PDF (2.63 MB) - Geberit International AG
PDF (2.63 MB) - Geberit International AG
PDF (2.63 MB) - Geberit International AG
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10<br />
Business and Financial Review<br />
In 2004, the <strong>Geberit</strong> Group extended its series of successful<br />
years, completing the best year of its corporate<br />
history. In addition to the core business’ convincing<br />
performance and the efficient integration of the Mapress<br />
Group, acquired at the beginning of the year, the Group’s<br />
improved performance was also due to the slight improvement,<br />
versus prior year, of the economic environment.<br />
Improved economic environment<br />
The geopolitical situation eased somewhat in 2004,<br />
and a tentative economic upswing emerged. However,<br />
this recovery was not equally felt in all markets.<br />
According to Euroconstruct estimates of December<br />
2004, the European construction industry recovered in<br />
2004. While positive development in the renovation<br />
sector continued, positive growth in new construction<br />
volume was achieved for the first time since 2000.<br />
As in the previous year, the <strong>Geberit</strong> Group significantly<br />
surpassed the relevant index and once again grew<br />
at rates significantly higher than its immediate industry.<br />
<strong>Geberit</strong> was able to capitalize on the stable situation<br />
in the renovation sector where, according to past experience,<br />
the Group generates more than two thirds of<br />
its sales.<br />
Business and Financial Review<br />
<strong>Geberit</strong> sales in the major<br />
European markets (2004 organic)<br />
Renovation<br />
New construction<br />
(Source: Euroconstruct, Paris, December 2004, <strong>Geberit</strong>)<br />
Construction output and <strong>Geberit</strong> sales<br />
in the major European markets 1999–2004<br />
(Index: 1999 = 100)<br />
120<br />
115<br />
110<br />
105<br />
100<br />
95<br />
90<br />
99 00 01 02 03 04<br />
In the USA, the continued strong growth in the private<br />
residential construction sector was due in part to the<br />
favorable interest rates. The number of building permits<br />
granted rose by +6.8 % against the prior year. With<br />
a +1.4 % increase, the commercial and public sectors<br />
showed the first signs of a turnaround.<br />
In Asia (excluding Japan), the gross domestic product<br />
grew by +7.4 %, mainly driven by China. On the basis<br />
of a continuously high investment level, the construction<br />
industry in China recorded notable growth.
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