Debt information

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
amount

Interest rate

Maturity date

2020
Total in millions
of Swiss francs

2019
Total in millions
of Swiss francs

Givaudan
United States, Inc.

2012

Private
placements

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
SA

2017

EUR

100

floating

-

20-12-2022

106

108

200

fixed

1.331%

20-12-2024

213

217

Givaudan
SA

2018

Straight
bond

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
Finance Europe BV

2020

500

1.000%

22-04-2027

528

 

500

1.625%

22-04-2032

529

 

Givaudan
SA

2019/2020

Group bank
redit facility

CHF

600 (2019)
180 (2020)

floating

-

26-06-2023

reimbursed

600

Other
affiliates

2018

Other local
borrowings

EUR

10 (2018)
  7  (2020)

fixed

1.18%

various maturity

6

8

2019/2020

CNY

426 (2019)
609 (2020)

floating

-

82

59

-

Other

 

-

3

3

Givaudan
SA

2020

CHF
EUR
USD

210
150
350

-

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