
Debt information
Givaudan’s financial position remained solid at the end of 2022. Net debt at December 2022 was CHF 4,530 million and net debt to EBITDA ratio was 3.07.
Balanced debt profile

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 2022:
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
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 |
2022 | 2021 |
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 | 139 | 137 |
60 | 06-02-2025 | 3.450% | 55 | 55 | |||||
Givaudan SA | 2014 | Public bonds | CHF | 150 | 19-03-2024 | 1.750% | fixed | 150 | 150 |
2016 | 100 | 07-12-2022 | 0.000% | reimbursed | 100 | ||||
200 | 05-12-2031 | 0.625% | 200 | 200 | |||||
2017 | Private placements |
EUR | 100 | 20-12-2022 | - | floating c | reimbursed | 104 | |
200 | 20-12-2024 | 1.331% | fixed | 197 | 207 | ||||
2018 | Public bonds | CHF | 200 | 09-04-2025 | 0.375% | fixed | 200 | 200 | |
EUR | 500 | 17-09-2025 | 1.125% | 492 | 516 | ||||
800 | 17-09-2030 | 2.000% | 788 | 826 | |||||
2020 | CHF | 150 | 10-11-2028 | 0.150% | 150 | 150 | |||
2021 | 150 | 07-06-2027 | 0.125% | 150 | 150 | ||||
150 | 07-06-2030 | 0.375% | 150 | 150 | |||||
2022 | 150 | 15-06-2026 | 1.125% | 150 | |||||
150 | 15-06-2029 | 1.625% | 150 | ||||||
2021 | Other local Borrowings |
CHF | 20 | 04-01-2022 | floating c | reimbursed | 20 | ||
USD | 80 | 05-01-2022 | reimbursed | 72 | |||||
2022 | Revolving credit facility | USD | 420 | 15-06-2027 | floating c | 391 | |||
Givaudan Finance Europe BV | 2020 | Public bonds | EUR | 500 | 22-04-2027 | 1.000% | fixed | 492 | 516 |
500 | 22-04-2032 | 1.625% | 492 | 516 | |||||
2022 | Other local borrowings | EUR | 150 | Various maturities | 1.577% | 148 | |||
Other entities | 2021 | Other local Borrowings |
EUR | 4 | Various maturities | 1.180% | fixed | 2 | 4 |
2022 | 2 | ||||||||
2021 | CNY | 799 | floating | 101 | 115 | ||||
2022 | 752 | ||||||||
2021 |
INR |
6,000 | 7 | 74 | |||||
2022 | 670 | ||||||||
2021 | Other | 1 | |||||||
Total short-term and long-term debt as at 31 December b | 4,604 | 4,263 |
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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 7% as at 31 December 2022.
-
The floating interest rate is based on alternative reference rates per the IBOR reform.
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 2022 |
31 December 2021 |
Short-term debt | 356 | 428 |
Long-term debt | 4,649 | 4,239 |
Less: cash and cash equivalents | (475) | (273) |
Net debt | 4,530 | 4,394 |
EBITDA | 1,476 | 1,482 |
Net debt to EBITDA ratio | 3.07 | 2.97 |
Comparable EBITDA | 1,486 | 1,504 |
Net debt to Comparable EBITDA ratio | 3.05 | 2.92 |
Leverage ratio
Leverage ratio is defined as net debt divided by the sum of net debt and equity corresponding to 51% for 2022 and 51% 2021.