Financial Statements 2021

4. Notes to the IFRS Company Financial Statements /

14. Cash, Securities and Financing Liabilities

14.1 Net Cash

31 December

2021

2020

(In € million)

Cash and cash equivalents

13,145 1,245 6,477 20,867

10,671 1,592 5,021 17,284 (1,156) (11,356)

Current securities

Non-current securities Gross cash position

(591)

Short-term financing liabilities Long-term financing liabilities

(10,328)

Total

9,948

4,772

The net cash position on 31 December 2021 amounted to €9,948 million (2020: €4,772 million), with a gross cash position of €20,867 million (2020: €17,284 million). 14.2 Cash and Cash Equivalents Cash and cash equivalents are composed of the following elements:

31 December

2021

2020

(In € million)

Bank account and petty cash

537

405

12,075

9,654

Short-term securities (at fair value through profit or loss) Short-term securities (at fair value through OCI)

533

512 100

Short-term investment (at amortised cost) Total cash and cash equivalents

0

13,145

10,671

Only securities with a maturity of three months or less from the date of the acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value are recognised in cash equivalents. The main variations are as follows: Cash provided by operating activities amounted to € -119 million in 2021. See IFRS Company Statement of Cash Flows for the years ended 31 December 2021 and 2020.

Cash used for investing activities amounted to € -1,317 million, mainly reflecting the net investment in securities €1,160 million euros. Cash used for financing activities amounted to €3,929 million and reflects the pre-payment of a US$1 billion bond issued on 9 April 2013 and the repayment of the exchangeable bonds convertible into Dassault Aviation shares for an amount of €1.0 billion. See “– Note 14.4: Financing Liabilities”.

14.3 Securities

31 December

2021

2020

(In € million)

Current securities at fair value through OCI Non-current securities at fair value through OCI

1,245 6,477 7,721

1,592 5,021 6,613

Total securities

The majority of the Company’s securities consists of debt securities and are classified at fair value through OCI (see “– Note 37.2: Carrying Amounts and Fair Values of Financial Instruments” of the Consolidated Financial Statements). The Company’s securities portfolio amounts to €7,721 million and € 6,613 million as of 31 December 2021 and 2020, respectively. The security portfolio contains a non-current portion of €6,477 million (2020: €5,021 million), and a current portion of €1,245 million (2020: €1,592 million).

Included in the securities portfolio as of 31 December 2021 and 2020, respectively, are corporate and government bonds bearing either fixed rate coupons (€7,497 million nominal value; 2020: € 6,357 million) or floating rate coupons (€ 50 million nominal value; 2020: €50 million). When the Company enters into securities lending or other financing activities that involve the pledging of securities as collateral, the securities pledged continue to be recognised on the balance sheet. As of 31 December 2021, securities for an amount of €0 million were pledged as collateral for borrowings from banks (2020: €99 million).

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Airbus / Financial Statements 2021