In millions of Dollars | |||
Notes | 2022 | 2021 | |
Sales | 3 | ||
Cost of goods sold | ( | ( | |
Distribution expenses | ( | ( | |
Marketing and administration expenses | ( | ( | |
Royalties to affiliated company | 16 | ( | ( |
Other trading income | 4 | ||
Other trading expenses | 4 | ( | ( |
Trading operating profit | 3 | ||
Other operating income | 4 | ||
Other operating expenses | 4 | ( | ( |
Operating profit | |||
Financial income | 5 | ||
Financial expense | 5 | ( | ( |
Profit before taxes and associates | |||
Taxes | 13 | ( | |
Loss from associates | 14 | ( | |
Profit for the year | |||
of which attributable to non-controlling interests | ( | ||
of which attributable to shareholders of the parent (Net profit) |
In millions of Dollars | |||
Notes | 2022 | 2021 | |
Profit for the year recognized in the income statement | |||
Changes in cash flow hedge and cost of hedge reserves, net of taxes | ( | ||
Items that are or may be reclassified subsequently to the income statement | ( | ||
Remeasurement of defined benefit plans, net of taxes | 10 | ||
Items that will never be reclassified to the income statement | |||
Other comprehensive income for the year | |||
Total comprehensive income for the year | |||
of which attributable to non-controlling interests | ( | ||
of which attributable to shareholders of the parent |
In millions of Dollars | |||
Notes | 2022 | 2021 | |
Assets | |||
Current assets | |||
Cash and cash equivalents | 12 | ||
Short-term investments | 12 | ||
Inventories | 6 | ||
Trade and other receivables | 7/12 | ||
Loans to parent and affiliates | 12/16 | ||
Prepayments | |||
Derivative assets | 12 | ||
Total current assets | |||
Non-current assets | |||
Property, plant and equipment | 8 | ||
Goodwill | 9 | ||
Intangible assets | 9 | ||
Investments in associates | 14 | ||
Financial assets | 12 | ||
Loans to parent and affiliates | 12/16 | ||
Employee benefits assets | 10 | ||
Total non-current assets | |||
Total assets |
In millions of Dollars | |||
Notes | 2022 | 2021 | |
Liabilities and equity | |||
Current liabilities | |||
Financial debt | 12 | ||
Derivative liabilities | 12 | ||
Trade and other payables | 7/12 | ||
Loans from affiliates | 12/16 | ||
Accruals | |||
Provisions | 11 | ||
Current income tax liabilities | |||
Total current liabilities | |||
Non-current liabilities | |||
Financial debt | 12 | ||
Derivative liabilities | 12 | — | |
Employee benefits liabilities | 10 | ||
Provisions | 11 | ||
Deferred tax liabilities | 13 | ||
Other payables | |||
Total non-current liabilities | |||
Total liabilities | |||
Equity | |||
Share capital, $ | |||
Additional paid-in capital | |||
Other reserves | ( | ( | |
Retained earnings | |||
Total equity attributable to shareholders of the parent | |||
Non-controlling interests | |||
Total equity | |||
Total liabilities and equity |
In millions of Dollars | |||
Notes | 2022 | 2021 | |
Operating activities | |||
Operating profit | 15 | ||
Depreciation and amortization | 15 | ||
Impairment | 15 | ||
Net result on disposal of businesses | 4 | ||
Other non-cash items of income and expense | ( | ||
Cash flow before changes in operating assets and liabilities | |||
Decrease/(increase) in working capital | 15 | ( | |
Variation of other operating assets and liabilities | 15 | ||
Cash generated from operations | |||
Interest paid | ( | ( | |
Interest received on loans to affiliates, net | |||
Taxes paid | ( | ( | |
Operating cash flow | |||
Investing activities | |||
