4. Corporate structure
This section provides information on the changes in scope of consolidation and especially on acquisitions and divestments. A list of all GF Corporate Companies is provided.
4.1.1 Additions, disposals and mergers
During the year under review, the scope of consolidation changed as follows:
Additions (acquisitions) 2019
-
As of 1 August 2019, Global Supply Company LLC, Hallandale (USA)
Pro rata sales 2019: CHF 2 million
Division: GF Piping Systems
Additions (increase in ownership) 2019
-
As of 1 January 2019, Step-Tec AG, Luterbach (Switzerland), (acquisition of the remaining 1.7% of capital)
Division: GF Machining Solutions -
As of 1 March 2019, GF Precicast Additive SA, Novazzano (Switzerland), (acquisition of the remaining 50% of capital)
Division: GF Machining Solutions
-
As of 1 October 2019, Georg Fischer Corys LLC, Dubai (United Arab Emirates), (acquisition of an additional 1% of capital)
Division: GF Piping Systems
Additions (foundation) 2019
-
As of 29 October 2019, GF Corys Middle East Ltd, Abu Dhabi (United Arab Emirates)
Division: GF Piping Systems
-
As of 11 December 2019, Georg Fischer Piping Systems Ltd Yangzhou, Yangzhou (China)
Division: GF Piping Systems
Disposals (divestments) 2019
-
As of 1 October 2019, GF Casting Solutions Herzogenburg Iron GmbH, Herzogenburg (Austria)
Pro rata sales 2019: CHF 59 million
Division: GF Casting Solutions
Mergers 2019
-
As of 1 December 2019, Step-Tec AG, Luterbach, Switzerland with GF Machining Solutions AG, Biel (Switzerland)
Division: GF Machinig Solutions
During the previous year, the scope of consolidation changed as follows:
Additions (acquisitions) 2018
-
As of 1 April 2018, Precicast Industrial Holding SA, Novazzano (Switzerland)
Pro rata sales 2018: CHF 77 million
Division: GF Casting Solutions
Additions (foundations) 2018
-
As of 1 April 2018, PT Georg Fischer Indonesia (Trading), Karawang (Indonesia)
Division: GF Piping Systems
Disposals (divestments) 2018
-
As of 1 December 2018, iron casting plants Singen and Mettmann (both Germany)
Division: GF Casting Solutions
Iron casting plant Singen:
GF Casting Solutions Singen GmbH, Singen (renamed to Fondium Singen GmbH)
GF Casting Solutions Machining Singen GmbH, Singen (renamed and merged into Fondium Singen GmbH)
Iron casting plant Mettmann:
GF Casting Solutions Mettmann GmbH, Mettmann (renamed to Fondium Mettmann GmbH)
GF Casting Solutions Services GmbH, Mettmann (renamed to Fondium Group GmbH)
Pro rata sales 2018: CHF 617 million
4.1.2 Acquisitions and divestments
Assets and liabilities from acquisitions and divestments at the time control was acquired or lost
|
CHF million |
|
Total acquisitions 2019 Global Supply Company LLC |
|
Total divestments 2019 GF Casting Solutions Herzogenburg Iron GmbH |
|
Total acquisitions 2018 |
|
Total divestments 2018 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
19 |
|
|
|
Trade accounts receivable |
|
2 |
|
–10 |
|
27 |
|
–95 |
|
Inventories |
|
|
|
–11 |
|
43 |
|
–64 |
|
Other accounts receivable |
|
|
|
|
|
4 |
|
–31 |
|
Property, plant, and equipment |
|
|
|
–17 |
|
22 |
|
–87 |
|
Intangible assets |
|
|
|
|
|
1 |
|
|
|
Deferred tax assets |
|
1 |
|
|
|
|
|
–23 |
|
Other financial assets |
|
|
|
|
|
9 |
|
|
|
Total assets |
|
3 |
|
–38 |
|
125 |
|
–300 |
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
5 |
|
|
|
Non-interest bearing liabilities |
|
1 |
|
–18 |
|
36 |
|
–233 |
|
Interest-bearing liabilities |
|
|
|
–2 |
|
|
|
–34 |
|
Net assets |
|
2 |
|
–18 |
|
84 |
|
–33 |
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 acquisition including earn-out payments amounted to CHF 5 million (previous year: CHF 154 million) while the cash-in for the divestment amounted to CHF 0 million (previous year: CHF 0 million) as explained in more detail below.
