23. Debt 2021 in millions of Swiss francs Bank borrowings Bank facility Bank overdrafts Public bonds Private placements Tot al short-term and long-term debt Total lease liabilities Tot al debt Balance as at 1 January 103 1 3,424 509 4,037 414 4,451 Cash flows 156 150 306 (57) 249 Non-cash changes – Amortisation of debt discount 3 3 5 8 – Acquisition / Divestment 33 33 33 – Currency effects (7) (103) (6) (116) (2) (118) – Lease liabilities 44 44 Balance as at 31 December 285 1 3,474 503 4,263 404 4,667 Within 1 year 175 1 100 104 380 48 428 Within 1 to 3 years 42 150 344 536 67 603 Within 3 to 5 years 43 716 55 814 46 860 Thereafter 25 2,508 2,533 243 2,776 Balance as at 31 December 285 1 3,474 503 4,263 404 4,667 2020 in millions of Swiss francs Bank borrowings Bank facility Bank overdrafts Public bonds Private placements Tot al short-term and long-term debt Total lease liabilities Tot al debt Balance as at 1 January 68 600 2 2,453 567 3,690 441 4,131 Cash flows 60 (600) (1) 945 (39) 365 (52) 313 Non-cash changes – Amortisation of debt discount 2 2 8 10 – Acquisition / Divestment 3 1 4 1 5 – Currency effects (28) 24 (20) (24) (21) (45) – Lease liabilities 37 37 Balance as at 31 December 103 1 3,424 509 4,037 414 4,451 Within 1 year 10 1 150 161 45 206 Within 1 to 3 years 36 100 240 376 74 450 Within 3 to 5 years 44 888 269 1,201 53 1,254 Thereafter 13 2,286 2,299 242 2,541 Balance as at 31 December 103 1 3,424 509 4,037 414 4,451 Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 85 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements