4. Corporate structure

4. Corporate structure

This section outlines the Corporationʼs structure. It provides details of acquisitions and divestitures and includes information about the controlled entities, joint ventures and associated entities. It includes details of changes to these investments and their effect on the financial position and performance during the financial year. It also reports details about the compensation of the related parties.

4.1 Acquisitions and divestitures

4. Corporate structure

This section outlines the Corporationʼs structure. It provides details of acquisitions and divestitures and includes information about the controlled entities, joint ventures and associated entities. It includes details of changes to these investments and their effect on the financial position and performance during the financial year. It also reports details about the compensation of the related parties.

4.1 Acquisitions and divestitures

4.1.1 Changes in scope of consolidation

During the year under review, the scope of consolidation changed as follows:

Additions (foundations) 2017

  • As of 29 June 2017, 9362-6877 Québec Inc, Montreal, Canada
    Division: Corporate Management
  • As of 9 August 2017, GF Machining Solutions, S.A. de C.V., Monterrey, Mexico
    Division: GF Machining Solutions
  • As of 26 September 2017, Chinaust Plastics Ltd, Haining, China
    Division: GF Piping Systems

Additions (acquisitions) 2017

  • As of 31 July 2017, Urecon Ltd, Coteau-du-Lac, Quebec, Canada
    Pro rata sales: CHF 10.7 million
    Division: GF Piping Systems
  • As of 29 August 2017, PEM Zerspanungstechnik GmbH, Schwarzenberg, Germany
    Pro rata sales: CHF 0.5 million
    Division: GF Automotive
  • As of 26 September 2017, Symmedia GmbH, Bielefeld, Germany
    Pro rata sales: CHF 1.8 million
    Division: GF Machining Solutions
  • As of 23 November 2017, Eucasting Ro SRL, Pitesti, Romania
    Pro rata sales: CHF 7.1 million
    Division: GF Automotive

During the previous year, the scope of consolidation changed as follows:

Additions (foundations) 2016

  • As of 26 January 2016, GF Linamar LLC, Mills River, USA
    Division: GF Automotive
  • As of 1 April 2016, Chinaust Automotive LLC, Troy, USA
    Division: GF Piping Systems
  • As of 1 September 2016, Chinaust Automotive GmbH, Düsseldorf, Germany 
    Division: GF Piping Systems
  • As of 14 October 2016, Georg Fischer Bearbeitung Singen GmbH, Singen, Germany 
    Division: GF Automotive
  • As of 28 October 2016, Chinaust Plastics Ltd, Xian, China
    Division: GF Piping Systems

Additions (acquisitions) 2016

  • As of 7 March 2016, Georg Fischer Hakan Plastik AS, Cerkezköy, Turkey
    Remaining 10% of the capital
    Division: GF Piping Systems
  • As of 4 May 2016, Eurapipe Holding Pte Ltd, Singapore, Singapore
    Division: Corporate Management
  • As of 4 May 2016, PT Eurapipe Solutions Indonesia, Karawang, Indonesia
    Pro rata sales 2016: CHF 12.4 million 
    Division: GF Piping Systems
  • As of 11 May 2016, Microlution Inc, Chicago, USA
    Pro rata sales 2016: CHF 9.5 million 
    Division: GF Machining Solutions
  • As of 30 September 2016, Lingyun Jingran Gas Valve Co. Ltd, Langfang, China
    Pro rata sales 2016: CHF 0.6 million
    Division: GF Piping Systems
  • As of 30 September 2016, Shuchang Auto Part Co. Ltd, Langfang, China
    Pro rata sales 2016: CHF 2.4 million
    Division: GF Piping Systems

Disposals (liquidations) 2016

  • As of 1 July 2016, System 3R Shanghai Co. Ltd., Shanghai, China
    Pro rata sales 2016: CHF 0 million
    Division: GF Machining Solutions

4.1.2 Acquisitions and divestitures of Affiliated Companies

CHF million

 

Urecon Ltd

 

PEM Zerspanungs- technik GmbH

 

Symmedia GmbH

 

Eucasting Ro SRL

 

Acquisitions total 2017

 

Acquisitions total 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

2

 

 

 

