Q1 2024 Geberit AG Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to our conference call on our Q1 results. Geberit delivered in a continued difficult market environment, good results. Let me start with the key statements for the first quarter.
First, the unfavorable currency development impacted the entire P&L negative. Second, net sales reached in local currencies almost previous year's level. Thirdly, operational margins remained stable on a very high level. And fourthly, the tax rate increased significantly mainly due to the new OECD minimum taxation law in Switzerland.
Let me now comment on our net sales development in more detail. Net sales in Swiss Francs declined by minus 6% to CHF 8037 million. The unfavorable currency development affected net sales negatively by CHF 43 million or minus 5%. Hence, group net sales declined in local currencies by minus 1%. This decline was caused by a volume decline of around 2%, which was partially offset by a positive sales price effect of around 1%.
The small positive
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