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Debt information

Givaudan’s financial position remained solid at the end of the year. Net debt at December 2020 was CHF 4,040 million and the leverage ratio was 50%.

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 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

 

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
2020 2019
in millions of Swiss francs
Givaudan SA 2011 Public bonds CHF 150 07-12-2021 2.125% fixed  150 149
Givaudan United States, Inc. 2012 Private
placements a
USD 40 06-02-2020 2.740% Reimbursed 39
150 06-02-2023 3.300% 132 145
60 06-02-2025 3.450% 53 58
Givaudan SA 2014 Public bonds CHF 100 18-09-2020 1.000% Reimbursed  100
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 108 108
200 20-12-2024 1.331% fixed  216 217
2018 Public bonds CHF 150 09-04-2020 - floating Reimbursed 150
200 09-04-2025 0.375% fixed   200 200
EUR 500 17-09-2025 1.125% 538 540
800 17-09-2030 2.000% 861 864
2019
2020
Group bank
credit facility
CHF
600
180
26-06-2023 - floating c Reimbursed 600
2020 Public bonds 150 10-11-2028 0.150% fixed  150  
Givaudan Finance Europe BV 2020 Public bonds  EUR 500 22-04-2027 1.000% fixed  537  
500 22-04-2032 1.625% 538  
Other entities 2019
2020
Other local
Borrowings
EUR 7 (2019)
6 (2020)
Various maturities 1.180% fixed  6 8
CNY 426 (2019)
714 (2020)
- floating 97   59
Other   - 1 3
Total short-term and long-term debt as at 31 December b               4,037 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.
b) The fair value of the short-term and long-term debt exceeds its carrying value by approximately 9% as at 31 December 2020.
c) 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

  2020 2021
Short-term debt 206 335
Long-term debt 4,245 3,796
Less: cash and cash equivalents (411) (452)
Net debt 4,040 3,679
Total equity attributable to equity holders of the parent 3,490 3,640
Remeasurement of post-employment benefit obligations 484 525
Equity 3,974 4,165
Net debt and equity 8,014 7,844
Leverage ratio 50% 47%