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4. Operating segment information

Operating segment information first half of 2021

Based on the changed organisational and management structure of Galenica valid as at 1 January 2021, Galenica has redefined and renamed its segments. Galenica now has the two operating segments Products & Care (largely corresponds to the former operating segment Health & Beauty) and Logistics & IT (largely corresponds to the former operating segment Services).

Operating segment information first half of 2021

in thousand CHF

Products & Care

Logistics & IT

Group Services

Eliminations

Galenica Group

Net sales

918,926

1,377,914

10,485

–450,222

1,857,103

Intersegmental net sales

–35,419

–404,963

–9,840

450,222

Net sales to third parties

883,507

972,950

645

1,857,103

Other income

3,723

3,024

188

–825

6,111

Share of profit from associates and joint ventures

3,910

8

–170

3,748

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

112,403

39,343

–307

-4,846 1)

146,592

Depreciation and amortisation

–34,749

–12,989

–1

150

–47,589

Earnings before interest and taxes (EBIT)

77,654

26,354

–308

-4,697 1)

99,003

Interest income

 

 

 

 

189

Interest expense

 

 

 

 

–2,482

Other net financial result

 

 

 

 

–45

Earnings before taxes (EBT)

 

 

 

 

96,666

Income taxes

 

 

 

 

–17,108

Net profit

 

 

 

 

79,559

 

 

 

 

 

 

Assets

1,703,395

922,123

569,830

-681,751 2)

2,513,598

Investments in associates and joint ventures

27,833

57

–1,074

26,816

Liabilities

720,229

653,989

707,911

-682,388 3)

1,399,741

 

 

 

 

 

 

Investments in property, plant and equipment

8,460

10,581

37

–155

18,924 4)

Investments in intangible assets

2,155

3,770

–102

5,824 5)

 

 

 

 

 

 

Employees as at 30 June (FTE)

3,799

1,364

225

5,388

1) Including the effects of IAS 19 from defined benefit plans and long-service awards of CHF -3.9 million

2) Of which elimination of intercompany positions CHF -713.2 million and other unallocated amounts CHF 31.5 million

3) Of which elimination of intercompany positions CHF -713.2 million and other unallocated amounts CHF 30.9 million

4) Of which non-cash investments of CHF 1.7 million

5) Of which non-cash investments of CHF 0.2 million

The CEO of Galenica acting as chief operating decision maker (CODM) allocates resources and monitors performance of the Group's operating segments Products & Care and Logistics & IT on the basis of information prepared in accordance with IFRS with exception of defined benefit plans and long-service awards, which are recognised at Group level.

In the operating segment Products & Care with its large network of pharmacies the accounting for leases is of particular importance. The Group continues to prepare information as if its leases were accounted for as operating leases (e.g. in line with ­Galenica's accounting policies prior to the adoption of IFRS 16). Those figures are relevant for management incentive and remuneration plans. However, Galenica has determined that the figures including the effects of IFRS 16 are used by the CODM for monitoring and resource allocation decisions and therefore presents its segment reporting as above.

Operating segment information first half of 2020

The operating segment information 2020 has been restated to the changed organisational and management structure and the internal financial reporting to the chief operating decision maker (CODM).

Operating segment information first half of 2020 (restated)

in thousand CHF

Products & Care 5)

Logistics & IT 5)

Group Services

Eliminations

Galenica Group

Net sales

809,023

1,283,416

8,852

–410,871

1,690,420

Intersegmental net sales

–32,530

–370,135

–8,207

410,871

Net sales to third parties

776,494

913,281

645

1,690,420

Other income

1,800

4,173

448

–418

6,003

Share of profit from associates and joint ventures

1,684

–95

1,589

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

98,586

33,961

–319

-2,938 2)

129,290

Depreciation and amortisation

–35,662

–11,460

–11

124

–47,008

Earnings before interest and taxes (EBIT)

62,924

22,501

–330

-2,814 2)

82,282

Interest income

 

 

 

 

394

Interest expense

 

 

 

 

–2,559

Other net financial result

 

 

 

 

–166

Earnings before taxes (EBT)

 

 

 

 

79,951

Income taxes

 

 

 

 

–13,602

Net profit

 

 

 

 

66,349

 

 

 

 

 

 

Assets 1)

1,617,936

836,658

963,767

-1,159,423 3)

2,258,938

Investments in associates and joint ventures 1)

26,471

49

–3,571

22,949

Liabilities 1)

1,115,060

556,834

629,531

-1,095,842 4)

1,205,583

 

 

 

 

 

 

Investments in property, plant and equipment

7,544

8,815

–134

16,224

Investments in intangible assets

3,991

6,529

–93

10,428

 

 

 

 

 

 

Employees as at 30 June (FTE)

3,927

1,419

33

5,379

1) Figures as at 31 December 2020

2) Including the effects of IAS 19 from defined benefit plans and long-service awards of CHF -2.4 million

3) Of which elimination of intercompany positions CHF -1,150.6 million and other unallocated amounts CHF -8.8 million

4) Of which elimination of intercompany positions CHF -1,150.6 million and other unallocated amounts CHF 54.8 million

5) The organisational and management structure has changed as at 1 January 2021. As a result, Medifilm Ltd. moved from the operating segment Logistics & IT (formerly Services) to the operating segment Products & Care. Net sales for the half year 2020 has been restated.

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