| € millions | 31.12.2024 | 31.12.2023 | 31.12.2022 |
|---|---|---|---|
| Floating rate |
Floating rate 31.12.2024 82.3 |
Floating rate 31.12.2023 821.5 |
Floating rate 31.12.2022 1,638.5 |
| Fixed rate including lease debts |
Fixed rate including lease debts 31.12.2024 8,412.7 |
Fixed rate including lease debts 31.12.2023 7,870.6 |
Fixed rate including lease debts 31.12.2022 4,012.4 |
| TOTAL |
TOTAL 31.12.2024 8,495.0 |
TOTAL 31.12.2023 8,692.1 |
TOTAL 31.12.2022 5,650.9 |
At the end of 2024 as at the end of 2023, the negotiable securities at closing have been fully repaid. In 2022, the effective interest rate on the debt on short-term negotiable securities, after taking into account hedging instruments, amounts to 1.68% in 2022.
The effective interest rate on bonds issued in 2022, 2023 and 2024 by the Group amounts to 2.74% in 2024.
There is no medium-term bank loan at 31 December 2024, as at 31 December 2023 and 31 December 2022.
Average debt interest rates after allowing for hedging instruments break down as follows:
| 31.12.2024 | 31.12.2023 | 31.12.2022 | |
|---|---|---|---|
| Euro (EUR) |
Euro (EUR) 31.12.2024 2.66% |
Euro (EUR) 31.12.2023 2.09% |
Euro (EUR) 31.12.2022 0.26% |
| US dollar (USD) |
US dollar (USD) 31.12.2024 3.39% |
US dollar (USD) 31.12.2023 3.58% |
US dollar (USD) 31.12.2022 2.18% |
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 €6,568.4 million at 31 December 2024, compared with €6,838.1 million at 31 December 2023 and €4,030.3 million at 31 December 2022.
No debt was covered by material amounts of collateral at 31 December 2024, 2023 and 2022.
At 31 December 2024, L’Oréal and its subsidiaries had €5,000 million of confirmed undrawn credit lines, as at 31 December 2023 and 31 December 2022.
The maturities of the credit lines at 31 December 2024 are broken down as follows:
| € millions | 31.12.2024 | 31.12.2023 | 31.12.2022 | |||
|---|---|---|---|---|---|---|
| Carrying amount | Acquisition cost | Carrying amount | Acquisition cost | Carrying amount | Acquisition cost | |
| Marketable securities | 1,829.3 | 1,829.3 | 624.1 | 624.1 | 718.5 | 718.5 |
| Bank accounts and other cash and cash equivalents (1) | 2,223.0 | 2,224.4 | 3,664.0 | 3,664.2 | 1,899.2 | 1,899.4 |
| TOTAL | 4,052.3 | 4,053.7 | 4,288.1 | 4,288.3 | 2,617.7 | 2,617.9 |
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.
