At a glance
Net debt
End of June 2020: net debt of €7,732 million (gross debt of €23,612 million after derivatives minus €15,880 million cash and cash equivalents)
Net debt is a non GAAP measure
Gearing ratio: Debt, net of cash and cash equivalents, to total equity
| € million | 2019 | 2018 |
|---|---|---|
| Long-term debt | 20,131 | 22,007 |
| Short-term debt and current portion of long-term debt |
4,554 | 2,633 |
| Interest rate and currency derivatives used to hedge debt |
(117) | (54) |
| Total debt | 24,568 | 24,586 |
| Cash and cash equivalents |
(9,427) | (6,925) |
| Interest rate and currency derivatives used to manage cash and cash equivalents |
(34) | (33) |
| Net debt* | 15,107 | 17,628 |
| Total equity | 59,108 | 59,035 |
| Gearing ratio | 25.6% | 29.9% |
*With effect from January 1, 2019, the first-time application of IFRS 16 means that lease liabilities are not included in net debt.
Credit ratings
Credit ratings assess the credit worthiness of the Company and its ability to pay its debt.
Sanofi is followed by three credit rating agencies:
| MOODY’S | STANDARD & POOR’S |
SCOPE RATINGS | |
|---|---|---|---|
| ANALYST | Vincent Gusdorf | Marketa Horkova | Olaf Tolke |
| SHORT-TERM RATING | P-1 | A-1+ | S-1+ |
| LONG-TERM RATING | A1 | AA | AA |
| OUTLOOK | Stable | Stable | Stable |
| LAST UPDATE | June 3, 2020 | June 3, 2020 | September 9, 2020 |
Debt structure
Gross debt structure at value on redemption as of June 30, 2020
Public debt programs as of June 30, 2020
EMTN program: €25 billion
Implemented in March 10, 2020
Implemented in March 10, 2020
US SEC Shelf Registered program:
no specific size
Implemented in March 15, 2016
no specific size
Implemented in March 15, 2016
Negotiable European Commercial
Papers (NEU CP): €6 billion
Implemented on June 3, 2020
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004
Papers (NEU CP): €6 billion
Implemented on June 3, 2020
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004
Syndicated credit lines as of June 30, 2020
| SIZE | MATURITY |
|---|---|
| €4 billion | December 2020 |
| €4 billion | December 2021 |
Bonds as of June 30, 2020
Bonds Issued by Sanofi S.A
| Issuance date | Amount outstanding (million of local currency) |
Maturity | Coupon | ISIN | Program |
|---|---|---|---|---|---|
| March 29, 2011 | USD 2,000 | March 29, 2021 | 4.000% | US80105NAG07 | SEC Registered |
| Nov. 14, 2013 | EUR 1,000 | Nov. 14, 2023 | 2.500% | FR0011625433 | EMTN |
| Sept. 10, 2014 | EUR 1,000 | March 10, 2022 | 1.125% | FR0012146777 | EMTN |
| Sept. 10, 2014 | EUR 1,510 | Sept. 10, 2026 | 1.750% | FR0012146801 | EMTN |
| Sept. 22, 2015 | EUR 500 | March 22, 2021 | 0.875% | FR0012969020 | EMTN |
| Sept. 22, 2015 | EUR 750 | March 22, 2025 | 1.500% | FR0012969038 | EMTN |
| April 5, 2016 | EUR 600 | April 5, 2024 | 0.625% | FR0013143997 | EMTN |
| April 5, 2016 | EUR 700 | April 5, 2028 | 1.125% | FR0013144003 | EMTN |
| Sept. 13, 2016 | EUR 850 | Sept. 13, 2022 | 0.000% | FR0013201621 | EMTN |
| Sept. 13, 2016 | EUR 1,150 | Jan. 13, 2027 | 0.500% | FR0013201639 | EMTN |
| March 21, 2018 | EUR 1750 | March 21, 2023 | 0,500% | FR0013324332 | EMTN |
| March 21, 2018 | EUR 1500 | March 21, 2026 | 1,000% | FR0013324340 | EMTN |
| March 21, 2018 | EUR 2000 | March 21, 2030 | 1,375% | FR0013324357 | EMTN |
| March 21, 2018 | EUR 1250 | March 21, 2038 | 1,875% | FR0013324373 | EMTN |
| June 19, 2018 | USD 1000 | June 19, 2023 | 3,375% | US801060AC87 | SEC REGISTERED |
| June 19, 2018 | USD 1000 | June 19, 2028 | 3,625% | US801060AD60 | SEC REGISTERED |
| March 21, 2019 | EUR 850 | March 21, 2022 | 0.000% | FR0013409836 | EMTN |
| March 21, 2019 | EUR 650 | March 21, 2029 | 0.875% | FR0013409844 | EMTN |
| March 21, 2019 | EUR 500 | March 21, 2034 | 1.250% | FR0013409851 | EMTN |
| March 30, 2020 | EUR 1000 | April 4, 2030 | 1.500% | FR0013505112 | EMTN |
| March 30, 2020 | EUR 1000 | April 4, 2025 | 1.000% | FR0013505104 | EMTN |
- Private placements are not included in this list
- Before derivative instruments