Gschäftsbericht 2018

122 | Galenica financial statements 2018 Finance Notes to the consolidated financial statements of the Galenica Group 26. Capital management The capital of Galenica 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. Net debt, shareholders’ equity and gearing are shown in the table below. in thousand CHF 2018 2017 Current financial liabilities 1) 28,025 22,257 Non-current financial liabilities 1) 380,910 381,219 Cash and cash equivalents (104,970) (96,287) Interest-bearing receivables (3,517) (5,860) Net debt 300,448 301,329 Equity attributable to shareholders of Galenica Ltd. 929,463 857,280 Non-controlling interests 4,136 4,235 Shareholders’ equity 933,599 861,515 Gearing 32.2% 35.0% 1) Excluding non-interest-bearing financial liabilities Galenica has no covenants requiring a minimum level of equity, nor is Galenica subject to any externally regulated capital requirements as seen in the financial services sector.