Notes to the Consolidated Financial Statements
1. Basic information and principles of the report
2. Changes in Group structure
Sale of the Varicor Group
The Varicor Group was sold at a sales price of MEUR 13.8 and deconsolidated as at 1 January 2017. The Varicor Group companies are Varicor S.A.S. and Varicor GmbH which were acquired as part of the Sanitec acquisition in 2015 and employed 86 people as at 31 December 2016. The Varicor Group did not contribute to the net income in 2017. In 2016, the Varicor Group contributed MEUR 8.7 to the Geberit Group’s net sales, MEUR 0.8 to the EBIT, and MEUR 0.7 to the net income. On 31 December 2016, the Varicor Group had current assets of MEUR 5.6, non-current assets of MEUR 11.7, current liabilities of MEUR 2.4, and non-current liabilities of MEUR 1.0.
In addition the sales company Geberit UAB was established in Vilnius and there were various changes to the legal structure of the Group mainly in connection with the integration of the Sanitec Group but with no effect on the consolidated results.
Sale of the
The Group sold the Koralle Group to AFG Arbonia-Forster-Holding AG on 1 July 2016. The sales price was MEUR 33.0 plus net cash and cash equivalents. The Koralle Group companies are Bekon Koralle AG, Koralle Sanitärprodukte GmbH, Baduscho Dusch- und Badeeinrichtungen Produktions- und Vertriebsgesellschaft mbH and Servico Gesellschaft für Sanitärtechnik mbH. The Koralle Group was acquired as part of the Sanitec acquisition in 2015. The provider of shower enclosures primarily operates in the Swiss, German and Austrian markets and employed 240 people as at 30 June 2016. The Koralle Group contributed MCHF 22.6 to the Geberit Group’s net sales, MCHF 2.1 to the EBIT, and MCHF 1.7 to the net income as at 30 June 2016. In 2015 (11 months), the Koralle Group contributed MCHF 42.2 to the Geberit Group’s net sales, MCHF 2.4 to the EBIT, and MCHF 1.9 to the net income. On 30 June 2016, the Koralle Group had current assets of MCHF 17.1, non-current assets of MCHF 33.7, current liabilities of MCHF 7.3, and non-current liabilities of MCHF 7.3.
In addition there were various changes to the legal structure of the Group mainly in connection with the integration of the Sanitec Group but with no effect on the consolidated results.