Universal Registration Document 2022

Introduction

31.1 Breakdown of loans by currency, before and after hedging instruments

  Debt structure in balance sheet Impact of hedging instruments Debt structure in balance sheet after hedging
(in millions of euros) Non-Euro In Euros % non- Euro % of debt Non-Euro In Euros Non-Euro In Euros % non- Euro % of debt
TOTAL I - EUROS   55,993   65   22,572   78,565 100 92
CHF 550 559 2 1 (550) (559) - - - -
GBP 6,985 7,875 26 9 (2,600) (2,931) 4,385 4,944 68 6
HKD 2,416 291 1 - (2,416) (291) - - - -
JPY 213,569 1,521 5 2 (175,000) (1,244) 38,569 277 4 -
NOK 1,000 95 - - (1,000) (95) - - - -
USD 20,815 19,515 66 23 (18,615) (17,452) 2,200 2,063 28 2
TOTAL II - NON-EURO CURRENCIES   29,856 100 35   (22,572)   7,284 100 8
TOTAL I+II   85,849   100   -   85,849   100

The nominal value of hedging instruments included in off-balance sheet commitments (see note 33.1) has no effect on loans presented in the balance sheet.

31.2 Breakdown of loans by type of interest rate before and after hedging

  Debt structure in balance sheet Impact of hedging instruments Debt structure in balance sheet after hedging
(in millions of euros) Total % 31/12/2022 % 31/12/2021 Total Total % 31/12/2022 % 31/12/2021
Long-term borrowings and EMTN 49,950     (21,932) 28,018    
Short-term borrowings 13,338       13,338    
Borrowings at fixed rate 63,288 74 99 (21,932) 41,356 49 70
Long-term borrowings and EMTN 15,739     21,932 37,671    
Short-term borrowings 6,822       6,822    
Borrowings at floating rate 22,561 26 1 21,932 44,493 51 30
TOTAL 85,849 100 100 - 85,849 100 100

Note 32 Unrealised foreign exchange gains

Unrealised foreign exchange gains at 31 December 2022 amount to €575 million (€260 million at 31 December 2021), of which €128 million concern a bond in pounds sterling that is entirely hedged by cross-currency swaps and €301 million concern bonds in US dollars that are entirely hedged by cross-currency swaps.