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Geberit Annual Report 2017 2 GEBERIT GROUP INTEGRATED ANNUAL REPORT 2017 WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 HIGHLIGHTS OF THE BUSINESS YEAR 2017 EXPANDED LOGISTICS CENTRE The grand opening of the expanded lo­ gistics centre in Pfullendorf (DE) – which now boasts six new, ultra-modern stor­ age areas – took place on 10 March. The new features include an automatic small- parts warehouse as well as an efficient long-goods area for metal and plastic pipes. 1 Learn more GROUND-BREAKING CEREMONY IN LANGENFELD In Langenfeld (DE), the future began on 6 September. Geberit is investing around 35 million euros in the modernisation of the production site and is optimising the manufacturing process. A new produc­ tion hall is being built on an area of 15,400 m2 and a two-storey administra­ tion building is also being added. The new building sections are expected to be ready to move into as early as spring 2019. 1 Learn more TOUCH IT. LOVE IT. Non-porous, smooth and yet slip-proof, the texture of the new Geberit shower surface Setaplano impresses at first glance – and also from the first touch. Furthermore, sophisticated installation technology and premounted compo­ nents ensure that the time required for installation on the building site is reduced and that it is successfully installed at the first attempt. 1 Learn more WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 2 BÜRGENSTOCK RESORT High above Lake Lucerne (CH), the Bür­ genstock Resort is now shining in new splendour. In all the bathrooms, the re­ sort made comfort a priority, installing the Geberit AquaClean Sela shower toilet in the three main buildings – the Palace, the Bürgenstock Hotel and the Medical Wellness Waldhotel. 1 Learn more DIGITISATION AT GEBERIT In 2017, the Geberit ProApp for crafts­ men was enhanced and equipped with additional functions. This year alone, the app was downloaded onto 26,000 mobile devices across Europe and actively used on a regular basis by some 12,000 users. The Geberit Sales App – a mobile sales enablement presentation tool for the Geberit field service – was launched in 12 countries. In addition to the two apps, the company also created other digital tools, including a web-based planning and ten­ dering platform for sanitary engineers and architects. 1 Learn more GEBERIT APPRENTICES PITCH IN The 2017 social project saw nine appren­ tices from Germany, Austria and Switzer­ land travel to Odessa (UA) on the Black Sea in September. Accompanied by two supervisors, they spent two weeks reno­ vating the sanitary facilities at a local vo­ cational school where plumbers and oth­ er professions are trained. 1 Learn more WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 3 INTEGRATION MAKING GOOD PRO­ GRESS By the end of the year, Geberit was able to complete the most significant integra­ tion tasks in terms of organisation, processes and systems. From 2018, line managers will promote further activities as part of daily business. 1 Learn more WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 4 HIGHLIGHTS OF THE FINANCIAL YEAR 2017 Net sales Net sales development 2008 – 2017 (in CHF million) 3,000 2,500 +3.5% 2,000 1,500 1,000 Organic, currency-adjusted net 500 sales growth in 2017 0 08 09 10 11 12 13 14 15 16 17 EBIT, EBITDA, Net income, Net income development Earnings per share (EPS) 2008 – 2017 (in CHF million) 2015 – 2017 600 (in CHF million) (EPS: in CHF) 900 18 500 400 600 12 2 2 4 4 300 2 4 1 1 1 3 3 3 300 6 200 100 0 0 2015 2016 2017 0 1 EBIT* 2 EBITDA* 3 Net income* 4 EPS* 08 09 10 11 12 13 14 15* 16* 17* Adjusted operating cashflow Free cashflow margin (in CHF) (EBITDA margin) 28.2% 483 million 0.1 percentage points lower -13.2% versus prior year than prior year * Adjusted for costs in connection with the Sanitec acquisition and integration WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 5 Adjusted earnings per share Payout ratio (in CHF) 16.43 63.4% +3.7% versus prior year The payout ratio is in the upper range of the target corridor of 50 to 70% Investments in property, plant R&D expenditures and equipment and intangible (in CHF) assets (in CHF) 159 million 78 million +14.3% versus prior year +6 million versus prior year Currency effects in net sales Currency effects in EBIT (in CHF) (in CHF) 34 million 8 million WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 6 GEBERIT KEY FIGURES 2013 – 2017 2017 2016 2015 2014 2013 Net sales MCHF 2,908.3 2,809.0 2,593.7 2,089.1 1,999.9 Change on previous year % +3.5 +8.3 +24.2 +4.5 +4.2 Operating profit (EBIT)2 MCHF 706.1 686.5 590.9 576.9 510.7 Margin in % of net sales2 % 24.3 24.4 22.8 27.6 25.5 Net income2 MCHF 604.2 584.0 493.1 498.6 435.8 Margin in % of net sales2 % 20.8 20.8 19.0 23.9 21.8 Operating cashflow (EBITDA)2 MCHF 820.7 794.9 693.5 657.1 592.8 Margin in % of net sales2 % 28.2 28.3 26.7 31.5 29.6 Free cashflow3 MCHF 483.4 556.6 484.0 460.4 444.3 Margin in % of net sales3 % 16.6 19.8 18.7 22.0 22.2 Financial results, net2 MCHF -9.4 -9.3 -17.2 -1.7 -5.5 Capital expenditures MCHF 159.0 139.1 147.3 104.8 98.0 Research and MCHF 77.8 72.3 63.4 55.8 50.9 development expenses In % of net sales % 2.7 2.6 2.4 2.7 2.5 Earnings per share2 CHF 16.43 15.85 13.23 13.28 11.59 Distribution per share CHF 10.40 10.00 8.40 8.30 7.50 Employees Number of employees (31.12.) 11,709 11,592 12,126 6,247 6,226 Annual average 11,726 11,972 12,477 6,303 6,219 Net sales per employee TCHF 248.0 234.6 207.9 331.4 321.6 Balance sheet 31.12.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 Total assets MCHF 3,742.8 3,601.1 3,553.8 2,431.5 2,226.0 Liquid funds and MCHF 412.7 509.7 459.6 749.7 612.8 marketable securities Net working capital MCHF 173.0 147.3 146.6 169.1 127.9 Property, plant and equipment MCHF 812.8 726.5 715.4 550.9 536.4 Goodwill and intangible assets MCHF 1,748.9 1,681.1 1,757.1 645.3 645.5 Total debt MCHF 895.2 970.9 1,139.2 10.5 11.7 Equity MCHF 1,837.2 1,635.2 1,482.2 1,717.1 1,664.1 Equity ratio % 49.1 45.4 41.7 70.6 74.8 Gearing % 26.3 28.2 45.9 -43.0 -36.1 ROIC2 % 22.4 21.5 20.1 35.5 32.1 1 Restatement see 1 Note 1 in the consolidated financial statements of the Geberit Group 2013 2 2015 - 2017: adjusted for costs and income in connection with the Sanitec acquisition (integration, divestment and amortization of intangible assets) 3 2016 figure was adjusted due to internal reclassification WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 7 GEBERIT KEY FIGURES 2008 – 2012 20121 2011 2010 2009 2008 Net sales MCHF 1,919.6 1,867.6 1,900.0 1,931.0 2,178.9 Change on previous year % +2.8 -1.7 -1.6 -11.4 -1.2 Operating profit (EBIT)2 MCHF 456.5 449.2 486.2 526.7 563.4 Margin in % of net sales2 % 23.8 24.1 25.6 27.3 25.9 Net income2 MCHF 387.5 384.0 406.8 397.5 466.3 Margin in % of net sales2 % 20.2 20.6 21.4 20.6 21.4 Operating cashflow (EBITDA)2 MCHF 536.6 532.0 573.7 611.0 649.1 Margin in % of net sales2 % 28.0 28.5 30.2 31.6 29.8 Free cashflow3 MCHF 391.0 386.0 493.8 349.7 407.9 Margin in % of net sales3 % 20.4 20.7 26.0 18.1 18.7 Financial results, net2 MCHF -7.2 -7.3 -14.3 -13.5 5.4 Capital expenditures MCHF 86.0 92.6 80.5 106.4 152.5 Research and MCHF 49.8 48.4 44.2 45.6 46.0 development expenses In % of net sales % 2.6 2.6 2.3 2.4 2.1 Earnings per share2 CHF 10.16 9.82 10.32 10.18 11.90 Distribution per share CHF 6.60 6.30 6.00 6.40 5.40 Employees Number of employees (31.12) 6,134 6,004 5,820 5,608 5,697 Annual average 6,150 5,992 5,793 5,634 5,684 Net sales per employee TCHF 312.1 311.7 328.0 342.7 383.3 Balance sheet 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008 Total assets MCHF 2,007.4 2,122.7 2,171.2 2,212.2 2,054.1 Liquid funds and MCHF 423.1 542.0 586.6 406.5 302.6 marketable securities Net working capital MCHF 134.4 114.1 108.5 180.9 156.5 Property, plant and equipment MCHF 521.2 516.2 514.3 576.2 555.5 Goodwill and intangible assets MCHF 638.1 645.2 658.8 753.1 756.2 Total debt MCHF 14.7 75.6 73.4 110.9 152.3 Equity MCHF 1,431.3 1,419.5 1,520.9 1,509.2 1,311.9 Equity ratio % 71.3 66.9 70.0 68.2 63.9 Gearing % -28.5 -32.9 -33.7 -19.6 -11.5 ROIC2 % 28.9 28.8 28.7 28.5 28.2 1 Restatement see 1 Note 1 in the consolidated financial statements of the Geberit Group 2013 2 2015 - 2017: adjusted for costs and income in connection with the Sanitec acquisition (integration, divestment and amortization of intangible assets) 3 2016 figure was adjusted due to internal reclassification WorldReginfo - 7e5d198e-26f3-4565-8ff0-dd01ddce7692 Geberit Annual Report 2017 8 Sharing knowledge SHARING KNOWLEDGE, WORLDWIDE 1 annualreport2017.geberit.com > Full report Know-how is knowledge that you don’t just possess, but also apply.
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