PDF (2.63 MB) - Geberit International AG

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27. Related party transactions
In 2004 and 2003 there were no material related party transactions.
28. Foreign exchange rates
The following exchange rates were used for the consolidated financial statements for
the years 2004 and 2003:
29. Consolidated income statements in Euro (not audited)
The consolidated income statements for the years 2004 and 2003 in Euro were as follows:
Income and expenses are translated at the average exchange rates for the period.
Geberit Group
2004 2003
Currency Balance Income Balance Income
sheet statement sheet statement
European Currency Union EUR 1 1.5433 1.5449 1.5606 1.5202
United Kingdom GBP 1 2.1752 2.2771 2.2161 2.1978
USA USD 1 1.1325 1.2439 1.2486 1.3469
Poland PLN 100 37.8130 33.8780 33.2870 34.6060
Slovenia SIT 100 0.6290 0.6430 0.6510 0.6470
China CNY 100 13.6830 15.0170 15.0850 16.2730
Denmark DKK 100 20.7530 20.7420 20.9650 20.4570
2004 2003 Variance
MEUR MEUR in %
Sales 1,234.3 923.5 +33.7
Sales deductions 164.0 127.8
Net sales 1,070.3 795.7
Cost of materials 369.5 261.0
Personnel expenses 285.8 227.7
Depreciation expense 54.7 55.1
Amortization of goodwill and intangibles 41.0 26.0
Other operating expenses, net 121.7 90.0
Total operating expenses, net 872.7 659.8
Operating profit (EBIT) 197.6 135.9 +45.4
Financial income and (expenses), net (19.4) (15.4)
Profit before income tax expenses and minority interest 178.2 120.5
Income tax expenses 52.5 22.4
Net income before minority interest 125.7 98.1
Minority interest, net of tax 0.5 1.3
Net income 125.2 96.8 +29.3
Operating cashflow (EBITDA) 293.3 217.0 +35.2