Integrated Annual Report 2015
Please choose your report version

Notes to the Consolidated Financial Statements

1. Basic information and principles of the report

2. Changes in Group structure

3. Summary of significant accounting policies

4. Risk assessment and management

5. Management of capital

6. Trade accounts receivable

7. Other current assets and current financial assets

8. Inventories

9. Property, plant and equipment

10. Other non-current assets and non-current financial assets

11. Goodwill and intangible assets

12. Short-term debt

13. Other current liabilities and provisions

14. Long-term debt

2015 2014
Bonds 831.4 0.0
Syndicated bank loan (term loan facility) 295.7 0.0
Credit facility (revolving facility) 0.0 0.0
Other long-term debt 8.4 6.6
Total long-term debt 1,135.5 6.6


Geberit has the following three bonds outstanding: a bond for MCHF 150 (fair value as of 31 December 2015: MCHF 150.3) with a term of four years and a coupon of 0.05%, a bond for MCHF 150 (fair value as of 31 December 2015: MCHF 151.2) with a term of eight years and a coupon of 0.3%, and a bond for MEUR 500 (fair value as of 31 December 2015: MCHF 498.0) with a term of six years and a coupon of 0.688%.

Syndicated bank loan (term loan facility)

MEUR 325 of the syndicated bank loan (term loan facility) initially of MEUR 400 had been drawn down. The not required part of MEUR 75 was canceled in 2015. The term loan facility is used for medium-term financing and has a term of three years. Its variable interest rate is based on the LIBOR plus a margin that depends on the ratio of net debt to EBITDA. MEUR 50.0 were repaid early as of 17 November 2015 and MEUR 275.0 of the loan had been drawn on as of 31 December 2015. Its fair value of MCHF 297.6 was calculated by discounting all future cashflows at the current interest rate (swap rate for residual term plus credit spread).

Credit facility (revolving facility)

The firmly committed credit line (“revolving facility”) of MCHF 300 is intended to ensure the Group’s financial flexibility and has a term of five years. The interest rate is variable and is based on the LIBOR plus a fixed margin. An additional fee is charged if this credit line is drawn down. None of this credit facility was drawn down in 2015. A commitment fee is charged in respect of the portion not drawn down.

The syndicated bank loan and the credit facility are secured by guarantees from Geberit AG and contain covenants and conditions typical for syndicated financing, including compliance with the following financial ratio:

- Net debt/EBITDA: max. 2.50x

This ratio was 0.97x in the reporting period.

Other long-term debt

As of December 31, 2015, the Group had MCHF 8.4 of other long-term debt (PY:  MCHF 6.6). This debt incurred an effective interest rate of 6.0% (PY: 6.0%).

Currency mix

Of the total long-term debt outstanding as of December 31, 2015, MCHF 839.1 was denominated in EUR (PY: MCHF 6.6) and MCHF 296.4 in CHF (PY: MCHF 0).

15. Financial instruments

16. Retirement benefit plans

17. Participation plans

18. Deferred tax assets and liabilities

19. Other non-current liabilities and provisions

20. Contingencies

21. Capital stock and treasury shares

22. Earnings per share

23. Other operating expenses, net

24. Financial result, net

25. Income tax expenses

26. Operative Leasing

27. Research and development cost

28. Cashflow figures

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as of December 31, 2015