| 31.12.2021 | 31.12.2020 | 31.12.2019 | ||||
|---|---|---|---|---|---|---|
| € millions | Carrying amount | Acquisition cost | Carrying amount | Acquisition cost | Carrying amount | Acquisition cost |
| Marketable securities | 513.2 | 513.3 | 3,739.9 | 3,743.5 | 3,042.4 | 3,044.6 |
| Bank accounts and other cash and cash equivalents | 2,200.6 | 2,201.6 | 2,666.0 | 2,680.5 | 2,243.6 | 2,243.6 |
| TOTAL | 2,713.8 | 2,714.9 | 6,405.9 | 6,424.0 | 5,286.0 | 5,288.2 |
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.
| 31.12.2021 | 31.12.2020 | 31.12.2019 | ||||
|---|---|---|---|---|---|---|
| € millions | Carrying amount | Acquisition cost | Carrying amount | Acquisition cost | Carrying amount | Acquisition cost |
| Investments in non-consolidated companies | ||||||
| Sanofi (1) | 10,472.6 | 4,033.5 | 9,304.5 | 4,033.5 | 10,595.5 | 4,033.5 |
| Other listed securities (2) | 34.5 | 20.6 | 30.7 | 12.0 | 5.8 | 9.8 |
| Unlisted securities(3) | 277.9 | 336.4 | 154.4 | 244.7 | 89.1 | 179.4 |
| Financial assets at amortised cost | ||||||
| Non-current loans and receivables | 135.2 | 137.2 | 115.1 | 117.1 | 129.0 | 131.4 |
| TOTAL | 10,920.2 | 4,527.7 | 9,604.8 | 4,407.3 | 10,819.4 | 4,354.1 |
(1) L’Oréal’s stake in Sanofi was 9.36% at 31 December 2021. The carrying amounts at 31 December 2021, 31 December 2020 and 31 December 2019 (€10,472.6 million, €9,304.5 million and €10,595.5 million (respectively) correspond to the market value of the shares based on the closing price at each of these dates (€88.58, €78.70 and €89.62, respectively). The acquisition cost of €4,033.5 million corresponds to an entry cost of €34.12. The investment is measured at fair value through other comprehensive income.
(2) This heading includes listed securities of biotechnology start-ups.
(3) This heading mainly includes:
- strategic investments in investment funds measured at fair value through other comprehensive income, including 50 million subscribed over 2020 in the L'Oréal fund for the regeneration of nature;
- securities of our subsidiaries in Venezuela deconsolidated since 31 December 2015, for €94.4 million fully written down. In the absence of specific events, their acquisition cost is deemed to be the best possible estimate of fair value.
This item is broken down as follows:
| € millions | 2021 | 2020 | 2019 |
|---|---|---|---|
| Interest component of pension costs |
Interest component of pension costs 2021 -10.1 |
Interest component of pension costs 2020 -13.3 |
Interest component of pension costs 2019 -12.3 |
| Other financial income and expenses |
Other financial income and expenses 2021 -30.1 |
Other financial income and expenses 2020 -23.3 |
Other financial income and expenses 2019 -3.7 |
| TOTAL |
TOTAL 2021 -40.2 |
TOTAL 2020 -36.6 |
TOTAL 2019 -16.0 |
