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.
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.
A DIVERSIFIED DEBT
EXISTING FINANCING SOURCES
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.