| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 |
|---|---|---|---|
| Euro (EUR) | Euro (EUR) 31.12.20214,441.4 |
Euro (EUR) 31.12.2020382.0 |
Euro (EUR) 31.12.2019284.2 |
| US dollar (USD) | US dollar (USD) 31.12.202159.2 |
US dollar (USD) 31.12.2020368.4 |
US dollar (USD) 31.12.2019422.2 |
| Colombian Peso (COP) | Colombian Peso (COP) 31.12.202121.2 |
Colombian Peso (COP) 31.12.202034.8 |
Colombian Peso (COP) 31.12.201927.0 |
| Turkish lira (TRY) | Turkish lira (TRY) 31.12.202119.3 |
Turkish lira (TRY) 31.12.20205.4 |
Turkish lira (TRY) 31.12.20190.4 |
| Danish Krone (DDK) | Danish Krone (DDK) 31.12.202111.0 |
Danish Krone (DDK) 31.12.20200.1 |
Danish Krone (DDK) 31.12.20190.5 |
| Malaysian Ringgit (MYR) | Malaysian Ringgit (MYR) 31.12.202112.7 |
Malaysian Ringgit (MYR) 31.12.2020- |
Malaysian Ringgit (MYR) 31.12.2019- |
| South African Rand (ZAR) | South African Rand (ZAR) 31.12.202110.9 |
South African Rand (ZAR) 31.12.202014.0 |
South African Rand (ZAR) 31.12.20199.3 |
| Chilean Peso (CLP) | Chilean Peso (CLP) 31.12.20218.8 |
Chilean Peso (CLP) 31.12.202024.1 |
Chilean Peso (CLP) 31.12.201927.5 |
| Kenyan Shilling (KES) | Kenyan Shilling (KES) 31.12.202112.9 |
Kenyan Shilling (KES) 31.12.20206.4 |
Kenyan Shilling (KES) 31.12.201911.5 |
| Egyptian Pound (EGP) | Egyptian Pound (EGP) 31.12.20218.3 |
Egyptian Pound (EGP) 31.12.202013.9 |
Egyptian Pound (EGP) 31.12.201914.5 |
| Pakistani Rupee (PKR) | Pakistani Rupee (PKR) 31.12.20218.0 |
Pakistani Rupee (PKR) 31.12.20207.4 |
Pakistani Rupee (PKR) 31.12.20196.2 |
| Other | Other 31.12.202116.3 |
Other 31.12.20208.4 |
Other 31.12.201947.4 |
| TOTAL | TOTAL31.12.20214,630.0 | TOTAL31.12.2020864.9 | TOTAL31.12.2019850.7 |
| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 |
|---|---|---|---|
| Floating rate | Floating rate 31.12.20214,529.9 |
Floating rate 31.12.2020768.2 |
Floating rate 31.12.2019757.4 |
| Fixed rate including lease debts | Fixed rate including lease debts 31.12.20211,770.5 |
Fixed rate including lease debts 31.12.20201,778.3 |
Fixed rate including lease debts 31.12.20192,129.3 |
| TOTAL | TOTAL31.12.20216,300.4 | TOTAL31.12.20202,546.5 | TOTAL31.12.20192,886.7 |
Effective interest rates on Group debt after allowing for hedging instruments are -0.54% in 2021 compared with 0.39% in 2020 and 0.99% in 2019 for short-term marketable instruments.
There is no medium- to long-term bank loan at 31 December 2021 as at 31 December 2020 and 31 December 2019.
Average debt interest rates after allowing for hedging instruments break down as follows:
| 31.12.2021 | 31.12.2020 | 31.12.2019 | |
|---|---|---|---|
| Euro (EUR) (1) | Euro (EUR) (1)31.12.2021-0.51% |
Euro (EUR) (1)31.12.2020-0.30% |
Euro (EUR) (1)31.12.2019-0.45% |
| US dollar (USD) | US dollar (USD) 31.12.20210.08% |
US dollar (USD) 31.12.20200.90% |
US dollar (USD) 31.12.20192.34% |
(1) The fall in euro interest rates is now reflected by drawdowns of short-term marketable instruments with negative interest rates.
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 amounted to €6,300.4 million at 31 December 2021 compared with €2,546.5 million at 31 December 2020 and €2,886.7 million at 31 December 2019.
The fair value of borrowings and debt excluding IFRS 16 amounted to €4,630.0 million at 31 December 2021 compared with €864.9 million at 31 December 2020 and €850.8 million at 31 December 2019.
No debt was covered by material amounts of collateral at 31 December 2021, 2020 and 2019.
At 31 December 2021, L’Oréal and its subsidiaries had €5,000 million of confirmed undrawn credit lines, compared with €5,363.0 million at 31 December 2020 and €3,801.1 million at 31 December 2019.
The maturities of the credit lines at 31 December 2021 are broken down as follows:
