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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

30.06.2024

30.06.2023

Total assets

3,007,018

2,808,944

Cumulative effects of IAS 19 adjustments

–1,738

–2,515

Cumulative effects of IFRS 16 adjustments

–238,966

–230,448

Total assets adjusted

2,766,314

2,575,982

Net debt

in thousand CHF

30.06.2024

30.06.2023

Current financial liabilities 1)

84,514

98,923

Current lease liabilities

51,558

51,523

Non-current financial liabilities 1)

519,807

419,872

Non-current lease liabilities

194,256

186,200

Cash and cash equivalents

–69,546

–15,329

Interest-bearing receivables

–1,114

–958

Net debt

779,473

740,231

Lease liabilities (current and non-current)

–245,813

–237,723

Net debt adjusted

533,660

502,508

1) Excluding non-interest-bearing financial liabilities

Shareholders' equity

in thousand CHF

30.06.2024

30.06.2023

Shareholders' equity

1,409,229

1,328,930

Cumulative effects of IAS 19 adjustments

13,095

15,069

Cumulative effects of IFRS 16 adjustments

5,612

5,335

Shareholders' equity adjusted

1,427,936

1,349,334

Equity ratio

 

30.06.2024

30.06.2023

Equity ratio 1)

46.9%

47.3%

Equity ratio adjusted 2)

51.6%

52.4%

1) Calculated as shareholders' equity divided by total assets

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

Gearing

 

30.06.2024

30.06.2023

Gearing 1)

55.3%

55.7%

Gearing adjusted 2)

37.4%

37.2%

1) Calculated as net debt divided by shareholders' equity

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

Debt coverage

 

30.06.2024

30.06.2023

Debt coverage 1)

2.5 x

2.6 x

Debt coverage adjusted 2)

2.1 x

2.1 x

1) Calculated as net debt divided by moving annual total of the previous 12 months EBITDA

2) Calculated as net debt adjusted divided by moving annual total of the previous 12 months EBITDA adjusted

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