Capital expenditure | ( | ( | |
Expenditure on intangible assets | 9 | ( | ( |
Acquisition of businesses, net of cash acquired | 2 | ( | ( |
Disposal of businesses, net of cash disposed of | 2 | ( | |
Investments in associates | ( | ( | |
Inflows/(outflows) from treasury investments | ( | ||
Other investing activities | |||
Investing cash flow | ( | ||
Financing activities | |||
Loans from/(to) parent and affiliates, net | 16 | ( | |
Acquisition of non-controlling interest | 2 | ( | |
Inflows from bonds and other long term financial debt | 12 | ||
Outflows from bonds, lease liabilities and other long term financial debt | 12 | ( | ( |
Outflows from short term financial debt | 12 | ( | ( |
Financing cash flow | ( | ||
Increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Cash and cash equivalents at end of year | 15 |
In millions of Dollars | |||||||
Total equity | |||||||
attributable | |||||||
Additional | to | Non- | |||||
paid-in | Other | Retained | shareholders | controlling | |||
Share capital | capital | reserves | earnings | of the parent | interests | Total equity | |
Equity as at January 1, 2021 | ( | ||||||
Profit for the year | ( | ||||||
Other comprehensive income for the year | — | — | |||||
Total comprehensive income/(loss) for the year | ( | ||||||
Distributions paid to non-controlling interests | — | — | — | — | — | ( | ( |
Other movements in equity for the period | — | — | — | — | — | — | — |
Changes in non-controlling interests | ( | ( | |||||
Capital distribution | ( | ( | ( | ||||
Equity as at December 31, 2021 | ( | ||||||
Equity as at January 1, 2022 | ( | ||||||
Profit for the year | — | ||||||
Other comprehensive income for the year | — | — | — | — | |||
Total comprehensive income for the year | — | ||||||
Distributions paid to non-controlling interests | — | — | — | — | — | — | — |
Other movements in equity for the period | — | — | — | — | |||
Changes in non-controlling interests | — | — | — | — | — | — | — |
Capital distribution | — | — | — | — | — | — | — |
Equity as at December 31, 2022 | ( |
In millions of Dollars | ||
2022 | 2021 | |
Total | Total | |
Inventories, prepaid inventories and other assets | — | 25 |
Property, plant and equipment | — | 22 |
Intangible assets | — | 310 |
Financial debt | — | (20) |
Other liabilities | — | (20) |
Deferred taxes | — | (3) |
Fair value of identifiable net assets | — | 314 |
(a) Related mainly to Essentia Water acquisition. |
In millions of Dollars | ||||
2022 | ||||
Brands | PetCare | Other | Total | |
Sales | 12 323 | 11 464 | 6 061 | 29 848 |
Underlying Trading operating profit | 1 384 | 1 056 | 26 | 2 466 |
Trading operating profit/(loss) | 1 239 | 973 | (145) | 2 067 |
Net other trading expenses (d) as per Note 4.1 | (145) | (84) | (170) | (399) |
Of which impairment of property, plant and equipment | (70) | (17) | (64) | (151) |
Of which restructuring costs | (17) | (31) | (4) | (52) |
Depreciation and amortization | (284) | (320) | (203) | (807) |
2021 | ||||
Brands | PetCare | Other | Total | |
Sales | 11 490 | 9 980 | 5 475 | 26 945 |
Underlying Trading operating profit | 648 | 633 | 14 | 1 295 |
Trading operating profit (loss) | 608 | 616 | (124) | 1 100 |
Net other trading expenses | (40) | (18) | (137) | (195) |
Of which impairment of property, plant and equipment | (10) | — | (65) | (75) |
Of which restructuring costs | (9) | — | (39) | (48) |
Depreciation and amortization | (266) | (300) | (205) | (771) |
