Notes to the Consolidated Financial Statements
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Trade accounts receivable
7. Other current assets and current financial assets
9. Property, plant and equipment
10. Other non-current assets and non-current financial assets
11. Goodwill and intangible assets
12. Short-term debt
13. Other current liabilities and provisions
14. Long-term debt
|Other long-term debt||11.7||11.9|
|Total long-term debt before reclassification||832.8||890.7|
|Short-term portion of long-term debt (2018: CHF Bond)||-149.7||0.0|
|Total long-term debt||683.1||890.7|
In November 2018, Geberit repurchased and cancelled 35% (MEUR 175) of the outstanding EUR bond as part of a public buyback offer. The buyback was partly financed through use of the credit facility. As at the end of 2018, the three outstanding bonds are as follows: a bond for MCHF 150 (fair value as at 31 December 2018: MCHF 150.2) with a term of four years and a coupon of 0.05% due 2019, a bond for MCHF 150 (fair value as at 31 December 2018: MCHF 151.4) with a term of eight years and a coupon of 0.3% due 2023, and a bond for MEUR 325 (fair value as at 31 December 2018: MEUR 328.8) with a term of six years and a coupon of 0.688% due 2021.
Revolving credit facility
A firmly committed credit line of MCHF 500 has been available to the Group since November 2017. The credit line has a term of five years (due in 2022) as well as two renewal options of one additional year each. The interest rate is variable and based on the LIBOR plus a fixed margin. An additional fee is charged if this credit line is drawn down. MEUR 140 of the credit facility had been drawn down by the end of 2018. A commitment fee – recorded as financial expenses – was charged in respect of the undrawn portion.
The MEUR 325 bond and the MCHF 500 credit facility are secured by guarantees from Geberit AG. The credit facility contains conditions typical for syndicated financing.
Other long-term debt
As at 31 December 2018, the Group had MCHF 11.7 of other long-term debt (PY: MCHF 11.9). This debt incurred an effective interest rate of 6.0% (PY: 6.0%).
Of the total long-term debt outstanding as at 31 December 2018, MCHF 533.4 was denominated in EUR (PY: MCHF 592.3) and MCHF 149.7 in CHF (PY: MCHF 298.4).