
GEBERIT GROUP INTEGRATED ANNUAL REPORT 2018 WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 HIGHLIGHTS OF THE BUSINESS YEAR 2018 CLEVER INVESTMENTS In 2018, investments in property, plant and equipment and intangible assets amounted to CHF 162 million. The majori­ ty of this sum was used for expanding the production capacities and optimising processes. Using four different projects, Geberit gives an insight into its current investment activities. $ Learn more WASHBASIN VARIETY The VariForm washbasin range adds a more systematic approach and variety to the range for public and private wash­ basin areas. The washbasins are avail­ able in the four basic shapes round, oval, elliptic and rectangular, with a lay-on, countertop and under-countertop model available for each shape. $ Learn more WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 2 DIGITALISATION IN FOCUS The topic of digitalisation was promoted in various areas and the skills required for this were developed further. During the course of the year, many existing appli­ cations were enhanced, while others were launched and geared towards new customer needs. $ Learn more PROVEN A BILLION TIMES OVER In April 2018, the billionth pressfitting for metal pipes was manufactured in the pro­ duction plant in Langenfeld (DE). This milestone is clear proof of the success of a connection technology that has been the standard for decades when it comes to supply systems in technical building systems and industry. $ Learn more STRENGTHENING THE GEBERIT BRAND An important step in the new brand strat­ egy will be implemented in 2019. In key markets such as Germany, Switzerland and Austria, ceramic products and bath­ room series will only be offered under the Geberit brand in future, while established brands such as Keramag will be discon­ tinued. In 2018, Geberit prepared in detail for the streamlining of the brand portfo­ lio. After all, this is a step that affects al­ most all areas of the company – including production, logistics, product data, mar­ keting, and the sales organisations. $ Learn more WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 3 VALUES IN FOCUS Well over 6,000 employees are affected by the streamlining of the brand portfolio. In order to give them a better under­ standing of the values of the brand and the company Geberit, a series of cultural workshops were held at various sales and production sites. $ Learn more GOOD PLANNING IS HALF THE BATTLE When a cruise ship docks at the Helix ter­ minal in the Port of Barcelona (ES), up to 5,000 people flock ashore and the mod­ ernly equipped sanitary facilities are sud­ denly a beehive of activity. The staff therefore greatly appreciate the easy-to- clean urinals, wall-hung WCs and elec­ tronic washbasin taps from Geberit. $ Learn more WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 4 HIGHLIGHTS OF THE FINANCIAL YEAR 2018 Sales Sales development 2009 – 2018 (in CHF million) 3,000 2,500 +3.1% 2,000 1,500 1,000 Currency-adjusted sales growth 500 in 2018 0 09 10 11 12 13 14 15 16 17 18 EBIT, EBITDA, Net income, Net income development Earnings per share (EPS) 2009 – 2018 (in CHF million) 2016 – 2018 600 (in CHF million) (EPS: in CHF) 900 24 500 400 600 16 2 2 2 300 1 1 1 3 4 3 4 3 4 300 8 200 100 0 0 2016 2017 2018 0 1 EBIT* 2 EBITDA* 3 Net income* 4 EPS* 09 10 11 12 13 14 15* 16* 17* 18* * Adjusted for costs in connection with the Sanitec acquisition * Adjusted for costs in connection with the Sanitec acquisition and integration (EBITDA 2018 not adjusted) and integration Operating cashflow margin Free cashflow (EBITDA margin) (in CHF) 28.2% 58 million 2 Around previous year's +22.2% versus prior year performance WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 5 Adjusted earnings per share Payout ratio (in CHF) 17.21 62.7% +4.7% 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) 162 million 78 million +1.9% versus prior year Around previous year's performance Currency effects in sales Currency effects in EBIT (in CHF) (in CHF) +83 million +16 million WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 6 GEBERIT