Financial Statements - Geberit

Investments 1996–2000
(in mchf)
80
70
60
50
40
30
20
10
In % of
sales
96
97
98
99
00
7.0 6.7 6.5 6.6 5.5
Business and financial review
As of 31 December 2000 the Geberit Group held 156,027 (prior year: 5,021)
of its own shares in treasury. In the year 2000 net 151,006 shares were repurchased
in the market. They were directly deducted from shareholders’ equity
in accordance with the International Accounting Standards (ias) and are intended
primarily for acquisitions, future employee and management participation
programmes as well as for general business purposes.
In the year under review total assets decreased by 6.6% to mchf 1,444.7
(prior year: mchf 1,546.2). Net working capital rose from mchf 72.1 to
mchf 96.4, while property, plant and equipment decreased from mchf 516.9
to mchf 490.7. Intangible assets declined from mchf 581.0 to mchf 546.3.
Invested operating capital, consisting of net working capital, property, plant
and equipment and intangible assets, amounted to mchf 1,133.4 at year-end
2000 (prior year: mchf 1,170.0). Return on operating assets as a ratio of
operating profit before amortisations (ebita) to average invested operating
capital amounted to 20.0% in the year under review.
High level of investments
Capital expenditure in property, plant and equipment and intangible assets
amounted to mchf 66.9 for 2000, mchf 11.2 below the comparable prior year
figure. As a percentage of sales, the volume of capital expenditure declined
slightly to 5.5%. As in previous years, the bulk of the funds was required for
continuous replacement of production facilities and procurement of tools and
equipment for new or improved products. Finally, substantial amounts were
invested in market development, expansion of the sales organisation as well as
in the construction of new sales and training centres.
New information centre at the Group’s head office
In August 2000 the new Geberit information centre in Jona was opened. This
building houses state-of-the art training and practice rooms, a hydraulic
demonstration tower as well as a large lecture hall.
Every year approx. 4,000 plumbers, designers, architects, wholesalers and students
at vocational schools attend training courses at this information centre.
Group-wide Geberit hosts more than 12,000 guests per year at its twenty
information centres.
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