Saint-Gobain // Universal Registration Document 2021

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Financial and accounting information 2021 Consolidated Financial Statements

Financing programs 10.3.6 The Group has a number of medium- and long-term financing programs (Medium-Term Notes) and short-term financing programs (Commercial Paper). At December 31, 2021, the state of these programs is as follows:

Authorized limits at Dec. 31, 2021

Balance outstanding at Dec. 31, 2021

Balance outstanding at Dec. 31, 2020

Authorized drawings

(in EUR millions)

Medium-Term Notes

any duration

15,000 4,000

9,649

11,149

NEU CP

up to 12 months up to 12 months up to 12 months

0 0 0

0 0 0

US Commercial Paper Euro Commercial Paper

883* 883*

Equivalent of USD 1,000 million based on the exchange rate at December 31, 2021. *

In accordance with market practices, Negotiable European Commercial Paper (NEU CP), US Commercial Paper and Euro Commercial Paper are generally issued with maturities of one to six months. They are treated as variable-rate debt since they are rolled over at frequent intervals.

Syndicated lines of credit 10.3.7 Compagnie de Saint-Gobain has two syndicated lines of credit that are intended to provide a secure source of financing for the Group (including as additional backing for its NEU CP, US Commercial Paper and Euro Commercial Paper programs): a €2.5 billion syndicated line of credit, maturing in ■ December 2024 after the exercise of the two one-year rollover options; a second €1.5 billion syndicated line of credit, also ■ maturing in December 2024 after the exercise of the two one-year rollover options. Based on the Group’s current credit rating for long-term debt, the two facilities are not subject to any covenants. Neither of these two lines of credit was drawn down at December 31, 2021. Receivables securitization programs 10.3.8 The Group has set up two receivables securitization programs, one through its French subsidiary Point.P Finances GIE, and the other through its US subsidiary, Saint-Gobain Receivables Corporation. The French program, covering an amount of up to €500 million, represented €500 million at both December 31, 2021 and December 31, 2020.

Based on observed seasonal fluctuations in receivables included in the program and on the contract’s features, €280 million of this amount is classified as non-current and the remaining balance as current. Under the US program, covering a maximum of up to USD 400 million, a total of USD 298 million had been drawn down at December 31, 2021. Its value amounts to an equivalent in euros of €263 million compared to €144 million at December 31, 2020. Collateral 10.3.9 At December 31, 2021, €2 million of Group debt is secured by various non-current assets (real estate and securities). Factoring 10.3.10 The Group has set up several trade receivables factoring programs. Based on an analysis of the risks and rewards as defined by IFRS 9, the Group has derecognized virtually all of the receivables sold under these programs. In all, €492 million in factored receivables were derecognized at December 31, 2021, compared to €368 million at December 31, 2020. IBOR reform 10.3.11 The Group analyzed the impact of the reform of interbank offered rates (IBOR) on its financial instruments. No significant impact was identified for the instruments used. However, certain contracts were revised and information systems are being adapted accordingly.

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