PDF (2.63 MB) - Geberit International AG

16
Despite the acquisition, the equity ratio amounted to a
sound 43.5 % at the end of 2004. In terms of average
shareholders’ equity, the Group was able to increase its
return on equity to 24.0 % (prior year 21.5 %) in 2004.
As a result of the acquisition, the gearing (net debt/
shareholders’ equity) rose from 15.7 % in the prior year
to 52.1% as of 31 December 2004.
The Group’s liquidity situation was comfortable. In addition
to liquid funds in the amount of MCHF 81.6, the
Group had access to operating credit facilities of MCHF
174.1, which remained un-drawn as of 31 December
2004.
As of 31 December 2004, the Geberit Group held
66,480 of its own shares in treasury, corresponding to
only a minor increase versus the prior year. Treasury
shares are primarily earmarked for stock ownership plans.
In the year under review, total assets rose by approximately
MCHF 500 to MCHF 2,003.9 (prior year
MCHF 1,507.8) as a result of the Mapress acquisition.
Also due to the acquisition, net working capital increased
to MCHF 130.9, goodwill and intangible assets
to MCHF 878.8 and property, plant and equipment
to MCHF 538.8.
Operating capital, comprising net working capital, property,
plant and equipment as well as goodwill and
intangible assets, amounted to MCHF 1,548.5 (prior
year MCHF 1,038.2) as of the end of 2004. The return
on operating assets, expressed as the ratio of operating
profit before amortization (EBITA) to average operating
capital, amounted to 28.5 % (prior year 23.2 %) in the
year under review.
Business and Financial Review
Higher investments
In 2004, investments in property, plant and equipment
and intangible assets amounted to MCHF 87.8 rising by
MCHF 18.0 (+25.8%) against the prior year. As a
percentage of sales, the investment ratio in the period
under review amounted to 4.6 % and thus was slightly
below the long-term average. The Mapress Group
contributed MCHF 7.0 to the investment volume. Net of
the acquisition, the investment ratio would have been
5.3 %.
Expenditures for property, plant and equipment
(in MCHF)
2004 2003 2002 2001 2000
87.8 69.8 59.6 76.6 66.9
In % of sales 4.6 5.0 4.7 6.6 5.5
The bulk of investments in 2004 was again required for
the ongoing replacement of production facilities and the
procurement of tools and equipment for new products.
Substantial amounts were invested in machinery, tools
and moulds for improved Mepla fittings and for the new
concealed cistern for the Italian market, in new buildings
or expansions at the Givisiez (CH) and Aylesford
(UK) plants as well as in a new machine for the production
of copper fittings at the Mapress production
plant in Langenfeld (DE).