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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

2023

2022

Total assets

2,990,952

2,612,825

Cumulative effects of IAS 19 adjustments

–21,944

–2,466

Cumulative effects of IFRS 16 adjustments

–229,056

–226,168

Total assets adjusted

2,739,952

2,384,191

Net debt

in thousand CHF

2023

2022

Current financial liabilities 1)

69,990

218,464

Current lease liabilities

50,484

50,173

Non-current financial liabilities 1)

419,871

181,389

Non-current lease liabilities

185,557

183,005

Cash and cash equivalents

–116,159

–93,927

Interest-bearing receivables

–11,607

–11,347

Net debt

598,137

527,758

Lease liabilities (current and non-current)

–236,041

–233,178

Net debt adjusted

362,096

294,580

1) Excluding non-interest-bearing financial liabilities

Shareholders' equity

in thousand CHF

2023

2022

Shareholders' equity

1,475,196

1,249,461

Cumulative effects of IAS 19 adjustments

955

14,340

Cumulative effects of IFRS 16 adjustments

5,583

4,982

Shareholders' equity adjusted

1,481,734

1,268,783

Equity ratio

 

2023

2022

Equity ratio 1)

49.3%

47.8%

Equity ratio adjusted 2)

54.1%

53.2%

1) Calculated as shareholders' equity divided by total assets

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

Gearing

 

2023

2022

Gearing 1)

40.5%

42.2%

Gearing adjusted 2)

24.4%

23.2%

1) Calculated as net debt divided by shareholders' equity

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

Debt coverage

 

2023

2022 (Restated) 1)

Debt coverage 2)

2.0 x

1.8 x

Debt coverage adjusted 3)

1.5 x

1.2 x

1) Figures restated (refer to note 4 of the Consolidated financial statements 2023 of the Galenica Group)

2) Calculated as net debt divided by EBITDA

3) Calculated as net debt adjusted divided by EBITDA adjusted

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