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80 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
30. Subsequent events On 22 December 2004, the Group has reached an agreement with a group of danish investors to sell all shares in Blücher Metal ApS (DK). The sales price amounts to MEUR 45.0 plus adjusted cash. The Scandinavian Mapress business previously carried through by the Blücher group remains within Geberit. The Blücher group was deconsolidated at the beginning of January 2005. Excluding the Mapress business, the Blücher group has contributed sales of MCHF 63.1, EBIT of MCHF 6.6 and Net income of MCHF 4.2 to the Group (“Blücher business”). This figures include amortization of goodwill and trade marks attributable to the Blücher business. As per 31 December 2004 current and non-current assets of the Blücher business amounted to MCHF 35.0 and MCHF 50.9, respectively, of which MCHF 32.6 are goodwill and trademarks (non-current). Short-term liabilities were MCHF 9.0, long-term liabilities were MCHF 5.8 and equity was MCHF 71.1. 31. Group companies as of 31 December 2004 Currency Share capital Ownership Activity in thousand in % Switzerland Geberit AG, Jona CHF 4,160 Geberit Holding AG, Jona CHF 39,350 100 Geberit International AG, Jona CHF 1,000 100 Geberit International Sales AG, Rapperswil CHF 1,000 100 Geberit Technik AG, Jona CHF 1,000 100 Geberit Verwaltungs AG, Jona CHF 1,000 100 Geberit Vertriebs AG, Jona CHF 1,000 100 Geberit Marketing e Distribuzione SA, Jona CHF 1,000 100 Geberit Produktions AG, Jona CHF 4,000 100 Geberit Balena AG, Bütschwil CHF 300 100 Büchler Werkzeugbau AG, Flawil CHF 3,000 100 Geberit Fabrication SA, Givisiez CHF 7,000 100 Australia Geberit Pty Ltd., Chatswood NSW AUD 60 100 Austria Geberit Vertriebs GmbH & Co. KG, Pottenbrunn EUR 727 100 Geberit Produktions GmbH & Co. KG, Pottenbrunn EUR 7,995 100 Geberit Beteiligungsverwaltung GmbH, Pottenbrunn EUR 35 100 Mapress GmbH Austria, Wien EUR 40 100 Geberit Huter GmbH, Matrei EUR 37 100 Sanplast Handels GmbH, Villach EUR 73 100 Belgium Geberit N.V., Machelen EUR 62 100 Channel Islands Geberit Finance Ltd., Jersey EUR 323 100 Geberit Reinsurance Ltd., Guernsey EUR 2 100 Geberit Group 81
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Annual Report 2004
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“Creative ideas are nurtured in a
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Dr Rudolf Huber, Dr Thomas Raible a
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Time schedule Interim report 1 2005
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Group Executive Board (from 1.1. 20
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Products Randolf Hanslin Quality R.
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2000 1750 1500 1250 1000 750 500 25
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Minor currency effects Currency gai
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Depreciation increased by only +0.8
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Efficient research and development
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Sustainability of major importance
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Successful acquisition policy On 27
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Corporate Governance 1. Group struc
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Convertible bonds and warrants/opti
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Cross-involvement There is no cross
Page 31 and 32: Until 31 December 2004, the Preside
Page 33 and 34: Roland Iff (1961) Member of the Gro
Page 35 and 36: Total compensations paid to the exe
Page 37 and 38: Statutory quorums The rules relatin
Page 40: 38 “Everything is in motion - not
Page 46: 44 25 June 1984: Assembly of the fo
Page 51 and 52: Consolidated Financial Statements G
Page 53 and 54: Consolidated Income Statements Note
Page 55 and 56: Consolidated Statements of Cashflow
Page 57 and 58: 2. Changes in Group organisation On
Page 59 and 60: 3. Summary of significant accountin
Page 61 and 62: Taxes The consolidated financial st
Page 63 and 64: Financial risk management General R
Page 65 and 66: 7. Property, plant and equipment To
Page 67 and 68: MCHF 305.7 (2003: MCHF 330.9) of go
Page 69 and 70: Convertible bond On 14 June 2004 th
Page 71 and 72: 14. Retirement benefit plans The Gr
Page 73 and 74: The 17,708 shares required for thes
Page 75 and 76: Deferred income tax liabilities hav
Page 77 and 78: For the diluted earnings per share
Page 79 and 80: 25. Cashflow figures Net cashflow i
Page 81: Income statement information is as
Page 85 and 86: Currency Share capital Ownership Ac
Page 87 and 88: Financial Statements Geberit AG Con
Page 89 and 90: Notes to the Financial Statements 1
Page 91 and 92: 1.6 Capital increases 31.12. 2004 3
Page 93 and 94: Report of the Statutory Auditors To
Page 95 and 96: 2002 2001 2000 1999 1998 1,273.0 1,
Page 97 and 98: Shower toilet Automatic WC-flush El
Page 99: Geberit AG Schachenstrasse 77 CH-86
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