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 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
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 |
| Bonds* | -3,267 |
| Other debts | -3 |
| Derivative instruments | 7 |
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| Net debt | -600 |
| * 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) |
| FR0012821932 | 01/07/2015 | 01/07/2020 | 676 | 1.750% |
| 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% |