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Debt information

Givaudan’s financial position remained solid at the end of 2021. Net debt at December 2021 was CHF 4,394 million and the leverage ratio was 51%.

Balanced debt profile

Debt maturity in CHF million

2021 Debt maturity

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 2021:

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 stable

Debt

The Group entered into the following debt.

Issuer Issue date Type of debt Currency of
principal
Principal
amount
in millions
Redeemable Interest rate Type of
interest
2021 2020
in millions of Swiss francs
Givaudan SA 2011 Public bonds CHF 150 07-12-2021 2.125% fixed 

Reimbursed

150
Givaudan United States, Inc. 2012 Private
placements a
USD 150 06-02-2023 3.300% 137 132
60 06-02-2025 3.450% 55 53
Givaudan SA 2014 Public bonds CHF 150 19-03-2024 1.750% 150 150
2016 100 07-12-2022 0.000% 100 100
200 05-12-2031 0.625% 200 200
2017 Private
placements
EUR 100 20-12-2022 - floating c 104 108
200 20-12-2024 1.331% fixed  207 216
2018 Public bonds CHF 200 09-04-2025 0.375% fixed 200 200
EUR 500 17-09-2025 1.125% fixed  516 538
800 17-09-2030 2.000% 826 861
2020 CHF 150 10-11-2028 0.150% fixed 150 150
2021 CHF 150 07-06-2027 0.125% fixed  150 -
CHF 150 07-12-2030 0.375% 150 -
2021 Other local
Borrowings
CHF 20 04-01-2022 floating 20 -
USD 80 05-01-2022 72 -
Givaudan Finance Europe BV 2020 Public bonds EUR 500 22-04-2027 1.000% fixed  516 537
500 22-04-2032 1.625% 516 538
Other entities 2020 Other local
Borrowings
EUR 2 Various maturities 1.180% fixed  4 6
2021 2
2020 CNY 193 floating 115 97
607
2021

INR

6,000 74 -
2021 Other 1 1
Total short-term and long-term debt as at 31 December b 4,263 4,037
  1. 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.
  2. The fair value of the short-term and long-term debt exceeds its carrying value by approximately 9% as at 31 December 2020.
  3. The floating interest rate is based on a Libor rate.

Capital management

The objective of the Group is to maintain the ability to continue as a going concern whilst maximising shareholder value through an optimal balance of debt and equity.

In millions of Swiss francs 31 December
2021
31 December
2020
Short-term debt 428 206
Long-term debt 4,239 4,245
Less: cash and cash equivalents (273) (411)
Net debt 4,394 4,040
Total equity attributable to equity holders of the parent 3,929 3,490
Remeasurement of post-employment benefit obligations 302 484
Equity (as defined for leverage ratio) 4,231 3,974
Net debt and equity (as defined for leverage ratio) 8,625 8,014
Leverage ratio 51% 50%
EBITDA 1,482 1,397
Net debt to EBITDA ratio 2.97 2.89
Comparable EBITDA 1,504 1,442
Net debt to Comparable EBITDA ratio 2.92 2.80