Financial report  >  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

    The objectives of the Group with regard to the management of the capital structure are the following:

    • ensure sufficient liquidity to cover all liabilities
    • guarantee an attractive return on equity (ROE) and return on invested capital (ROIC)
    • ensure a sufficient debt capacity and credit rating
    • ensure an attractive distribution policy

    In order to maintain or change the capital structure, the following measures can be taken:

    • adjustment of the distribution policy
    • share buyback programs
    • capital increases
    • incur or repay debt

    Further measures to guarantee an efficient usage of the invested capital and therefore also to achieve attractive returns are:

    • active management of net working capital
    • demanding objectives regarding the profitability of investments
    • clearly structured innovation process

    The invested capital is composed of net working capital, property, plant and equipment, goodwill, and intangible assets.

    The periodic calculation and reporting of the following key figures to the management ensures the necessary measures in connection with the capital structure in a timely manner.

    The relevant values as of December 31, are outlined below:

      2012 2011
      MCHF MCHF
    Gearing    
    Debt 14.7 75.6
    Liquid funds and marketable securities 423.1 542.0
    Net debt -408.4 -466.4
    Equity 1,431.3 1,419.5
    Net debt/equity -28.5% -32.9%
         
    Return on equity (ROE)    
    Equity (rolling) 1,397.8 1,475.2
    Net income 392.3 384.0
    ROE 28.1% 26.0%
         
    Return on invested capital (ROIC)    
    Invested capital (rolling) 1,346.0 1,327.6
    Net operating profit after taxes (NOPAT) 394.5 382.3
    ROIC 29.3% 28.8%

  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

  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, 2012