6 . NOTE 13. Non-current assets held under finance leases € millions Balance sheet captions Non-current assets under finance leases at 31.12.2021 Balance sheet including assets under finance leases Cost on initial recognition (1) Depreciation and amortisation (2) Net value Gross value Depreciation Net value Period Accumulated Land and buildings - - - - TOTAL AT 31.12.2021 - - - - 850.6 -457.0 393.6 Total at 31.12.2020 - - - - 808.6 -432.4 376.2 Total at 31.12.2019 - - - - 747.9 -409.3 338.6 (1) Value of the assets on the date the leases were signed. (2) Depreciation charge for the year and accumulated depreciation that would have been recognised for these assets had they been purchased outright – Depreciation method on a straight-line basis over 20 years. The finance lease option was exercised on 30 June 2019. € millions Balance sheet captions Finance lease commitments Lease payments made Lease payments outstanding at year-end Residual purchase price under the lease Period Accumulat ed Less than 1 year 1  to 5 years More than 5 years Total payable Land and buildings - - - - - TOTAL AT 31.12.2021 - - - - - - - Total at 31.12.2020 - - - - - - - Total at 31.12.2019 0.5 10.6 - - - - - The finance lease option was exercised on 30 June 2019. NOTE 14. Financial assets € millions 31.12.2019 31.12.2020 Allocation of technical merger losses (1) Acquisitions/ Subscriptions Disposals/ Reductions (2) Other movements (3) 31.12.2021 Investments 11,586.8 11,530.0 133.1 35.0 -65.9 -566.1 11,066.1 Loans and other receivables 48.7 39.0 - 27.7 -3.3 -29.8 33.6 L’Oréal shares (4) - - - 10,005.9 - -1,101.9 8,904.0 Other 4.4 4.8 - 1.9 -1.3 - 5.4 Gross value 11,639.9 11,573.8 133.1 10,070.5 -70.5 -1,697.8 20,009.1 Investments 1,005.2 1,085.0 - 135.4 -58.1 -425.9 736.4 Loans and other receivables 0.7 0.5 - 0.4 -0.5 - 0.4 Other 0.2 0.2 - - - - 0.2 Impairment 1,006.1 1,085.7 - 135.8 -58.6 -425.9 737.0 NET VALUE 10,633.8 10,488.1 133.1 9,934.7 -11.9 -1,271.9 19,272.1 (1) The allocation of technical merger losses stems from the universal transfer of the assets and liabilities of Magic Holdings International to L’Oréal S.A. (2) The amount of -€65.9  million corresponds to the disposal of Cosmeurop. (3) Other movements mainly relate to the universal transfer of the assets and liabilities of Magic Holdings International to L’Oréal S.A. and the capital reduction following the cancellation of treasury shares by L’Oréal S.A. (4) At its meeting of 20 April  2021, the Board of Directors approved the repurchase of L’Oréal shares for a maximum amount of €22,394.9 million. A total of 3,000,000 shares acquired under the buyback programme were cancelled in accordance with the decision of the Board of Directors on 29 July 2021. On 7 December 2021, the Board of Directors approved L’Oréal S.A.’s repurchase of its own shares from Nestlé for a total amount of €8,904.0  million. At the end of 2021, the total market value of the treasury shares amounted to €9,256.0 million based on the average share price in December and €9,281.3 million based on the closing share price on 31 December. The detailing subsidiaries and affiliates is presented at the end of the present notes. 358 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 PARENT COMPANY FINANCIAL STATEMENTS Notes to the financial statements of L’Oréal SA