4. Corporate structure
This section provides information on the changes in the 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 2020 (increases in ownership)
- As of 1 April 2020, Georg Fischer Meco Eckel GmbH & Co. KG, Biedenkopf-Wallau (Germany), (acquisition of additional 24% of capital)
Division: GF Casting Solutions - As of 1 April 2020, Georg Fischer Meco Eckel GmbH, Biedenkopf-Wallau (Germany), (acquisition of additional 24% of capital)
Division: GF Casting Solutions - As of 1 April 2020, PEM Zerspanungstechnik GmbH, Schwarzenberg (Germany), (acquisition of the remaining 49% of capital)
Division: GF Casting Solutions
Additions 2020 (foundations)
- As of 1 July 2020, Georg Fischer Casting Solutions Shenyang Co. Ltd., Shenyang (China)
Division: GF Casting Solutions - As of 1 August 2020, Egypt Gas GF-Corys Piping Systems S.A.E. Cairo (Egypt), (drawing of 75% of capital)
Division: GF Piping Systems
Disposals 2020 (reductions in ownership)
- As of 1 May 2020, Fondium Group GmbH, Mettmann (Germany), (sale of remaining 20% of capital)
Division: GF Corporate Management - As of 1 May 2020, Fondium Mettmann GmbH, Mettmann (Germany), (sale of remaining 20% of capital)
Division: GF Corporate Management - As of 1 May 2020, Fondium Singen GmbH, Singen (Germany), (sale of remaining 20% of capital)
Division: GF Corporate Management - As of 1 May 2020, Fondium Holding GmbH, Mettmann (Germany), (sale of remaining 0.2% of capital)
Division: GF Corporate Management
Mergers 2020
- As of 1 July 2020, 9362-6877 Québec Inc, Montreal (Canada) with GF Urecon Ltd, Coteau-du-Lac, Québec (Canada), (reverse merger)
Division: GF Piping Systems and GF Corporate Management
During the previous year, 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 Corporate Management - 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 Machining Solutions
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 2020 |
Total divestments 2020 |
Total acquisitions 2019 |
Total divestments 2019 |
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
Trade accounts receivable |
|
|
2 |
–10 |
Inventories |
|
|
|
–11 |
Other accounts receivable |
|
|
|
|
Property, plant, and equipment |
|
|
|
–17 |
Intangible assets |
|
|
|
|
Deferred tax assets |
|
|
1 |
|
Other financial assets |
|
|
|
|
Total assets |
|
|
3 |
–38 |
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
Non-interest bearing liabilities |
|
|
1 |
–18 |
Interest-bearing liabilities |
|
|
|
–2 |
Net assets |
|
|
2 |
–18 |
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.
Country |
Division |
Company |
Functional currency |
Share capital million |
Participation % |
Consolidation |
Function |
Europe |
|
|
|
|
|
|
|
Austria |
CM |
GF Casting Solutions Altenmarkt GmbH, Altenmarkt |
EUR |
0,1 |
100 |
C |
M |
|
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 |
Belgium |
PS |
Georg Fischer NV-SA, Bruxelles 1 |
EUR |
0,5 |
100 |
C |
S |
Czech Republic |
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 |
75 |
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 |
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 |
75 |
C |
P |
|
CS |
Eckel & Co GmbH, Biedenkopf-Wallau |
EUR |
0,2 |
100 |
C |
M |
|
CS |
PEM Zerspanungstechnik GmbH, Schwarzenberg |
EUR |
0,1 |
100 |
C |
P |
|
MS |
GF Machining Solutions GmbH, Schorndorf |
EUR |
2,6 |
100 |
C |
S |
|
MS |
Symmedia GmbH, Bielefeld |
EUR |
1,4 |
100 |
C |
P |
United Kingdom |
PS |
George Fischer Sales Ltd, Coventry 1 |
GBP |
4,0 |
100 |
C |
S |
|
PS |
Oxford Flow Utility & Industries Ltd, Oxford 1 |
GBP |
0,1 |
8 |
F |
P |
|
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 |
26,5 |
100 |
C |
P |
|
CS |
GF Casting Solutions Arad 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 Casting Solutions Industrial 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 Casting Solutions Novazzano SA, Novazzano |
CHF |
1,0 |
100 |
C |
P |
|
CS |
GF Ceramics Novazzano SA, Novazzano |
CHF |
1,2 |
100 |
C |
P |
|
CS |
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 |
Mecartex SA, Muzzano |
CHF |
0,4 |
30 |
E |
P |
|
MS |
GF Machining Solutions AG, Biel 1 |
CHF |
3,5 |
100 |
C |
P |
|
|
|
|
|
|
|
|
Near East |
|
|
|
|
|
|
|
Egypt |
PS |
Egypt Gas GF-Corys Piping Systems SAE, Cairo |
EGP |
53,1 |
75 |
C |
P |
UAE |
CM |
GF Corys Middle East Ltd, Abu Dhabi 1 |
AED |
9,8 |
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 |
7,0 |
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 |
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 |
|
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 |
30,6 |
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 |
|
CS |
GF Casting Solutions Shenyang Co Ltd, Shenyang 1 |
CNY |
45,4 |
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 |
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 2020
Related parties include associates, members of the Board of Directors and the Executive Committee, pension funds and similar institutions.
4.3.1 Transactions with associates
CHF 0 million of loans to associates (previous year: CHF 75 million) and contingent liabilities to associates in favor of third parties of CHF 0 million (previous year: CHF 76 million) were outstanding. The change is explained by the sale of remaining ownership in associates, see note 5.2.
4.3.2 Transactions with members of the Board of Directors and the Executive Committee
Total compensation to the Board of Directors and Executive Committee is broken down as follows:
CHF 1'000 |
2020 |
2019 |
|
|
|
Cash compensation |
5’499 |
5’789 |
Pension funds |
541 |
819 |
Social security |
533 |
515 |
Share-based compensation |
3’568 |
3’100 |
Total compensation |
10’141 |
10’223 |
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 1’140.00 (previous year: CHF 983.00). A total of 1’396 restricted shares were granted to the Board of Directors (previous year: 1’501).
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 1’140.00 (previous year: CHF 983.00). 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. A total of 1’764 performance shares were granted to the Executive Committee (previous year: 1’644).
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 2020 and in 2019.
Neither Georg Fischer Ltd 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 of the end of the financial year, it had a liability of CHF 3 million (previous year: liability of CHF 1 million). The current accounts bear an interest of 1%. Furthermore, contributions of CHF 1 million were made to similar institutions (previous year: CHF 1 million).