Debt information
Balanced debt profile
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Givaudan’s financial position further improved at the end of 2024. Net debt at December 2024 was CHF 4,002 million and net debt to EBITDA ratio was 2.3.
The weighted average effective interest rate for the Group was 1.75% as at 31 December 2024 compared to 1.69% in December 2023.
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 grade 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 October 2024:
Company | Givaudan SA |
S&P short-term rating | A-2 |
S&P long-term rating | A– |
S&P outlook | stable |
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:
| in millions of Swiss francs | |||||||||
|---|---|---|---|---|---|---|---|---|---|
ISSUER | ISSUE | TYPE OF DEBT | CURRENCY | PRINCIPAL | REDEEMABLE | INTEREST | TYPE OF | 2024 | 2023 |
| Givaudan United States, Inc. | 2012 | Private placement a | USD | 60 | 06-02-2025 | 3.450 | Fixed | 54 | 50 |
| Givaudan SA | 2014 | Public bonds | CHF | 150 | 19-03-2024 | 1.750 | Fixed | Reimbursed | 150 |
| 2016 | 200 | 05-12-2031 | 0.625 | 200 | 200 | ||||
| 2017 | Private placement | EUR | 200 | 20-12-2024 | 1.331 | Reimbursed | 186 | ||
| 2018 | Public bonds | CHF | 200 | 09-04-2025 | 0.375 | 200 | 200 | ||
| EUR | 500 | 17-09-2025 | 1.125 | 469 | 464 | ||||
| 800 | 17-09-2030 | 2.000 | 749 | 741 | |||||
| 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 | ||||
| 150 | 15-06-2029 | 1.625 | 150 | 150 | |||||
| 2023 | 250 | 23-05-2031 | 2.375 | 250 | 250 | ||||
| Givaudan Finance Europe BV | 2020 | Public bonds | EUR | 500 | 22-04-2027 | 1.000 | Fixed | 468 | 463 |
| 500 | 22-04-2032 | 1.625 | 467 | 462 | |||||
| 2023 | 500 | 28-11-2033 | 4.125 | 467 | 463 | ||||
| 2023 | Other local borrowings | 40 | 26-04-2024 | 4.200 | Reimbursed | 37 | |||
| Givaudan Italia SpA a Socio Unico | 2024 | Other local borrowings | EUR | 246 | various maturities | Floating | 230 | ||
| Other entities | 2023 | Other local borrowings | EUR | 1 | various maturities | 1.180 | Fixed | Reimbursed | 1 |
| 2023 | CNY | 663 | Floating | 23 | 79 | ||||
| 2024 | 188 | Reimbursed | 1 | ||||||
| 2023 | INR | 160 | Reimbursed | 1 | |||||
| 2023 | USD | 1 | 8.380 | Fixed | Reimbursed | 1 | |||
| 2024 | other | Floating | 1 | ||||||
| Total short-term and long-term debt as at 31 December b | 4,328 | 4,498 | |||||||
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 is approximately 1% lower than its carrying value as at 31 December 2024 (2023: 2%).
Debt issuance documents
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Debt issuance documents
Givaudan SA
Debt issuance documents:
- Prospectus_CHF_2014-2024
- Prospectus_CHF_2016-2031
- Prospectus_Argentum_EUR_2018-2025_2018-2030
- Prospectus_CHF_2018-2020_2018-2025
- Prospectus_CHF_2020-2028
- Prospectus_CHF_2021-2027_2021-2030
- Prospectus_CHF_2022-2026_2022-2029
- Prospectus_CHF_2023-2031
Issuing Company’s financial:
- Givaudan Financial report 2018
- Givaudan Financial report 2019
- Givaudan Financial report 2020
- Givaudan Financial report 2021
- Givaudan Financial report 2022
- Givaudan Financial report 2023
Givaudan Finance Europe BV
Debt issuance documents:
Issuing Company’s financial:
- Giv-Finance-Europe-BV_2021
- Independent-Audit-Report_Finance-Europe-BV_FY 2021
- Giv-Finance-Europe-BV_2022
- Independent-Audit-Report_Finance-Europe-BV_FY 2022
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 | 31 December | 31 December |
|---|---|---|---|
Short-term debt | 819 | 442 | 356 |
Long-term debt | 3,932 | 4,463 | 4,649 |
Less: cash and cash equivalents | (749) | (600) | (475) |
Net debt | 4,002 | 4,305 | 4,530 |
EBITDA | 1,765 | 1,473 | 1,476 |
Net debt to EBITDA ratio | 2,27 | 2.92 | 3.07 |
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Comparable EBITDA | 1,816 | 1,547 | 1,486 |
Net debt to Comparable EBITDA ratio | 2.20 | 2.78 | 3.05 |
Leverage ratio
Leverage ratio is defined as net debt divided by the sum of net debt and equity corresponding to 47% for 2024 and 51% 2023.
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