The Swiss Geberit International AG (CH-8645 Jona) is planning its initial public offering for June 1999. As the sanitary engineering company announced, Credit Suisse First Boston has been appointed global coordinator and financial advisor. In the first quarter of 1999, the group increased sales 11.4% to CHF 298.4m. Caradon Terrain, which was acquired in February, accounted for 4.1%. At the same time, the payroll rose to above 4000. Sales in Eastern Europe increased 32.5% in the first quarter, while a rise of 12.2% was achieved in Italy, 16.1% in the Netherlands and 20.5% in France. The water supply systems division has reported 22.3% growth, waste water systems 15.3% and installation systems 9.3%. The group´s management is expecting further positive developments in business for the current year.

In the 1998 financial year, sales increased 7.9% to CHF 1.03bn. Operating results rose considerably more than sales. The EBIT was reported at CHF 140.4m (79.9m). The net cash flow attained CHF 152.1m (101.3m). The net result was stated at CHF 37.4m following a loss of CHF 1.7m in 1997.

Geberit is expecting business in 1999 to perform at the 1998 level, at the same level as the previous year. These expectations have been backed up by the first-quarter results. As of the year 2000, pressure on earnings will be eased considerably through the reduced amortisation of intangible fixed assets. This will relieve the operating profit by CHF 25m in 2000 and by more than CHF 30m in the years that follow. This development will also benefit net earnings by CHF 20m in 2000 and CHF 25 to 30m in the years to follow.