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Debt Financing

FINANCIAL
KEY FIGURES

Data within the below section are as at December 31, 2017.

€ 2,165m Gross Debt

€ 1,661m Net Debt

A2 positive (Moody’s
long term rating)

94% Market Debt

Essilor aims to maintain continuous liquidity in order to ensure its independence and growth through significant and steady cash flows. The group also observes a liquidity policy that guarantees funding availability at all times at low costs. This policy relies upon the diversification of funding sources, the use of medium and long-term financings, the distribution of maturities over time and the recourse to committed credit facilities.

Funding
Principles

  • Liquidity management is centralized at the level of the group parent company.
  • Diversification is the cornerstone of liquidity policy.
  • Undrawn committed credit facilities secure an incremental liquidity buffer.
  • The currency split of the debt reflects the currency mix of the cash flows.
  • Capital market funding is favoured over bank funding.

CREDIT
RATINGS

Maintaining a strong credit rating is the best way to provide an access to a wide range of funding sources. Essilor credit ratings are based on the assessment of its credit profile and its ability to repay its debt by Moody’s and Standard & Poor’s. These ratings are purely indicative and may be modified at any time.

 LONG TERMSHORT TERMOUTLOOKLAST CONFIRMATION
Moody'sA2Prime-1PositiveNovember 27, 2017
Standard & Poor's/A-1StableJanuary 18, 2017
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Essilor

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