1

 

 

 

3

 

6

Trade accounts receivable

 

5

 

1

 

1

 

8

 

15

 

11

Inventories

 

3

 

 

 

 

 

7

 

10

 

6

Other accounts receivable

 

 

 

 

 

 

 

2

 

2

 

4

Prepayments to creditors

 

 

 

 

 

 

 

 

 

 

1

Property, plant, and equipment

 

11

 

1

 

1

 

15

 

28

 

8

Intangible assets

 

7

 

 

 

 

 

 

 

7

 

1

Deferred tax assets

 

 

 

 

 

 

 

1

 

1

 

1

Total assets

 

28

 

2

 

3

 

33

 

66

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

2

 

 

 

 

 

 

 

2

 

 

Non-interest bearing liabilities

 

3

 

 

 

2

 

16

 

21

 

11

Interest-bearing liabilities

 

9

 

1

 

 

5

 

15

 

2

Net assets

 

14

 

1

 

1

 

12

 

28

 

25

The table shows the assets and liabilities assessed at fair value at the time control was acquired. For this presentation, the translation of the original currency values into Swiss francs was calculated using the exchange rates of the respective transaction date.

Total cash-out for the acquisitions inclusive earn-out payments amounted to CHF 74 million (previous year: CHF 96 million) in the year under review.

Additions (acquisitions) 2017

Acquisition of Urecon Ltd

9362-6877 Québec Inc, Montreal (Canada), acquired 49% of the capital of Urecon Ltd, Quebec (Canada). This acquisition includes an option to acquire the remaining 51% of the shares 24 months after the closing. Urecon is fully consolidated without minority interests as GF takes the commercial and operational lead. The closing date was 31 July 2017.

Urecon, founded in 1969, generated sales of about CHF 20 million with a workforce of approximately 100 employees, in 2016. Urecon Ltd holds a strong market position with a focus on high-quality pre-insulated piping systems for freeze protection, chilled water, and district heating markets. Its two state-of-the-art production sites are located in the provinces of Quebec, Coteau-du-Lac (Canada), and Alberta, Calmar (Canada).

Acquisition of PEM Zerspanungstechnik GmbH

Meco Eckel GmbH & Co KG, Biedenkopf-Wallau (Germany), acquired 51% of the capital of PEM Zerspanungstechnik GmbH, Schwarzenberg (Germany), and obtained full control of the acquired company. The closing date was 29 August 2017.

PEM is a small company with a dedicated, experienced workforce. This specialized engineering and machining company produces state-of-the-art HPDC tools and molds. PEM has been a major supplier of Meco Eckel for years. 

Acquisition of Symmedia GmbH

Georg Fischer B.V. & Co KG, Singen (Germany), acquired 100% of the capital of Symmedia GmbH, Bielefeld (Germany). The closing date was 26 September 2017.

Symmedia was founded in 1997 and has a workforce of approximately 60 employees. The company has been specializing in software for secure machine connectivity solutions, commonly described as Industry 4.0, and is a key player in factory digitalization. The Symmedia technology will be used by GF to offer complete solutions for factory connectivity in industrial environments.

Acquisition of Eucasting Ro SRL

Georg Fischer Ltd, Schaffhausen (Switzerland), acquired 100% of the capital of Eucasting Ro SRL, Pitesti (Romania). The closing date was 23 November 2017.

Eucasting, founded in 1960 in Italy, generated sales of about CHF 50 million with a workforce of approximately 500 employees, in 2016. Eucasting is a high pressure aluminum die casting specialist. 60% of the sales are achieved in the automotive segment followed by lighting solutions and further industrial applications. Besides the die casting foundry in Pitesti (Romania) the company has a second plant in Scornicesti (Romania).

Disposals (divestitures) 2017

During the year under review, there were no disposals of Affiliated Companies by divestitures.

Additions (acquisitions) 2016

The table above shows the assets and liabilities of the previous yearʼs acquisitions in total. They are assessed at fair value at the time control was acquired. The translation of the original values into Swiss francs was calculated using the exchange rates of the respective transaction date. During the previous year the following Affiliated Companies were acquired:

Acquisition of Georg Fischer Hakan Plastik AS

On 7 March 2016, Georg Fischer Ltd, Schaffhausen (Switzerland), acquired the remaining 10% of the capital of Georg Fischer Hakan Plastik AS, Cerkezköy (Turkey). Georg Fischer Ltd owns now 100% of the capital of Georg Fischer Hakan Plastik AS.

