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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

2023

2022 (Restated) 1)

Cash flow from operating activities before working capital changes

253,283

272,247

Payment of lease liabilities

–51,934

–51,822

Cash flow from operating activities before working capital changes adjusted

201,350

220,425

Working capital changes

–28,759

–29,194

Cash flow from discontinued operations (operating activities) incl. payment of lease liabilities

918

–6,817

Cash flow from operating activities adjusted

173,509

184,414

Cash flow from investing activities without M&A 2)

–93,606

–89,435

Cash flow from discontinued operations (investing activities)

–150

–569

Free cash flow before M&A

79,752

94,411

Cash flow from M&A 3)

–30,411

–36,549

Free cash flow

49,341

57,862

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

2) Cash flow from investing activities without net cash flow from business combinations and net cash flow from sale of subsidiaries

3) Net cash flow from business combinations and net cash flow from sale of subsidiaries

CAPEX

in thousand CHF

2023

2022

Investments in property, plant and equipment

46,119

41,044

Investments in intangible assets

32,699

29,676

CAPEX

78,818

70,720

Cash conversion

 

2023

2022 (Restated) 1)

Cash conversion 2)

67.5%

70.5%

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

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

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