Acquisitions 2019
Acquisition Global Supply Company LLC
Acquisition of 100% of the shares of the specialized service provider for the marine industry, Global Supply Company LLC. Control was assumed as of 1 August 2019. Global Supply Company LLC services the retrofit market for cruise ships in the USA. The company will be renamed to GF Marine USA and merged into George Fischer LLC, Irvine, USA.
Divestments 2019
Divestment of GF Casting Solutions Herzogenburg Iron GmbH
Sale of 100% of the shares in the iron foundry in Herzogenburg supplying the automotive industry with a dedicated workforce of around 250 employees and annual sales of approximately CHF 75 million. GF facilitated the sale by providing a vendor loan of CHF 10 million to the buyers consisting of the former management. Because of the divestment, all assets and liabilities of the formerly fully owned company were deconsolidated as per 1 October 2019. See also note 5.2 for further details.
Acquisitions 2018
Acquisition of Precicast Industrial Holding SA
100% of the shares of the Swiss precision casting specialist, Precicast Industrial Holding SA, Novazzano (Switzerland), have been acquired, control of the acquired company was assumed on 1 April 2018.
Precicast Industrial Holding SA (Precicast) is one of the few independent precision casting companies in Europe, specializing in super alloy components for aero engines and industrial gas turbines. In addition, the company produces components out of additive manufacturing (3D printing) through Precicast Additive SA.
The company generated a turnover of approx. CHF 120 million in 2017 with a workforce of 730 employees in Switzerland and in Romania.
Divestments 2018
Divestment of iron casting plants Singen and Mettmann
The two iron casting plants in Singen and Mettmann (Germany) supplying the automotive industry with a dedicated workforce of around 2’000 employees and combined annual sales of CHF 617 million (for the eleven months in 2018) were deconsolidated on 1 December 2018 in form of a management buy-out. As a result of the divestment, all assets and liabilities of the formerly fully owned entities were deconsolidated.
GF retains a share of 20% in the equity of the divested GF Corporate Companies and also exercises a certain degree of influence on the divested entities. Consequently, GF records its share on the entities as investments in associates and applies the equity accounting method, see note 5.2.
For the acquisition of the two iron casting plants and the subsequent acquisition of production equipment GF provided vendor financing in the amount of CHF 62 million, see note 5.2 for further details. After taking into account the deconsolidation of the assets and liabilities, the accumulated currency translation effects as well as the related transaction costs and accruals, the transaction resulted in an even result in the income statement.
Accounting principles
Companies acquired are consolidated from the date on which control is obtained, while companies divested are excluded from the scope of consolidation as of the date on which control is lost, with any gain or loss recognized in the income statement.
Assets and liabilities of acquired companies are valued at actual values at the time control is obtained. Assets and liabilities of divested companies are valued at book values at the time control is lost. The translation of the local currency values into Swiss francs is done at the exchange rates of the respective transaction date.
|
Country |
|
Division |
|
Company |
|
Functional currency |
|
Share capital million |
|
Participation % |
|
Consolidation |
|
Function |
|
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 |
|
|
|
CS |
|
GF Casting Solutions Services GmbH, Herzogenburg 1 |
|
EUR |
|
4,6 |
|
100 |
|
C |
|
H |
|
|
|
CS |
|
GF Casting Solutions Herzogenburg HPDC GmbH, Herzogenburg |
|
EUR |
|
0,1 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Casting Solutions Altenmarkt GmbH & Co KG, Altenmarkt |
|
EUR |
|
2,4 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Casting Solutions Altenmarkt 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 1 |
|
EUR |
|
0,1 |
|
100 |
|
C |
|
M |
|
|
|
CM |
|
Georg Fischer Giessereitechnologie GmbH, Singen |
|
EUR |
|
0,5 |
|
100 |
|
C |
|
M |
|
|
|
CM |
|
Georg Fischer Meco Eckel GmbH, Biedenkopf-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 |
|
|
|
CS |
|
Fondium Holding GmbH, Mettmann |
|
EUR |
|
0,1 |
|
0,2 |
|
F |
|
H |
|
|
|
CS |
|
Fondium Singen GmbH, Singen |
|
EUR |
|
12,8 |
|
20 |
|
E |
|
P |
|
|
|
CS |
|
Fondium Mettmann GmbH, Mettmann |
|
EUR |
|
0,1 |
|
20 |
|
E |
|
P |
|
|
|
CS |
|
Fondium Group GmbH, Mettmann |
|
EUR |
|
0,1 |
|
20 |
|
E |
|
M |
|
|
|
CS |
|
GF Casting Solutions Leipzig GmbH, Leipzig |
|
EUR |
|
0,9 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Casting Solutions Werdohl GmbH, Werdohl |
|
EUR |
|
0,3 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF MECO Eckel GmbH & Co KG, Biedenkopf-Wallau |
|
EUR |
|
0,2 |
|
51 |
|
C |
|
P |
|
|
|
CS |
|
Eckel & Co GmbH, Biedenkopf-Wallau |
|
EUR |
|
0,2 |
|
51 |
|
C |
|
M |
|
|
|
CS |
|
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, Agrate Brianza |
|
EUR |
|
1,3 |
|
100 |
|
C |
|
S |
|
|
|
MS |
|
GF Machining Solutions SpA, Agrate Brianza |
|
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., Sękocin Nowy 1 |
|
PLN |
|
18,5 |
|
100 |
|
C |
|
S |
|
|
|
MS |
|
GF Machining Solutions Sp.z.o.o., Sękocin Nowy 1 |
|
PLN |
|
1,3 |
|
100 |
|
C |
|
S |
|
Romania |
|
CS |
|
GF Casting Solutions SRL, Pitești 1 |
|
RON |
|
6,5 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Precicast SRL, Arad |
|
RON |
|
24,5 |
|
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 |
|
Munot Re AG, Schaffhausen 1 |
|
CHF |
|
3,0 |
|
100 |
|
C |
|
M |
|
|
|
CM |
|
Georg Fischer Finanz AG, Schaffhausen 1 |
|
CHF |
|
4,0 |
|
100 |
|
C |
|
M |
|
|
|
CM |
|
GF Precicast Industrial Holding SA, Novazzano 1 |
|
CHF |
|
1,0 |
|
100 |
|
C |
|
H |
|
|
|
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 |
|
|
|
CS |
|
GF Casting Solutions AG, Schaffhausen 1 |
|
CHF |
|
1,0 |
|
100 |
|
C |
|
M |
|
|
|
CS |
|
GF Precicast SA, Novazzano |
|
CHF |
|
1,0 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Precicast Ceramics SA, Novazzano |
|
CHF |
|
1,2 |
|
100 |
|
C |
|
P |
|
|
|
MS |
|
GF Precicast Additive SA, Novazzano |
|
CHF |
|
0,2 |
|
100 |
|
C |
|
P |
|
|
|
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 Sales Switzerland 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, Muzzano |
|
CHF |
|
0,4 |
|
30 |
|
E |
|
P |
|
|
|
MS |
|
GF Machining Solutions AG, Biel 1 |
|
CHF |
|
3,5 |
|
100 |
|
C |
|
P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Near East |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UAE |
|
CM |
|
GF Corys Middle East Ltd, Abu Dhabi 1 |
|
AED |
|
0,1 |
|
50 |
|
C |
|
H |
|
|
|
PS |
|
Georg Fischer Corys LLC, Dubai 1 |
|
AED |
|
0,3 |
|
50 |
|
C |
|
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 |
|
8,5 |
|
100 |
|
C |
|
S |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina |
|
PS |
|
Georg Fischer Central Plastics Sudamerica SRL, Buenos Aires 1 |
|
ARS |
|
16,2 |
|
100 |
|
C |
|
S |
|
|
|
PS |
|
Polytherm Central Sudamericana SA, Buenos Aires |
|
ARS |
|
0,1 |
|
49 |
|
E |
|
S |
|
Brazil |
|
PS |
|
Georg Fischer Sistemas de Tubulacoes Ltda, São Paulo 1 |
|
BRL |
|
11,5 |
|
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 |
|
1,3 |
|
100 |
|
C |
|
S |
|
|
|
PS |
|
GF Urecon Ltd, Coteau-du-Lac, Québec |
|
CAD |
|
10,9 |
|
100 |
|
C |
|
P |
|
Mexico |
|
PS |
|
Georg Fischer SA de CV Mexico, Monterrey 1 |
|
MXN |
|
0,1 |
|
100 |
|
C |
|
S |
|
|
|
MS |
|
GF Machining Solutions LLC, Monterrey 1 |
|
MXN |
|
15,1 |
|
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 |
|
|
|
PS |
|
Global Supply Company LLC, Hallandale, FL |
|
USD |
|
0,1 |
|
100 |
|
C |
|
S |
|
|
|
CS |
|
GF Linamar LLC, Mills River, NC |
|
USD |
|
39,9 |
|
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 1 |
|
CNY |
|
100,0 |
|
50 |
|
P |
|
P |
|
|
|
PS |
|
Chinaust Plastics Ltd, Xian 1 |
|
CNY |
|
73,0 |
|
50 |
|
P |
|
P |
|
|
|
PS |
|
Georg Fischer Piping Systems Ltd Yangzhou, Yangzhou 1 |
|
CNY |
|
0,1 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Casting Solutions Suzhou Co Ltd, Suzhou 1 |
|
CNY |
|
209,5 |
|
100 |
|
C |
|
P |
|
|
|
CS |
|
GF Casting Solutions Kunshan Co Ltd, Kunshan 1 |
|
CNY |
|
149,5 |
|
100 |
|
C |
|
P |
|
|
|
MS |
|
GF Machining Solutions Ltd, Hongkong 1 |
|
HKD |
|
3,5 |
|
100 |
|
C |
|
