| Geberit: Above-average sales growth in local currencies in 2011 |
| 12.01.12 07:21 | |
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Geberit AG, Rapperswil-Jona, January 12, 2012 The Geberit Group generated sales of CHF 2122.6 million in 2011. This represents a slight decrease of 1.1% in Swiss Francs, but an increase of 9.5% in local currencies, outpacing the growth of the current market environment. In terms of results, Management expects an operating cashflow margin at the upper end of the medium-term target range of 23 to 25 percent for the entire year. The financial statements and annual report for 2011 will be released at the analyst and media conference in Zurich on, March 8, 2012. Sales growth above average in the fourth quarter as well Sales in the fourth quarter of 2011 reached CHF 470.7 million. In local currencies, quarterly sales growth was 6.5%, again higher than the medium-term growth targets – following 12.8% in the first quarter, 10.5% in the second and 7.8% in the third. In Swiss Francs, sales decreased slightly by 0.4% due to the strong Swiss Franc. Cumulated sales of the Geberit Group reached CHF 2122.6 million for 2011 as a whole (prior year CHF 2146.9 million). Due to the negative developments in the exchange rates, this value decreased in Swiss Francs compared to the prior year by 1.1%. All totaled, the currency turbulence had a negative effect, resulting in a drop of around CHF 230 million in sales. Calculated in local currencies, however, there was an extremely positive sales increase of 9.5%. Mostly positive performance in the regions/markets1) Sales in Europe increased by 9.5%. The upturn, which had already started in the previous year, continued in most European markets. Double-digit growth was generated in United Kingdom/ Ireland (+26.2%), Austria (+15.3%), France (+12.6%), Germany (+12.3%), the Nordic countries (+11.6%), Central/Eastern Europe (+10.3%) and the Benelux countries (+10.2%). Also showing increases were Italy (+2.9%) and Switzerland (+1.4%). The only market in Europe that continued to register a drop in sales was the Iberian peninsula (-9.5%). The regions of America (+10.2%), Far East/Pacific (+10.0%) and the Middle East/Africa (+7.5%) grew as well in 2011, under sometimes extremely challenging conditions. In the product areas, piping systems continued to show above-average growth, as in the first three quarters of the year. Product sales in this area increasingly profited from growth in new construction business in comparison to previous years. In local currencies, the sanitary systems product area increased 7.0% and the piping systems product area went up 13.1% in 2011. 1) All figures for regions/markets are cumulative and in local currencies Operating margins expected at a high level Due to increases in raw material prices, intensified marketing activities and the strong Swiss franc, operating cashflow (EBITDA) will decrease in 2011 as a whole in comparison to the previous year. Nevertheless, Management expects an EBITDA margin at the upper end of the medium-term target range of 23 to 25 percent. The complete financial statements and annual report for 2011 will be released at the analyst and media conference in Zurich on March 8, 2012. |
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