In millions of Dollars | ||
2022 | 2021 | |
Underlying Trading operating profit (a) as per Note 3.1 | 2 466 | 1 295 |
Net other trading expenses as per Note 4.1 | (399) | (195) |
Trading operating profit as per Note 3.1 | 2 067 | 1 100 |
Net other operating expenses | (347) | (298) |
Operating profit | 1 720 | 802 |
Net financial expense | (114) | (174) |
Profit before taxes and associates | 1 606 | 628 |
In millions of Dollars | ||
2022 | 2021 | |
Invested capital as per Note 3.1 | 9 949 | 7 563 |
Liabilities included in invested capital | 5 957 | 7 058 |
Subtotal | 15 906 | 14 621 |
Intangible assets and goodwill as per Note 3.1 | 19 358 | 19 729 |
Other assets | 29 074 | 26 587 |
Total assets | 64 338 | 60 937 |
2022 | 2021 | ||
666 | 464 | ||
(761) | (621 | ||
(95) | (157) | ||
21 | 16 | ||
(40) | (33) | ||
(19) | (17) | ||
— | — | ||
(114) | (174) |
In millions of Dollars | ||
2022 | 2021 | |
Raw materials, work in progress and sundry supplies | 1 229 | 845 |
Finished goods | 2 561 | 2 261 |
Allowance for write-down to net realizable value | (80) | (50) |
Total | 3 710 | 3 056 |
In millions of Dollars | ||||||
2022 | 2021 | |||||
Gross carrying | Expected credit | Gross carrying | Expected credit | |||
amount | loss allowance | Total | amount | loss allowance | Total | |
Trade receivables (not credit impaired) | 2 517 | (10) | 2 507 | 2 415 | (7) | 2 408 |
Other receivables (not credit impaired) | 117 | — | 117 | 245 | — | 245 |
Credit impaired trade and other receivables | 4 | (1) | 3 | 2 | (1) | 1 |
Total | 2 638 | (11) | 2 627 | 2 662 | (8) | 2 654 |
In millions of Dollars | ||
2022 | 2021 | |
Due within one year | ||
Trade payables | 3 574 | 4 383 |
Other payables | — | 198 |
Total | 3 574 | 4 581 |
In millions of Dollars | ||
2022 | 2021 | |
Property, plant and equipment – owned | 8 629 | 7 407 |
Right-of-use assets – leased | 805 | 771 |
Total | 9 434 | 8 178 |
I | ||||||||
In millions of Dollars | ||||
2022 | ||||
Land and | ||||
buildings | Vehicles | Other | Total | |
Net carrying amount | ||||
At January 1, 2022 | 721 | 21 | 29 | 771 |
Additions | 273 | 23 | 35 | 331 |
Depreciation | (112) | (13) | (15) | (140) |
Impairments, net | (25) | — | — | (25) |
Classification to/from held for sale and change of scope of consolidation, net | — | — | — | — |
Derecognition of sub-leased right-of-use assets and others | (129) | (3) | — | (132 |
At December 31, 2022 | 728 | 28 | 49 | 805 |
2021 | ||||
Land and | ||||
buildings | Vehicles | Other | Total | |
Net carrying amount | ||||
At January 1, 2021 | 609 | 28 | 28 | 665 |
Additions | 126 | 7 | 17 | 150 |
Depreciation | (101) | (14) | (17) | (132 |
Impairments | (62) | — | — | (62 |
Classification to/from held for sale and change of scope of consolidation, net | 149 | — | 1 | 150 |
At December 31, 2021 | 721 | 21 | 29 | 771 |
I | ||
2021 | ||
Goodwill | Intangible assets | |
Net carrying amount | ||
At January 1, 2021 | 15 209 | 4 572 |
Expenditure | — | 79 |
Acquisitions through business combinations | 395 | 423 |
Amortization | — | (68) |
Impairments | (494) | — |
Disposals | — | (387) |
At December 31, 2021 | 15 110 | 4 619 |
of which indefinite useful life | — | 4 198 |
At December 31, 2021 | ||
Gross value | 19 063 | 5 753 |
Accumulated amortization and impairments | (3 953) | (1 134) |
(a) Includes intangible assets received from common control business combinations. See Note 16. | ||
(b) Mainly related to Freshly (refer to Note 9.1.1). | ||
