In the first half of 2020, the business performance of the Geberit Group was impacted by the COVID-19 pandemic and negative currency developments. In the second quarter in particular, restrictions enforced due to COVID-19 resulted in a significant sales decline in the individual markets. Currency-adjusted net sales fell by 4.5% in the first six months of 2020. In Swiss francs, net sales decreased by 9.8%. Despite the decline in net sales, the operating cashflow margin increased by 70 basis points to 31.5%. Operating cashflow (EBITDA) fell by 7.8% to CHF 462 million. Net income dropped by 13.9% to CHF 315 million - with a reduction in return on net sales of 100 basis points to 21.4%. Based on the assumption that there will not be another wave of lockdowns as a result of COVID-19, Management expects currency-adjusted net sales in the second half of the year slightly below the level of the second half of 2019, and, for the full year 2020, an operating cashflow margin slightly below the previous year's level.
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