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Ladies and gentlemen,
In 2005, we were able to smoothly continue the success
story of the preceding years. The challenging task of
generating further profitable growth on the prevailing
high level was vigorously taken on and successfully
performed.
Sales of the Geberit Group in the past year amounted to
CHF 1,922.9 million. The 5.4% organic growth is in
line with the medium-term target level. On the whole, we
achieved a moderate growth despite disinvestments.
The operating profit after adjustments for depreciation
and amortization increased by 0.6% to CHF 455.9 million.
Net income rose by 35.0% to CHF 262.5 million.
The Geberit Group has strong financial resources with a
sound equity base and balance sheet structure. The
equity ratio as of the year-end was 49 %. Liquid funds
of CHF 200 million will be used to implement a share
buyback in 2006.
In the year under review, the Company continued to
work on the expansion of its strong market position
through a number of measures. In addition to the launch
of promising products, numerous projects were successfully
implemented. These included the opening of
new sales offices in China, the reorganization of sales
activities in several markets, the further globalization of
procurement, the completion of the disinvestments of
the product line Underground Piping Systems as well as
the optimization of the production processes in the USA.
In view of the continuously positive corporate development,
it is intended to again increase the distribution
to our shareholders. The Board of Directors will propose
to the general meeting a dividend of CHF 25.00 per
share, a 14% rise against the previous year.
At the beginning of 2005, a new, younger Group Executive
Board took over responsibility for the Group’s operations.
The internationally experienced management
team headed by Albert M. Baehny rapidly familiarized
itself with the complex task and delivered a convincing
performance. The withdrawal of Randolf Hanslin from
the Group Executive Board in April 2006 will bring the
generation change in the Company’s executive management
to its scheduled close. The Board of Directors has
asked Randolf Hanslin to continue to make his valuable
experience available to the Company as a member of the Board of Directors. The Board of Directors is to be
further strengthened by newly electing Hans Hess.
Corresponding motions will be submitted to the general
meeting 2006. Rudolf Maag will be stepping down from
the Board of Directors. The Board of Directors regrets
this very much and would like to express its thanks to
Rudolf Maag for his commitment and valuable contribution
to the success of the Geberit Group during the
past six years.
The convincing results of the year 2005 were owed to
the commitment, high motivation and competence
of the employees of our Group companies in approximately
40 countries. Let us take this opportunity to
express our thanks in recognition of their exemplary performance.
We would again like to extend special thanks
to our customers in the commercial and trade sectors
for another year of constructive cooperation that was
very much appreciated by us.
Not least we would also like to thank you, our esteemed
shareholders, for your strong commitment to our Company.
We look forward to the year 2006 with optimism, but
not euphorically. The geopolitical situation may bring
some surprises. However, the business climate in
Germany, our largest individual market, is better than
at the beginning of 2005. The international markets
promise further growth. Nevertheless, continued efforts
will be required to realize our ambitious goals. High
research and development expenditures, significant
investments in innovation and market development as
well as further training of our employees will again be
necessary to steadily establish new foundations for a
sustainable, positive corporate development.
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Günter F. Kelm
Chairman of the Board |
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Albert M. Baehny
Chief Executive Officer (CEO) |
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| © 2006 Geberit AG - All rights reserved. Please read our legal information. |
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