Financing policy

Capgemini’s 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 leverage: over the past ten years Capgemini has striven to maintain at all times a limited level of net debt, including in the manner in which it finances its external growth;

• diversified financing sources adapted to the Group’s financial profile: Capgemini bases its financing around “bank” sources (mainly a €1,000 million multi‑currency syndicated credit facility undrawn at December 31, 2023) and “market” sources (bond issues totaling €5,700 million in principal at December 31, 2023 and a €1,250 million short‑term negotiable debt securities program, unused at December 31, 2023);

• a good level of liquidity and sustainable financial resources, which means:
  • maintaining an adequate level of liquidity on the balance sheet (€3,697 million at December 31, 2023), supplemented mainly by a €1,000 million multi‑currency syndicated credit facility secured on February 9, 2021 and maturing on February 7, 2028,
  • borrowings with maturities up to 2032, with only a limited portion falling due within 12 months (borrowings contractual cash flows due within less than one year), representing only 11% of total borrowings contractual cash flows at December 31, 2023.

Net debt

Net debt as at December 31, 2023 is as follows:

Financial rating

The credit rating attributed by the financial rating agency Standard & Poor’s since May 17, 2023, is BBB+, with stable outlook.

Bonds

Outstanding bonds issued by the Group are: