PDF (1.26 MB) - Geberit International AG

16
As of 31 December 2005, the Geberit Group held 69,160
own shares in treasury, i.e. just under 3,000 more than
in the previous year. Treasury shares are primarily earmarked
for share participation plans.
In the year under review, total assets at CHF 1,946.6
million (prior year CHF 1,937.1 million) remained practically
unchanged. Net working capital was reduced
further to CHF 120.8 million. Goodwill and intangible
assets declined to CHF 812.4 million, property, plant
and equipment to CHF 528.3 million.
Operating capital, comprising net working capital, property,
plant and equipment as well as goodwill and intangible
assets, amounted to CHF 1,461.4 million (prior
year CHF 1,548.5 million) as of the end of 2005. The
return on operating assets, expressed as the ratio of
operating profit before amortization (EBITA) to average
operating capital, amounted to 24.6% (prior year 23.1%)
in the year under review.
Business and Financial Review
Level of investments continues to be high
In 2005, investments in property, plant and equipment
and intangible assets amounted to CHF 79.5 million, a
decline by CHF 8.3 million (9.5%) against the prior
year due to the disinvestment of Blücher Metal ApS and
lower investments in tools for new products. As a percentage
of sales, the investment ratio in the year under
review was 4.1% and thus below the long-term average.
Expenditures for property, plant and equipment
(in CHF million)
2005 2004 2003 2002 2001
79.5 87.8 69.8 59.6 76.6
In % of sales 4.1 4.6 5.0 4.7 6.6
The bulk of investments – approximately 60% – in 2005
was again required for the ongoing replacement of
production facilities and the procurement of tools and
equipment for new products. About one third of the
expenditures were used for the expansion of existing
production capacities.
Substantial amounts were invested in a new flexible
machining center for PE fittings at the Jona (CH) plant,
a new cistern blow-molding machine at the Pfullendorf
(DE) plant, new buildings or expansions at the Givisiez
(CH) and Aylesford (GB) plants, the optimization of
production processes at the US plants as well as the
renovation and expansion of the Langenfeld (DE)
training center.