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Free cash flow

The free cash flow shows Galenica's capacity to pay dividends and repay debt and repay equity. It provides information on the remaining cash and cash equivalents from the operating cash flow, reduced by all lease payments and after consideration of investment activities.

Free cash flow

in thousand CHF

2021

2020

Cash flow from operating activities before working capital changes

281,397

238,763

Payment of lease liabilities

–49,939

–49,065

Cash flow from operating activities before working capital changes adjusted

231,458

189,698

Working capital changes

51,698

–14,403

Cash flow from operating activities adjusted

283,156

175,295

Cash flow from investing activities without M&A 1)

–18,742

–57,280

Free cash flow before M&A

264,414

118,015

Cash flow from M&A 2)

–69,494

–58,369

Free cash flow

194,920

59,646

1) Cash flow from investing activities without net cash flow from business combinations

2) Net cash flow from business combinations

CAPEX

in thousand CHF

2021

2020

Investments in property, plant and equipment

42,189

36,484

Investments in intangible assets

18,250

20,495

CAPEX

60,439

56,978

Cash conversion

 

2021

2020

Cash conversion 1)

77.0%

73.3%

1) Calculated as EBITDA adjusted less CAPEX divided by EBITDA adjusted

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