Acquisition of PT Eurapipe Solutions Indonesia

Georg Fischer Ltd, Schaffhausen (Switzerland), acquired 100% of the capital of Eurapipe Holdings Pte Ltd, Singapore (Singapore). With the acquisition of the Eurapipe Holdings 100% of the capital of PT Eurapipe Solutions Indonesia, Karawang (Indonesia), was acquired. The closing date was 4 May 2016.

PT Eurapipe Solutions Indonesia, founded in 1992, generated sales of about CHF 19 million with a workforce of approximately 100 people, in 2015. PT Eurapipe Solutions Indonesia produces and distributes pipes and fittings made from polyethylene for the industry sector. The company holds a leading position in the mining business and other water related market segments.

Acquisition of Microlution Inc

George Fischer Corporation, El Monte (USA), acquired 100% of the capital of Microlution Inc, Chicago (USA). The closing date was 11 May 2016.

Microlution Inc is a producer of micro-milling machines and laser hole-drilling and laser cutting machines. Microlution Inc, founded in 2005, generated sales of about CHF 9.6 million with a workforce of approximately 30 people, in 2015.

Acquisition of Lingyun Jingran Gas Valve Co. Ltd and Shuchang Auto Part Co. Ltd

Georg Fischer Ltd, Schaffhausen (Switzerland), acquired 40% of the capital of Lingyun Jingran Gas Valve Co. Ltd, Langfang (China) and 40% of the capital of Shuchang Auto Part Co. Ltd, Langfang (China). The transaction includes the acquisition of the remaining 10% outstanding shares of the two companies in two years. The closing date was 30 September 2016.

Both companies, Lingyun Jingran Gas Valve Co. Ltd and Shuchang Auto Part Co. Ltd are companies of the Chinaust group, a 50/50 joint venture of GF Piping Systems in China.

Lingyun Jingran Gas Valve Co. Ltd specializes on polyethylene ball valves for gas distribution networks. Shuchang Auto Part Co. manufactures quick connectors for automotive fuel lines. Together, they generated sales of approximately CHF 20 million with a total workforce of approximately 200 employees in 2015. Both have been trusted suppliers of the Chinaust group for years.

Disposals (divestitures) 2016

In the previous year, there were no disposals of Affiliated Companies by divestitures.

Accounting principles

Companies acquired are consolidated from the date on which control is obtained, while companies sold are excluded from the scope of consolidation as of the date on which control is relinquished, with any gain or loss recognized in income.

4.2 Affiliated companies and related parties

4.2 Affiliated companies and related parties

4.2.1 Affiliated companies

Country

 

Division

 

Company

 

Func- tional currency

 

Share capital million

 

Partici- pation %

 

Con- soli- dation

 

Func- tion

Europe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Austria

 

PS

 

Georg Fischer Fittings GmbH, Traisen

 

EUR

 

3,7

 

51

 

C

 

P

 

 

PS

 

Georg Fischer Rohrleitungssysteme GmbH, Herzogenburg

 

EUR

 

0,2

 

100

 

C

 

S

 

 

AU

 

Georg Fischer Automobilguss GmbH, Herzogenburg 1

 

EUR

 

4,6

 

100

 

C

 

H

 

 

AU

 

Georg Fischer Druckguss GmbH, Herzogenburg

 

EUR

 

0,1

 

100

 

C

 

P

 

 

AU

 

Georg Fischer Eisenguss GmbH, Herzogenburg

 

EUR

 

0,1

 

100

 

C

 

P

 

 

AU

 

Georg Fischer GmbH & Co KG, Altenmarkt

 

EUR

 

2,4

 

100

 

C

 

P

 

 

AU

 

Georg Fischer GmbH, Altenmarkt

 

EUR

 

0,1

 

100

 

C

 

M

Belgium

 

PS

 

Georg Fischer NV-SA, Bruxelles 1

 

