Gschäftsbericht 2018

88 | Galenica financial statements 2018 Finance Notes to the consolidated financial statements of the Galenica Group Notes to the consolidated financial statements of the Galenica Group 1. Group organisation General information Galenica is a fully-integrated healthcare provider in Switzerland. Galenica operates a network of pharmacies, develops and offers own brands and products, exclusive brands and products from business partners as well as a variety of on-site health services and tests for customers. Galenica is also a provider of pre-wholesale and wholesale distribution and database ser- vices in the Swiss healthcare market. The parent company is Galenica Ltd., a Swiss company limited by shares with its head office in Bern. The registered office is at Untermattweg 8, 3027 Bern, Switzerland. Shares in Galenica Ltd. are traded on the SIX Swiss Exchange under securities no. 36067446 (ISIN CH0360674466). The Board of Directors released the consolidated financial statements 2018 for publication on 5 March 2019. The 2018 consolidated financial statements will be submitted for approval to the Annual General Meeting on 2 May 2019. Separation and listing on the SIX Swiss Exchange On 14 March 2017, the Board of Directors of Galenica Ltd. announced its intention to separate the Galenica Santé business unit from Galenica Ltd. The separation was effected on 7 April 2017 by way of a demerger and initial public offering (IPO) of Galenica Santé as a new company. Galenica Ltd. was renamed to Vifor Pharma Ltd. on 11 May 2017 so that Galenica Santé could trade under the Galenica name going forward. 2. Accounting principles Basis of preparation The consolidated financial statements of Galenica have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB), as well as the interpretations of the IFRS Interpretations Committee and the provisions of Swiss law. The consolidated financial statements are based on the financial statements of the individual companies of Galenica, pre- pared in accordance with uniform accounting principles. The reporting period comprises twelve months to 31 December. The consolidated financial statements have been presented on a historical cost basis. Non-monetary assets are measured at the lower of cost and net realisable value or recoverable amount. Certain financial assets and financial liabilities are measured at fair value in the statement of financial position. Detailed disclosures on measurement are provided in the summary of significant accounting policies. Galenica’s consolidated financial statements are prepared in Swiss francs (CHF) and, unless otherwise indicated, figures are rounded to the nearest CHF 1,000. Foreign currencies are not of relevance for the consolidated financial statements.