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15. Leases

Right-of-use assets

in thousand CHF

Real estate

Vehicles

Total right-of-use assets

Net carrying amount as at 31.12.2020

210,074

251

210,325

Addition

27,954

83

28,037

Reassessment of existing lease contracts

20,341

20,341

Depreciation

–49,012

–190

–49,202

Impairment

–22

–22

Addition to scope of consolidation

5,904

117

6,021

Translation differences

–4

–4

Net carrying amount as at 31.12.2021

215,239

257

215,496

Addition

23,456

76

23,533

Reassessment of existing lease contracts

35,497

12

35,509

Depreciation

–51,059

–197

–51,255

Impairment

–1,644

–1,644

Reversal of impairment

1,492

1,492

Addition to scope of consolidation

3,951

52

4,002

Disposal from scope of consolidation

–444

–444

Translation differences

–4

–4

Net carrying amount as at 31.12.2022

226,489

196

226,685

Lease liabilities

in thousand CHF

2022

2021

Net carrying amount as at 1 January

223,051

218,001

Addition

23,533

28,630

Reassessment of existing lease contracts

35,509

20,341

Interest expense on lease liabilities

2,455

2,298

Repayment of lease liabilities (including interest)

–54,914

–52,237

Addition to scope of consolidation

4,002

6,021

Disposal from scope of consolidation

–455

Translation differences

–4

–4

Net carrying amount as at 31 December

233,178

223,051

– of which current lease liabilities

50,173

49,717

– of which non-current lease liabilities

183,005

173,334

Leases recognised in profit or loss

in thousand CHF

2022

2021

Rental income from operating leases (included in other income)

1,805

1,818

Short-term lease expense (included in other operating costs)

–1,154

–1,325

Low-value lease expense (included in other operating costs)

–17

–36

Variable lease expense (included in other operating costs)

–4,002

–3,685

Depreciation of right-of-use assets

–51,255

–49,202

Impairment of right-of-use assets

–1,644

–22

Reversal of impairment of right-of-use assets

1,492

Interest expense on lease liabilities

–2,455

–2,298

The total cash outflow for leases including short-term leases, leases of low-value-assets and variable lease expenses was CHF 60.1 million (previous year: CHF 57.3 million).

Maturity profile of undiscounted lease liabilities

in thousand CHF

2022

2021

Up to 3 months

13,371

13,279

In 3 to 12 months

39,339

38,441

In 2 years

45,869

45,327

In 3 years

37,945

36,024

In 4 to 5 years

54,879

49,171

In 6 to 10 years

45,534

43,103

In more than 10 years

5,303

5,782

Total future cash flows from undiscounted lease liabilities

242,240

231,127

Possible future cash outflows related to extension options in an amount of CHF 183.1 million (previous year: CHF 163.2 million) are not included in lease liabilities because it is not reasonably certain that these options will be exercised.

The cash outflows for variable lease expenses in 2023 is expected to be similar to the amount recognised in 2022.

Galenica has entered into various lease contracts that have not yet commenced as at 31 December 2022. The future lease payments for these non-cancellable lease contracts amount to CHF 38.9 million (previous year: CHF 39.6 million). 

Accounting principles leases

A lease is a contract in which the right to use an asset (the underlying asset) is granted for an agreed-upon period in return for consideration. Galenica has lease contracts for vehicles and a large number of contracts for real estate, mainly store locations, which include fixed rental payments and variable sales-based components. The significant majority of these lease contracts concerns locations of the pharmacies in the operating segment Products & Care.

Galenica determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain at inception of the contract to be exercised. Galenica has the option, under some of its leases, to lease the assets for additional terms of several (three, five or more) years. Galenica applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. In doing so, Galenica considers all relevant factors including economic incentives. Galenica reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise, or not to exercise, the option to renew (e.g. a change in business strategy of the underlying asset).

At the commencement date right-of-use assets are capitalised at a value equivalent to the lease liability, plus initial direct costs and lease payments made before the commencement date, less any lease incentives received.

Galenica uses the recognition exemptions for lease contracts that have a lease term of 12 months or less and do not contain a purchase option (short-term leases), and lease contracts for which the underlying asset is of low value (low-value assets).

The lease liability represents the net present value of fixed or in substance fixed lease payments over the lease term. Lease liabilities are discounted using the incremental borrowing rate if the rate implicit in the lease is not readily determinable. Non-lease components are not included in the lease liabilities and are accounted for in accordance with applicable standards. The interest charge is presented as interest expense on lease liabilities.

Right-of-use assets are depreciated over the shorter of the useful life of the right-of-use asset or the lease term.

Right-of-use assets are tested for impairment whenever there are indications that they could be impaired. Any impairment is recognised in profit or loss under depreciation and amortisation and disclosed separately as an impairment. Reversal of impairments on right-of-use assets are recognised immediately in profit or loss.

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