Dark Header Theme

Consolidated financial statements

4 Corporate structure

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

4.1Changes in scope of consolidation

Additions

Company

Country

Division 1

Transaction

Interest (%)

Date

 

 

 

 

 

2022

Vam Control S.r.l.

Italy

MS

Acquisition

100%

1 July

Chinaust (Hong Kong) International Investments Limited

China

PS

Foundation

50%

15 August

 

 

 

 

 

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

Maintenance Automatisme Commande Numerique 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

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

On 15 July 2022, 100% of the shares of the machine tool service company Vam Control S.r.l. (VAM), Onore (Italy), were acquired. Control was assumed as of 1 July 2022. Pro rata sales 2022: CHF 3 million.

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), La Roche-Blanche (France), were acquired. Control was assumed as of 1 July 2021. Pro rata sales 2021: CHF 1 million.

The following assets and liabilities were acquired:

 

 

VAM

MACN

FGS

CHF million

 

1 July 2022

1 July 2021

1 March 2021

 

 

 

 

 

Cash and cash equivalents

 

1

1

0

Trade accounts receivable

 

1

0

4

Inventories

 

0

0

3

Other accounts receivable

 

0

0

2

Prepayments to creditors

 

 

 

0

Property, plant, and equipment

 

3

1

4

Intangible assets

 

 

 

0

Deferred tax assets

 

 

 

0

Total assets

 

5

2

14

 

 

 

 

 

Deferred tax liabilities

 

0

0

 

Non-interest bearing liabilities

 

2

1

7

Interest-bearing liabilities

 

1

0

1

Net assets

 

3

1

6

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 was 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).

Disposals

On 1 April 2022, GF Corporation sold its entire investment of 50% in GF Linamar LLC, Mills River (US), a fully consolidated GF Corporate Company. In addition, the sale included loans made by GF Corporation to GF Linamar LLC over the amount of CHF 126 million. The total sale price included a contingent purchase price component of CHF 20 million that was recorded under other financial assets. GF Linamar LLC was deconsolidated per 31 March 2022 and derecognized minority interests on the accumulated losses amounted to CHF 36 million. The effect from the deconsolidation on the operating result (EBIT) was neutral. Pro rata sales 2022 amounted to CHF 34 million (Sales 2021: CHF 108 million).

The following assets and liabilities were derecognized:

 

 

GF Linamar LLC

CHF million

 

1 April 2022

 

 

 

Cash and cash equivalents

 

6

Trade accounts receivable

 

27

Inventories

 

28

Other accounts receivable

 

1

Prepayments to creditors

 

0

Property, plant, and equipment

 

151

Intangible assets

 

0

Total assets

 

213

 

 

 

Non-interest bearing liabilities

 

34

Interest-bearing liabilities

 

126

Total liabilities

 

160

Mergers

As of 1 January 2022, MACN, La Roche-Blanche (France) merged into GF Machining Solutions SAS, Palaiseau (France). Division: GF Machining Solutions. 

As of 1 April 2022, Georg Fischer Piping Systems Ltd, Mississauga (Canada) merged with GF Urecon Ltd, Coteau-du-Lac, Québec (Canada). The name of the merged company is GF Piping Systems Canada Ltd, Québec (Canada). Division: GF Piping Systems.

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. For the presentation of acquisitions and divestments, the original balance sheet values and cash flows are translated into Swiss francs using the exchange rates of the respective transaction date.

4.2Corporate 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, Loosdorf

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

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

Great Britain

PS

George Fischer Sales Ltd, Coventry 4

GBP

4,0

100

C

S

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

 

MS

Vam Control S.r.l., Onore

EUR

0,1

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 Ltd, Schaffhausen

CHF

4,1

 

C

H

 

CM

Munot Re AG, Schaffhausen 4

CHF

3,0

100

C

M

 

CM

Georg Fischer Finanz Ltd, 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

GF Machining Solutions 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

340,0

38

C

P

UAE

CM

GF Corys Middle East Ltd, Abu Dhabi 4

AED

51,3

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

258,1

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

153,7

100

C

S

Canada

PS

GF Piping Systems Canada Ltd, Quebec 4

CAD

24,6

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, Irwindale, CA 4

USD

0,1

100

C

H

 

CM

Georg Fischer Export Inc, Irwindale, 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, Irwindale, 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

 

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

59,4

100

C

P

 

PS

Ningbo Chinaust Fitting Manufacturing Co Ltd, Ningbo

CNY

2,0

10

E

P

 

PS

Chinaust (Hong Kong) International Investments Limited, Hong Kong

HKD

0,1

50

C

H

 

CS

GF Casting Solutions Suzhou Co Ltd, Suzhou 4

CNY

279,5

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

Agie Charmilles China (HK) Ltd, Hong Kong 4

HKD

57,8

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 4

IDR

183,7

100

C

P

 

PS

PT Georg Fischer Trading Indonesia, Karawang 4

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, Anyang 4

KRW

1800,0

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 Pte 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  

https://annual-report.georgfischer.com/22/en/wp-json/public/posts/