The Geberit Group successfully closed out a challenging year by significantly outperforming portions of the relevant market environment. In local currencies, sales growth was considerably above medium-term goals. This gratifying development was, however, diminished in Swiss Francs as a result of negative currency effects. As announced, earnings did not equal those of the previous year but operating margins did continue to exceed the medium-term target range. Raw material prices – which increased primarily during the first half of the year –, organic growth initiatives, stepped-up marketing activities and the strong Swiss Franc were among the causes of the slightly diminished results. At the same time, however, the Company's position as the leading provider of sanitary technology was solidified and additional market share was attained.