Financing policy
The Capgemini financing policy is intended to provide the Group with adequate financial flexibility and is based on the following main criteria:
- a moderate use of debt leveraging,
- diversified financing sources maintaining a balance between
- bank financing and
- market financing via bond issues (see further below),
- a good level of liquidity and sustainable financial resources.
Net debt
Net debt as at December 31, 2017 is as follows:
| (in millions of euros) | 31/12/2017 |
| Cash and cash equivalents | 1,988 |
| Cash management assets | 168 |
| Bonds* | -3,264 |
| Other debts | -108 |
| Derivative instruments | 7 |
| Net debt | -1,209 |
| * at amortized cost, including accrued interest. | |
Financial rating
The credit rating attributed by the rating agency Standard & Poor’s as at March 1, 2018 was BBB with positive outlook.
Bonds
As at december 31, 2017, outstanding bonds issued by the Group were :
| ISIN | Bond issue (settlement) |
Maturity | Amount (nominal) | Coupon (nominal rate) |
| FR0012821924 | 01/07/2015 -> | 01/07/2018 | 500 | Euribor 3-month+0.85% |
| FR0012821932 | 01/07/2015 -> | 01/07/2020 | 1,250 | 1.75% |
| FR0012821940 | 01/07/2015 -> | 01/07/2023 | 1,000 | 2.50% |
| FR0013218138 | 09/11//2016 -> | 09/11/2021 | 500 | 0 .50% |