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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

Debt maturity in CHF million and average interested rates in percentages

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 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

  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 7% as at 31 December 2022.

  3. 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.