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 adapted to the Group’s financial profile
- bank financing (mainly a €750 million multi- currency syndicated credit facility undrawn at December 31, 2019 and a €4,400 million bridge facility put in place as part of the tender offer on Altran for €4,400 million undrawn at December 31, 2019) and
- market financing via bond issues with a large investor base (see further below),
- a good level of liquidity and sustainable financial resources.
Net debt as at December 31, 2019 (i.e. ex-Altran) is as follows:
|(in millions of euros)||31/12/2019|
|Cash and cash equivalents||2,450|
|Cash management assets||213|
|* at amortized cost, including accrued interest.|
The credit rating attributed by the rating agency Standard & Poor’s as at March 24, 2020, was BBB, with stable outlook.
As at December 31, 2019, outstanding bonds issued by the Group were :