Cash and cash equivalents comprise immediately available liquidities and very short-term investments that are readily convertible (e.g. in monetary funds) into a known amount of cash, usually maturing within three months or less of the acquisition date, and with negligible risk of fluctuation in value. These items are held to cover short-term obligations rather than for short-term investments or other purposes. When they mature in more than 3 months, they are included in Liquid assets in Debt and equity securities (see note 18.1.2).
“Cash equivalents” are recorded at fair value, with changes in fair value included in the heading “Other financial income and expenses”.
Cash and cash equivalents include the following amounts recorded in the balance sheet:
(in millions of euros) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Cash | Cash 31/12/20205,832 | Cash 31/12/2019 3,698 |
| Cash equivalents | Cash equivalents 31/12/2020438 | Cash equivalents 31/12/2019 236 |
| CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS31/12/2020 6,270 | CASH AND CASH EQUIVALENTS 31/12/2019 3,934 |
Cash and cash equivalents include €242 million of cash subject to restrictions at 31 December 2020 (€213 million at 31 December 2019) (see note 1.3.5).
Loans and other financial liabilities are carried at amortised cost, adjusted for changes in the value of the risks hedged when they are covered by a fair value hedge (see note 18.7). Interest expenses are calculated at the effective interest rate and recorded in the income statement in “Cost of gross financial indebtedness” over the duration of the loan or financial liability.
Current and non-current financial liabilities break down as follows:
| 31/12/2020 | 31/12/2019 | |||||
|---|---|---|---|---|---|---|
(in millions of euros) | Non-current | Current | Total | Non-current | Current | Total |
| Loans and other financial liabilities | Loans and other financial liabilities 31/12/202054,066 | Loans and other financial liabilities 31/12/2019 11,525 | 65,591 | 56,306 | 11,074 | 67,380 |
| Trading derivatives – negative fair value* | Trading derivatives – negative fair value *31/12/2020- | Trading derivatives – negative fair value *31/12/2019 5,125 | 5,125 | - | 6,327 | 6,327 |
| Hedging derivatives – negative fair value* | Hedging derivatives – negative fair value *31/12/20201,833 | Hedging derivatives – negative fair value *31/12/2019 959 | 2,792 | 696 | 1,134 | 1,830 |
| FINANCIAL LIABILITIES | FINANCIAL LIABILITIES31/12/2020 55,899 | FINANCIAL LIABILITIES 31/12/2019 17,609 | 73,508 | 57,002 | 18,535 | 75,537 |
*See note 18.7.
| (in millions of euros) | Bonds | Loans from financial | Other financial | Lease | Accrued | Total |
|---|---|---|---|---|---|---|
| Balances at 31/12/2019 | Balances at 31/12/2019 Bonds 52,448 | Balances at 31/12/2019 Loans from financial 3,139 | Balances at 31/12/2019 Other financial 5,952 | Balances at 31/12/2019 Lease 4,510 | Balances at 31/12/2019 Accrued 1,331 | Balances at 31/12/2019 Total 67,380 |
| Increases | Increases Bonds 2,531 | Increases Loans from financial 835 | Increases Other financial 3,235 | Increases Lease 479 | Increases Accrued 129 | Increases Total 7,209 |
| Decreases | Decreases Bonds (3,769) | Decreases Loans from financial (371) | Decreases Other financial (2,293) | Decreases Lease (719) | Decreases Accrued (215) | Decreases Total (7,367) |
| Translation adjustments | Translation adjustments Bonds (440) | Translation adjustments Loans from financial (119) | Translation adjustments Other financial (210) | Translation adjustments Lease (44) | Translation adjustments Accrued (6) | Translation adjustments Total (819) |
| Changes in scope of consolidation | Changes in scope of consolidation Bonds (18) | Changes in scope of consolidation Loans from financial (206) | Changes in scope of consolidation Other financial (19) | Changes in scope of consolidation Lease (20) | Changes in scope of consolidation Accrued (2) | Changes in scope of consolidation Total (265) |
| Changes in fair value | Changes in fair value Bonds (554) | Changes in fair value Loans from financial 3 | Changes in fair value Other financial (81) | Changes in fair value Lease - | Changes in fair value Accrued - | Changes in fair value Total (632) |
| Other changes | Other changes Bonds (2) | Other changes Loans from financial 16 | Other changes Other financial (13) | Other changes Lease 101 | Other changes Accrued (17) | Other changes Total 85 |
| BALANCES AT 31/12/2020 | BALANCES AT 31/12/2020 Bonds 50,196 | BALANCES AT 31/12/2020 Loans from financial 3,297 | BALANCES AT 31/12/2020 Other financial 6,571 | BALANCES AT 31/12/2020 Lease 4,307 | BALANCES AT 31/12/2020 Accrued 1,220 | BALANCES AT 31/12/2020 Total 65,591 |
