Notes to the Financial Statements

1. Standards

2. Other statutory disclosures

2.1 Guarantees, assets pledged in favor of third parties

  31.12.2019 31.12.2018
  MCHF MCHF
Guarantee notes, MEUR 325 (PY: MEUR 325), 0.688%, due 30.03.2021 352.5 365.8
Guarantee Revolving Facility, due 06.11.2022 500.0 500.0
Guarantee GRI Pensions 0.1 0.1
     

The guarantees are limited to the distributable reserves of the company.

2.2 Significant investments

  2019 2019 2018 2018
  Ownership in % Capital stock Ownership in % Capital stock
Geberit Holding AG, Rapperswil-Jona 100 TCHF 39 350 100 TCHF 39 350
Geberit Reinsurance Ltd., Guernsey 100 TEUR 2 100 TEUR 2

The investments are stated separately at the respective acquisition costs, less any adjustments required. The indirect investments are shown in the Notes to the Consolidated Financial Statements in the Note 33.

2.3 Share capital

The share capital of Geberit AG consists of 37,041,427 ordinary shares with a par value of CHF 0.10 each.

  2019 2018
Number of shares issued pcs. pcs.
January 1 37,041,427 37,041,427
December 31 37,041,427 37,041,427

2.4 Capital contribution reserves

From the total of MCHF 25.7 shown as at 31.12.2019 only the amount of MCHF 4.2 was confirmed by the Swiss tax authorities and is therefore available for withholding tax free distribution. For the difference of MCHF 21.5 the application was rejected. The Board of Directors therefore proposes the General Meeting to reclassify MCHF 21.5 from legal reserves to free reserves (see 3. Profit distribution).

2.5 Treasury shares

Treasury shares held by Geberit AG or by companies in which Geberit AG holds a majority interest:

  Prices per share
  Number of
registered shares
High Average Low
    in CHF in CHF in CHF
Balance at December 31, 2018 999,182      
Purchases share buyback program 2017 - 2020 113,750 463.00 414.53 361.39
Other Purchases 51,507 459.24 420.95 385.00
Sales -130,316 550.00 453.37 384.10
Balance at December 31, 2019 1,034,123      
Number of treasury shares held by Geberit AG 764,551      

The Board of Directors of Geberit AG decided in March 2017 to initiate a share buyback program. Over a maximum period of three years, shares for a total amount of maximum CHF 450 million will be repurchased, less withholding tax. As at December 31, 2019, in total 764’551 shares for a total amount of MCHF 323.3 were repurchased under the program.

The legal reserves for treasury shares were recorded at cost.

2.6 Bonds

Geberit has the following bonds outstanding:
- a bond of MCHF 150 with a term of eight years and a coupon of 0.3%, due 17.04.2023
- a bond of MCHF 125 with a term of five and a half years and a coupon of 0.1%, due 17.10.2024
- a bond of MCHF 125 with a term of nine and a half years and a coupon of 0.6%, due 17.10.2028

2.7 Shareholdings of members of the board of directors and of the group executive board

As of the end of 2019 and 2018, members of the Board of Directors held the following shares in the company:

  A. Baehny
Chairman
H. Reuter
Vice Chairman
F. Ehrat B. Koch E. Zehnder-Lai Total
2019            
Shareholdings Board of Directors      
Shares 71,415 9,030 3,348 10 877 84,680
Call-Options 41,864 0 0 0 0 41,864
Share of voting rights 0.19% < 0.1% < 0.1% < 0.1% < 0.1% 0.23%
  A. Baehny
Chairman
H. Reuter
Vice Chairman
F. Ehrat T. Hübner J. Tang-Jensen E. Zehnder-Lai Total
2018              
Shareholdings Board of Directors       
Shares 70,778 9,023 2,798 1,343 2,920 363 87,225
Call-Options 41,864 0 0 0 0 0 41,864
Share of voting rights 0.19% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.24%

As of December 31, 2019, there were no outstanding loans or credits between the company and members of the Board of Directors

As of the end of 2019 and 2018, the Group Executive Board held the following shares in the company:

  Maturity Average
exercise
price
in CHF
C. Buhl
CEO
R. Iff
CFO
M.Bau-
müller
E. Renfordt-
Sasse
K. Spach-
mann
R. van
Triest
M. Ziegler Total
2019                    
Shareholdings Group Executive Board                  
Shares   12,772 28,316 3,408 646 12,000 400 2,908 60,450
Percentage voting rights shares   < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.16%
                     
Call options1                  
End of vesting period:                  
Lapsed 2021-2026 382.28 8,041 695 3,228 10,240 119 1,431 2,316 26,070
2020 2023-2027 409.97 13,351 7,608 1,983 3,664 6,751 4,627 921 38,905
2021 2024-2028 409.16 19,945 10,746 3,462 5,161 9,684 6,653 2,548 58,199
2022 2025-2028 424.97 47,421 22,641 11,294 10,714 19,765 14,498 11,377 137,710
2023 2028 419.48 6,871 3,266 1,527 1,594 3,011 2,036 1,696 20,001
Total options   95,629 44,956 21,494 31,373 39,330 29,245 18,858 280,885
Percentage potential share of voting rights options   0.26% 0.12% < 0.1% < 0.1% 0.11% < 0,1% < 0,1% 0.76%
1 Purchase ratio 1 share for 1/1.5 options. The unvested options are subject to a performance-based vesting condition.
  Maturity Average
exercise
price
in CHF
C. Buhl
CEO
R. Iff
CFO
M. Bau-
müller
E. Renfordt-
Sasse
K. Spach-
mann
R. van
Triest
M. Ziegler Total
2018                    
Shareholdings Group Executive Board                  
Shares   7,404 31,564 3,078 1,546 12,500 300 2,416 58,808
Percentage voting rights shares   < 0.1% < 0.1% < 0,1% < 0.1% < 0.1% < 0.1% < 0,1% 0.16%
                    
Call options1                  
End of vesting period:                  
Lapsed 2020-2024 332.00 13,219 8,836 3,706 6,166 807 60 2,857 35,651
2019 2022-2026 394.76 11,600 7,665 754 4,074 6,766 2,621 980 34,460
2020 2023-2027 409.97 13,351 7,608 1,983 3,664 6,751 4,627 921 38,905
2021 2024-2028 409.97 19,945 10,746 3,462 5,161 9,684 6,653 2,548 58,199
2022 2025-2028 434.08 13,439 6,623 3,088 3,098 6,056 4,067 2,071 38,442
2023 2028 432.20 6,871 3,266 1,527 1,594 3,011 2,036 1,696 20,001
Total options   78,425 44,744 14,520 23,757 33,075 20,064 11,073 225,658
Percentage potential share of voting rights options   0.21% 0.12% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.61%
1 Purchase ratio 1 share for 1 option. The unvested options are subject to a performance-based vesting condition.

As of December 31, 2019, there were no outstanding loans or credits between the company and members of the Group Executive Board

2.8 Significant shareholders

According to the information available to the Board of Directors, the following shareholders have attained or exceeded the threshold of 3% of the share capital of Geberit AG:

  31.12.2019 31.12.2018
Black Rock, New York (notification dated: 09.08.2019) 5.21% 4.98%
Marathon Asset Management, London (notification dated: 02.02.2019) < 3.00% 3.02%

2.9 Employees

In Geberit AG no employees are employed.

3. Profit distribution

Services

Download center
Page marked
Graphics collection
Print
Forward content
Compare to 2018
Help