Fixed income



At a glance

Gearing ratio

Net debt

End of June 2018: net debt of €21,385 million (gross debt of €28,878 million after derivatives minus €7,493 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 2017 2016 2015 2014 2013
Long-term debt 14,326 16,815 13,118 13,276 10,414
Short-term debt and
current portion of
long-term debt
1,275 1,764 3,436 1,538 4,176
Interest rate and
currency derivatives
used to hedge debt
(57) (100) (156) (295) (290)
Total debt 15,544 18,479 16,398 14,519 14,300
Cash and cash
equivalents
(10,315) (10,273) (9,148) (7,341) (8,257)
Interest rate and
currency derivatives
used to hedge cash
and cash equivalents
- - 4 (7) -
Debt, net of cash and
cash equivalents
5,229 8,206 7,254 7,171 6,043

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 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 August 1, 2018 August 1, 2018 August 1, 2018

Debt structure

Gross debt structure at value on redemption as of June 30, 2018

Gross debt by origin and by maturity  Gross debt by origin and by maturity


Gross debt and cash & cash equivalents by currency at value on redemption after derivative instruments  Gross debt and cash & cash equivalents by currency at value on redemption after derivative instruments

Financing instruments

Public debt programs as of June 30, 2018

EMTN - European Medium Term Note
EMTN program: €25 billion

Implemented in March 13, 2018
SEC Sheld Registered
US SEC Shelf Registered program:
no specific size


Implemented in March 15, 2016
Commercial Papers
Negotiable European Commercial
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 June 30, 2018

SIZE MATURITY
€4 billion December 2020
€4 billion December 2021

Bonds as of June 30, 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
Notes:
  • 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