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Debt, Cash and Cash Equivalents | 6 Months Ended
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Jun. 30, 2023
Cash and cash equivalents [abstract] |
Debt, Cash and Cash Equivalents |
B.9. DEBT, CASH AND CASH EQUIVALENTS
Changes in financial position during the period were as follows:
(€ million) | June 30, 2023 | December 31, 2022
Long-term debt | 14,241 |  | 14,857 |
Short-term debt and current portion of long-term debt | 4,694 |  | 4,174 |
Interest rate and currency derivatives used to manage debt | 205 |  | 187 |
Total debt | 19,140 |  | 19,218 |
Cash and cash equivalents | (7,993) |  | (12,736) |
Interest rate and currency derivatives used to manage cash and cash equivalents | 36 |  | (45) |
Net debt (a) | 11,183 |  | 6,437 |
(a)Net debt does not include lease liabilities, which amounted to €2,092 million as of June 30, 2023 and €2,181 million as of December 31, 2022. “Net debt” is a financial indicator used by management and investors to measure Sanofi’s overall net indebtedness.
B.9.1. NET DEBT AT VALUE ON REDEMPTION
A reconciliation of the carrying amount of net debt in the balance sheet to value on redemption as of June 30, 2023 is shown below:
(€ million) |  |  |  | Value on redemption
Carrying amount at June 30, 2023 | Amortized cost | Adjustment to debt measured at fair value | June 30, 2023 | December 31, 2022
Long-term debt | 14,241 |  | 45 |  | 228 |  | 14,514 |  | 15,143 |
Short-term debt and current portion of long-term debt | 4,694 |  |  |  | 4,694 |  | 4,178 |
Interest rate and currency derivatives used to manage debt | 205 |  |  | (239) |  | (34) |  | (48) |
Total debt | 19,140 |  | 45 |  | (11) |  | 19,174 |  | 19,273 |
Cash and cash equivalents | (7,993) |  |  |  | (7,993) |  | (12,736) |
Interest rate and currency derivatives used to manage cash and cash equivalents | 36 |  |  |  | 36 |  | (45) |
Net debt (a) | 11,183 |  | 45 |  | (11) |  | 11,217 |  | 6,492 |
(a)Net debt does not include lease liabilities, which amounted to €2,092 million as of June 30, 2023 and €2,181 million as of December 31, 2022. The table below shows an analysis of net debt by type, at value on redemption:
(€ million) | June 30, 2023 |  | December 31, 2022
non-current | current | Total |  | non-current | current | Total
Bond issues | 14,426 |  | 1,686 |  |  | 16,112 |  |  | 15,044 |  | 3,817 |  | 18,861 |
Other bank borrowings | 88 |  | 2,838 |  | (a) | 2,926 |  |  | 99 |  | 187 |  | 286 |
Other borrowings |  | 3 |  |  | 3 |  |  | — |  | 6 |  | 6 |
Bank credit balances |  | 167 |  |  | 167 |  |  | — |  | 168 |  | 168 |
Interest rate and currency derivatives used to manage debt |  | (34) |  |  | (34) |  |  | — |  | (48) |  | (48) |
Total debt | 14,514 |  | 4,660 |  |  | 19,174 |  |  | 15,143 |  | 4,130 |  | 19,273 |
Cash and cash equivalents |  | (7,993) |  |  | (7,993) |  |  | — |  | (12,736) |  | (12,736) |
Interest rate and currency derivatives used to manage cash and cash equivalents |  | 36 |  |  | 36 |  |  | — |  | (45) |  | (45) |
Net debt | 14,514 |  | (3,297) |  |  | 11,217 |  |  | 15,143 |  | (8,651) |  | 6,492 |
(a) As of June 30, 2023, current other bank borrowings include €2,630 million related to the US commercial paper program and €90 million related to Negotiable European Commercial Paper program in France. Principal financing and debt reduction transactions during the period Sanofi did not carry out any bond issues in the first half of 2023. Two bond issues were redeemed during the first half of 2023: i. a March 2018 fixed-rate bond issue of €1.75 billion, which matured on March 21, 2023; and ii. a June 2018 fixed-rate bond issue of $1 billion, which matured on June 19, 2023. Sanofi had the following arrangements in place as of June 30, 2023 to manage its liquidity in connection with current operations: i. a syndicated credit facility of €4 billion, drawable in euros and US dollars and expiring in December 2027, for which no further extension options are available; and ii. a new syndicated credit facility of €4 billion expiring in March 2028, with two extension options of one year each. This new facility, effective from March 8, 2023, replaced an existing €4 billion facility that was canceled on the same day. As of June 30, 2023, neither facility was drawn down. Sanofi also has a €6 billion Negotiable European Commercial Paper program in France, and a $10 billion Commercial Paper program in the United States. During the first half of 2023, the average drawdown under the US Commercial Paper program was $2.0 billion, and the average drawdown under the Negotiable European Commercial Paper program in France was €39.0 million. The financing in place as of June 30, 2023 at the level of the holding company (which manages most of Sanofi’s financing needs centrally) is not subject to any financial covenants, and contains no clauses linking credit spreads or fees to the credit rating.
B.9.2. MARKET VALUE OF NET DEBT
The market value of Sanofi’s debt, net of cash and cash equivalents and derivatives and excluding accrued interest, is as follows:
(€ million) | June 30, 2023 | December 31, 2022
Market value | 10,105 |  | 5,227 |
Value on redemption | 11,217 |  | 6,492 |

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