PDF (2.63 MB) - Geberit International AG

14
EBIT, EBITDA, Net income 2002–2004
(in MCHF)
500
450
400
350
300
250
200
150
100
50
0
02 03
04
High profitability
In the calendar year 2004, the Geberit Group was able
to outperform the prior year’s high profitability as a
result of the increase in sales, successful cost management,
further productivity improvements as well as
the efficient approach concerning the integration of the
Mapress Group.
The operating cashflow (EBITDA), when compared with
2003, rose by +37.4 % to MCHF 453.0. This corresponds
to an EBITDA margin of 23.8 % (prior year 23.5 %).
Resulting in average EBITDA growth over the last
decade of +8.7 %, above the same period average sales
growth of +7.9 %. The operating profit (EBIT) increased
by +47.8 % to MCHF 305.1, with the EBIT margin improving
to 16.0 % (prior year 14.7 %).
Net income increased by +31.5 % to MCHF 193.3, leading
to a return on sales in 2004 of 10.1% (prior year
10.5 %). Net income per share was CHF 47.23 (+30.1%
above the prior year).
Business and Financial Review
EBIT
EBITDA
Net income
Operating expenses under control
As a result of the Mapress acquisition, sales deductions
increased by +30.4 % to MCHF 253.4. However, at
13.3 % (prior year 13.8 %), the percentage share of Group
sales deductions slightly declined.
Total operating expenses in 2004 amounted to MCHF
1,348.3 (prior year MCHF 1,003.2), an increase of
+34.4%. As a percentage of sales, operating expenses
further declined from 71.5% in 2003 to a 2004 level
of 70.7 %. The absolute increase in operating expenses
was mainly due to the acquisition of the Mapress Group.
However, as a result of consolidating the Mapress
expense structure, which slightly differed from that of
Geberit, variations occurred within the individually
consolidated operating expenses.
Cost of materials amounted to MCHF 570.9, a +43.9 %
rise against the prior year. As a percentage of sales
(29.9 %), cost of materials rose markedly above prior
year levels of 28.3%. A major reason for the increase
was the higher material content of the Mapress products.
In addition, the first consolidation of the Mapress
Group reflected a one-time charge of MCHF 11.0. Net
of the effects of the Mapress acquisition, cost of materials
as a percentage of sales amounted to 27.6%. The
impact of rising raw material costs was largely controlled
by fairly long-term agreements, global sourcing and
selective price adjustments. Personnel expenses rose
under proportionally, or by +27.6 % to MCHF 441.5.