5 _407 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 21. CURRENT FINANCIAL ASSETS The carrying amount of current financial assets is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Loans and deposits 192 214 Cash management financial assets (note 26) 285 285 Derivative instruments (note 16.1) 35 153 CURRENT FINANCIAL ASSETS 512 652 Although cash management financial assets are highly liquid and have very limited exposure to interest rate risk they do not strictly fulfill the criteria for classification as cash and cash equivalents (note 3.21). Cash management financial assets are measured at amortized cost (note 3.18). Loans and deposits include collateral exchanged with financial institutions of €43 million (2022: €57 million) that is not freely available. Note 22. OTHER CURRENT ASSETS The carrying amount of other current assets is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Prepayments to suppliers 128 161 Income tax payable 295 347 Other taxes receivable 539 494 Other 384 324 Impairment (1) (11) OTHER CURRENT ASSETS 1,345 1,315 Other taxes receivable mainly concern VAT. Note 23. CASH AND CASH EQUIVALENTS The carrying amount of cash and cash equivalents is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Money-market funds 911 1,149 Bank deposits subject to up to a three-month notice period 1,233 991 Cash at bank and in hand 371 444 CASH AND CASH EQUIVALENTS 2,515 2,584 The average effective interest rate on cash and cash equivalents was 4.01% in 2023 (2022: 0.27%). Cash and cash equivalents are mainly held in euros (2023 and 2022: 82%). Cash and cash equivalents include restricted cash of €159 million whose use is governed by prudential insurance regulations in Ireland (2022: €152 million).
RkJQdWJsaXNoZXIy NzMxNTcx