EUR

 

0,5

 

100

 

C

 

S

Czech

 

MS

 

GF Machining Solutions sro, Brno 1

 

CZK

 

12,3

 

100

 

C

 

S

Denmark

 

PS

 

Georg Fischer A/S, Taastrup 1

 

DKK

 

0,5

 

100

 

C

 

S

France

 

CM

 

Georg Fischer Holding SAS, Palaiseau 1

 

EUR

 

6,4

 

100

 

C

 

H

 

 

PS

 

Georg Fischer SAS, Villepinte

 

EUR

 

1,1

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions SAS, Palaiseau

 

EUR

 

4,0

 

100

 

C

 

S

Germany

 

CM

 

Georg Fischer BV & Co KG, Singen 1

 

EUR

 

25,6

 

100

 

C

 

H

 

 

CM

 

Georg Fischer Geschäftsführungs-GmbH, Singen

 

EUR

 

0,1

 

100

 

C

 

M

 

 

CM

 

Georg Fischer Giessereitechnologie GmbH, Singen

 

EUR

 

0,5

 

100

 

C

 

M

 

 

CM

 

MGH Verwaltungs GmbH, Biedenkop-Wallau

 

EUR

 

0,1

 

51

 

C

 

M

 

 

PS

 

Georg Fischer DEKA GmbH, Dautphetal-Mornshausen

 

EUR

 

2,6

 

100

 

C

 

P

 

 

PS

 

Georg Fischer GmbH, Albershausen

 

EUR

 

2,6

 

100

 

C

 

S

 

 

PS

 

Georg Fischer Fluorpolymer Products GmbH, Ettenheim

 

EUR

 

4,0

 

100

 

C

 

P

 

 

PS

 

Chinaust Automotive GmbH, Düsseldorf

 

EUR

 

0,1

 

50

 

F

 

S

 

 

AU

 

Georg Fischer Bearbeitung Singen GmbH, Singen

 

EUR

 

0,1

 

100

 

C

 

P

 

 

AU

 

Georg Fischer Automobilguss GmbH, Singen

 

EUR

 

12,8

 

100

 

C

 

P

 

 

AU

 

Georg Fischer GmbH, Mettmann

 

EUR

 

0,1

 

100

 

C

 

P

 

 

AU

 

Georg Fischer GmbH, Leipzig

 

EUR

 

0,9

 

100

 

C

 

P

 

 

AU

 

Georg Fischer GmbH, Werdohl

 

EUR

 

0,3

 

100

 

C

 

P

 

 

AU

 

Georg Fischer Dienstleistungen GmbH, Mettmann

 

EUR

 

0,1

 

100

 

C

 

M

 

 

AU

 

MECO Eckel GmbH & Co KG, Biedenkopf-Wallau

 

EUR

 

0,2

 

51

 

C

 

P

 

 

AU

 

Eckel & Co GmbH, Biedenkopf-Wallau

 

EUR

 

0,1

 

51

 

C

 

M

 

 

AU

 

PEM Zerspanungstechnik GmbH, Schwarzenberg

 

EUR

 

0,1

 

51

 

C

 

P

 

 

MS

 

GF Machining Solutions GmbH, Schorndorf

 

EUR

 

2,6

 

100

 

C

 

S

 

 

MS

 

Symmedia GmbH, Bielefeld

 

EUR

 

1,4

 

100

 

C

 

P

Great Britain

 

PS

 

George Fischer Sales Ltd, Coventry 1

 

GBP

 

4,0

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Ltd, Coventry 1

 

GBP

 

2,0

 

100

 

C

 

S

Italy

 

CM

 

Georg Fischer Holding Srl, Caselle di Selvazzano 1

 

EUR

 

0,5

 

100

 

C

 

H

 

 

PS

 

Georg Fischer TPA Srl, Busalla

 

EUR

 

0,7

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Omicron Srl, Caselle di Selvazzano

 

EUR

 

0,1

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Pfci Srl, Valeggio sul Mincio

 

EUR

 

0,5

 

100

 

C

 

P

 

 

PS

 

Georg Fischer SpA, Cernusco sul Naviglio

 

EUR

 

