Debt information | Givaudan

Balanced debt profile

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Givaudan’s financial position remained solid at the end of 2023. Net debt at December 2023 was CHF 4,305 million and net debt to EBITDA ratio was 2.9.

The weighted average effective interest rate for the Group was 1.69% as at 31 December 2023 compared to 1.74% in December 2022.

Balanced debt profile

Debt maturity in CHF million and average interested rates in percentages

Credit ratings

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Credit ratings

In 2018 we received our first credit ratings, and the strong investment confirms the Company’s market leadership position and strong financial profile:

S&P global ratings: A- credit rating, with a stable outlook
Moody’s investors Service: Baa1 rating, with stable outlook

Credit rating as per December 2023:

Company	Givaudan SA
S&P short-term rating	A-2
S&P long-term rating	A–
S&P outlook	negative
Moody’s rating	Baa1
Moody’s outlook	negative

Debt

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Debt

Details of the Group’s various debt transactions are as follows:

Issuer	Issue date	Type of debt	Currency of principal	Principal amount in millions	Redeemable	Interest rate	Type of interest	2023	2022
Issuer	Issue date	Type of debt	Currency of principal	Principal amount in millions	Redeemable	Interest rate	Type of interest	Total in millions of Swiss francs	Total in millions of Swiss francs
Givaudan United States, Inc.	2012	Private placements ^a	USD	150	06-02-2023	3.300%	fixed	reimbursed	139
Givaudan United States, Inc.	2012	Private placements ^a	USD	60	06-02-2025	3.450%	fixed	50	55
Givaudan SA	2014	Public bonds	CHF	150	19-03-2024	1.750%	fixed	150	150
	2016	Public bonds	CHF	200	05-12-2031	0.625%	fixed	200	200
	2017	Private placements	EUR	200	20-12-2024	1.331%	fixed	186	197
	2018	Public bonds	CHF	200	09-04-2025	0.375%	fixed	200	200
			EUR	500	17-09-2025	1.125%		464	492
			EUR	800	17-09-2030	2.000%		741	788
	2020		CHF	150	10-11-2028	0.150%		150	150
	2021			150	07-06-2027	0.125%		150	150
	2021			150	07-06-2030	0.375%		150	150
	2022			150	15-06-2026	1.125%		150	150
	2022			150	15-06-2029	1.625%		150	150
	2023			250	23-05-2031	2.375%		250
	2022	Revolving credit facility	USD	420	15-06-2028		fixed	reimbursed	391
Givaudan Finance Europe BV	2020	Public bonds	EUR	500	22-04-2027	1.000%	fixed	463	492
	2020			500	22-04-2032	1.625%		462	492
	2023			500	28-11-2033	4.125%		463
	2022	Other local borrowings	EUR	150	Various maturities	1.577%		37	148
	2023	Other local borrowings	EUR	40	26-04-2024	4.200%		37	148
Other entities	2022	Other local Borrowings	EUR	2	Various maturities	1.180%	fixed	1	2
	2023		EUR	1		1.180%	fixed	1	2
	2022		CNY	752			floating	79	101
	2023		CNY	663				79	101
	2022		INR	670				1	7
	2023		INR	160				1	7
	2023		USD	1		8.380%	fixed	1
Total short-term and long-term debt as at 31 December ^b								4,498	4,604

There are various covenants contained in these transactions covering conditions on net worth, indebtedness and EBITDA ratio to net interest expense of Givaudan United States, Inc. The Company is and has been in full compliance with the covenants set.
The fair value of the short-term and long-term debt exceeds its carrying value by approximately 2% as at 31 December 2023 (2022: 7%).

Debt issuance documents

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Debt issuance documents

Givaudan SA

Debt issuance documents:

Issuing Company’s financial:

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Givaudan Finance Europe BV

Debt issuance documents:

Issuing Company’s financial:

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Capital management

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Capital management

The Company’s goal is to sustain its status as a viable business while maximising shareholder value by striking the right balance between debt and equity.

Net debt to EBITDA ratio

The net debt to EBITDA ratio is calculated as follows:

In millions of Swiss francs	31 December 2023	31 December 2022
Short-term debt	442	356
Long-term debt	4,463	4,649
Less: cash and cash equivalents	(600)	(475)
Net debt	4,305	4,530
EBITDA	1,473	1,476
Net debt to EBITDA ratio	2.92	3.07

Comparable EBITDA	1,547	1,486
Net debt to Comparable EBITDA ratio	2.78	3.05