KEY FIGURES 2014 – 2018 2018 2017 2016 2015 2014 Sales MCHF 3,081 2,908 2,809 2,594 2,089 Change on previous year % +5.9 +3.5 +8.3 +24.2 +4.5 Change sales on previous year c.a./org. % +3.1 +3.5 +6.4 +2.7 +5.9 Operating profit (EBIT)2 MCHF 744 706 687 591 577 Margin in % of sales2 % 24.2 24.3 24.4 22.8 27.6 Net income2 MCHF 626 604 584 493 499 Margin in % of sales2 % 20.3 20.8 20.8 19.0 23.9 Operating cashflow (EBITDA)2 MCHF 868 821 795 694 657 Margin in % of sales2 % 28.2 28.2 28.3 26.7 31.5 Free cashflow3 MCHF 582 476 557 484 460 Margin in % of sales3 % 18.9 16.4 19.8 18.7 22.0 Financial results, net2 MCHF -20 -9 -9 -17 -2 Capital expenditures MCHF 162 159 139 147 105 Research and MCHF 78 78 72 63 56 development expenses In % of sales % 2.5 2.7 2.6 2.4 2.7 Earnings per share2 CHF 17.21 16.43 15.85 13.23 13.28 Distribution per share CHF 10.80 10.40 10.00 8.40 8.30 Employees Number of employees (31.12.) 11,630 11,709 11,592 12,126 6,247 Annual average 11,803 11,726 11,972 12,477 6,303 Sales per employee TCHF 261 248 235 208 331 Balance sheet 31.12.2018 31.12.2017 31.12.2016 31.12.2015 31.12.2014 Total assets MCHF 3,502 3,743 3,601 3,554 2,432 Liquid funds and MCHF 282 413 510 460 750 marketable securities Net working capital MCHF 206 173 147 147 169 Property, plant and equipment MCHF 829 813 727 715 551 Goodwill and intangible assets MCHF 1,652 1,749 1,681 1,757 645 Total debt MCHF 837 895 971 1,139 11 Equity MCHF 1,745 1,837 1,635 1,482 1,717 Equity ratio % 49.8 49.1 45.4 41.7 70.6 Gearing % 31.8 26.3 28.2 45.9 -43.0 ROIC2 % 22.6 22.4 21.5 20.1 35.5 1 Restatement see $ Note 1 in the consolidated financial statements of the Geberit Group 2013 2 2015 – 2018: Adjusted for costs in connection with the Sanitec acquisition and integration (EBITDA 2018 not adjusted) 3 2016 - 2017: Adjusted due to an internal reclassification WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 7 GEBERIT KEY FIGURES 2009 – 2013 2013 20121 2011 2010 2009 Sales MCHF 2,000 1,920 1,868 1,900 1,931 Change on previous year % +4.2 +2.8 -1.7 -1.6 -11.4 Change sales on previous year c.a./org. % +3.1 +4.2 +8.9 +4.9 -6.8 Operating profit (EBIT)2 MCHF 511 457 449 486 527 Margin in % of sales2 % 25.5 23.8 24.1 25.6 27.3 Net income2 MCHF 436 388 384 407 398 Margin in % of sales2 % 21.8 20.2 20.6 21.4 20.6 Operating cashflow (EBITDA)2 MCHF 593 537 532 574 611 Margin in % of sales2 % 29.6 28.0 28.5 30.2 31.6 Free cashflow3 MCHF 444 391 386 494 350 Margin in % of sales3 % 22.2 20.4 20.7 26.0 18.1 Financial results, net2 MCHF -6 -7 -7 -14 -14 Capital expenditures MCHF 98 86 93 81 106 Research and MCHF 51 50 48 44 46 development expenses In % of sales % 2.5 2.6 2.6 2.3 2.4 Earnings per share2 CHF 11.59 10.16 9.82 10.32 10.18 Distribution per share CHF 7.50 6.60 6.30 6.00 6.40 Employees Number of employees (31.12) 6,226 6,134 6,004 5,820 5,608 Annual average 6,219 6,150 5,992 5,793 5,634 Sales per employee TCHF 322 312 312 328 343 Balance sheet 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009 Total assets MCHF 2,226 2,007 2,123 2,171 2,212 Liquid funds and MCHF 613 423 542 587 407 marketable securities Net working capital MCHF 128 134 114 109 181 Property, plant and equipment MCHF 536 521 516 514 576 Goodwill and intangible assets MCHF 646 638 645 659 753 Total debt MCHF 12 15 76 73 111 Equity MCHF 1,664 1,431 1,420 1,521 1,509 Equity ratio % 74.8 71.3 66.9 70.0 68.2 Gearing % -36.1 -28.5 -32.9 -33.7 -19.6 ROIC2 % 32.1 28.9 28.8 28.7 28.5 1 Restatement see $ Note 1 in the consolidated financial statements of the Geberit Group 2013 2 2015 – 2018: Adjusted for costs in connection with the Sanitec acquisition and integration (EBITDA 2018 not adjusted) 3 2016 - 2017: Adjusted due to an internal reclassification WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Geberit Annual Report 2018 8 GEBERIT GROUP BUSINESS REPORT 2018 WorldReginfo - 0b5fb65a-84d4-4e1b-ad0e-476825897e24 Business report Editorial EDITORIAL Dear shareholders, As in previous years, the construction industry in 2018 was shaped by developments that varied by region.
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