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

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. Leases

27. Research and development cost

28. Free Cashflow

29. Segment reporting

The Geberit Group consists of one single business unit, the purpose of which is to develop, produce and distribute sanitary products and systems for the residential and commercial construction industry. The major part of the products is distributed through the wholesale channel in general to plumbers, who resell the products to the end users. Products are produced by plants that specialise in particular production processes. As a general rule, one specific article is produced at only one location. Distribution is carried out by country or regional distribution subsidiaries, which sell to wholesalers. A distribution subsidiary is always responsible for the distribution of the whole range of products in its sales area. The main task of the distribution companies is local market development, which contains as a main focus the support of installers, sanitary planners, architects, wholesalers and other distributors. Research and development of the whole range of products is carried out centrally by Geberit International AG. All corporate tasks are also centralised at Geberit International AG.

Due to the unity and focus of the business, the top management (Group Executive Board) and the management structure of the Geberit Group are organised by function (Overall Management, Sales Europe, Sales International, Marketing & Brands, Operations, Product Management & Innovation, Finance). The financial management of the Group by the Board of Directors and the Group Executive Board is based on net sales by markets and product areas and on the consolidated income statements, balance sheets and statements of cashflows.

Segment reporting is therefore prepared according to IFRS 8.31 et seq. (one single reportable segment), and the valuation is made according to the same principles as the consolidated financial statements. The basis for revenue recognition is the same for all markets and product areas. The geographical allocation of net sales is based on the domicile of the customers.

The information is as follows:

  2019 2018
Net sales by product areas    
Installation and Flushing Systems 1,144.6 1,132.5
Piping Systems 949.1 928.3
Bathroom Systems 989.2 1,019.7
Total net sales 3,082.9 3,080.5
  2019 2018
Net sales by markets    
Germany 928.3 934.1
Nordic Countries 303.2 311.6
Switzerland 293.8 282.7
Eastern Europe 304.9 307.2
Benelux 261.2 252.4
Italy 210.9 216.2
France 179.6 187.1
Austria 172.8 170.6
United Kingdom/Ireland 114.2 111.6
Iberian Peninsula 24.7 24.5
Other markets 289.3 282.5
Total net sales 3,082.9 3,080.5
  2019 2018
Share of net sales by customers    
Customers with more than 10% of net sales: customer A 486.7 482.1
Total > 10% 486.7 482.1
Remaining customers with less than 10% of net sales 2,596.2 2,598.4
Total net sales 3,082.9 3,080.5
  2019 1 2018
Property, plant and equipment by markets    
Germany 336.4 310.1
Nordic Countries 44.5 40.3
Switzerland 183.7 161.6
Eastern Europe 147.8 135.6
Benelux 14.5 6.4
Italy 62.4 58.1
France 15.5 11.2
Austria 42.4 38.9
United Kingdom/Ireland 7.9 2.3
Iberian Peninsula 13.0 13.1
Other markets 51.9 51.3
Total property, plant and equipment 920.0 828.9
1 2019 includes the Group’s own as well as leased property, plant and equipment  

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as of 31 December 2019


Download center
Mark page
Graphics collection
Forward content
Compare to 2018