1,3

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions SpA, Cusano Milanino

 

EUR

 

3,0

 

100

 

C

 

S

Netherlands

 

CM

 

Georg Fischer Holding NV, Epe 1

 

EUR

 

0,9

 

100

 

C

 

H

 

 

CM

 

Georg Fischer Management BV, Epe 1

 

EUR

 

0,1

 

100

 

C

 

M

 

 

PS

 

Georg Fischer NV, Epe

 

EUR

 

0,9

 

100

 

C

 

S

 

 

PS

 

Georg Fischer WAGA NV, Epe

 

EUR

 

0,4

 

100

 

C

 

P

Norway

 

PS

 

Georg Fischer AS, Rud 1

 

NOK

 

1,0

 

100

 

C

 

S

Poland

 

PS

 

Georg Fischer Sp.z.o.o., Warszawa 1

 

PLN

 

18,5

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Sp.z.o.o., Warszawa 1

 

PLN

 

1,3

 

100

 

C

 

S

Romania

 

AU

 

Eucasting Ro SRL, Pitesti 1

 

RON

 

6,5

 

100

 

C

 

P

Spain

 

PS

 

Georg Fischer SA, Madrid 1

 

EUR

 

1,5

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions SAU, Barcelona 1

 

EUR

 

2,7

 

100

 

C

 

S

Sweden

 

PS

 

Georg Fischer AB, Stockholm 1

 

SEK

 

1,6

 

100

 

C

 

S

 

 

MS

 

System 3R International AB, Vällingby 1

 

SEK

 

17,1

 

100

 

C

 

P

Switzerland

 

CM

 

WIBILEA AG, Neuhausen 1

 

CHF

 

1,0

 

43

 

E

 

M

 

 

CM

 

Eisenbergwerk Gonzen AG, Sargans 1

 

CHF

 

0,5

 

49

 

F

 

M

 

 

CM

 

Georg Fischer AG, Schaffhausen

 

CHF

 

4,1

 

 

 

C

 

H

 

 

CM

 

Georg Fischer Finanz AG, Schaffhausen 1

 

CHF

 

10,0

 

100

 

C

 

M

 

 

PS

 

Georg Fischer Rohrleitungssysteme AG, Schaffhausen 1

 

CHF

 

20,0

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Rohrleitungssysteme (Schweiz) AG, Schaffhausen 1

 

CHF

 

0,5

 

100

 

C

 

S

 

 

PS

 

Georg Fischer Wavin AG, Schaffhausen 1

 

CHF

 

17,8

 

60

 

C

 

P

 

 

PS

 

Georg Fischer JRG AG, Sissach 1

 

CHF

 

1,8

 

100

 

C

 

P

 

 

AU

 

Georg Fischer Automotive AG, Schaffhausen 1

 

CHF

 

1,0

 

100

 

C

 

M

 

 

MS

 

Agie Charmilles SA, Losone 1

 

CHF

 

10,0

 

100

 

C

 

P

 

 

MS

 

Agie Charmilles Services SA, Meyrin 1

 

CHF

 

3,6

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Management SA, Meyrin 1

 

CHF

 

0,5

 

100

 

C

 

M

 

 

MS

 

GF Machining Solutions International SA, Losone 1

 

CHF

 

2,6

 

100

 

C

 

S

 

 

MS

 

Agie Charmilles New Technologies SA, Meyrin 1

 

CHF

 

2,0

 

100

 

C

 

P

 

 

MS

 

Mecartex SA, Losone

 

CHF

 

0,4

 

30

 

E

 

P

 

 

MS

 

Mikron Agie Charmilles AG, Nidau 1

 

CHF

 

3,5

 

100

 

C

 

P

 

 

MS

 

Step-Tec AG, Luterbach 1

 

CHF

 

1,3

 

98

 

C

 

P

 

 

MS

 

Liechti Engineering AG, Langnau 1

 

CHF

 

0,1

 

100

 

C

 

P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Near East

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UAE

 

PS

 

Georg Fischer Corys LLC, Dubai 1

 

AED

 

0,3

 

49

 

E

 

P

Turkey

 

PS

 

