4 Corporate structure

This section provides information on the changes in the scope of consolidation and especially on acquisitions and divestments.

4.1Changes in scope of consolidation

Additions

Company	Country	Division 1	Transaction	Interest (%)	2021
F.G.S. Brasil Indústria e Comércio Ltda.	Brazil	PS	Acquisition	100%	1 March
Langfang Shuchang Auto Parts Co Ltd	China	PS	Ownership increase	from 40% to 50%	1 June
MACN SAS	France	MS	Acquisition	100%	1 July
Oxford Flow Utility & Industries Ltd	Great Britain	CM	Ownership increase	from 8% to 23%	23 July
Beijing Jingran Lingyun Gas Equipment Co Ltd	China	PS	Ownership increase	from 40% to 50%	1 August
Ningbo Chinaust Fitting Manufacturing Co., Ltd.	China	PS	Foundation	20%	1 December
					2020
Georg Fischer Meco Eckel GmbH & Co. KG	Germany	CS	Ownership increase	from 50% to 75%	1 April
Georg Fischer Meco Eckel GmbH	Germany	CS	Ownership increase	from 50% to 75%	1 April
PEM Zerspanungstechnik GmbH	Germany	CS	Ownership increase	from 51% to 100%	1 April
Georg Fischer Casting Solutions Shenyang Co. Ltd.	China	CS	Foundation	100%	1 July
Egypt Gas GF-Corys Piping Systems S.A.E.	Egypt	PS	Foundation	75%	1 August

1 Division: PS = GF Piping Systems, CS = GF Casting Solutions, MS = GF Machining Solutions, CM = Corporate Management

On 28 February 2021, 100% of the shares of the leading manufacturer of polyethylene piping systems, F.G.S. Brasil Indústria e Comércio Ltda. (FGS), Cajamar (Brazil), were acquired. Control was assumed as of 1 March 2021. FGS serves the local water and gas distribution market and other industrial segments. Pro rata sales 2021: CHF 28 million.

On 15 July 2021, 100% of the shares of the service company Maintenance Automatisme Commande Numerique SAS (MACN SAS), La Roche-Blanche (France), were acquired. Control was assumed as of 1 July 2021. Pro rata sales 2021: CHF 1 million.

On 24 February 2020, 7.55% of the capital of Oxford Flow Utility & Industries Ltd was acquired with an option to acquire up to 23% of the capital in 2021. This stake was later diluted to 6.29%. On 23 July 2021, the option has been exercised and further 16.67% of the capital was acquired. As of 31 December 2021, the stake amounted to 22.96%. Since the second acquisition, significant influence was assumed and the investment was recorded as an investment in associates (see note 5.2 Other financial assets).

Disposals

Company	Country	Division 1	Transaction	Interest (%)	2020
Fondium Group GmbH	Germany	CM	Ownership reduction	from 20% to 0%	1 May
Fondium Mettmann GmbH	Germany	CM	Ownership reduction	from 20% to 0%	1 May
Fondium Singen GmbH	Germany	CM	Ownership reduction	from 20% to 0%	1 May
Fondium Holding GmbH	Germany	CM	Ownership reduction	from 20% to 0%	1 May

1 Division: CM = Corporate Management

Mergers

As of 1 July 2020, 9362-6877 Québec Inc, Montreal (Canada) merged with GF Urecon Ltd, Coteau-du-Lac, Québec (Canada), (reverse merger). Division: GF Piping Systems and GF Corporate Management.

Assets and liabilities from acquisitions

CHF million	F.G.S. Brasil Indús- tria e Comércio Ltda.	MACN SAS	Total 2021	Total 2020

Cash and cash equivalents	0	1	1
Trade accounts receivable	4	0	4
Inventories	3	0	4
Other accounts receivable	2	0	2
Prepayments to creditors	0		0
Property, plant, and equipment	4	1	5
Intangible assets	0		0
Deferred tax assets	0		0
Total assets	14	2	15

Deferred tax liabilities		0	0
Non-interest bearing liabilities	7	1	7
Interest-bearing liabilities	1	0	1
Net assets	6	1	7

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 acquisitions, investments in associates, and increase in ownership amounted to CHF 41 million (previous year: CHF 6 million).

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.

