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 €1.0 billion multi-currency syndicated credit facility undrawn at December 31, 2021);
- 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 December 31, 2021 is as follows:
| (in millions of euros) | 31/12/2021 |
| Cash and cash equivalents | 3,119 |
| Cash management assets | 385 |
| Bonds* | -6,708 |
| Other debts | -23 |
| Derivative instruments | 3 |
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|
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| Net debt | -3,224 |
| * at amortized cost, including accrued interest. | |
Financial rating
The credit rating attributed by the rating agency Standard & Poor’s as at February 18, 2022, was BBB, with positive 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% |
| FR0013327962 | 18/04/2018 | 18/10/2024 | 600 | 1.000% |
| FR0013519048 | 23/06/2020 | 23/06/2025 | 800 | 0.625% |
| FR0013507852 | 15/04/2020 | 15/04/2026 | 800 | 1.625% |
| FR0013327988 | 18/04/2018 | 18/04/2028 | 500 | 1.750% |
| FR0013507860 | 15/04/2020 | 15/04/2029 | 1,000 | 2.000% |
| FR0013519071 | 23/06/2020 | 23/06/2030 | 800 | 1.125% |
| FR0013507878 | 15/04/2020 | 15/04/2032 | 1,200 | 2.375% |