Financial report  >  Consolidated financial statements Geberit Group

Notes to the Consolidated Financial Statements

  1. 1. Basic information and principles of the report

  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

    xls-Download ↓
      Total Goodwill Patents and technology Trademarks and other intangible assets 2
      MCHF MCHF MCHF MCHF
    2013        
    Cost at beginning of year 1,079.8 768.6 127.3 183.9
    Additions 7.4     7.4
    Disposals -0.8     -0.8
    Translation differences 6.4 7.3 -0.1 -0.8
    Cost at end of year 1,092.8 775.9 127.2 189.7
             
    Accumulated amortization at beginning of year 441.7 226.2 124.4 91.1
    Amortization expense 5.5   2.8 2.7
    Disposals -0.8     -0.8
    Translation differences 0.9 1.7   -0.8
    Accumulated amortization at end of year 447.3 227.9 127.2 92.2
             
    Net carrying amounts at end of year 645.5 548.0 0.0 97.5
             
             
    2012        
    Cost at beginning of year 1,013.0 715.6 127.3 170.1
    Restatement 1 72.9 58.6 0.0 14.3
    Additions 2.6     2.6
    Disposals -2.9     -2.9
    Translation differences -5.8 -5.6   -0.2
    Cost at end of year 1,079.8 768.6 127.3 183.9
             
    Accumulated amortization at beginning of year 367.8 169.4 121.2 77.2
    Restatement 1 72.9 58.6 0.0 14.3
    Amortization expense 5.8   3.2 2.6
    Disposals -2.9     -2.9
    Translation differences -1.9 -1.8   -0.1
    Accumulated amortization at end of year 441.7 226.2 124.4 91.1
             
    Net carrying amounts at end of year 638.1 542.4 2.9 92.8

    1 Restatement see → Note 1
    2 Other intangible assets: mainly software and capitalized development costs (→ Note 3: chapter research and development expenditures)

    Goodwill and intangible assets with an indefinite useful life resulting from acquisitions are analyzed for impairment on an annual basis. As of December 31, 2013, there was no need for an impairment of these assets. The following table shows the carrying amount of positions which are material for the Group. The table shows also the parameters used in the impairment analysis.

      Carrying   Carrying   Calculation of recoverable amount (PY numbers in brackets)
      amount 31.12.2013   amount 31.12.2012   Value in use (U) or fair value less cost to sell (F) Growth rate
    beyond
    planning
    period    		 Discount
    pre-tax
    rate    		 Discount
    post-tax
    rate
      MCHF   MCHF     % % %
    Goodwill from LBO Geberit 241.0   238.6   U 3.00 (2.60) 8.90 (10.10) 7.90 (8.90)
    Goodwill from Mapress acquisition 289.3   285.9   U 3.00 (2.90) 10.40 (12.30) 8.20 (9.50)
    Geberit trademarks 84.6   84.6   U 3.00 (2.60) 9.20 (10.60) 7.90 (8.90)
    Total 614.9   609.1          

    The growth rates beyond the planning period are based on Euroconstruct estimations and on history-based internal assumptions about price and market share development. From today’s perspective, management believes that a possible and reasonable change of one of the crucial parameters (see → Note 3) used to calculate the recoverable amount would not lead to an impairment. The scenarios used to support this assumption are based specifically on decreases both in operating margins and the growth rate beyond the planning periods.

  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. Other operating expenses, net

  25. 25. Financial result, net

  26. 26. Income tax expenses

  27. 27. Cashflow figures

  28. 28. Segment reporting

  29. 29. Related party transactions

  30. 30. Foreign exchange rates

  31. 31. Subsequent events

  32. 32. Additional disclosures on financial instruments

  33. 33. Group companies as of December 31, 2013