(c) Includes the sale of a trademark to a Nestlé Group affiliate. See Note 16. | ||
(d) Of which $4 195 million (2021: $4 195 million) are perpetual rights to market, sell and distribute certain consumer and foodservice products from Starbucks Corporation globally. |
2021 | |
Freshly | |
Key assumptions | |
Sales growth | Low double digit |
Margin evolution | Moderate improvement |
Terminal growth rate | 3.0% |
Discount rate | 8.5% |
Financial impact (in millions) | |
Impairment | 494 |
Recoverable amount after impairment | 311 |
Average | ||||||||
Goodwill | IAIUL | Period of | annual | Annual | Terminal | |||
carrying | carrying | cash flow | sales | margin | growth | Discount | ||
2022 | CGU | amount (a) | amount (a) | projections | growth | evolution | rate | rate |
PetCare | 8 814 | — | 5 years | 6.7% | Stable | 2.0% | 5.9% | |
Food | 3 059 | — | 5 years | 3.8% | Stable | 2.0% | 5.9% | |
Beverages | 1 133 | 4 195 | 5 years | 3.1% | Stable | 2.0% | 5.9% | |
Subtotal | 13 006 | 4 195 | ||||||
Other CGUs | 1 767 | 3 | ||||||
Total Goodwill | 14 773 | 4 198 | ||||||
2021 | CGU | |||||||
PetCare | 8 814 | — | 5 years | 5.1% | Improvement | 1.5% | 5.4% | |
Food | 3 059 | — | 5 years | 3.8% | Stable | 1.5% | 5.4% | |
Beverages | 1 134 | 4 195 | 5 years | 2.6% | Improvement | 1.5% | 5.4 | |
Subtotal | 13 007 | 4 195 | ||||||
Other CGUs | 2 103 | 3 | ||||||
Total Goodwill | 15 110 | 4 198 |
In millions of Dollars | ||||||
2022 | 2021 | |||||
Post | Post | |||||
employment | employment | |||||
medical benefits | medical benefits | |||||
Defined benefit | and other | Defined benefit | and other | |||
retirement plans | benefits | Total | retirement plans | benefits | Total | |
At January 1 | 4 679 | 582 | 5 261 | 4 963 | 630 | 5 593 |
of which funded defined benefit plans | 4 147 | — | 4 147 | 4 398 | — | 4 398 |
of which unfunded defined benefit | ||||||
plans | 532 | 582 | 1 114 | 565 | 630 | 1 195 |
Service cost | 153 | 9 | 162 | 176 | 10 | 186 |
of which current service cost | 147 | 9 | 156 | 169 | 10 | 179 |
of which past service cost and losses | ||||||
arising from settlements | 6 | — | 6 | 7 | — | 7 |
Interest expense | 125 | 14 | 139 | 115 | 13 | 128 |
Actuarial losses | (940) | (105) | (1 045) | (147) | (34) | (181) |
Benefits paid on funded defined benefit | ||||||
plans | (1 194) | — | (1 194) | (366) | — | (366) |
Benefits paid on unfunded defined benefit | ||||||
plans | (56) | (34) | (90) | (65) | (37) | (102) |
Plan mergers | 3 | — | 3 | 3 | — | 3 |
At December 31 | 2 770 | 466 | 3 236 | 4 679 | 582 | 5 261 |
of which funded defined benefit plans | 2 344 | — | 2 344 | 4 147 | — | 4 147 |
of which unfunded defined benefit | ||||||
plans | 426 | 466 | 892 | 532 | 582 | 1 114 |
(a) Including the buyout transaction as described in Note 10.2, section Pensions and retirement benefits. |
In millions of Dollars | ||
2022 | 2021 | |
Defined benefit | Defined benefit | |
retirement plans | retirement plans | |
At January 1 | 4 348 | 4 577 |
Interest income | 118 | 109 |
Actual return on plan assets, excluding interest income | (983) | 29 |
Employer contributions | 118 | 64 |
Benefits paid on funded/unfunded defined benefit plans | (1 249) | (431) |
At December 31 | 2 352 | 4 348 |
(a) Including the buyout transaction as described in Note 10.2, section Pensions and retirement benefits. |
In millions of Dollars | ||
2022 | 2021 | |
December 31: | ||
Equities | 14% | 23% |
Debts | 63% | 63% |
of which government debts | 38% | 36% |
