- >Financial Report
- >Consolidated financial statements Geberit Group
- >Notes to the consolidated financial statements
- >Note 1
The Geberit Group is a leading supplier of sanitary technology products for the residential and commercial new construction and renovation markets. The product range of the Group consists of the Sanitary Systems product area with the Installation Systems, Cisterns & Mechanisms, Faucets & Flushing Systems and Waste Fittings & Traps product lines, and the Piping Systems product area with the Building Drainage Systems and Supply Systems product lines. Worldwide, all products are sold through the wholesale channel. Geberit sells its products in more than 120 countries. The Group is present in 42 countries with its own sales employees.
The consolidated financial statements include Geberit AG and all companies under its control (“the Group” or “Geberit”). The Group eliminates all intra-group transactions as part of the Group consolidation process. Companies are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which control ceases.
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
The term “MCHF” in these consolidated financial statements refers to millions of Swiss francs, “MEUR” refers to millions of euros, “MGBP” refers to millions of Britain pounds sterling and “MUSD” refers to millions of US dollars. The term “shareholders” refers to the shareholders of Geberit AG.
Main sources of estimation uncertainty
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenues and expenses during the reporting period. Actual results can differ from estimates. Estimates and assumptions are continually reviewed and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the prevailing circumstances.
Important estimates and assumptions (with the related uncertainties) were primarily made in the following areas: