24. Changes in Liabilities Arising from Financing Activities 2021 in millions of Swiss francs Balance as at 1 January Cash impact Non-cash changes Balance as at 31 December Cash flows Inflow (Outflow) Amortisation of debt discount / premium and interest expense Acquisition / Divestment Fair values changes and Others Currency effects Total short-term and long-term debt 4,037 306 3 33 (116) 4,263 Interest on liabilities 22 (72) 72 – 22 Derivative financial instruments 133 (26) (46) – 61 Lease liabilities 414 (57) 5 44 (2) 404 Others, net 19 (5) 7 – 21 Total liabilities from financing activities 4,625 146 8 33 77 (118) 4,771 2020 in millions of Swiss francs Balance as at 1 January Cash impact Non-cash changes Balance as at 31 December Cash flows Inflow (Outflow) Amortisation of debt discount / premium and interest expense Acquisition / Divestment Fair values changes and Others Currency effects Total short-term and long-term debt 3,690 365 2 4 (24) 4,037 Interest on liabilities 13 (53) 62 – 22 Derivative financial instruments 98 (19) 54 – 133 Lease liabilities 441 (52) 8 1 37 (21) 414 Others, net 19 (9) 9 – 19 Total liabilities from financing activities 4,261 232 10 5 162 (45) 4,625 The weighted average effective interest rates at the statement of financial position date were as follows: 2021 2020 Private placements (USD) 3.3% 3.3% Private placements (EUR) 1.1% 1.1% Straight bond (EUR) 1.5% 1.5% Straight bond (CHF) 0.5% 0.8% Bank facility 2.5% 5.0% Weighted average effective interest rate on gross debt 1.4% 1.5% Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 87 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements