1.1 Segment information
1. Performance
This section explains the results and performance and includes the segment results, which are reported on the same basis as GF's internal management structure. It also provides details of selected income and expense items and shows the earnings per share for the period.
1.1 Segment information
Segment information
|
|
GF Piping Systems |
|
GF Automotive |
|
GF Machining Solutions |
|
Total segments |
||||||||
CHF million |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Order intake 1 |
|
1'718 |
|
1'488 |
|
1'527 |
|
1'346 |
|
1'030 |
|
917 |
|
4'275 |
|
3'751 |
Orders on hand at year-end 1 |
|
107 |
|
73 |
|
439 |
|
353 |
|
227 |
|
189 |
|
773 |
|
615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales 2 |
|
1'678 |
|
1'494 |
|
1'482 |
|
1'335 |
|
992 |
|
916 |
|
4'152 |
|
3'745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
579 |
|
546 |
|
1'227 |
|
1'120 |
|
442 |
|
419 |
|
2'248 |
|
2'085 |
– Thereof Germany |
|
151 |
|
139 |
|
749 |
|
724 |
|
146 |
|
134 |
|
1'046 |
|
997 |
– Thereof Switzerland |
|
111 |
|
107 |
|
3 |
|
3 |
|
59 |
|
51 |
|
173 |
|
161 |
– Thereof Austria |
|
23 |
|
22 |
|
52 |
|
51 |
|
19 |
|
17 |
|
94 |
|
90 |
– Thereof Rest of Europe |
|
294 |
|
278 |
|
423 |
|
342 |
|
218 |
|
217 |
|
935 |
|
837 |
Americas |
|
363 |
|
315 |
|
42 |
|
38 |
|
187 |
|
189 |
|
592 |
|
542 |
Asia |
|
553 |
|
448 |
|
197 |
|
169 |
|
311 |
|
271 |
|
1'061 |
|
888 |
– Thereof China |
|
436 |
|
326 |
|
196 |
|
168 |
|
186 |
|
180 |
|
818 |
|
674 |
Rest of world |
|
183 |
|
185 |
|
16 |
|
8 |
|
52 |
|
37 |
|
251 |
|
230 |
Sales |
|
1'678 |
|
1'494 |
|
1'482 |
|
1'335 |
|
992 |
|
916 |
|
4'152 |
|
3'745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
245 |
|
214 |
|
158 |
|
161 |
|
96 |
|
77 |
|
499 |
|
452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation on tangible fixed assets |
|
–50 |
|
–49 |
|
–65 |
|
–61 |
|
–12 |
|
–12 |
|
–127 |
|
–122 |
Amortization on intangible assets |
|
–6 |
|
–3 |
|
|
|
|
|
–2 |
|
–3 |
|
–8 |
|
–6 |
Operating result (EBIT) |
|
189 |
|
162 |
|
93 |
|
100 |
|
82 |
|
62 |
|
364 |
|
324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets 3 |
|
1'404 |
|
1'254 |
|
1'304 |
|
1'094 |
|
758 |
|
674 |
|
3'466 |
|
3'022 |
– Thereof current assets |
|
868 |
|
759 |
|
465 |
|
394 |
|
560 |
|
498 |
|
1'893 |
|
1'651 |
– Thereof non-current assets |
|
536 |
|
495 |
|
839 |
|
700 |
|
198 |
|
176 |
|
1'573 |
|
1'371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments by region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
