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PRESENTATION OF THE GROUP AND ITS ACTIVITIES
1.6 Investment and financing policies
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Registration Document 2016 — Capgemini
Investment and financing policies
1.6
Investment policy
1.6.1
In 2015, Capgemini acquired IGATE (33,000 employees and
revenues of $1.3 billion) for a total amount of $4 billion. With this
major acquisition, North America became the first region of the
Group.
acquisition of two companies, a Salesforce specialist in Germany
(Oinio) and a consulting firm specializing in high added value
innovation in North America (Fahrenheit 212).
In 2016, the Group focused on integrating IGATE and finalized the
In 2017, the Group wishes to continue strengthening its position in
North America as well as selectively in Europe, in high growth
technology sectors. The development of the technology portfolio
will also remain one of the priorities of the Group’s external growth
policy.
These acquisitions will be possible thanks to the Group’s very
solid financial position, which they should not compromise.
Financing policy and financial rating
1.6.2
The Cap Gemini S.A. 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: over the last ten years
◗
Capgemini Group has strived to maintain at all times a limited
level of net debt (or even a positive net cash position) including in
the manner in which it finances its external growth;
diversified financing sources adapted to the Group’s financial
◗
euro bond issues performed in July 2015 for €2,750 million;
euro bond issue performed in November 2016 for €500 million
(see Note 21 to the consolidated financial statements);
profile: Capgemini seeks to maintain a balance between bank
financing (including the syndicated credit line and the use of
leasing to finance IT equipment) and market financing: three
a good level of liquidity and sustainable financial resources,
◗
which means:
(€2,036 million at December 31, 2016), supplemented by a
€750 million multicurrency syndicated credit facility secured
on July 30, 2014 and maturing on July 27, 2021,
maintaining an adequate level of available funds
❚
12 months (contractual cash flows within less than one year;
see Note 21 to the consolidated financial statements)
representing just 4% of total contractual cash flows.
borrowings, with only a limited portion falling due within
❚
Financial rating
rating attributed by the rating agency Standard & Poor’s which as at February 28, 2017 is BBB (stable outlook).
The Group’s ability to access financial and banking markets and the cost of accessing such markets depend at least in part on the credit