Givaudan’s financial position remained solid at the end of June 2020: Net debt at June 2020 was CHF 4,631 million and the leverage ratio was 56%.
Balanced debt profile
* Cash and Cash Equivalent
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 June 2020:
| Company | Givaudan SA |
| SA&P short-term rating | A-2 |
| S&P long-term rating | A- |
| S&P outlook | stable |
| Moody's rating | Baa1 |
| Moody's outlook | negative |
Bonds
Our current outstanding bonds issue is provided in the following table.
|
Issuer |
Year of issue |
Type of debt |
Currency |
Notional |
Interest rate |
Maturity date |
2020 |
2019 |
|
|
Givaudan |
2012 |
Private |
USD |
40 a |
fixed |
2.740% |
06-02-2020 |
reimbursed |
39 |
|
150 a |
3.300% |
06-02-2023 |
142 |
145 |
|||||
|
60 a |
3.450% |
06-02-2025 |
57 |
58 |
|||||
|
Givaudan |
2017 |
EUR |
100 |
floating |
- |
20-12-2022 |
106 |
108 |
|
|
200 |
fixed |
1.331% |
20-12-2024 |
213 |
217 |
||||
|
Givaudan |
2018 |
Straight |
CHF |
150 |
floating |
- |
09-04-2020 |
reimbursed |
150 |
|
2014 |
100 |
fixed |
1.000% |
18-09-2020 |
100 |
100 |
|||
|
2011 |
150 |
2.125% |
07-12-2021 |
149 |
149 |
||||
|
2016 |
100 |
0.000% |
07-12-2022 |
100 |
100 |
||||
|
2014 |
150 |
1.750% |
19-03-2024 |
150 |
150 |
||||
|
2018 |
200 |
0.375% |
09-04-2025 |
200 |
200 |
||||
|
2016 |
200 |
0.625% |
05-12-2031 |
200 |
200 |
||||
|
2018 |
EUR |
500 |
fixed |
1.125% |
17-09-2025 |
529 |
540 |
||
|
800 |
2.000% |
17-09-2030 |
847 |
864 |
|||||
|
Givaudan |
2020 |
500 |
1.000% |
22-04-2027 |
528 |
||||
|
500 |
1.625% |
22-04-2032 |
529 |
||||||
|
Givaudan |
2019/2020 |
Group bank |
CHF |
600 (2019) |
floating |
- |
26-06-2023 |
reimbursed |
600 |
|
Other |
2018 |
Other local |
EUR |
10 (2018) |
fixed |
1.18% |
various maturity |
6 |
8 |
|
2019/2020 |
CNY |
426 (2019) |
floating |
- |
82 |
59 |
|||
|
- |
Other |
- |
3 |
3 |
|||||
|
Givaudan |
2020 |
CHF |
210 |
- |
701 |
||||
|
Total short-term and long-term debt as at 30 June |
4,642 |
3,690 |
|||||||
a 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