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FINANCIAL INFORMATION
4.4 2016 Financial statements
4
248
Registration Document 2016 — Capgemini
Syndicated credit facility secured by Cap Gemini S.A.
multi-currency credit facility with a syndicate of 18 banks,
On January 13, 2011, Cap Gemini S.A. signed a €500 million
maturing on January 13, 2016.
by a maximum of two additional years.
extension options, exercisable at the end of the first and second
years, respectively, the maturity of the new facility will be extended
amount of €750 million, maturing on July 30, 2019. In the event of
exercise (subject to the approval of the banks) of two one-year
This facility was refinanced on July 30, 2014 with a group of
18 banks by a new multi-currency credit facility for an increased
The initial margin on the new credit facility was 0.45% (excluding
the fee on drawn amounts which varies according to the portion of
the facility drawn), compared with the margin of 0.75% applied
previously at the same credit-rating level. This margin may be
amounts equal to 35% of the margin.
adjusted upwards or downwards according to the credit rating of
Cap Gemini. The facility is also subject to a fee on undrawn
amounts is 0.1575%.
The margin applicable is now 0.45% and the fee on undrawn
have no impact on the availability of this credit facility.
An upgrade or downgrade in Cap Gemini’s credit rating would
ratios (as defined in IFRS) in respect of this credit facility:
Cap Gemini has agreed to comply with the following financial
the consolidated net debt to consolidated equity ratio must be
◗
less than one at all times;
must be equal to or greater than three at December 31 and
June 30 of each year (based on the 12 months then ended).
the interest coverage ratio (the extent to which consolidated net
◗
finance costs are covered by consolidated operating margin)
covenants also apply to Group subsidiaries. They include
The credit facility agreement also includes covenants restricting
Cap Gemini S.A.’s ability to carry out certain operations. These
committed to standard obligations, including an agreement to
maintain
pari passu
status.
restrictions primarily relating to pledging assets as collateral, asset
sales, mergers and similar transactions. Cap Gemini S.A. also
At December 31, 2016, this credit facility had not yet been drawn.
14. Maturity of payables at the year end
(in thousands of euros)
Gross amount One year or less
one year
More than
issues
2015-2018 Bond issue
■
500,000
500,000
2015-2020 Bond issue
■
1,250,000
1,250,000
2015-2023 Bond issue
■
1,000,000
1,000,000
2016-2021 Bond issue
■
500,000
500,000
Sub-total
3,250,000
-
3,250,000
Bank loans and borrowings
Bank overdrafts
■
167
167
-
Bank overdrafts (Group cash pooling arrangement)
■
1,335,860
1,335,860
-
Accrued interest
■
41,349
41,349
-
Sub-total
1,377,376
1,377,376
-
Group loans and borrowings
Loans
■
339,164
214,533
124,631
Group investments
■
247,434
247,434
-
Other payables
■
1,547,642
1,383,001
164,642
Sub-total
2,134,239
1,844,967
289,273
Accounts and notes payable
4,218
4,218
-
Tax and social security liabilities
2,692
2,692
-
Other payables
1,261
1,261
-
TOTAL
6,769,786
3,230,515
3,539,273
€1,333,777 thousand and subsidiary current accounts for tax consolidation purposes of €195,210 thousand.
Other Group payables mainly consist of subsidiary current account balances under the Group’s worldwide cash pooling arrangement of