Georg Fischer Hakan Plastik AS, Cerkezköy 1

 

TRY

 

270,0

 

100

 

C

 

P

 

 

MS

 

GF Imalat Cözümleri Ticaret Ltd Sti, Istanbul 1

 

TRY

 

2,9

 

100

 

E

 

S

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

PS

 

Georg Fischer Central Plastics Sudamerica SRL, Buenos Aires 1

 

ARS

 

3,9

 

100

 

C

 

S

 

 

PS

 

Polytherm Central Sudamericana SA, Buenos Aires

 

ARS

 

0,1

 

49

 

E

 

S

Bermuda

 

CM

 

Munot Reinsurance Ltd, Hamilton 1

 

EUR

 

0,1

 

100

 

C

 

M

Brazil

 

PS

 

Georg Fischer Sistemas de Tubulacoes Ltda, São Paulo 1

 

BRL

 

7,7

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Máquinas Ltda, São Paulo 1

 

BRL

 

60,9

 

100

 

C

 

S

Canada

 

CM

 

9362-6877 Québec Inc, Montreal 1

 

CAD

 

23,2

 

100

 

C

 

H

 

 

PS

 

Georg Fischer Piping Systems Ltd, Mississauga 1

 

CAD

 

0,1

 

100

 

C

 

S

 

 

PS

 

GF Urecon Ltd, Coteau-du-Lac, Québec

 

CAD

 

10,9

 

49

 

C

 

P

Mexico

 

PS

 

Georg Fischer SA de CV Mexico, Monterrey 1

 

MXN

 

0,1

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions S.A. de C.V., Monterrey 1

 

MXN

 

0,1

 

100

 

C

 

S

USA

 

CM

 

George Fischer Corporation, El Monte, CA 1

 

USD

 

0,1

 

100

 

C

 

H

 

 

CM

 

Georg Fischer Export Inc, El Monte, CA 1

 

USD

 

0,1

 

100

 

C

 

M

 

 

PS

 

Georg Fischer LLC, Irvine, CA

 

USD

 

3,8

 

100

 

C

 

S

 

 

PS

 

Georg Fischer Signet LLC, El Monte, CA

 

USD

 

0,1

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Central Plastics LLC, Shawnee, OK

 

USD

 

1,1

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Harvel LLC, Easton, PA

 

USD

 

0,1

 

100

 

C

 

P

 

 

PS

 

Chinaust Automotive LLC, Troy, MI

 

USD

 

0,1

 

50

 

F

 

S

 

 

AU

 

GF Linamar LLC, Mills River, NC

 

USD

 

15,3

 

50

 

C

 

P

 

 

MS

 

GF Machining Solutions LLC, Lincolnshire, IL

 

USD

 

0,1

 

100

 

C

 

S

 

 

MS

 

Microlution Inc, Chicago, IL

 

USD

 

2,6

 

100

 

C

 

P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asia/Australia

 

 

 

 

 

 

 

 

 

 

Australia

 

CM

 

George Fischer IPS Pty Ltd, Riverwood 1

 

AUD

 

7,1

 

100

 

C

 

H

 

 

PS

 

George Fischer Pty Ltd, Riverwood

 

AUD

 

3,8

 

100

 

C

 

S

China

 

CM

 

Georg Fischer Business Services (Shanghai) Co Ltd, Shanghai 1

 

CNY

 

1,1

 

100

 

C

 

M

 

 

PS

 

Changchun Chinaust Automobile Parts Corp Ltd, Changchun

 

CNY

 

10,0

 

50

 

P

 

P

 

 

PS

 

Chinaust Plastics Corp Ltd, Zhuozhou

 

CNY

 

100,0

 

50

 

P

 

P

 

 

PS

 

Chinaust Plastics (Shenzhen) Co Ltd, Shenzhen 1

 

CNY

 

80,0

 

50

 

P

 

P

 

 

PS

 

Chinaust Plastics (Sichuan) Corp Ltd, Dujiangyan 1

 

CNY

 

80,0

 

50

 

P

 

P

 

 

PS

 

Hebei Chinaust Automotive Plastics Corp Ltd, Zhuozhou 1

 

CNY

 

58,2

 

50

 

