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.