The Group has financial relations with international banks rated investment grade by specialised agencies. The Group thus considers that its exposure to counterparty risk is low.
Furthermore, the financial instruments used to manage exchange rate and interest rate risk are issued by leading international banking counterparties.
Accordingly, the Group considers its exposure to counterparty risk to be low.
The Group’s liquidity risk can be assessed on the basis of its outstanding short-term debt under its short-term marketable instruments programme. Should these bank facilities not be renewed, the Group would have confirmed undrawn credit lines of €5,000 million at 31 December 2024. These lines were not subject to any covenants.
No cash has been invested in shares.
Available cash is invested with top-ranking financial institutions in the form of non-speculative instruments which can be drawn in very short periods. At 31 December 2024, marketable securities consist exclusively of unit trusts (note 9.2.).
At 31 December 2024, the Group held:
The shares are valued based on their fair value, and unrealised losses and gains are accounted for through equity in the Other comprehensive income item.
At 31 December 2023, the Group held 118,227,307 Sanofi shares for an amount of €10,612.1 million (note 9.3.).
At 31 December 2022, the Group held 118,227,307 Sanofi shares for an amount of €10,621.5 million (note 9.3.).
IFRS 7 requires financial assets and liabilities recognised at fair value in the balance sheet to be classified according to three levels:
The table below provides an analysis of financial instruments recorded at fair value on the balance sheet by level of the fair value hierarchy.
| € millions | ||||
| 31 December 2024 | Level 1 | Level 2 | Level 3 | Total fair value |
| Assets at fair value | ||||
| Foreign exchange derivatives | 150.1 | 150.1 | ||
| Sanofi shares | 11,082.6 | 11,082.6 | ||
| Galderma shares | 2,550.0 | 2,550.0 | ||
| Other securities | 23.2 | 554.6 | 577.8 | |
| Marketable securities | 1,829.3 | 1,829.3 | ||
| TOTAL ASSETS AT FAIR VALUE | 15,485.1 | 150.1 | 554.6 | 16,189.8 |
| Liabilities at fair value | ||||
| Foreign exchange derivatives | 232.2 | 232.2 | ||
| TOTAL LIABILITIES AT FAIR VALUE | — | 232.2 | — | 232.2 |
| € millions | ||||
| 31 December 2023 | Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|
| Assets at fair value | ||||
| Foreign exchange derivatives | 177.7 | 177.7 | ||
| Sanofi shares | 10,612.1 | 10,612.1 | ||
| Other securities | 60.8 | 457.3 | 518.1 | |
| Marketable securities | 624.1 | 624.1 | ||
| TOTAL ASSETS AT FAIR VALUE | 11,297.0 | 177.7 | 457.3 | 11,932.0 |
| Liabilities at fair value | ||||
| Foreign exchange derivatives | 127.1 | 127.1 | ||
| TOTAL LIABILITIES AT FAIR VALUE | — | 127.1 | — | 127.1 |
