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.
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.
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