Debt Financing

Financial key figures

Data are as at December 31, 2022

9,022Gross debt excluding IFRS 16 (€m)

7,063Net debt excluding IFRS 16 (€m)

12,204Gross debt including IFRS 16 (€m)

10,246Net debt including IFRS 16 (€m)

A2Stable / Moody's long term rating

AStable / S&P long term rating

EssilorLuxottica aims at maintaining continuous liquidity in order to ensure its independence and growth through significant and steady cash flows. The group also observes some liquidity principles aiming at securing funding availability at all times at the lowest possible costs. This principle relies upon the diversification of funding sources, the use of medium and long-term financings, the distribution of maturities over time, the recourse to credit facilities and the use of liquidity reserves.

Funding principles

  • Liquidity management is centralized at the level of the group parent company.
  • Source of funding diversification is the cornerstone of liquidity policy.


Maintaining a strong credit rating is the best way to provide an access to a wide range of funding sources. EssilorLuxottica 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 term Short term Outlook Last confirmation
Moody's A2 Prime-1 Stable September 29, 2022
Standard & Poor's A A-1 Stable April 14, 2022


Data are as at December 31, 2022

The group diversifies its financings across:

  • instruments: bond, private placement, term loan, commercial paper, leasing;
  • geographies: Europe, US, Asia, local markets;
  • tenors: short-term, long-term;
  • currencies;
  • interest rates: floating, fixed, capped; and
  • drawn/undrawn instruments.

Gross debt structure


Gross debt structure

Long term funding

Providing long-term funding helps securing the group’s ability to carry-out its strategy on a long-term horizon irrespective of potential market disruptions.

Short term funding

EssilorLuxottica entertains US commercial paper (USCP) and Negotiable EUropean commercial paper (NEU CP) programmes. They are a flexible and cost-effective tool to raise monies with very short notice, which is well-suited to working capital funding needs.

Net debt (currencies)

after FX swaps, in millions of €


Net debt (currencies)

Net debt (interest rates)

after IR swaps, in millions of €


Net debt (interest rates)

Data are as at December 31, 2022

While the group mainly finances itself through financial markets, it also secures its permanent access to liquidity through long-term committed credit facilities (syndicated, bilateral lines and bridge facilities) concluded with a pool of close banks. Such credit facilities are a funding buffer and a back-up for the group’s short-term commercial paper programs.

As of December 31, 2022,

  • all bank committed credit facilities were undrawn. Their aggregate amount significantly exceeded the upcoming debt maturities due in 2023;
  • available cash was €1,960 (€m).

As of December 31, 2022 the average maturity of the gross debt was 3.6 years.a

Debt Maturity Profile

In millions of €


Debt maturity

1. Long term financing

EMTN: European Medium Term Notes

Issuer Information



Date of renewal: May 6, 2022

Maturity: Yearly renewal


Base Prospectus dated May 6, 2022 (PDF)



Base Prospectus dated May 12, 2021 (PDF)

Base Prospectus dated May 26, 2020 (PDF)

Second prospectus Supplement dated November 13, 2019 (PDF)

Prospectus Supplement dated November 6, 2019 (PDF)

Base Prospectus dated May 23, 2019 (PDF)

Base Prospectus dated December 13, 2018 (PDF)

Base Prospectus dated April 20, 2018 (PDF)

Prospectus Supplement dated June 16, 2017 (PDF)

Base Prospectus dated May 9, 2017 (PDF)

Base Prospectus dated March 24, 2016 (PDF)

Prospectus Supplement dated July 30, 2015 (PDF)

Base Prospectus dated December 23, 2014 (PDF)

Prospectus Supplement dated April 1, 2014 (PDF)

Prospectus Supplement dated March 26, 2014 (PDF)

Base Prospectus dated December 12, 2013 (PDF)

Luxottica Group S.p.A.

Amount: €2bn

Date of last renewal: May 9, 2014


Base prospectus dated May 9, 2014 (PDF)



Prospectus Supplement dated January 28, 2014 (PDF)

Prospectus Supplement dated August 5, 2013 (PDF)

Base Prospectus dated May 10, 2013 (PDF)

Outstanding bonds

Issuer ISIN code Instrument Issue date Maturity date Currency Issued amount Coupon
EssilorLuxottica FR0013463676 Eurobond November 27, 2019 November 27, 2031 1 billion 0.750 %
EssilorLuxottica FR0013516077 Eurobond June 5, 2020 June 5, 2028 1.25 billion 0.5%
EssilorLuxottica FR0013463668 Eurobond November 27, 2019 November 27, 2027 1.5 billion 0.375 %
EssilorLuxottica FR0013516069 Eurobond June 5, 2020 January 5, 2026 1.25 billion 0.375%
EssilorLuxottica FR0013463650 Eurobond November 27, 2019 May 27, 2025 1.5 billion 0.125 %
EssilorLuxottica FR0011842913 Eurobond April 9, 2014 April 9, 2024 300m 2.375%
EssilorLuxottica XS1030851791 Eurobond* February 10, 2014 February 10, 2024 500m 2.625%
EssilorLuxottica FR0013516051 Eurobond June 5, 2020 January 5, 2024 500m 0.25%
EssilorLuxottica FR0013463643 Eurobond November 27, 2019 May 27, 2023 1 billion 0 %
EssilorLuxottica FR0013266236 Eurodollar June 30, 2017 June 30, 2022 $ 300m 2.5%
EssilorLuxottica FR0011842939 Eurobond April 9, 2014 April 9, 2021 500m 1.75%

*For further information, please visit

US Private Placements

Issuer Issue date Outstanding Maturity dates Currency Issued amount Outstanding amount as of December 31, 2022
EssilorLuxottica 2013 2023 $ 500m
(7 tranches)
EssilorLuxottica 2017 2027 $ 300m
(2 tranches)

Bank credit facilities

As of December 31, 2022 EssilorLuxottica’s committed bank credit facilities amount to €2.3 billion equivalent, including

(i) a €1,750 million euros five-year syndicated credit facility entered in 2021, encompassing two one-year extension options, reaching maturity in May 2028 after such options are exercised; and

(ii) several bilateral credit facilities;

All are undrawn.


2. Short term financing

Issuer Program Signing date Maturity date Currency Programme
EssilorLuxottica US Commercial Paper October 1, 2018 / $ 2bn
EssilorLuxottica Negotiable EUropean Commercial Paper (NEU CP) July 7, 2022 Yearly renewal 3bn