4.2Affiliated companies

Country	Division 1	Company	Functional currency	Share capital million	Partici- pation %	Conso- lidation 2	Function 3

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 4	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 4	EUR	0,5	100	C	S
Czech Republic	MS	GF Machining Solutions sro, Brno 4	CZK	12,3	100	C	S
Denmark	PS	Georg Fischer A/S, Taastrup 4	DKK	0,5	100	C	S
France	CM	Georg Fischer Holding SAS, Palaiseau 4	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
	MS	MACN SAS, La Roche-Blanche	EUR	0,1	100	C	S
Germany	CM	Georg Fischer BV & Co KG, Singen 4	EUR	25,6	100	C	H
	CM	Georg Fischer Geschäftsführungs-GmbH, Singen 4	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	B	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	75	C	M
	CS	PEM Zerspanungstechnik GmbH, Schwarzenberg	EUR	0,1	75	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 4	GBP	4,0	100	C	S
United Kingdom	CM	Oxford Flow Utility & Industries Ltd, Oxford 4	GBP	0,1	23	E	P
	MS	GF Machining Solutions Ltd, Coventry 4	GBP	2,0	100	C	S
Italy	CM	Georg Fischer Holding Srl, Caselle di Selvazzano 4	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 4	EUR	0,9	100	C	H
	CM	Georg Fischer Management BV, Epe 4	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 4	NOK	1,0	100	C	S
Poland	PS	Georg Fischer Sp.z.o.o., Sękocin Nowy 4	PLN	18,5	100	C	S
	MS	GF Machining Solutions Sp.z.o.o., Sękocin Nowy 4	PLN	1,3	100	C	S
Romania	CS	GF Casting Solutions SRL, Pitești 4	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 4	EUR	1,5	100	C	S
	MS	GF Machining Solutions SAU, Barcelona 4	EUR	2,7	100	C	S
Sweden	PS	Georg Fischer AB, Stockholm 4	SEK	1,6	100	C	S
	MS	System 3R International AB, Vällingby 4	SEK	17,1	100	C	P
Switzerland	CM	WIBILEA AG, Neuhausen 4	CHF	1,0	43	E	M
	CM	Eisenbergwerk Gonzen AG, Sargans 4	CHF	0,5	49	B	M
	CM	Georg Fischer AG, Schaffhausen	CHF	4,1		C	H
	CM	Munot Re AG, Schaffhausen 4	CHF	3,0	100	C	M
	CM	Georg Fischer Finanz AG, Schaffhausen 4	CHF	4,0	100	C	M
	CM	GF Casting Solutions Industrial SA, Novazzano 4	CHF	1,0	100	C	H
	PS	Georg Fischer Rohrleitungssysteme AG, Schaffhausen 4	CHF	20,0	100	C	P
	PS	Georg Fischer Rohrleitungssysteme (Schweiz) AG, Schaffhausen 4	CHF	0,5	100	C	S
	PS	Georg Fischer Wavin AG, Schaffhausen 4	CHF	17,8	60	C	P
	PS	Georg Fischer JRG AG, Sissach 4	CHF	1,8	100	C	P
	CS	GF Casting Solutions AG, Schaffhausen 4	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 4	CHF	10,0	100	C	P
	MS	Agie Charmilles Services SA, Meyrin 4	CHF	3,6	100	C	S
	MS	GF Machining Solutions Management SA, Meyrin 4	CHF	0,5	100	C	M
	MS	GF Machining Solutions Sales Switzerland SA, Losone 4	CHF	2,6	100	C	S
	MS	Mecartex SA, Muzzano	CHF	0,4	30	E	P
	MS	GF Machining Solutions AG, Biel 4	CHF	3,5	100	C	P

Near East
Egypt	PS	Egypt Gas GF-Corys Piping Systems SAE, Cairo	EGP	165,1	75	C	P
UAE	CM	GF Corys Middle East Ltd, Abu Dhabi 4	AED	29,0	50	C	H
	PS	Georg Fischer Corys LLC, Dubai 4	AED	0,3	50	C	P
Turkey	PS	Georg Fischer Hakan Plastik AS, Cerkezköy 4	TRY	270,0	100	C	P
	MS	GF Imalat Cözümleri Ticaret Ltd Sti, Istanbul 4	TRY	7,0	100	C	S

