Financial Statements - Geberit

year: mchf 47.7) the tax rate was 31.3% (prior year: 46.5%). It should be
noted that amortisation of goodwill of mchf 28.3 is non-deductible for tax
purposes. The reason for the minor increase in income tax expenses was mainly
the result of a shift in the contributions to income of the various countries,
a reversal of provisions for taxes amounting to mchf 5.4 due to the tax reform
in Germany as well as of tax optimised corporate structures.
Rise in net cash flow
In the year under review net cash flow rose to mchf 207.5 (prior year: mchf
186.4) corresponding to a 11.3% increase. After deduction of investments in
property, plant and equipment and intangible assets, net, of mchf 61.2 und
due to the temporary rise in net working capital the free cash flow amounted
to mchf 117.2 (prior year: mchf 108.0). From the free cash flow as well as
partially from the cash and cash equivalents, dividends of mchf 32.4 were
distributed, debt in the amount of mchf 82.7 was redeemed and shares in the
net amount of mchf 78.3 were repurchased.
Further improvement of equity base and balance sheet structure
Thanks to the consistently high free cash flow, financial debt was reduced
from mchf 642.8 at the end of 1999 by mchf 82.7 to mchf 560.1 at the
end of 2000, while net debt decreased from mchf 516.5 by mchf 20.8 to
mchf 495.7.
Dept and Equity base 1998–2000
(in mchf)
Long-term debt
Total debt
Cash and cash equivalents
Net debt
Equity ratio
Since December 1999 the equity ratio rose from 31.8% to 34.1%. On the basis
of the average shareholders’ equity the Group generated a return on equity of
21.2% during the year under review. The ratio of net financial debt to shareholders’
equity (gearing) improved from 105% as of 31 December 1999 to
101% as of 31 December 2000 and thus, before the dividend distribution ex
2000, equals our medium-term target of 100%.
The Group liquidity situation is good. In addition to year-end cash and cash
equivalents of mchf 64.4, the Group has access to operating credit lines of
mchf 117.1 of which only mchf 0.6 were drawn as of 31 December 2000.
17
12/98
751
802
99
703
18.7%
12/99
574
643
126
517
31.8%
12/00
494
560
64
496
34.1%