Notes to the Consolidated Financial Statements

1. Basic information

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. Research and development cost

27. Free Cashflow

28. 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 generally distributed through the wholesale channel to plumbers, who resell the products to the end users. Products are manufactured 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 primarily focuses on 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, Products & Operations, 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 in accordance with 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:

  2020 2019
Net sales by product areas    
Installation and Flushing Systems 1,115.4 1,144.6
Piping Systems 903.4 949.1
Bathroom Systems 967.3 989.2
Total net sales 2,986.1 3,082.9
  2020 2019
Net sales by markets    
Germany 956.4 928.3
Nordic Countries 297.0 303.2
Switzerland 305.8 293.8
Eastern Europe 286.0 304.9
Benelux 251.0 261.2
Italy 186.5 210.9
France 161.1 179.6
Austria 175.5 172.8
United Kingdom/Ireland 91.8 114.2
Iberian Peninsula 21.2 24.7
Europe 2,732.3 2,793.6
Middle East/Africa 64.0 81.8
America 97.4 101.5
Far East/Pacific 92.4 106.0
Total net sales 2,986.1 3,082.9
  2020 2019
Share of net sales by customers    
Customers with more than 10% of net sales: customer A 519.3 486.7
Total > 10% 519.3 486.7
Remaining customers with less than 10% of net sales 2,466.8 2,596.2
Total net sales 2,986.1 3,082.9
  2020 2019
Property, plant and equipment1 by markets    
Germany 350.4 336.4
Nordic Countries 44.9 44.5
Switzerland 197.7 183.7
Eastern Europe 135.0 147.8
Benelux 14.1 14.5
Italy 62.7 62.4
France 15.0 15.5
Austria 42.9 42.4
United Kingdom/Ireland 13.1 7.9
Iberian Peninsula 11.8 13.0
Europe 887.6 868.1
Middle East/Africa 1.7 3.0
America 12.6 15.0
Far East/Pacific 31.9 33.9
Total property, plant and equipment 933.8 920.0
1 Includes the Group’s own as well as leased property, plant and equipment

29. Related party transactions

30. Foreign exchange rates

31. Subsequent events

32. Group companies as of 31 December 2020


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