of which corporate debts | 25% | 27% |
Alternative investments (b) | 23% | 14% |
In millions of Dollars | ||||||
2022 | 2021 | |||||
Post | Post | |||||
employment | employment | |||||
medical benefits | medical benefits | |||||
Defined benefit | and other | Defined benefit | and other | |||
retirement plans | benefits | Total | retirement plans | benefits | Total | |
Service cost | 153 | 9 | 162 | 169 | 10 | 179 |
Net interest expense | 5 | 14 | 19 | 5 | 12 | 17 |
Administration expenses | 16 | — | 16 | 12 | — | 12 |
Defined benefit expenses | 174 | 23 | 197 | 186 | 22 | 208 |
Defined contribution expenses | 129 | 120 | ||||
Total | 326 | 328 |
In millions of Dollars | ||||||
2022 | 2021 | |||||
Post | Post | |||||
employment | employment | |||||
medical benefits | medical benefits | |||||
Defined benefit | and other | Defined benefit | and other | |||
retirement plans | benefits | Total | retirement plans | benefits | Total | |
Actual return on plan assets, excluding | ||||||
interest income | (983) | — | (983) | 29 | — | 29 |
Experience adjustments on plan liabilities | (50) | 4 | (46) | (65) | 9 | (56) |
Change in demographic assumptions on plan liabilities | 11 | 2 | 13 | — | — | — |
Change in financial assumptions on plan | ||||||
liabilities | 979 | 99 | 1 078 | 212 | 25 | 237 |
Remeasurement of defined benefit plans | ||||||
- actuarial gains/(losses) | (43) | 105 | 62 | 176 | 34 | 210 |
In millions of Dollars | ||
2022 | 2021 | |
Discount rates | 5.4% | 2.8% |
Expected rates of salary increases | 4.0% | 3.5% |
Medical cost trend rates | 4.5% - 6.5% | 4.5%-6.0% |
Expressed in years | ||||
Life expectancy at age 65 for a male | Life expectancy at age 65 for a female | |||
member currently aged 65 | member currently aged 65 | |||
2022 | 2021 | 2022 | 2021 | |
Mortality table | ||||
Pri-2012 | 20.6 | 20.9 | 22.6 | 22.9 |
In millions of Dollars | ||
2022 | 2021 | |
As reported | 3 236 | 5 261 |
Discount rates | ||
Increase of 50 basis points | 3 093 | 4 974 |
Decrease of 50 basis points | 3 395 | 5 581 |
Expected rates of salary increases | ||
Increase of 50 basis points | 3 284 | 5 300 |
Decrease of 50 basis points | 3 212 | 5 227 |
Medical cost trend rates | ||
Increase of 50 basis points | 3 238 | 5 263 |
Decrease of 50 basis points | 3 234 | 5 259 |
Mortality assumption | ||
Setting forward the tables by 1 year | 3 196 | 5 153 |
Setting back the tables by 1 year | 3 276 | 5 354 |
In millions of Dollars | ||||||||
2022 | 2021 | |||||||
At fair | At fair value | At fair | At fair value | |||||
At | value | to Other | At | value | to Other | |||
amortized | to income | comprehensive | Total | amortized | to income | comprehensive | Total | |
Classes | cost | statement | income | categories | cost | statement | income | categories |
Cash at bank and in hand | 412 | — | — | 412 | 493 | — | — | 493 |
Bonds and debt funds | — | 337 | — | 337 | — | 3 557 | 93 | 3 650 |
Equity and equity funds | — | 176 | 96 | 272 | — | 255 | 3 | 258 |
Other financial assets | 182 | 587 | 5 | 774 | 53 | 595 | 6 | 654 |
Liquid assets (b) and non-current | ||||||||
financial assets | 594 | 1 100 | 101 | 1 795 | 546 | 4 407 | 102 | 5 055 |
Trade and other receivables | 2 627 | — | — | 2 627 | 2 654 | — | — | 2 654 |
Loans to parent and affiliates | 27 297 | — | — | 27 297 | 21 947 | — | — | 21 947 |
Derivative assets | — | 25 | — | 25 | — | 42 | — | 42 |
Total financial assets | 30 518 | 1 125 | 101 | 31 744 | 25 147 | 4 449 | 102 | 29 698 |