P

 

P

 

 

PS

 

Shanghai Chinaust Automotive Plastics Corp Ltd, Shanghai 1

 

CNY

 

40,3

 

50

 

P

 

P

 

 

PS

 

Shanghai Chinaust Plastics Corp Ltd, Shanghai

 

CNY

 

66,0

 

50

 

P

 

P

 

 

PS

 

Shanghai Georg Fischer Chinaust Plastics Fittings Corp Ltd, Shanghai 1

 

CNY

 

52,0

 

51

 

C

 

P

 

 

PS

 

Georg Fischer Piping Systems Ltd, Shanghai 1

 

CNY

 

41,4

 

100

 

C

 

P

 

 

PS

 

Georg Fischer Piping Systems (Trading) Ltd, Shanghai 1

 

CNY

 

1,7

 

100

 

C

 

S

 

 

PS

 

Georg Fischer Piping Systems Ltd, Beijing 1

 

CNY

 

36,7

 

100

 

C

 

P

 

 

PS

 

Beijing Jingran Lingyun Gas Equipment Co Ltd, Langfang 1

 

CNY

 

6,0

 

40

 

P

 

P

 

 

PS

 

Langfang Shuchang Auto Parts Co Ltd, Langfang 1

 

CNY

 

10,0

 

40

 

P

 

P

 

 

PS

 

Chinaust Plastics Ltd, Haining

 

CNY

 

100,0

 

50

 

P

 

P

 

 

PS

 

Chinaust Plastics Ltd, Xian

 

CNY

 

73,0

 

50

 

P

 

P

 

 

AU

 

Georg Fischer Automotive (Suzhou) Co Ltd, Suzhou 1

 

CNY

 

209,5

 

100

 

C

 

P

 

 

AU

 

Georg Fischer Automotive (Kunshan) Co Ltd, Kunshan 1

 

CNY

 

149,5

 

100

 

C

 

P

 

 

MS

 

GF Machining Solutions Ltd, Hongkong 1

 

HKD

 

3,0

 

100

 

C

 

S

 

 

MS

 

Agie Charmilles China (HK) Ltd, Hongkong

 

HKD

 

0,5

 

100

 

C

 

S

 

 

MS

 

Agie Charmilles China (Shanghai) Co Ltd, Shanghai

 

CNY

 

2,5

 

100

 

C

 

S

 

 

MS

 

Agie Charmilles China (Shenzhen) Ltd, Shenzhen

 

CNY

 

2,5

 

100

 

C

 

S

 

 

MS

 

Agie Charmilles China (Tianjin) Ltd, Tianjin

 

CNY

 

1,7

 

100

 

C

 

S

 

 

MS

 

Beijing Agie Charmilles Industrial Electronics Co Ltd, Beijing 1

 

CNY

 

80,3

 

78

 

C

 

P

 

 

MS

 

Beijing Agie Charmilles Technology & Service Ltd, Beijing

 

CNY

 

4,5

 

78

 

C

 

S

 

 

MS

 

Changzhou Agie Charmilles Machine Tool Co Ltd, Changzhou 1

 

CNY

 

81,9

 

100

 

C

 

P

 

 

MS

 

Liechti (Shanghai) Engineering Co Ltd, Shanghai 1

 

CNY

 

0,1

 

100

 

F

 

M

India

 

PS

 

Georg Fischer Piping Systems PVT Ltd, Mumbai 1

 

INR

 

215,4

 

100

 

C

 

P

Indonesia

 

PS

 

PT GF Piping Systems Indonesia, Karawang

 

USD

 

18,7

 

100

 

C

 

P

Japan

 

PS

 

Georg Fischer Ltd, Osaka 1

 

JPY

 

480,0

 

81

 

C

 

S

 

 

MS

 

GF Machining Solutions Ltd, Tokyo 1

 

JPY

 

50,0

 

100

 

C

 

S

Korea

 

PS

 

Georg Fischer Korea Co. Ltd., Yongin-si 1

 

KRW

 

600,0

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Co Ltd, Seoul 1

 

KRW

 

975,0

 

100

 

C

 

S

Malaysia

 

PS

 

George Fischer (M) SDN BHD, Shah alam 1

 

