At a glance
Net debt
End of December 2018: net debt of €17,628 million (gross debt of €24,586 million after derivatives minus €6,958 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 | 2018 | 2017* | 2016* |
|---|---|---|---|
| Long-term debt | 22,007 | 14,326 | 16,815 |
| Short-term debt and current portion of long-term debt |
2,633 | 1,275 | 1,764 |
| Interest rate and currency derivatives used to hedge debt |
(54) | (133) | (70) |
| Total debt | 24,586 | 15,468 | 18,509 |
| Cash and cash equivalents |
(6,925) | (10,315) | (10,273) |
| Interest rate and currency derivatives used to hedge cash and cash equivalents |
(33) | 8 | (2) |
| Debt, net of cash and cash equivalents |
17,628 | 5,161 | 8,234 |
*Includes the effects of first-time application of IFRS 15 on revenue recognition
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 | Knut Slatten | Sabrine Boudella | Olaf Tolke |
| SHORT-TERM RATING | P-1 | A-1+ | S-1+ |
| LONG-TERM RATING | A1 | AA | AA |
| OUTLOOK | Stable | Negative | Stable |
| LAST UPDATE | September 17, 2018 | April 29, 2019 | October 18, 2018 |
Debt structure
Gross debt structure at value on redemption as of December 31, 2018
Financing instruments
Public debt programs as of December 31, 2018
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 7, 2018
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004
Papers (NEU CP): €6 billion
Implemented on June 7, 2018
U.S. Commercial Papers: $10 billion
Implemented in December 22, 2004
Syndicated credit lines as of December 31, 2018
| SIZE | MATURITY |
|---|---|
| €4 billion | December 2020 |
| €4 billion | December 2021 |
Bonds as of December 31, 2018
Bonds Issued by Sanofi S.A
| Issuance date | Amount outstanding (million of local currency) |
Maturity | Coupon | ISIN | Program |
|---|---|---|---|---|---|
| Oct. 12, 2009 | EUR 800 | Oct. 11, 2019 | 4.125% | XS0456451771 | EMTN |
| March 29, 2011 | USD 2,000 | March 29, 2021 | 4.000% | US80105NAG07 | SEC Registered |
| Sept. 4, 2013 | EUR 1,000 | Sept. 4, 2020 | 1.875% | FR0011560333 | EMTN |
| Nov. 14, 2013 | EUR 1,000 | Nov. 14, 2023 | 2.500% | FR0011625433 | EMTN |
| Sept. 10, 2014 | EUR 750 | Sept. 10, 2018 | €3m + 23 bps | FR0012146751 | 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 750 | March 22, 2019 | €3m + 30 bps | FR0012969012 | 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 500 | April 5, 2019 | 0.000% | FR0013143989 | 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 1,000 | Jan. 13, 2020 | 0.000% | FR0013201613 | 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 1000 | March 21, 2020 | €3m + 15bps | FR0013324316 | EMTN |
| March 21, 2018 | EUR 500 | March 21, 2020 | 0,000% | FR0013324324 | 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 |
- Private placements are not included in this list
- Before derivative instruments
Bonds Issued by Other Subsidiaries of the Company
| Issuer | Date of Issuance | Amount Outstanding (Million of local currency) |
Maturity | Coupon | ISIN |
|---|---|---|---|---|---|
| Genzyme Corp. | June 17, 2010 | USD 500 | June 15, 2020 | 5.000% | US372917AS37 |