— | ||||||||
Trade and other payables | (3 584) | — | — | (3 584) | (4 597) | (25) | — | (4 622) |
Financial debt | (28 151) | — | — | (28 151) | (25 093) | — | — | (25 093) |
Loans from affiliates | (2 565) | — | — | (2 565) | (3 068) | — | — | (3 068) |
Derivative liabilities | — | (535) | — | (535) | — | (126) | — | (126) |
Total financial liabilities | (34 300) | (535) | — | (34 835) | (32 758) | (151) | — | (32 909) |
— | ||||||||
Net financial position | (3 782) | 590 | 101 | (3 091) | (7 611) | 4 298 | 102 | (3 211) |
of which at fair value | — | 590 | 101 | 691 | — | 4 298 | 102 | 4 400 |
(a) Carrying amount of these instruments is a reasonable approximation of their fair value. For bonds included in financial debt, see | ||||||||
Note 12.1d. | ||||||||
(b) Liquid assets are composed of cash and cash equivalents and short-term investments. | ||||||||
(c) Include derivatives held in hedge relationships and those that are undesignated (categorized as held-for-trading), see Note | ||||||||
12.2d. |
In millions of Dollars | ||
2022 | 2021 | |
At January 1 | (25 219) | (22 928) |
Changes in fair values | 12 | 86 |
Changes arising from acquisition and disposal of businesses | 17 | (129) |
Increase in lease liabilities | (304) | (189) |
Inflows from bonds and other long term financial debt | (5 153) | (8 249) |
Outflows from bonds, lease liabilities and other long term financial debt | 1 974 | 3 048 |
Outflows from short term financial debt | 25 | 3 144 |
Other movements | — | (2) |
At December 31 | (28 648) | (25 219 |
of which current financial debt | 3 064 | (2 764) |
of which non-current financial debt | 25 087 | (22 329) |
of which derivatives hedging financial debt | 497 | (126) |
In millions of Dollars | ||||||
Effective | Years of issue/ | |||||
Comments | Coupon | interest rate | maturity | 2022 | 2021 | |
USD 800 | 2.38% | 2.55% | 2017-2022 | — | 799 | |
USD 650 | 2.38% | 2.50% | 2017-2022 | — | 650 | |
USD 300 | 2.25% | 2.35% | 2017-2022 | — | 300 | |
EUR 850 | (a) | 0.88% | 0.92% | 2017-2025 | 904 | 959 |
CHF 550 | (a) | 0.25% | 0.24% | 2017-2027 | 595 | 602 |
CHF 150 | (a) | 0.55% | 0.54% | 2017-2032 | 162 | 164 |
USD 600 | 3.13% | 3.28% | 2018-2023 | 600 | 599 | |
USD 1500 | (b) | 3.35% | 3.41% | 2018-2023 | 1 500 | 1 499 |
USD 900 | (b) | 3.50% | 3.59% | 2018-2025 | 898 | 897 |
USD 1250 | (b) | 3.63% | 3.72% | 2018-2028 | 1 244 | 1 243 |
USD 1250 | (b) | 3.90% | 4.01% | 2018-2038 | 1 233 | 1 233 |
USD 2100 | (b) | 4.00% | 4.11% | 2018-2048 | 2 062 | 2 062 |
USD 1150 | (b) | 0.38% | 0.49% | 2020-2024 | 1 149 | 1 147 |
USD 750 | (b) | 0.63% | 0.77% | 2020-2026 | 747 | 746 |
USD 1100 | (b) | 1.00% | 1.06% | 2020-2027 | 1 097 | 1 096 |
USD 1000 | (b) | 1.25% | 1.37% | 2020-2030 | 992 | 990 |
GBP 600 | (a) | 0.63% | 0.75% | 2021-2025 | 723 | 808 |
GBP 400 | (a) | 1.38% | 1.46% | 2021-2033 | 478 | 535 |
USD 300 | 1.13% | 1.19% | 2021-2026 | 299 | 299 | |
USD 1500 | (b) | 0.61% | 0.66% | 2021-2024 | 1 499 | 1 498 |
USD 1000 | (b) | 1.50% | 1.58% | 2021-2028 | 996 | 995 |
USD 1000 | (b) | 1.88% | 1.91% | 2021-2031 | 997 | 997 |
USD 500 | (b) | 2.50% | 2.55% | 2021-2041 | 497 | 496 |
USD 500 | (b) | 1.15% | 1.22% | 2021-2027 | 499 | 498 |
USD 500 | (b) | 2.63% | 2.69% | 2021-2051 | 493 | 493 |
CAD 2000 | (a) | 2.19% | 2.23% | 2021-2029 | 1 476 | 1 571 |
GBP 300 | (a) | 2.13% | 2.25% | 2022-2027 | 360 | — |
GBP 600 | (a) | 2.50% | 2.53% | 2022-2032 | 722 | — |
USD 750 | (b) | 4.00% | 4.07% | 2022-2025 | 749 | — |
