| Notional | Market value | |||||
|---|---|---|---|---|---|---|
| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Purchase of CNY against foreign currencies | ||||||
| CNY/IDR | 28.4 | 18.9 | 32.4 | -0.2 | -0.3 | -2.1 |
| CNY/THB | 21.8 | 21.1 | 27.8 | 1.1 | 0.3 | -0.8 |
| CNY/INR | 21.4 | 23.5 | 24.8 | 0.1 | 0.8 | -0.7 |
| CNY/PHP | 9.1 | 3.4 | 17.7 | 0.3 | 0.1 | -0.7 |
| CNY/Other currencies | 6.3 | 7.9 | 8.4 | 0.3 | 0.4 | -0.2 |
| Other currencies pairs | ||||||
| JPY/CNY | 95.6 | 48.9 | 45.2 | -7.0 | -1.5 | -1.0 |
| KRW/CNY | 31.8 | 44.5 | 11.5 | -2.7 | 0.6 | 0.0 |
| PLN/RUB | 5.7 | 10.6 | 7.9 | -0.4 | 0.3 | -0.5 |
| Other | 33.8 | 27.5 | 30.8 | -1.0 | -0.6 | -0.8 |
| Currency futures total | 3,253.11 | 2,531.0 | 2,396.5 | -175.8 | 6.2 | -58.9 |
| Currency options | ||||||
| EUR/CNY | 0.0 | 101.1 | 63.5 | 0.0 | 3.6 | 1.7 |
| EUR/RUB | 0.0 | 62.2 | 0.0 | 0.0 | 7.4 | 0.0 |
| EUR/BRL | 11.1 | 26.0 | 9.9 | 0.1 | 2.1 | 0.8 |
| USD/BRL | 0.0 | 18.6 | 7.8 | 0.0 | 0.6 | 0.6 |
| EUR/USD | 28.2 | 13.6 | 15.7 | 0.0 | 1.1 | 0.3 |
| EUR/TRY | 0.0 | 9.4 | 19.7 | 0.0 | 1.5 | 1.3 |
| Other currencies | 0.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 |
| Currencies options total | 39.3 | 230.9 | 119.6 | 0.1 | 16.3 | 4.7 |
| Of which total options purchased | 39.3 | 230.9 | 119.6 | 0.1 | 16.3 | 4.7 |
| Of which total options sold | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| TOTAL INSTRUMENTS | 3,292.4 | 2,761.9 | 2,516.1 | -175.7 | 22.5 | -54.2 |
All material related-party transactions were entered into on an arm’s length basis.
Operating lease commitments amounted to €83.6 million due in less than one year, €216.0 million due between one and five years and €28.2 million due after five years.
The breakdown of finance lease commitments is provided in note 13.
Confirmed credit facilities are set out in note 19.
Other off-balance sheet commitments can be broken down as follows:
| € millions | 31.12.2021 | 31.12.2020 | 31.12.2019 |
|---|---|---|---|
| Commitments in connection with employee retirement obligations and related benefits(1) |
Commitments in connection with employee retirement obligations and related benefits (1)31.12.2021 111.2 |
Commitments in connection with employee retirement obligations and related benefits (1)31.12.2020499.4 |
Commitments in connection with employee retirement obligations and related benefits (1)31.12.2019246.1 |
| Commitments to buy out non-controlling interests |
Commitments to buy out non-controlling interests 31.12.2021 10.6 |
Commitments to buy out non-controlling interests 31.12.20208.5 |
Commitments to buy out non-controlling interests 31.12.20199.9 |
| Guarantees given(2) |
Guarantees given (2)31.12.2021 4,579.0 |
Guarantees given (2)31.12.20204,235.6 |
Guarantees given (2)31.12.20191,865.6 |
| Guarantees received |
Guarantees received 31.12.2021 1.6 |
Guarantees received 31.12.20203.3 |
Guarantees received 31.12.20193.7 |
| Capital expenditure orders |
Capital expenditure orders 31.12.2021 154.0 |
Capital expenditure orders 31.12.202074.2 |
Capital expenditure orders 31.12.201995.1 |
| Documentary credits |
Documentary credits 31.12.2021 - |
Documentary credits 31.12.2020- |
Documentary credits 31.12.2019- |
(1)The discount rate used in 2021 to measure commitments was 0.80% for plans providing for the payment of capital and 1.10% for annuity plans, compared with 0.30% and 0.60% respectively in 2020, and 0.70% and 1.10% in 2019.
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.
(2)This line includes miscellaneous guarantees and warranties, including €4,434.4 million at 31 December 2021 on behalf of the Group’s direct and indirect subsidiaries, compared with €4,100.5 million at 31 December 2020 and €1,798.5 million at 31 December 2019. 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.
In the ordinary course of its operations, L’Oréal is involved in legal actions and is subject to tax assessments, customs controls and administrative audits. 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.
