Integrated
Annual Report 2016

Notes to the Financial Statements

1. Standards

2. Other statutory disclosures

2.1 Guarantees, assets pledged in favor of third parties

  31.12.2016 31.12.2015
  MCHF MCHF
Guarantee notes, MEUR 500, 0.688%, due 30.03.2021 536.8 540.9
Guarantee Term Loan Facility, MEUR 120 (PY: MEUR 275), due 10.02.2018 128.8 297.5
Guarantee Revolving Facility, due 19.11.2019 300.0 300.0
Guraantee GRI Pensions 0.1 0.1

The guarantees are limited to the distributable reserves of the company.

2.2 Significant investments

  2016
Ownership in %
2016
capital stock
2015
Ownership in %
2015
capital stock
Geberit Holding AG, Rapperswil-Jona 100 TCHF 39 350 100 TCHF 39 350
Geberit Finance Ltd., Jersey1 0 0 76 TEUR 382
Geberit Reinsurance Ltd., Guernsey 100 TEUR 2 100 TEUR 2
1 The remaining 24.0% are hold by Geberit Companies.  

The investments are stated separately at the respective acquisition costs, less any adjustments required. The indirect investments are shown in the Notes to the Consolidated Financial Statements in the Note 33.

2.3 Share capital

The share capital of Geberit AG consists of 37,041,427 ordinary shares with a par value of CHF 0.10 each.

  2016 2015
Number of shares issued pcs. pcs.
January 1 37,798,427 37,798,427
Capital reduction as at June 2016 -757,000 0
December 31 37,041,427 37,798,427

2.4 Capital contribution reserves

From the total of MCHF 25.7 shown as at 31.12.2016 the amount of MCHF 4.2 was confirmed by the Swiss tax authorities and is therefore available for withholding tax free distribution.

2.5 Treasury shares

Treasury shares held by Geberit AG or by companies in which Geberit AG holds a majority interest:

  Number of registered shares High Average Low
    in CHF in CHF in CHF
Balance at December 31, 2015 877,880      
Purchases share buyback program 2014 122,400 364.41 350.62 330.02
Cancellation share buyback program 2014 -757,000      
Other Purchases 100,000 429.58 390.27 354.92
Sales -103,411 433.10 374.49 305.00
Balance at December 31, 2016 239,869      
Number of treasury shares held by Geberit AG 0      

The Board of Directors of Geberit AG decided in March 2014 to initiate a share buyback program. The program was terminated as of February 29, 2016. In total 757’000 shares equal to MCHF 247.8 were repurchased under the program. The General Meeting dated April 6, 2016 approved a capital reduction of the shares repurchased. The 757 000 shares were cancelled in June 2016.

The legal reserves for treasury shares were recorded at cost.

2.6 Bonds

Geberit has the following bonds outstanding:

  • a bond of MCHF 150 with a term of four years and a coupon of 0.05%, due 17.04.2019
  • a bond of MCHF 150 with a term of eight years and a coupon of 0.3%, due 17.04.2023

2.7 Shareholdings of members of the board of directors and of the group executive board

As of the end of 2016 and 2015, members of the Board of Directors held the following shares in the company:

  A. Baehny
Chairman
H. Reuter
Vice Chairman
R. Aalstad F. Ehrat T. Hübner J. Tang-​Jensen Total
2016       
Shareholdings Board of Directors       
Shares 56,219 7,649 0 1,776 404 2,131 68,179
Options 49,499 0 0 0 0 0 49,499
Share of voting rights 0.15% < 0.1% 0.0% < 0.1% < 0.1% < 0.1% 0.18%

  A. Baehny
Chairman
R. Spoerry
Vice Chairman
F. Ehrat T. Hübner H. Reuter J. Tang-​Jensen Total
2015       
Shareholdings Board of Directors       
Shares 46,969 8,479 1,251 10 7,004 1,715 65,428
Options 63,688 0 0 0 0 0 63,688
Share of voting rights 0.12% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.17%

As of December 31, 2016, there were no outstanding loans or credits between the company and members of the Board of Directors

As of the end of 2016 and 2015, the Group Executive Board held the following shares in the company:

  Maturity Average exercise price in CHF C. Buhl
CEO
R. Iff
CFO
M. Bau­müller M. Rein­hard E. Renfordt-
Sasse
K. Spach­mann R. van Triest Total
2016                 
Shareholdings Group Executive Board             
Shares   4,588 31,812 1,343 2,500 2,336 8,691 40 51,310
Percentage voting rights shares   < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.14%
                     
Call options1          
End of blocking period:          
Lapsed 2017-2022 242.80 1,633 0 3,046 0 1,990 7,314 0 13,983
2017 2020-2023 306.01 5,841 9,172 995 9,308 2,789 8,013 10 36,128
2018 2021-2023 330.95 5,339 6,834 687 7,011 2,477 6,140 10 28,498
2019 2022-2026 355.45 10,896 7,227 600 7,739 3,920 6,647 2,556 39,585
2020 2023-2026 361.75 6,377 3,994 325 4,331 2,006 3,706 2,556 23,295
2021 2026 361.75 6,100 3,866 277 4,206 1,909 3,628 2,546 22,532
Total options   36,186 31,093 5,930 32,595 15,091 35,448 7,678 164,021
Percentage potential share of voting rights options   < 0,1% < 0.1% < 0.1% < 0.1% < 0.1% < 0,1% < 0,1% 0.44%
1 Purchase ratio 1 share for 1 option   

  Maturity Average exercise price in CHF C. Buhl
CEO
R. Iff
CFO
M. Rein­hard E. Renfordt-
Sasse
K. Spach­mann R. van Triest Total
2015         
Shareholdings Group Executive Board               
Shares   3,480 31,300 2,000 1,665 7,462 0 45,907
Percentage voting rights shares   < 0.1% < 0.1% < 0.1% < 0.1% < 0.1% 0.0% 0.12%
                   
Call options1         
End of blocking period:         
Lapsed 2017-2021 225.54 1,547 0 375 2,298 2,103 0 6,323
2016 2017-2022 242.80 1,709 7,558 7,567 1,483 6,541 0 24,858
2017 2020-2022 287.43 5,564 9,044 9,183 2,692 7,935 0 34,418
2018 2021-2022 315.55 5,062 6,706 6,886 2,380 6,062 0 27,096
2019 2022 349.15 4,519 3,233 3,408 1,914 2,941 0 16,015
Total options   18,401 26,541 27,419 10,767 25,582 0 108,710
Percentage potential share of voting rights options   < 0,1% < 0.1% < 0.1% < 0.1% < 0.1% 0.0% 0.29%
1 Purchase ratio 1 share for 1 option  

As of December 31, 2016, there were no outstanding loans or credits between the company and members of the Group Executive Board

2.8 Significant shareholders

According to the information available to the Board of Directors, the following shareholders have attained or exceeded the threshold of 3% of the share capital of Geberit AG:

  31.12.2016 31.12.2015
Capital Group Companies, Inc., Los Angeles 4.94% 4.94%
Black Rock, New York 4.84% 5.11%

2.9 Employees

In Geberit AG no employees are employed.

3. Profit distribution