USD 500 | (b) | 4.13% | 4.20% | 2022-2027 | 498 | — |
USD 500 | (b) | 4.25% | 4.31% | 2022-2029 | 498 | — |
USD 1250 | (b) | 4.30% | 4.38% | 2022-2032 | 1 242 | — |
USD 1000 | (b) | 4.70% | 4.76% | 2022-2053 | 990 | — |
Other Bonds | 98 | 179 | ||||
Total carrying amount | 26 297 | 23 355 | ||||
of which due within one year | 2 143 | 1 828 | ||||
of which due after one year | 24 154 | 21 527 | ||||
Fair value (*) of bonds, based on prices | ||||||
quoted (level 2) | 23 785 | 24 255 | ||||
(*) | Carrying amount and fair value of bonds exclude accrued interest. | |||||
(a) Subject to an interest rate and currency swap that creates a U.S. dollar asset or liability at fixed rates. | ||||||
(b) Sold in the United States only to qualified institutional buyers and outside the United States to non-US persons. |
In millions of Dollars | ||
2022 | 2021 | |
A- and above | 1 300 | 4 593 |
BBB+, BBB and BBB- | 64 | 76 |
BB+ and below | 13 | 19 |
Not rated | 1 031 | 409 |
2 408 | 5 097 |
In millions of Dollars | ||||||
2022 | ||||||
After | Contractual | Carrying | ||||
1st year | 2nd year | 3rd to 5th year | the 5th year | amount | amount | |
Trade and other payables | 3 584 | — | — | — | 3 584 | 3 584 |
Loan from affiliates | 2 565 | — | — | — | 2 565 | 2 565 |
Commercial paper | 547 | — | — | — | 547 | 547 |
Bonds | 2 788 | 3 224 | 8 956 | 18 852 | 33 820 | 26 297 |
Lease liabilities | 175 | 149 | 386 | 453 | 1 163 | 1 110 |
Other financial debt | 197 | — | — | — | 197 | 197 |
Other financial liabilities | — | — | — | — | — | — |
Total financial debt | 3 707 | 3 373 | 9 342 | 19 305 | 35 727 | 28 151 |
Financial liabilities (excluding derivatives) | 9 856 | 3 373 | 9 342 | 19 305 | 41 876 | 34 300 |
Non-currency derivative assets | 10 | — | — | — | 10 | 10 |
Non-currency derivative liabilities | (25) | (1) | — | — | (26) | (26) |
Gross amount receivable from currency | ||||||
derivatives | 107 | 77 | 2 792 | 2 878 | 5 854 | 4 865 |
Gross amount payable from currency | ||||||
derivatives | (164) | (136) | (3 107) | (3 207) | (6 614) | (5 359) |
Net derivatives | (72) | (60) | (315) | (329) | (776) | (510) |
of which derivatives under cash flow hedges | 72 | 60 | 315 | 329 | 776 | 510 |
2021 | ||||||
After | Contractual | Carrying | ||||
1st year | 2nd year | 3rd to 5th year | the 5th year | amount | amount | |
Trade and other payables | 4 581 | — | — | — | 4 581 | 4 581 |
Loan from affiliates | 3 068 | — | — | — | 3 068 | 3 068 |
Commercial paper | 512 | — | — | — | 512 | 512 |
Bonds | 2 316 | 2 596 | 7 487 | 16 449 | 28 848 | 23 355 |
Lease liabilities | 154 | 113 | 285 | 431 | 983 | 953 |
Other financial debt | 237 | — | — | — | 237 | 237 |
Other financial liabilities | 44 | 17 | — | — | 61 | 61 |
Total financial debt | 3 263 | 2 726 | 7 772 | 16 880 | 30 641 | 25 118 |
Financial liabilities (excluding derivatives) | 10 912 | 2 726 | 7 772 | 16 880 | 38 290 | 32 767 |
Non-currency derivative assets | (42) | — | — | — | (42) | (42) |
Non-currency derivative liabilities | — | — | — | — | — | — |
Gross amount receivable from currency | ||||||
derivatives | (36) | (16) | (1 806) | (773) | (2 631) | (2 595) |
Gross amount payable from currency | ||||||
derivatives | 79 | 59 | 1 956 | 770 | 2 864 | 2 721 |
Net derivatives | 1 | 43 | 150 | (3) | 191 | 84 |
of which derivatives under cash flow hedges | 3 | 42 | 150 | (3) | 192 | 84 |
In millions of Dollars | ||||||
2022 | 2021 | |||||
Contractual | Contractual | |||||
