplus for pension liabilities in the amount of €81.2 million at end of 2023. 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.31.12.2023-80.4 |
Commitments in connection with employee retirement obligations and related benefits (1)The discount rate used in 2023 to measure commitments was 3.25% for plans providing for the payment of capital and 3.25% for annuity plans, compared with 3.75% and 3.75% respectively in 2022, and 0.80% and 1.10% in 2021. As in 2022, interest rate levels resulted in a funding surplus for pension liabilities in the amount of €81.2 million at end of 2023. 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.31.12.2022-205.5 |
Commitments in connection with employee retirement obligations and related benefits (1)The discount rate used in 2023 to measure commitments was 3.25% for plans providing for the payment of capital and 3.25% for annuity plans, compared with 3.75% and 3.75% respectively in 2022, and 0.80% and 1.10% in 2021. As in 2022, interest rate levels resulted in a funding surplus for pension liabilities in the amount of €81.2 million at end of 2023. 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.31.12.2021111.2 |
| Commitments to buy out non-controlling interests | Commitments to buy out non-controlling interests 31.12.202312.2 |
Commitments to buy out non-controlling interests 31.12.202211.6 |
Commitments to buy out non-controlling interests 31.12.202110.6 |
| Guarantees given(2)This line includes miscellaneous guarantees and warranties given, including €1,842.1 million at 31 December 2023 on behalf of the Group’s direct and indirect subsidiaries, compared with €1,922.9 million at 31 December 2022 and €4,434.4 million at 31 December 2021. 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. | Guarantees given (2)This line includes miscellaneous guarantees and warranties given, including €1,842.1 million at 31 December 2023 on behalf of the Group’s direct and indirect subsidiaries, compared with €1,922.9 million at 31 December 2022 and €4,434.4 million at 31 December 2021. 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.31.12.20231,927.1 |
Guarantees given (2)This line includes miscellaneous guarantees and warranties given, including €1,842.1 million at 31 December 2023 on behalf of the Group’s direct and indirect subsidiaries, compared with €1,922.9 million at 31 December 2022 and €4,434.4 million at 31 December 2021. 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.31.12.20222,002.9 |
Guarantees given (2)This line includes miscellaneous guarantees and warranties given, including €1,842.1 million at 31 December 2023 on behalf of the Group’s direct and indirect subsidiaries, compared with €1,922.9 million at 31 December 2022 and €4,434.4 million at 31 December 2021. 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.31.12.20214,579.0 |
| Guarantees received | Guarantees received 31.12.2023- |
Guarantees received 31.12.20222.8 |
Guarantees received 31.12.20211.6 |
| Capital expenditure orders and service contracts(3)Including irrevocable commitments for IT contracts and energy purchases (these services will be re-billed to Group entities). | Capital expenditure orders and service contracts (3)Including irrevocable commitments for IT contracts and energy purchases (these services will be re-billed to Group entities).31.12.2023404.1 |
Capital expenditure orders and service contracts (3)Including irrevocable commitments for IT contracts and energy purchases (these services will be re-billed to Group entities).31.12.2022111.4 |
Capital expenditure orders and service contracts (3)Including irrevocable commitments for IT contracts and energy purchases (these services will be re-billed to Group entities).31.12.2021154.0 |
| Documentary credits | Documentary credits 31.12.2023- |
Documentary credits 31.12.2022- |
Documentary credits 31.12.2021- |
In the normal course of its activities, the Company is involved in legal proceedings and is subject to fiscal, customs and administrative controls. The Company sets aside a provision when a risk is found to exist and the related cost can be reliably estimated.
No exceptional event or dispute is highly likely to have a material impact on the Company’s earnings, financial position, assets or operations.
Changes in working capital can be broken down as follows:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Inventories | Inventories 31.12.202314.2 |
Inventories 31.12.2022-32.3 |
Inventories 31.12.20217.1 |
| Accounts Receivable | Accounts Receivable 31.12.2023-758.2 |
Accounts Receivable 31.12.2022-100.1 |
Accounts Receivable 31.12.2021-233.3 |
| Accounts Payable | Accounts Payable 31.12.2023177.2 |
Accounts Payable 31.12.2022197.9 |
Accounts Payable 31.12.2021271.2 |
| TOTAL | TOTAL31.12.2023-566.8 | TOTAL31.12.202265.5 | TOTAL31.12.202145.0 |
This line primarily includes cash flows relating to financial instruments, classified asmarketable securities