Americas
Argentina	PS	Georg Fischer Central Plastics Sudamerica SRL, Buenos Aires 4	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 4	BRL	214,5	100	C	S
	PS	F.G.S. Brasil Indústria e Comércio Ltda., Cajamar	BRL	62,0	100	C	P
	MS	GF Machining Solutions Máquinas Ltda, São Paulo 4	BRL	60,9	100	C	S
Canada	PS	Georg Fischer Piping Systems Ltd, Mississauga 4	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 4	MXN	0,1	100	C	S
	MS	GF Machining Solutions LLC, Monterrey 4	MXN	15,1	100	C	S
USA	CM	George Fischer Corporation, El Monte, CA 4	USD	0,1	100	C	H
	CM	Georg Fischer Export Inc, El Monte, CA 4	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	B	S
	CS	GF Linamar LLC, Mills River, NC	USD	80,2	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 4	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 4	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 City	CNY	200,0	50	P	P
	PS	Chinaust Plastics (Shenzhen) Co Ltd, Shenzhen 4	CNY	80,0	50	P	P
	PS	Sichuan Chinaust Plastics Corp Ltd, Chengdu 4	CNY	80,0	50	P	P
	PS	HeBei Chinaust Plastics Corp Ltd, Zhuozhou City 4	CNY	58,2	50	P	P
	PS	Shanghai Chinaust Automotive Plastics Corp Ltd, Shanghai 4	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 4	CNY	100,0	51	C	P
	PS	Georg Fischer Piping Systems Ltd, Shanghai 4	CNY	41,4	100	C	P
	PS	Georg Fischer Piping Systems (Trading) Ltd, Shanghai 4	CNY	1,7	100	C	S
	PS	Georg Fischer Piping Systems Ltd, Beijing 4	CNY	36,7	100	C	P
	PS	Beijing Jingran Lingyun Gas Equipment Co Ltd, Langfang 4	CNY	50,0	50	P	P
	PS	Langfang Shuchang Auto Parts Co Ltd, Langfang 4	CNY	10,0	50	P	P
	PS	Haining Chinaust Plastics Piping System Co Ltd, Haining 4	CNY	100,0	50	P	P
	PS	Xi'an Chinaust Plastics Co Ltd, Xi'an 4	CNY	80,0	50	P	P
	PS	Georg Fischer Piping Systems Ltd Yangzhou, Yangzhou 4	CNY	44,4	100	C	P
	PS	Ningbo Chinaust Fitting Manufacturing Co Ltd, Ningbo	CNY	2,0	10	E	P
	CS	GF Casting Solutions Suzhou Co Ltd, Suzhou 4	CNY	209,5	100	C	P
	CS	GF Casting Solutions Kunshan Co Ltd, Kunshan 4	CNY	149,5	100	C	P
	CS	GF Casting Solutions Shenyang Co Ltd, Shenyang 4	CNY	108,2	100	C	P
	MS	GF Machining Solutions Ltd, Hongkong 4	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 4	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 4	CNY	164,1	100	C	P
India	PS	Georg Fischer Piping Systems PVT Ltd, Mumbai 4	INR	215,4	100	C	P
Indonesia	PS	PT Georg Fischer Indonesia, Karawang	IDR	183,7	100	C	P
	PS	PT Georg Fischer Trading Indonesia, Karawang	IDR	3,4	100	C	S
Japan	PS	Georg Fischer Ltd, Osaka 4	JPY	480,0	81	C	S
	MS	GF Machining Solutions Ltd, Yokohama 4	JPY	50,0	100	C	S
Korea	PS	Georg Fischer Korea Co. Ltd., Yongin-si 4	KRW	600,0	100	C	S
	MS	GF Machining Solutions Co Ltd, Seoul 4	KRW	1300,0	100	C	S
Malaysia	PS	George Fischer (M) SDN BHD, Petaling Jaya 4	MYR	10,0	100	C	P
New Zealand	PS	Georg Fischer Ltd, Wellington 4	NZD	0,1	100	C	S
Singapore	CM	Eurapipe Holdings Ptd Ltd, Singapore 4	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 4	TWD	1,0	100	C	S
	MS	GF Machining Solutions Ltd, San Chung, Taipei Hsien 4	TWD	10,0	100	C	S
Vietnam	MS	GF Machining Solutions Co Ltd, Hanoi 4	VND	15,1	100	C	S

1 Division: PS = GF Piping Systems, CS = GF Casting Solutions, MS = GF Machining Solutions, CM = Corporate Management

2 Consolidation: C = Fully consolidated, P = Proportionately consolidated, E = Stated based on the equity method, B = Stated at book value

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

4 Directly held by Georg Fischer Ltd

4.3Related parties

Related parties include associates, Members of the Board of Directors and the Executive Committee, pension funds, and similar institutions.

Transactions with associates

In the year under review as well as in the previous year, there were no significant transactions with associates. Hence, no material receivables or payables were outstanding.

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	2021	2020

Cash compensation	6’718	5’499
Pension funds	521	541
Social security	608	533
Share-based compensation 1	3’784	3’568
Total compensation	11’631	10’141

1 The disclosed value corresponds to the regulation of the Compensation Report.

A total of 17’827 shares (previous year: 16’604) were held by the Board of Directors, the Executive Committee, as well as parties related to them, corresponding to 0.4% of issued shares (previous year: 0.4%).

No Member of the Board of Directors or the Executive Committee or any persons related to them received any fees or other compensation for additional services to GF or its GF Corporate Companies in 2021 and in 2020.

Neither GF nor any GF Corporate Company 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 in 2021 and 2020.

Significant shareholders

An overview can be found in the Corporate Governance Report (GF share and shareholders).

Transactions with pension funds and similar institutions

The GF 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 2 million (previous year: CHF 3 million). As in the previous year, the current accounts bear an interest of 1%. Furthermore, contributions of CHF 2 million were made to similar institutions (previous year: CHF 1 million).