Fair value | Fair value | or notional | Fair value | Fair value | or notional | |
assets | liabilities | amounts | assets | liabilities | amounts | |
Cash flow hedges | ||||||
Currency risk on future purchases or sales | 3 | — | 30 | — | — | 20 |
Foreign currency and interest rate risk on net financial debt | 12 | 509 | 3 111 | — | 125 | 2 537 |
Commodity price risk on future purchases | 10 | 26 | 416 | 42 | 1 | 165 |
25 | 535 | 3 557 | 42 | 126 | 2 722 | |
Conditional offsets | ||||||
Derivative assets and liabilities | (2) | (2) | (3) | (80) | ||
Balances after conditional offsets | 23 | 533 | 39 | 46 | ||
(a) Represent amounts that would be offset in case of default, insolvency or bankruptcy of counterparties. |
In millions of Dollars | ||
2022 | 2021 | |
Current taxes | (296) | 223 |
Deferred taxes | (165) | (163) |
Total tax (expense)/benefit | (461) | 60 |
In millions of Dollars | ||
2022 | 2021 | |
Expected tax expense at average applicable tax rate | (413) | (157) |
Tax effect on non-deductible amortization and impairment of goodwill and other intangible assets | (78) | (125) |
Permanent differences on company-owned life insurance policies | (17) | 16 |
Tax effect of non-deductible or non-taxable items | 105 | 34 |
Prior years’ taxes | (5) | 275 |
Transfers from unrecognized deferred tax assets | (43) | 18 |
Other | (10) | (1) |
Tax (expense)/benefit at effective tax rate | (461) | 60 |
In millions of Dollars | ||
2022 | 2021 | |
Employee benefits | 366 | 450 |
Inventories, receivables, payables, accruals, and provisions | 222 | 176 |
Net operating losses | 20 | 22 |
Others | 10 | 10 |
Total deferred tax assets | 618 | 658 |
In millions of Dollars | ||
2022 | 2021 | |
Tangible fixed assets | 678 | 639 |
Goodwill and other intangible assets | 1 127 | 1 023 |
Financial instruments | 2 | 5 |
Others | 28 | 20 |
Total deferred tax liabilities | 1 835 | 1 687 |
In % and in millions of Dollars | ||||
Ownership interest | Net book value | |||
2022 | 2021 | 2022 | 2021 | |
GANADO SOLAR Holdings, LLC | 36% | — | — | — |
TE Taygete Energy Holdco LLC | 48% | 48% | — | 18 |
Total investments in associated companies | — | 18 |
In millions of Dollars | ||
2022 | 2021 | |
Profit for the year | 1 127 | 688 |
Loss from associates | 18 | — |
Taxes | 461 | (60) |
Financial income | (687) | (480) |
Financial expense | 801 | 654 |
Total | 1 720 | 802 |
In millions of Dollars | ||
2022 | 2021 | |
Depreciation of property, plant and equipment | 728 | 703 |
Impairment of property, plant and equipment | 151 | 75 |
Impairment of goodwill | 336 | 494 |
Amortization of intangible assets | 79 | 68 |
Net result on disposal of businesses | 7 | 24 |
Net result on disposal of assets | 20 | (2) |
Non-cash items in financial assets and liabilities | 40 | (453) |
Total | 1 361 | 909 |
In millions of Dollars | ||
2022 | 2021 | |
Inventories | (691) | (447) |
Trade and other receivables | 39 | (301) |
Prepayments and accrued income | 12 | (25) |
Trade and other payables | (799) | 1 345 |
Financial Assets | (6) | — |
Accruals | 109 | 10 |
Total | (1 336) | 582 |
In millions of Dollars | ||
2022 | 2021 | |
Variation of employee benefits and liabilities | (144) | 109 |
Variation of provisions | 74 | 26 |
Other | 126 | 127 |
Total | 56 | 262 |
In millions of Dollars | ||
2022 | 2021 | |
Salaries and other short-term employee benefits | 17 | 17 |
Share-based payments | 11 | 12 |
Post-employment benefits | 1 | 2 |
Total compensation | 29 | 31 |