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

  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

      2012 2011
      MCHF MCHF
    Revolving Facility 0.0 0.0
    Other long-term debt 10.9 10.8
    Total long-term debt 10.9 10.8

    Revolving Facility

    The Group has a firmly committed credit line (“Revolving Facility”) of MCHF 150 with a banking syndicate. The credit line is firmly committed until June 2016 with the purpose of ensuring the Group's financial flexibility. At December 31, 2012, the Revolving Facility bears interest at LIBOR plus an annual interest margin of 0.5%. The interest margin depends on the net debt to EBITDA ratio. This ratio is verified on a quarterly basis. In addition, in the case of a drawdown of the credit line of 33⅓%, a utilization fee of 0.15% is due on the entire credit portion and in the case of a drawdown of 66⅔%, an utilization fee of 0.30% is due. The interest is payable at the maturity date of the respective drawing used under the Revolving Facility. The drawings can have terms of one to six months. A commitment fee of 35% of the applicable interest margin is due on the unused portion. Drawings under the Revolving Facility are secured by guarantees from Geberit AG, Geberit Holding AG, Geberit Verwaltungs GmbH, and the Chicago Faucet Company, and contain covenants and conditions typical for syndicated financing, among others, compliance with the following financial ratios:

    - EBITDA/financial result, net:   min. 5.0x
    - Net debt/EBITDA:max. 3.0x
    - Equity/total assets:min. 25%

    The limits for these financial ratios were fulfilled on December 31, 2012. In 2012 and 2011, no drawdown of the Revolving Facility took place.

    Other long-term debt

    As of December 31, 2012, the Group had MCHF 10.9 of other long-term debt (PY: MCHF 10.8). This debt incurred an effective interest rate of 6.0% (PY: 6.0%).

    Currency mix

    Of the long-term debt outstanding as of December 31, 2012, MCHF 10.9 was denominated in EUR (PY: CHF 10.8).

  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