S |
|
|
|
MS |
|
Agie Charmilles China (HK) Ltd, Hong Kong |
|
HKD |
|
58,4 |
|
100 |
|
C |
|
S |
|
|
|
MS |
|
GF Machining Solutions (Shanghai) 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 |
|
GF Machining Solutions Changzhou Co Ltd, Changzhou 1 |
|
CNY |
|
164,1 |
|
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 |
|
IDR |
|
12,7 |
|
100 |
|
C |
|
P |
|
|
|
PS |
|
Georg Fischer Indonesia (Trading), Karawang |
|
IDR |
|
3,4 |
|
100 |
|
C |
|
S |
|
Japan |
|
PS |
|
Georg Fischer Ltd, Osaka 1 |
|
JPY |
|
480,0 |
|
81 |
|
C |
|
S |
|
|
|
MS |
|
GF Machining Solutions Ltd, Yokohama 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 |
|
1300,0 |
|
100 |
|
C |
|
S |
|
Malaysia |
|
PS |
|
George Fischer (M) SDN BHD, Klang 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 |
|
15,1 |
|
100 |
|
C |
|
S |
1 Directly held by Georg Fischer Ltd.
Division
CM = Corporate Management
PS = GF Piping Systems
CS = GF Casting Solutions
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 2019
Related parties include associated companies, members of the Board of Directors and the Executive Committee, pension funds and similar institutions.
4.3.1 Transactions with associated companies
CHF 75 million of loans to associated companies (previous year CHF 62 million) and contingent liabilities to associated companies in favor of third parties of CHF 76 million (previous year: CHF 125 million) were outstanding, see note 5.2 and note 2.6 (2.6.3 Contingent liabilities).
4.3.2 Transactions with members Board of Directors and the Executive Committee
Total compensation paid to the Board of Directors and Executive Committee breaks down as follows (see also in the Compensation Report):
|
CHF 1'000 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Cash compensation |
|
5'789 |
|
6'959 |
|
Pension funds |
|
819 |
|
864 |
|
Social security |
|
515 |
|
485 |
|
Share-based compensation |
|
3'100 |
|
2'558 |
|
Total compensation |
|
10'223 |
|
10'866 |
The members of the Board of Directors received a fixed number of Georg Fischer restricted shares and a fixed remuneration paid in cash. The total compensation of the Board of Directors is recognized as operating expenses, see note 1.3 (1.3.1 Operating expenses) and the information in the Compensation Report. The valuation of the restricted shares is based on the year-end share price of CHF 983.00 (previous year: CHF 786.50). In total, 1’501 restricted shares were granted to the Board of Directors (previous year: 1’500).
The compensation for the Executive Committee consists of a long-term share-based incentive, a short-term cash incentive and a fixed base salary. The share-based incentive is granted in the form of performance shares. The total compensation of the Executive Committee is recognized as personnel expenses, see note 1.3 (1.3.2 Personnel expenses) and the information in the Compensation Report. The valuation of the performance shares is based on the year-end share price of CHF 983.00 (previous year: CHF 786.50). In order to derive the value of the performance shares, a financial model was used that takes into consideration the specific performance criteria linked to the performance shares, namely the earnings per share criteria and the relative total shareholder return criteria, see also the Compensation Report. In total, 1’644 performance shares were granted to the Executive Committee (previous year: 1’752).
Share-based compensation to the Board of Directors and Executive Committee amounted to CHF 3.1 million (previous year: CHF 2.6 million).
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 from GF or its GF Corporate Companies in 2019.
Neither GF nor its GF 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 Compensation Report, respectively in the financial statements of Georg Fischer Ltd in note 6 Compensation and shareholdings.
4.3.3 Transactions with pension funds and similar institutions
The corporation holds current accounts with some of its related pension funds and similar institutions. As per financial year-end a liability of CHF 1 million resulted (previous year: liability of CHF 4 million). The current accounts bear an interst of 1%. Further, contributions of CHF 1 million were made to similar institutions (previous year: CHF 1 million).