Annual Report 2021

Annual Report 2021


Net sales

Record sales growth

In 2021, consolidated net sales rose by 15.9% to CHF 3,460 million – the strongest sales growth since going public in 1999. This development comprised an increase in local currencies of 14.7% and a positive foreign currency effect of 1.2%. The exceptional sales growth was due to the positive base effect and the home improvement trend as a result of COVID-19, the build-up of inventories in the construction industry and market share gains. Despite the considerable challenges arising along the supply chains, the Group was able to safeguard product availability. When compared with 2019 – and thus with net sales before the COVID-19 pandemic – exceptionally strong growth after currency adjustments of 16.4% was also seen across all regions.

The currency exchange gains contained in net sales amounted to CHF 35 million. In 2021, 64% of net sales were generated in euros, 9% in Swiss francs, 4% in US dollars, 3% in British pounds and 20% in other currencies.

The following changes in net sales in the markets and product areas are currency-adjusted.

Net sales development 

(in CHF million)

Net sales development, 10 years (bar chart)

Strong currency-adjusted growth in net sales in all markets

A very strong currency-adjusted growth in net sales of 14.3% was recorded in the European markets in the financial year 2021. Net sales saw a disproportionate increase in the Central European markets, where Geberit holds the largest market shares. Within these core markets, currency-adjusted net sales rose most strongly in Italy (+25.4%), driven by base effects as a result of the previous year’s lockdown. After the very strong results in the previous year, Austria and Germany again posted growth rates of 19.9% and 11.9%, respectively. At 14.0%, the Benelux Countries also recorded double-digit growth, while currency-adjusted net sales climbed by 7.5% in Switzerland. Outside these Central European markets, Eastern Europe recorded the strongest growth of 25.4% due, among other things, to several currency-related price increases in the reporting year. The Iberian Peninsula (+25.1%), France (+14.9%) and the United Kingdom/Ireland (+13.0%) reported double-digit growth rates thanks to positive base effects resulting from the lockdown in the previous year, among other aspects. The Nordic Countries recorded an increase of +7.9%. Outside Europe, the Far East/Pacific (+28.8%) and Middle East/Africa (+25.7%) also saw very strong growth. Growth in America was 5.1%.

Net sales by markets/regions

Net sales by markets/regions (pie chart)

Strongest growth in Installation and Flushing Systems

All three product areas generated very pleasing growth. Net sales in local currencies increased by 18.0% in Installation and Flushing Systems, 15.3% in Piping Systems and 10.4% in Bathroom Systems. The different performance was due on the one hand to a greater build-up of inventories at wholesalers for Installation and Flushing Systems as well as for Piping Systems. On the other hand, there were first signs of a slowdown in the home improvement trend in the second half of 2021, which primarily affected the Bathroom Systems product area.

Net sales by product areas

Net sales by product areas (pie chart)