4.1 Changes in scope of consolidation

4.1.1 Additions, disposals and mergers

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

Additions 2020 (increases in ownership)

Additions 2020 (foundations)

Disposals 2020 (reductions in ownership)

Mergers 2020

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

Additions (acquisitions) 2019

Additions (increase in ownership) 2019

Additions (foundation) 2019

Disposals (divestments) 2019

Mergers 2019

4.1.2 Acquisitions and divestments

Assets and liabilities from acquisitions and divestments at the time control was acquired or lost

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CHF million

Total acquisitions 2020

Total divestments 2020

Total acquisitions 2019

Total divestments 2019






Cash and cash equivalents





Trade accounts receivable










Other accounts receivable





Property, plant, and equipment





Intangible assets





Deferred tax assets





Other financial assets





Total assets










Deferred tax liabilities





Non-interest bearing liabilities





Interest-bearing liabilities





Net assets





For this presentation, the translation of the original currency values into Swiss francs was calculated using the exchange rates of the respective transaction date. The total cash-out for increase in ownership, earn-out payments and the acquisition of Oxford Flow Utility & Industries Limited amounted to CHF 6 million (previous year: CHF 5 million).

On 24 February 2020, 7.55% of the capital of Oxford Flow Utility & Industries Limited was acquired with an option to acquire up to 23% of the capital in 2021. As of 31 December 2020, no control and no significant influence was assumed and the investment was recorded as a financial asset (see note 5.2 Other financial assets).

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 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 on 1 October 2019. See also note 5.2 for further details.

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.

The 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. Local currency values are translated into Swiss francs at the exchange rates of the respective transaction date.