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

  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

    Net cashflow is calculated as follows:

      2012 2011
      MCHF MCHF
    EBITDA1 542.4 532.0
    Financial result, net -7.2 -7.3
    Income tax expenses -62.8 -57.9
    Deferred taxes charged/credited (-) to net income (see  Notes 19 and  27) 1.8 4.1
    Changes in non-current provisions 30.1 24.9
    Changes in other non-current assets and liabilities and other -0.2 -1.1
    Net cashflow 504.1 494.7
    1 EBIT + Depreciation + Amortization

    “Changes in non-current provisions” mainly includes the changes in provisions for operating risks, accrued pension obligations and non-cash expenses resulting from share participation and option plans charged or credited to net income. “Changes in other non-current assets and liabilities and other” mainly includes the changes in prepaid pension assets, gains from the disposal of property, plant and equipment and the non-cash amortization of transaction costs in relation with the borrowing of debts.

    Free cashflow is calculated as follows:

      2012 2011
      MCHF MCHF
    Net cashflow 504.1 494.7
    Purchase of property, plant and equipment and intangible assets, net -85.0 -88.8
    Changes in net working capital -16.0 -7.6
    Payments charged to non-current provisions -12.1 -12.3
    Free cashflow 391.0 386.0

    As per Group definition, the term “Free cashflow” does not include cashflows from divestments or acquisitions of subsidiaries, proceeds or repayments of borrowings, the purchase or sale of treasury shares and dividend payments.

    “Changes in net working capital” comprises the changes in the aggregate of trade accounts receivable, inventories and other current assets, less the aggregate of trade accounts payable and other current provisions and liabilities.

    “Payments charged to non-current provisions” mainly includes outflows resulting from pension and warranty obligations.

    “Net cashflow” and “Free cashflow” are no substitute for figures shown in the consolidated income statements and the consolidated statements of cashflows, but they may give an indication of the Group’s capability to generate cash, to pay back debt, to finance acquisitions, to buy back shares and to pay dividends.

  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