_410 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements Note 26. FINANCIAL LIABILITIES The carrying amount of financial liabilities is presented in the table below: (in € millions) December 31, 2023 December 31, 2022 Bonds 4,591 4,587 Loans from financial institutions and other 77 104 Derivative instruments 4 14 Non-current financial liabilities excluding leases 4,672 4,705 Non-current lease liabilities 738 690 Bonds - 554 Commercial paper 295 649 Loans from financial institutions and other 280 523 Derivative instruments 16 100 Current financial liabilities excluding leases 591 1,826 Current lease liabilities 241 233 FINANCIAL LIABILITIES 6,242 7,454 Group net debt is analyzed in the table below: (in € millions) December 31, 2023 December 31, 2022 Financial liabilities 6,242 7,454 Derivatives recognized as assets (note 16.1) (118) (208) Borrowing collaterals (note 32.3.2) (43) (57) Cash management financial assets (note 21) (285) (285) Cash and cash equivalents (note 23) (2,515) (2,584) NET DEBT 3,281 4,320 The fair value of non-current financial liabilities, calculated in accordance with note 3.6 “Fair value of financial instruments”, is presented in the table below: (in € millions) December 31, 2023 December 31, 2022 Bonds 4,122 3,843 Loans from financial institutions and other 77 104 Lease liabilities 665 610 Derivative instruments 4 14 FAIR VALUE OF NON-CURRENT FINANCIAL LIABILITIES 4,868 4,571
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