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Capital management

Galenica's capital is managed and monitored at Group level. The objective of capital management at Galenica is to ensure the continuity of operations, increase enterprise value on a sustainable basis, provide an adequate return to investors, ­provide the financial resources to enable investments in areas that deliver future benefits for patients and customers and further returns to investors.

Galenica defines the capital that it manages as invested interest-bearing liabilities and equity. Galenica uses a system of financial control based on various key performance indicators. Capital is monitored based on the gearing, for example, which expresses net debt as a percentage of shareholders' equity including non-controlling interests and is communicated regularly to management as part of internal reporting. The debt coverage expresses net debt as a multiple of earnings before interest, taxes, depreciation and amortisation (EBITDA). Debt coverage ratio provide information about the creditworthiness of the Group. Galenica has no covenants requiring a minimum level of debt coverage.

Total assets and shareholders' equity are adjusted for the cumulative effects of the IAS 19 and IFRS 16 adjustments and net debt is adjusted for lease liabilities.

Total assets

in thousand CHF

2021

2020

Total assets

2,565,938

2,258,938

Cumulative effects of IAS 19 adjustments

–70,769

–5,522

Cumulative effects of IFRS 16 adjustments

–214,928

–209,818

Total assets adjusted

2,280,242

2,043,599

Net debt

in thousand CHF

2021

2020

Current financial liabilities 1)

43,019

40,933

Current lease liabilities

49,717

47,209

Non-current financial liabilities 1)

381,697

380,667

Non-current lease liabilities

173,334

170,792

Cash and cash equivalents

–164,982

–59,781

Interest-bearing receivables

–1,527

–8,078

Net debt

481,257

571,743

Lease liabilities (current and non-current)

–223,051

–218,001

Net debt adjusted

258,206

353,741

1) Excluding non-interest-bearing financial liabilities

Shareholders' equity

in thousand CHF

2021

2020

Shareholders' equity

1,233,677

1,053,355

Cumulative effects of IAS 19 adjustments

–33,014

51,475

Cumulative effects of IFRS 16 adjustments

5,547

5,251

Shareholders' equity adjusted

1,206,210

1,110,081

Equity ratio

 

2021

2020

Equity ratio 1)

48.1%

46.6%

Equity ratio adjusted 2)

52.9%

54.3%

1) Calculated as shareholders' equity divided by total assets

2) Calculated as shareholders' equity adjusted divided by total assets adjusted

Gearing

 

2021

2020

Gearing 1)

39.0%

54.3%

Gearing adjusted 2)

21.4%

31.9%

1) Calculated as net debt divided by shareholders' equity

2) Calculated as net debt adjusted divided by shareholders' equity adjusted

Debt coverage

 

2021

2020

Debt coverage 1)

1.6 x

1.8 x

Debt coverage adjusted 2)

1.0 x

1.7 x

1) Calculated as net debt divided by EBITDA

2) Calculated as net debt adjusted divided by EBITDA adjusted

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