Galenica

IFBC was mandated by Galenica to analyze the impact of IFRS 16 on the goodwill impairment test. Both the determination of free cash flows and the calculation of the cost of capital had to be adjusted in accordance with IFRS 16 to ensure that the result of the impairment test was the same as before IFRS 16. The transparent presentation of the valuation-related effects of IFRS 16 formed the basis to define how the new leasing standard should be applied in company valuations at Galenica. Galenica is the leading fully integrated healthcare provider in Switzerland and operates the largest pharmacy network in Switzerland.