MYR

 

10,0

 

100

 

C

 

P

New Zealand

 

PS

 

Georg Fischer Ltd, Wellington 1

 

NZD

 

0,1

 

100

 

C

 

S

Singapore

 

CM

 

Eurapipe Holdings Ptd Ltd, Singapore 1

 

SGD

 

6,2

 

100

 

C

 

H

 

 

PS

 

George Fischer Pte Ltd, Singapore

 

SGD

 

9,2

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Pte Ltd, Singapore

 

SGD

 

2,1

 

100

 

C

 

S

Taiwan

 

PS

 

Georg Fischer Co Ltd, New Taipei City 1

 

TWD

 

1,0

 

100

 

C

 

S

 

 

MS

 

GF Machining Solutions Ltd, San Chung, Taipei Hsien 1

 

TWD

 

10,0

 

100

 

C

 

S

Vietnam

 

MS

 

GF Machining Solutions Co Ltd, Hanoi 1

 

VND

 

5000,0

 

100

 

F

 

S

1 Directly held by Georg Fischer Ltd.

Division
CM = Corporate Management
PS = GF Piping Systems
AU = GF Automotive
MS = GF Machining Solutions

Consolidation
C = Fully consolidated
P = Proportionately consolidated
E = Stated based on the equity method
F = Stated at estimated fair value

Function
H = Holding
P = Production
M = Management and Services
S = Sales

Status as of 31 December 2017

4.2.2 Related parties

The total compensation paid to the Board of Directors and Executive Committee breaks down as follows:

CHF 1’000

 

2017

 

2016

 

 

 

 

 

Compensation

 

6’812

 

6’470

Employee benefit payments

 

857

 

838

Social security

 

495

 

511

Share-based compensation

 

4’044

 

3’024

Total compensation

 

12’208

 

10’843

Related parties include members of the Board of Directors and the Executive Committee, employee benefit plans and major shareholders as well as the companies under their control. Transactions with related persons and companies are generally conducted at arms’ length.

The members of the Board of Directors are compensated by a fixed number of Georg Fischer registered shares, and a fixed fee paid in cash, which varies according to their function (chairman, member of standing committees, etc.).

The members of the Board of Directors received cash compensation of CHF 1.2 million in the year under review (previous year: CHF 1.2 million). In addition, a total of 1ʼ390 Georg Fischer registered shares (par value of CHF 1) with a market value of CHF 1.8 million were allocated as share-based compensation (previous year: 1ʼ501 Georg Fischer registered shares, equivalent to a market value of CHF 1.3 million). Together with other benefits, the total compensation paid to the Board of Directors in the year under review amounted to CHF 3.1 million (previous year: CHF 2.5 million). The total compensation of the Board of Directors is recognized in the operating expenses, see note 1.3 (1.3.1 Operating expenses).

The members of the Executive Committee are entitled to a grant of 1ʼ750 Georg Fischer performance shares (par value CHF 1) with a market value of CHF 2.3 million in the year under review (previous year: 2ʼ126 Georg Fischer registered shares with a market value of CHF 1.8 million). In addition, the members of the Executive Committee received a cash compensation and social security and pension contributions of CHF 6.9 million for the year under review (previous year: CHF 6.5 million).The total compensation of the Executive Committee is included in personnel expenses, see note 1.3 (1.3.2 Personnel expenses).

Apart from the regular compensation paid to the Board of Directors and the Executive Committee, and the regular contributions to the various employee benefit institutions, no transactions were conducted with related persons or companies.

Additional fees and remuneration

No member of the Executive Committee or the Board of Directors or any persons related to them received any fees or other compensation for additional services to Georg Fischer Ltd or its Corporate Companies in the 2017 financial year.

Loans to members of governing bodies

Neither Georg Fischer Ltd nor its Corporate Companies granted any guarantees, loans, advances, or credit facilities to members of the Executive Committee or the Board of Directors or to any persons related to them.

The detailed disclosure of the compensation and shareholdings of the members of the Board of Directors and the Executive Committee in accordance with Swiss law can be found in the financial statements of Georg Fischer Ltd in note 6 Compensation and shareholdings.