Geberit sales in 2023

On March 13, Geberit released its 2023 יערלעך באַריכט, which showed that annual sales decreased by 9.1% צו 3.084 billion Swiss francs (בעערעך RMB 25.218 ביליאָן), of which sanitary products accounted for 30%; during the same period, EBITDA increased by 1.4%, ריטשינג 921 million Swiss francs (בעערעך RMB 7.531 ביליאָן), and net profit was 617 million Swiss francs (בעערעך RMB 5.045 ביליאָן), a year-on-year decrease of 12.6%.
Geberit said that 2023 will be an extremely difficult year, and predicted that the prospects for 2024 will be mixed, predicting that market demand in China and Australia will decline.

Annual sales were approximately 25.2 ביליאָן יואַן, with the three major categories accounting for 30%.

According to the annual report released by Geberit, Geberit’s total sales in 2023 were 3.084 billion Swiss francs (בעערעך RMB 25.218 ביליאָן), a year-on-year decrease of 9.1%, mainly due to the negative currency effect of the Swiss franc, because the Swiss franc Much stronger than most other currencies

In local currency terms, this was a decrease of 4.8%. Geberit revealed that 63% of the group’s annual sales were settled in euros, 10% in Swiss francs, 7% in Nordic currencies (including Swedish krona, Danish krone, and Norwegian krone), 5% in U.S. dollars, און 4% in British pounds. 11% is in other currencies.

Although last year’s average price increase of 8% for Geberit goods had a positive impact on sales, sales fell significantly due to the downturn in the European construction industry. אין צוגאב, the shift in residential demand from sanitation to heating in some countries such as Germany has also negatively impacted the business.

By market, the European market is most affected by the downturn in the construction industry. Overall currency-adjusted net sales in Europe declined 6.0%. Italy and Western Europe (UK/Ireland, פֿראַנקרייַך, Iberian Peninsula) experienced slight growth, with increases of 1.9% און 0.4% ריספּעקטיוולי.

In comparison, the Benelux region (-1.9%), Switzerland (-4.0%), Northern Europe (-6.0%), Austria (-8.4%), Eastern Europe (-9.4%) and Germany (-10.5%) There was a decline, with the Far East/Pacific region also falling by 3.8%. In comparison, the Middle East/Africa and Americas regions grew by 17.1% און 1.5% ריספּעקטיוולי.

By product, sales of Geberit plumbing systems decreased by 2.2% אין 2023, bathroom systems decreased by 5.7%, and installation and flushing systems decreased by 6.2%. The smaller decline in plumbing systems was due to the success of the new product Geberit FlowFit. The three major categories of products account for 30% or more of total sales.

Operating profit margin increased significantly, but net profit declined

אין טערמינען פון פּראַפיץ, Geberit’s EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 1.4% אין 2023, ריטשינג 921 million Swiss francs (בעערעך RMB 7.531 ביליאָן), which is equivalent to an increase of 7.8% after adjusting for exchange rates; and Compared with the same period in 2022, EBITDA profit margin increased significantly by 310 basis points to 29.9%.

Operating profit (EBIT) increased by 1.8% צו 769 million Swiss francs (בעערעך RMB 6.288 ביליאָן), with a currency-adjusted growth rate of 8.8%, and an operating profit margin of 24.9%, higher than 22.3% אין 2022. Although the above data performed well, Geberit’s full-year net profit was 617 million Swiss francs (בעערעך RMB 5.045 ביליאָן), a year-on-year decrease of 12.6%.

In the financial report, Geberit mentioned that all projects last year were positively affected by currency effects. In particular, raw material costs have continued to decline since the first quarter of 2023, with average prices decreasing by 2.6% or 25 million Swiss francs. This has resulted in raw material costs accounting for 25 million Swiss francs in sales. The proportion dropped to 28.8% from 31.7% last year.

In addition to lower raw material prices, Geberit’s labor expenses also decreased by 3.4% אין 2023 to CHF 750 מיליאָן, equivalent to 24.3% of net sales, קאַמפּערד מיט 22.9% אין 2022, mainly due to the reduction in the number of employees.
As of December 31, 2023, Geberit had 26 production bases around the world, 4 of which were located outside Switzerland. The total number of employees worldwide was 10,947, אַ פאַרקלענערן פון 567 people or 4.9% from the end of 2022, due to production and logistics-related businesses. Volume has declined, thus reducing the number of relevant employees.

2023 will be extremely difficult, 2024 will be a mixed bag

Geberit said in a press release accompanying the annual report that the company had experienced “an extremely difficult year” אין 2023. The lower performance growth was due to the decline in the European construction industry and the previous year’s decline. year-on-year growth. אָבער, the tension in global and regional supply chains has eased during this reporting year, the supply cost of raw materials and parts has dropped, delivery time has also been significantly shortened compared with 2022, and operating profit margin has increased significantly compared with the past.

For 2024 as a whole, Geberit’s judgment is roughly the same as the company’s statement in its financial express in January this year: due to challenging macroeconomic conditions and continued geopolitical risks, the construction industry is expected to decline overall this year. אין קאַנטראַסט, it is expected that the market demand for refurbished vehicles will continue to be strong, with sales from the refurbished market accounting for approximately 60% of Geberit’s total sales. Although Geberit’s overall forecast for 2024 is negative, it is expected that interest rates will be structurally lowered during the year and improved health standards will also stimulate the market. Outside of Europe, the outlook for the year is expected to be mixed, with strong demand in India, the Gulf and Egypt and declines in China and Australia.