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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

2022

2021

Cash flow from operating activities before working capital changes

281,750

281,397

Payment of lease liabilities

–52,459

–49,939

Cash flow from operating activities before working capital changes adjusted

229,291

231,458

Working capital changes

–44,877

51,698

Cash flow from operating activities adjusted

184,414

283,156

Cash flow from investing activities without M&A 1)

–90,003

–18,742

Free cash flow before M&A

94,411

264,414

Cash flow from M&A 2)

–36,549

–69,494

Free cash flow

57,862

194,920

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

2) Net cash flow from business combinations

CAPEX

in thousand CHF

2022

2021

Investments in property, plant and equipment

41,044

42,189

Investments in intangible assets

29,676

18,250

CAPEX

70,720

60,439

Cash conversion

 

2022

2021

Cash conversion 1)

71.7%

77.0%

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

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