Cash flow hedges The Group entered into several forward starting interest rate swaps, in order to protect against future increases in interest rates, while also fixing the interest rate on future debt issuance. The transactions have the following characteristics: Entity Issue date Hedge instrument Currency of instrument Notional amount in millions Annual fixed interest rate (payment) Floating rate (receipt) Starting date Maturity date Hedge item Givaudan SA 2014 2015 Forward starting interest rate swaps CHF 100 2.345% The 3 months CHF Libor rate 15 Feb 2024 19 Mar 2024 15 Feb 2034 19 Mar 2034 Highly probable debt issuance in 2024 replacing the public bond of CHF 150 million, issued in Mar 2014 with a 10 year maturity 2016 2017 100 0.921% The 6 months CHF Libor rate 05 Dec 2031 05 Dec 2041 Highly probable debt issuance in 2031 replacing the public bond of CHF 200 million, issued in Dec 2016 with a 15 year maturity 2018 25 1.275% 09 Apr 2025 09 Apr 2030 Highly probable debt issuance in 2025 replacing the public bond of CHF 200 million, issued in Apr 2018 with a 7 year maturity 2019 2020 2021 EUR 100 0.967% The 6 months EUR Libor rate 20 Dec 2024 22 Dec 2031 Highly probable debt issuance in 2024 replacing the private placement of EUR 200 million, issued in Dec 2017 with a 7 year maturity 250 1.302% 17 Sep 2025 17 Sep 2032 Highly probable debt issuance in 2025 replacing the public bond of EUR 500 million, issued in Sep 2018 with a 7 year maturity 375 1.190% 17 Sep 2030 17 Sep 2040 Highly probable debt issuance in 2030 replacing the public bond of EUR 800 million, issued in Sep 2018 with a 12 year maturity 2020 2021 150 0.715% 22 Apr 2032 22 Apr 2042 Highly probable debt issuance in 2032 replacing the public bond of EUR 500 million, issued in Apr 2020 with a 12 year maturity 2021 175 0.551% 22 Apr 2027 22 Apr 2034 Highly probable debt issuance in 2027 replacing the public bond of EUR 500 million, issued in Apr 2020 with a 7 year maturity The carrying amount of the total cash flow hedges at 31 December 2021 is CHF 52 million (2020: CHF 133 million). The amount of fair value recognised in other comprehensive income is CHF 42 million (2020: CHF 58 million). 63 Givaudan — 2021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix Notes to the consolidated financial statements