05 Financial performance 2024 consolidated financial statements The ineffectiveness recognized on derivatives qualifying as cash flow hedges, calculated as explained in note 17, is not material. 9.2 Cash and cash equivalents The carrying amount of cash and cash equivalents is analyzed in the table below: (in € millions) December 31, 2024 December 31, 2023 Money-market funds 2,675 911 Bank deposits subject to up to a three-month notice period 1,047 1,233 Cash at bank and in hand 214 371 CASH AND CASH EQUIVALENTS 3,936 2,515 The average effective interest rate on cash and cash equivalents was 4.00% in 2024 (2023: 4.01%). Cash and cash equivalents are mainly held in euros (2024: 93%, and 2023: 82%). Cash and cash equivalents include restricted cash of €199 million whose use is governed by prudential insurance regulations related to operations in Ireland (2023: €159 million). 9.3 Financial liabilities The carrying amount of financial liabilities is presented in the table below: (in € millions) December 31, 2024 December 31, 2023 Bonds 4,838 4,591 Loans from financial institutions and other 59 77 Derivative instruments 37 4 Non-current financial liabilities excluding leases 4,934 4,672 Non-current lease liabilities 872 738 Bonds 749 - Commercial paper 297 295 Loans from financial institutions and other 296 280 Derivative instruments 33 16 Current financial liabilities excluding leases 1,375 591 Current lease liabilities 258 241 FINANCIAL LIABILITIES 7,438 6,242 Group net debt is analyzed in the table below: (in € millions) December 31, 2024 December 31, 2023 Financial liabilities 7,438 6,242 Derivatives recognized as assets (note 17.1.1) (60) (118) Borrowing collaterals (note 16.3) (40) (43) Cash management financial assets (290) (285) Cash and cash equivalents (3,936) (2,515) NET DEBT 3,112 3,281 391 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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