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RolandBerger&Partners–InternationalManagementConsultantsBarcelona–Beijing–Berlin–Brussels–Bucharest–Budapest–BuenosAires–Detroit–Düsseldorf–Frankfurt–Hamburg–Kiev–LisbonLondon–Madrid–Milan–Moscow–Munich–NewYork–Paris–Prague–Riga–Rome–SãoPaulo–Shanghai–Stuttgart–Tokyo–Vienna–ZurichStrategicre-engineeringofGeberitChina–Interimreport–GeberitInternationalAGContent(1)PageManagementSummary5A.Marketenvironment12A1.MacrobusinessenvironmentinChina13A2.Marketanalysisofsanitarysystem36A3.Marketanalysisofpipingsystem67B.StrategyevaluationandSales&Marketing80B1.Strategyevaluation81B1.1Corporatestrategyanalysis82B1.2Productstrategyevaluation89B2.Sales&Marketing91B2.1RetailchannelGSHA95B2.2ProjectchannelGSHA103B2.3OEMchannelGDAI107B2.4Marketing110B2.5Benchmarking:Kohler(China)112Content(2)PageC.Financial,organizationandprocessesanalysis122C1.Financialsituationanalysis123C1.1GeberitShanghai124C1.2GeberitDaishan138C2.Organizationandprocesses145C2.1Organizationstructure146C2.2Managementstructure151C2.3Keyprocessanalysis157D.Restructuringoptions164D1.Generaloptionsandpre-selection165D2.In-depthevaluation176D2.1Equitybuyout178D2.2Termination183D2.3Bankruptcy186D2.4Comparisonofthealternatives190D3.Feasiblescenarios193Back-upAcronymlistBoDCCSCJVEJVFDIFICGDAIGSHAJVKTSVGMWFOEBoardofDirectorsCompetenceCenterShanghaiCo-operativeJointVentureEquityJointventureForeignDirectInvestmentForeignInvestmentCommissionGeberitFlushingTechnology(Daishan)Co.Ltd.GeberitPlumbingTechnology(Shanghai)Co.Ltd.JointVentureKohlerTechnicalSpecialistViceGeneralManagerWhollyForeignOwnedEnterprisesSHA-4309-03690-08-15a.PPT-xManagementsummaryChinacouldbeamarketofstrategicimportanceforGeberit’sinternationalbusiness(1)•ChinaisapromisingmarketforGeberit.WehaveanachievablebusinesstargetofRMB200millionrevenuebyyear2005,fromwhich,130millioncomesfromsanitaryproductsand70millionisgeneratedbypipingbusiness.Amongalltheproductlines,tankfittings,Pluviaandconcealedcisternarethetop3productlineswiththepotentialofRMB140millionor70%ofthetotal•OverallChinesemacroeconomicdevelopmentisundergoingastrongmomentum.Inthenext5years,itisestimatedthatGDPwillgrowat7%annually,thegrowthoffixedassetinvestmentwillincreaseby8%,andhousingconstructionwillalsogrowby8%p.a.•Chinesesanitarymarketismostlyaceramicmarket,withanannualdemandof43millionunitsofsanitaryceramicproductsinChinain1999whichmeansthepotentialmarketofnearly2millionsetsfortankfittingsaswellas2millionunitsofmediumtohighendcisternssoldinthemarket.Withthegrowthinthehousingmarket,Chinesesanitarymarketwillcontinueanannualgrowthof6~8%.Furthermore,duetotherapidincreaseofbathroomdecoration,themediumtohighendsegmentofsanitaryproductswilldefinitelyleadtheindustrygrowth.By2005,theshareofmediumtohighendsegmentwillrisefromcurrent20%to35%MarketenvironmentChinacouldbeamarketofstrategicimportanceforGeberit’sinternationalbusiness(2)•Asthelargestconstructionindustryintheworld,ChinapresentsanimmensepotentialforGeberit’spipingproducts.BothHDPEandMeplapossesssignificantproductadvantagesoverthecurrentlyusedChineseproducts.However,thesignificantpricegapcouldbeaseriousbarrierforadeepmarketpenetration.ForPluvia,theopportunitiesareveryattractive.Presentlymorethan15roofprojects,altogether700,000sqmareindifferentphasesoftheprocessofbidding•BothGeberit’sconcealedcisternandPluviaroofdrainagesystemaremismatchedwithChinesetraditionalindustryhabits,thiscanonlybesolvedbyalong-termcommitmentintheChinamarketandeffectivemarketing.DuetotheChineseconsumerstraditionalmindsetthatplasticproductarelowerpriced,Chantierdoesn’thaveanoptimisticmarketperspective•Rightnow,formostofGeberit’sproducts,thecompetitionisnotsotough,whichmeansagoldenopportunityforGeberittobecomeamarketleaderinChina.ItalsomeanstimepressureforGeberit.Currentlycompetitors(e.g.GroheDAL,Caroma)aregearingupandwillbecomeaggressiveverysoonMarketenvironmentOverall,thestrategyofGeberitinChinahasnotbeenfullyachievedandsalesandmarketingareparticularlyweak(1)Strategyandsales&marketing•AlthoughGSHAdevelopedastrategywhenfounded,thestrategicobjectivestopenetrateintotheChinesemarkethaven’tbeenachieved--currentstrategyisunfocused•ThevisionofGSHAisnotcommunicatedwithintheorganization,norisitimplemented•Incomparison,GDAI’sstrategyisgoingintherightdirectionandisintheprocessofbeingimplemented,Theystillhaveproblemstosolve,suchasslowmarketresponsiveness,poorcustomerunderstandingetc.•ThecorecompetenceofGeberitEuropestandsforadvancedtechnology,premiumqualityandbrand,excellentpre-and-aftersalesservices.ThishasnotallbeentransferredtoGeberitChina•CurrentproductportfolioofsellingChantier,Duofixandpublicproductsisunbalanced.Strategicfocusshouldbeonconcealedcistern,tankfittingsandPluviaandHDPE•Astosalesandmarketingoperations,GSHAhasnoclearstrategyindevelopingdistributionnetworkOverall,thestrategyofGeberitinChinahasnotbeenfullyachievedandsalesandmarketingareparticularlyweak(2)Strategyandsales&marketing•Geberit’sproductsaresoldthrough3channels:retailsalesandprojectsalesthroughdistributors,andOEM–Geberitlacksclearplanningofretailnetworkdeve