Consolidated Financial Statements Geberit Group

Notes to the Consolidated Financial Statements

  1. 1. Basis of preparation

  2. 2. Changes in Group organization

  3. 3. Summary of significant accounting policies

  4. 4. Risk assessment and management

  5. 5. Management of capital

  6. 6. Marketable securities

  7. 7. Trade accounts receivable

  8. 8. Other current assets and current financial assets

  9. 9. Inventories

  10. 10. Property, plant and equipment

  11. 11. Other non-current assets and non-current financial assets

  12. 12. Goodwill and intangible assets

  13. 13. Short-term debt

  14. 14. Other current provisions and liabilities

  15. 15. Long-term debt

  16. 16. Derivative financial instruments

  17. 17. Retirement benefit plans

  18. 18. Participation plans

  19. 19. Deferred tax assets and liabilities

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      2011   Movements 2011 2010
      Total   Charged/
    credited
    to income    		 Through
    equity/
    OCI 1    		 Translation
    differences    		 Total
      MCHF   MCHF MCHF MCHF MCHF
    1 Other comprehensive income  
    Deferred tax assets  
    Loss carryforwards 5.1   -1.0   -0.1 6.2
    Accrued pension obligation 26.6   0.5 9.0 -0.2 17.3
    Property, plant and equipment 2.7   0.3     2.4
    Goodwill and intangible assets 31.3   -4.7   -0.1 36.1
    Other 13.3   -1.1 -1.9 -0.2 16.5
    Total deferred tax assets 79.0   -6.0 7.1 -0.6 78.5
                 
    Deferred tax liabilities  
    Inventories -6.1   -0.8     -5.3
    Property, plant and equipment -31.7   0.5   0.4 -32.6
    Intangible assets -6.6   0.7   0.1 -7.4
    Other -5.4   1.5     -6.9
    Total deferred tax liabilities -49.8   1.9 0.0 0.5 -52.2
      2010   Movements 2010 2009
      Total   Charged/
    credited
    to income    		 Through
    equity/
    OCI 1    		 Translation
    differences    		 Total
      MCHF   MCHF MCHF MCHF MCHF
    1 Other comprehensive income            
    Deferred tax assets            
    Loss carryforwards 6.2   -2.4   -0.9 9.5
    Accrued pension obligation 17.3   0.1 7.2 -1.1 11.1
    Property, plant and equipment 2.4   0.7   -0.3 2.0
    Goodwill and intangible assets 36.1   -5.0   -1.0 42.1
    Other 16.5   2.4   -0.6 14.7
    Total deferred tax assets 78.5   -4.2 7.2 -3.9 79.4
                 
    Deferred tax liabilities            
    Inventories -5.3   0.1   0.5 -5.9
    Property, plant and equipment -32.6   -1.2   3.5 -34.9
    Intangible assets -7.4         -7.4
    Other -6.9   0.7   0.2 -7.8
    Total deferred tax liabilities -52.2   -0.4 0.0 4.2 -56.0

     

    Deferred tax liabilities are recorded for non-refundable withholding taxes or other taxes on unremitted earnings if earnings are planned to be remitted to the parent. As of December 31, 2011 and 2010, there were no such retained earnings in the subsidiaries.

    The Group recognizes deferred tax assets from loss carryforwards if they comply with the requirements of IAS 12. The following loss carryforwards (listed by maturity) were used for the calculation of deferred tax assets:

    Maturity 2011 Not deferred
    tax asset    		 Deferred
    tax asset    		 2010 Not deferred
    tax asset    		 Deferred
    tax asset
      MCHF MCHF MCHF MCHF MCHF MCHF
    1 year 0.0 0.0 0.0 0.7 0.1 0.6
    2 years 0.0 0.0 0.0 0.5 0.0 0.5
    3 years 0.0 0.0 0.0 0.2 0.0 0.2
    4 years 0.0 0.0 0.0 0.0 0.0 0.0
    5 years 0.0 0.0 0.0 1.3 0.0 1.3
    6 years 5.7 0.0 5.7 4.2 0.0 4.2
    > 6 years 14.0 0.0 14.0 18.9 0.7 18.2
    Total 19.7 0.0 19.7 25.8 0.8 25.0

     

  20. 20. Other non-current provisions and liabilities

  21. 21. Contingencies

  22. 22. Capital stock and treasury shares

  23. 23. Earnings per share

  24. 24. Cash discounts and customer bonuses

  25. 25. Other operating expenses, net

  26. 26. Financial result, net

  27. 27. Income tax expenses

  28. 28. Cashflow figures

  29. 29. Segment reporting

  30. 30. Related party transactions

  31. 31. Foreign exchange rates

  32. 32. Subsequent events

  33. 33. Additional disclosures on financial instruments

  34. 34. Group companies as of December 31, 2011