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 leveraging,
- diversified financing sources adapted to the Group’s financial profile
- bank financing (mainly a €750 million multi- currency syndicated credit facility undrawn at December 31, 2020
- market financing via bond issues with a large investor base (see further below),
- a good level of liquidity and sustainable financial resources.
Net debt
Net debt as at June 30, 2020 is as follows:
| (in millions of euros) | 31/12/2020 |
| Cash and cash equivalents | 2,828 |
| Cash management assets | 338 |
| Bonds* | -7,698 |
| Other debts | -372 |
| Derivative instruments | – |
|
|
|
| Net debt | -4,904 |
| * at amortized cost, including accrued interest. | |
Financial rating
The credit rating attributed by the rating agency Standard & Poor’s as at March 24, 2020, was BBB, with stable outlook.
Bonds
Outstanding bonds issued by the Group are:
| ISIN | Bond issue (settlement) |
Maturity | Amount (nominal) | Coupon (nominal rate) |
| FR0012821940 | 01/07/2015 | 01/07/2023 | 1,000 | 2.500% |
| FR0013218138 | 09/11/2016 | 09/11/2021 | 500 | 0.500% |
| FR0013327962 | 18/04/2018 | 18/10/2024 | 600 | 1.000% |
| FR0013327988 | 18/04/2018 | 18/04/2028 | 500 | 1.750% |
| FR0013507837 | 15/04/2020 | 15/04/2022 | 500 | 1.250% |
| FR0013507852 | 15/04/2020 | 15/04/2026 | 800 | 1.625% |
| FR0013507860 | 15/04/2020 | 15/04/2029 | 1,000 | 2.000% |
| FR0013507878 | 15/04/2020 | 15/04/2032 | 1,200 | 2.375% |
| FR0013519048 | 23/06/2020 | 23/06/2025 | 800 | 0.625% |
| FR0013519071 | 23/06/2020 | 23/06/2030 | 800 | 1.125% |