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Ladies and gentlemen,
2004 was the most successful year of our corporate history. It fulfilled our high expectations and was marked by an acquisition-related surge in growth combined with strong organic sales growth.
In 2004, the Geberit Group generated consolidated sales of CHF 1,906.8 million. This corresponds to an increase of CHF 502.9 million or 35.8% above 2003 level, of which 9.5% was organic and 26.3% was due to acquisition- related growth. At constant exchange rates, the organic growth rate was 8.9%.
The operating profit rose by 47.8% to CHF 305.1 million and net income increased by 31.5% reaching a new record level of CHF 193.3 million.
Following our Mapress acquisition, the Geberit Group maintained both a strong financial and equity base underscored by a solid balance sheet structure. The 2004 year end equity ratio was a sound 43%.
There are many reasons for the substantial growth and high profitability of our activities. Major success factors, in addition to the important contribution of the newly acquired Mapress activities, were the company’s strong innovation and market acceptance, most notably among Geberit’s installation, flushing and supply systems. Once again, the Company’s strong position in the European renovation market proved its worth. Even though a second half softening occurred when compared with 2003’s extraordinarily high figures, a significant annual organic growth was recorded in almost all market regions.
Against the backdrop of the Company’s satisfactory development, we would like to further increase our shareholder distributions. The Board of Directors will propose a dividend of CHF 22 per share at the general meeting.
In addition, 2004 was also a year of important personnel decisions. The generation change in the Group Executive Board, which had been announced for some time, occurred as planned. A competent, high-quality and internationally experienced management team, headed by new CEO Albert M. Baehny, took over as of 1 January 2005. This team combines profound internal know-how with fresh external perspectives. Three out of the four members of the Group Executive Board were recruited from among our own ranks, thereby safeguarding continuity.
Dr Rudolf Huber, Dr Thomas Raible and Paul Witschi, the three members of the Group Executive Board resigning as of the year-end, have contributed immensely to the Group’s development during their long service years. The Board of Directors would like to take this opportunity to thank them for their valuable and committed efforts.
The plans relating to the Board of Directors are also based on continuity. If the appointment of the two Directors eligible for re-election is confirmed at the forthcoming general meeting, the presently existing Board of Directors will be recomposed for the next term of office and the current President will be elected Chairman, while the present Chairman will be appointed Vice- Chairman.
We owe the great success recorded in 2004 to the competence, strong commitment and high motivation levels of the employees in our Group companies covering approximately 40 countries. We would like to take this opportunity to express our sincere thanks to them for their exemplary performance.
In the past year, once again, we very much appreciated and gratefully acknowledged the constructive cooperation with our customers in the commercial and trade sectors.
Finally, we would like to sincerely thank you, our esteemed shareholders, for your continued strong commitment to our Company.
The year before us represents a great challenge. Additional profitable growth has to be generated following the extraordinary year of 2004. Numerous new products, increased marketing efforts and a clear brand policy, substantial research and development investments, the targeted training of our employees and executives as well as the continued optimization of our internal business processes will all be important instruments in helping us achieve our ambitious goals.
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Kurt E. Feller
Chairman of the Board |
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Günter F. Kelm
President |
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| © 2005 Geberit AG - All rights reserved. Please read our legal information. |
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Jean Tinguely:
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