History Note 14

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

2017 2016
Bonds 878.8 829.5
Syndicated bank loan 0.0 128.4
Credit facility 0.0 0.0
Other long-term debt 11.9 8.8
Total long-term debt 890.7 966.7
Short-term portion of long-term debt 0.0 0.0
Total long-term debt 890.7 966.7


Geberit has the following three bonds outstanding: a bond for MCHF 150 (fair value as at 31 December 2017: MCHF 150.7) with a term of four years and a coupon of 0.05% due 2019, a bond for MCHF 150 (fair value as at 31 December 2017: MCHF 151.4) with a term of eight years and a coupon of 0.3% due 2023, and a bond for MEUR 500 (fair value as at 31 December 2017: MEUR 507.9) with a term of six years and a coupon of 0.688% due 2021.

Syndicated bank loan

The syndicated bank loan was used for medium-term financing and had a term of three years (due in 2018). Its variable interest rate was based on the LIBOR plus a margin that depends on the ratio of net debt to EBITDA. MEUR 0 of the loan had been drawn as at 31 December 2017 (PY: MEUR 120). MEUR 155 was repaid in 2016 and the term loan facility was repaid in full and cancelled on 11 September 2017.

Revolving credit facility

The revolving credit facility was a firmly committed credit line of MCHF 300 dating from October 2014 which was replaced by a new firmly committed credit line of MCHF 500 in November 2017. Like its predecessor, the new credit line also has a term of five years (due in 2022) as well as two renewal options of one additional year each. The interest rate continues to be 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 as of 31 December 2017. A commitment fee – recorded as financial expenses – is charged in respect of the undrawn portion.

The MEUR 500 bond and the MCHF 500 credit facility are secured by guarantees from Geberit AG. The credit facility contains conditions typical for syndicated financing.

Other long-term debt

As at 31 December 2017, the Group had MCHF 11.9 of other long-term debt (PY: MCHF 8.8). This debt incurred an effective interest rate of 6.0% (PY: 5.9%).

Currency mix

Of the total long-term debt outstanding as at 31 December 2017, MCHF 592.3 was denominated in EUR (PY: MCHF 669.3) and MCHF 298.4 in CHF (PY: MCHF 297.4).

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. Operating 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 at 31 December 2017