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Business and Financial Review
Sustainability of major importance
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Sustainability based on a comprehensive definition – environment, people/social matters, economic aspects – has traditionally been of major importance to Geberit and has a crucial impact on the corporate culture. The issue of sustainability cannot be addressed in depth in this Annual Report. However, in June 2004, Geberit presented its first Sustainability Report to the media, analysts and environmental associations, receiving a very positive response. In the aforementioned report, the Company supported sustainability as a major component of the corporate value. The report’s intent was to show how Geberit successfully combines above-average economic success with an actively assumed ecological and social responsibility. Sustainable management has contributed to strengthening international competitiveness, diminished the entrepreneurial risk, improved transparency and enhanced credibility. Geberit has set targets for the future and will report on its achievements in the next Sustainability Report. The report, which will be published every three years in the future, will be supplemented by topical information on the Internet.
Due to its long-standing reputation as an environmental pioneer and socially conscious company, Geberit is also of interest to investors specializing in sustainability and the environment. Geberit shares are held by renowned funds as well as private investors focused on the environment and sustainability. Such investors rate Geberit in terms of sustainability in a range from “good” to “very good”. Geberit has also been included in the “Dow Jones Sustainability Index” (DJSI STOXX) since 2002 and thus is one of the European sustainability leaders.
Traditionally, Geberit places great value on the optimization of its environmental performance. This was again promoted in the past fiscal year. The database for corporate eco balances was improved, in terms of quantity as well as in terms of quality, by adding further production sites. More than 80% of the gross value added is now covered by corporate eco balances. For example, the fact that the Jona (CH) production site was awarded a CO2 certificate in the year under review indicates the high-quality environmental performance. This certificate is given to companies who have voluntarily implemented climatic protection measures, thereby supporting the reduction of CO2 emissions and the increase of energy efficiency. In addition, Geberit reviewed and updated its life cycle assessments and prepared a new one for the Duofix WC element in the reporting year. The Mapress acquisition in the past year triggered extensive activities in the environmental area. The acquired company will be completely integrated into the Geberit environmental management system. At the Langenfeld (DE) location, an environmental manager has been appointed and a “Certification ISO 14001” project, with certification scheduled for the end of 2005, has been initiated. At the same time, an ISO 14001 certification project has been started at the Geberit production plant in Slovenia where the certificate is also anticipated to be obtained by the end of 2005.
In the area of “people/social matters”, a large-scale employee survey was held in the year under review to test the satisfaction of all employees worldwide. In addition, other interesting and important aspects, such as employees’ identification with the Company, willingness to perform, commitment to the Company as well as the risks of leaving and resignation, are to be determined. It may also be possible to draw additional conclusions with respect to willingness to change and customer orientation. The survey covered approximately 4,500 employees in 23 countries and was held in 17 languages. A response rate of more than 70% was achieved. Evaluations by employees were generally on a high level. There were, however, significant variations between the individual locations. Evaluations at smaller companies and enterprises outside Geberit’s major markets were markedly lower. Employees with management responsibilities showed a higher degree of satisfaction than those without management functions. Following the analysis of the results for each company, corresponding measures were planned and the task of their implementation was assigned to local teams. Furthermore, Group-wide programs were developed which are presently being implemented. Employees should rapidly feel that the survey is having an effect. The next survey – which will then include the new Mapress employees – is planned for the year 2007.
As a consequence of the Sustainability Report, a project relating to a completely new personnel and social reporting system has been initiated. The goal of this instrument is to provide an adequately simple and practical controlling tool with relevant personnel information made available to executives within the Group and at local sites. The system includes information on the issues of employment, health/safety, employee participation, development, staff efficiency as well as society and human rights. The project was completed as of the end of 2004. Data will initially be compiled in 2005, with the protection of sensitive data of utmost importance in this project. |
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