23 |
|
28 |
|
44 |
|
65 |
|
14 |
|
11 |
|
81 |
|
104 |
– Thereof Germany |
|
3 |
|
1 |
|
22 |
|
26 |
|
|
|
1 |
|
25 |
|
28 |
– Thereof Switzerland |
|
13 |
|
18 |
|
|
|
|
|
11 |
|
8 |
|
24 |
|
26 |
– Thereof Austria |
|
5 |
|
5 |
|
22 |
|
39 |
|
|
|
|
|
27 |
|
44 |
– Thereof Rest of Europe |
|
2 |
|
4 |
|
|
|
|
|
3 |
|
2 |
|
5 |
|
6 |
Americas |
|
11 |
|
10 |
|
48 |
|
13 |
|
1 |
|
1 |
|
60 |
|
24 |
Asia |
|
14 |
|
7 |
|
11 |
|
11 |
|
2 |
|
3 |
|
27 |
|
21 |
– Thereof China |
|
10 |
|
7 |
|
11 |
|
11 |
|
1 |
|
1 |
|
22 |
|
19 |
Rest of world |
|
4 |
|
6 |
|
|
|
|
|
|
|
|
|
4 |
|
6 |
Investments |
|
52 |
|
51 |
|
103 |
|
89 |
|
17 |
|
15 |
|
172 |
|
155 |
– Thereof capital expenditures |
|
50 |
|
49 |
|
102 |
|
88 |
|
16 |
|
13 |
|
168 |
|
150 |
– Thereof investments in intangible assets |
|
2 |
|
2 |
|
1 |
|
1 |
|
1 |
|
2 |
|
4 |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
759 |
|
712 |
|
910 |
|
766 |
|
502 |
|
435 |
|
2'171 |
|
1'913 |
– Thereof current liabilities |
|
443 |
|
378 |
|
459 |
|
380 |
|
305 |
|
258 |
|
1'207 |
|
1'016 |
– Thereof non-current liabilities |
|
316 |
|
334 |
|
451 |
|
386 |
|
197 |
|
177 |
|
964 |
|
897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
43 |
|
38 |
|
19 |
|
18 |
|
50 |
|
48 |
|
112 |
|
104 |
1 Order intake and orders on hand at year-end were not in scope of the audit by the statutory auditor.
2 Sales between other divisions are not material.
3 The amount of investments in associates accounted for by the equity method is not material.
Reconciliation to the segment information
CHF million |
|
2017 |
|
2016 |
|
|
|
|
|
Sales |
|
|
|
|
Sales of reportable segments |
|
4'152 |
|
3'745 |
Elimination of intercompany sales |
|
–2 |
|
–1 |
Consolidated sales |
|
4'150 |
|
3'744 |
|
|
|
|
|
Operating result (EBIT) |
|
|
|
|
Total EBIT for reportable segments |
|
364 |
|
324 |
Total EBIT Corporate Center and Corporate Services |
|
–12 |
|
–13 |
Consolidated operating result (EBIT) |
|
352 |
|
311 |
|
|
|
|
|
Interest income |
|
2 |
|
2 |
Interest expense |
|
–28 |
|
–30 |
Other financial result |
|
–5 |
|
–3 |
Ordinary result |
|
321 |
|
280 |
|
|
|
|
|
Non-operating result |
|
1 |
|
1 |
Extraordinary result |
|
|
|
|
Profit before taxes |
|
322 |
|
281 |
|
|
|
|
|
Income taxes |
|
–64 |
|
–56 |
Net profit |
|
258 |
|
225 |
|
|
|
|
|
Assets |
|
|
|
|
Assets of reportable segments |
|
3'466 |
|
3'022 |
Elimination of intercompany positions |
|
–454 |
|
–359 |
Other assets |
|
|
|
|
– Current assets (mainly cash and cash equivalents) |
|
413 |
|
394 |
– Non-current assets |
|
186 |
|
145 |
Other unallocated amounts |
|
–1 |
|
|
Consolidated assets |
|
3'610 |
|
3'202 |
|
|
|
|
|
Investments |
|
|
|
|
Investments of reportable segments |
|
172 |
|
155 |
Other investments |
|
|
|
|
– Germany |
|
4 |
|
26 |
– Switzerland |
|
35 |
|
3 |
Investments of Corporation |
|
211 |
|
184 |
|
|
|
|
|
Liabilities |
|
|
|
|
Liabilities of reportable segments |
|
2'171 |
|
1'913 |
Elimination of intercompany positions |
|
–666 |
|
–637 |
Other liabilities |
|
|
|
|
– Current liabilities |
|
227 |
|
57 |
– Non-current liabilities |
|
481 |
|
638 |
Other unallocated amounts |
|
28 |
|
31 |
Consolidated liabilities |
|
2'241 |
|
2'002 |
Geographical information
|
|
Non-current assets |
Sales |
|||||
CHF million |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
Total |
|
1'333 |
|
1'178 |
|
4'150 |
|
3'744 |
|
|
|
|
|
|
|
|
|
Europe |
|
924 |
|
831 |
|
2'247 |
|
2'084 |
– Thereof Germany |
|
364 |
|
340 |
|
1'046 |
|
997 |
– Thereof Switzerland |
|
274 |
|
244 |
|
173 |
|
161 |
– Thereof Austria |
|
229 |
|
207 |
|
93 |
|
90 |
– Thereof Rest of Europe |
|
57 |
|
40 |
|
935 |
|
836 |
Americas |
|
152 |
|
91 |
|
592 |
|
542 |
Asia |
|
219 |
|
212 |
|
1'060 |
|
888 |
– Thereof China |
|
207 |
|
202 |
|
817 |
|
674 |
Rest of world |
|
38 |
|
44 |
|
251 |
|
230 |
Information about major customers
There are no single customers whose sales amount to 10% or more of the sales of the Corporation.
Accounting principles
In accordance with the management structure and the reporting to the Executive Committee and the Board of Directors, the reportable segments are the three operating divisions of GF Piping Systems, GF Automotive, and GF Machining Solutions.
GF Piping Systems is a leading supplier of piping systems made of plastics and metal. The division focuses on system solutions, high-quality components for the safe transport of water, chemicals, and gas, as well as corresponding services.
GF Automotive is a technologically pioneering development partner and manufacturer of lightweight casting solutions and systems made of aluminum, magnesium, and iron for the global automotive industry as well as for industrial applications.
GF Machining Solutions is one of the world’s leading providers of complete solutions to the tool and mold making industry and to manufacturers of precision components. The portfolio includes milling, wire cutting and EDM machines as well as spindle systems, laser texturing, additive manufacturing, as well as automation and digitalization solutions.
Business units within these segments have been aggregated as a single reportable segment because they manufacture similar products with comparable production processes and supply them to similar customer groups using similar distribution methods. Segment accounting is prepared up to the level of operating result (EBIT) as this is the key figure used for management purposes. All operating assets and liabilities that are directly attributable or can be allocated on a reasonable basis to the segments are reported in the corresponding divisions. No distinction is made between the accounting policies of the segment reporting and those of the consolidated financial statements.
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