Belimo is reporting a dynamic first half-year 2018
with double-digit sales growth of 12.7 percent, in
currency-adjusted terms 10.8 percent. Sales in the first six months
of the current financial year amounted to CHF 325.1 million.
Operating income before interest and taxes (EBIT)
rose to CHF 59.5 million (comparison period 2017 CHF 49.1 million).
The EBIT margin was 18.3 percent (17.0 percent). This resulted in a
net income of CHF 47.6 million (CHF 38.4 million) and earnings per
share of CHF 77.40 (CHF 62.40).
Europe. Supported by the good
economic situation in Europe and the appreciation of the Euro
against the Swiss franc, the biggest market region of the Belimo
Group recorded sales growth of 19.7 percent, in currency-adjusted
terms 12.6 percent. Demand for heating, ventilation and air
conditioning technology (HVAC) from Belimo developed
correspondingly positively in almost all countries in the region.
Particularly noteworthy are the high growth contributions in
Switzerland, Germany, Russia, France and Poland. The investments
made in the sales organizations in Turkey and Sweden over recent
years also led to favorable growth rates in 2018.
Both air and water applications reported
double-digit sales growth. The former benefited significantly from
new customers in the OEM business. In the area of water
applications, the growth rates can be attributed to the innovative
expansion of the product range over recent years.
Americas. The continuing
trend to upgrade existing buildings with energy-saving HVAC systems
and the stable demand for new building projects meant that sales in
the market region Americas increased by 4.1 percent, in
currency-adjusted terms 7.6 percent. All subsidiaries contributed
to this successful result, with market share gains achieved
particularly in the United States and Canada. In Brazil, there were
signs of recovery after the stagnation of recent years.
Investments in the construction of data centers
have been conducive to growth in air applications, which grew
faster overall than water applications. Both the OEM and
contracting business enjoyed favorable development due to the
continuing good overall economic situation and the broad product
range of Belimo.
Asia Pacific. Sales in the
market region Asia Pacific grew by 13.8 percent, in
currency-adjusted terms 14.2 percent. In China in particular,
Belimo had a strong first half-year with a good order volume for
infrastructure projects and data centers. India and Australia also
achieved convincing double-digit growth rates.
The recently launched products designed for the
Asian market, such as the new damper actuator for variable air
volume control VAV ZoneEaseTM or the
pressure-independent flow limiter valve (PIFLV), met with great
interest.
Net sales by market
regions
in CHF 1,000 |
1st half
2018 |
% |
Growth
in local
currencies in % |
1st half
2017 |
% |
Europe |
164,315 |
51 |
12.6 |
137,302 |
48 |
Americas |
121,507 |
37 |
7.6 |
116,675 |
40 |
Asia
Pacific |
39,281 |
12 |
14.2 |
34,506 |
12 |
Group |
325,103 |
100 |
10.8 |
288,483 |
100 |
Net sales by applications
in CHF 1,000 |
1st half
2018 |
% |
Growth
in local
currencies in % |
1st half
2017 |
% |
Air |
188,062 |
58 |
11.8 |
164,129 |
57 |
Water |
137,041 |
42 |
9.4 |
124,354 |
43 |
Total |
325,103 |
100 |
10.8 |
288,483 |
100 |
Outlook. Provided that
political and economic conditions do not deteriorate, Belimo is
confident about the further course of the financial year. However,
it will probably not be possible to maintain the high growth rate
of the first half-year 2018. The good economic situation makes a
favorable forecast for the market region Europe possible. Despite
the long expansion phase, there are also signs of a sustained
positive economic environment in the market region Americas. The
outlook for the market region Asia Pacific remains good due to the
construction industry and the growth strategy focused on Asia.
Belimo Group key figures
in CHF 1,000 (unless indicated otherwise) |
1st half
2018 |
1st half
2017 |
Change
in % |
Net
sales |
325,103 |
288,483 |
12.7 |
Operating
income (EBIT)
in percent of net sales |
59,525
18.3% |
49,066
17.0% |
21.3
|
Net
income
in percent of net sales |
47,584
14.6% |
38,350
13.3% |
24.1
|
Cash flow
from operating activities
in percent of net sales |
56,954
17.5% |
35,319
12.2% |
61.3
|
Free cash
flow
in percent of net sales |
49,644
15.3% |
24,108
8.4% |
105.9
|
Earnings
per share, in CHF |
77.40 |
62.40 |
24.0 |
Investments
in property, plant and equipment and intangible assets
|
7,710 |
11,382 |
-32.3 |
Number of
employees
(FTEs, six-month average) |
1,558 |
1,452 |
7.3 |
The Belimo Group is a leading
global manufacturer of innovative actuator,
valve, and sensor solutions for heating, ventilation, and air
conditioning systems. The Company reported sales of CHF 580 million
in 2017 and has around 1,700 employees. Information about the
company and its products is available on the Internet at
www.belimo.com.
The shares of BELIMO
Holding AG have been traded on the SIX Swiss Exchange since 1995
(BEAN).
Link to the Semiannual
Report 2018: www.belimo.com/financial-reports
Contact |
Beat
Trutmann, CFO |
Phone +41
43 843 62 65 |
|
|
|
Agenda |
Publication of Semiannual Report 2018 |
August 6,
2018 |
|
Publication of Sales 2018 |
January
24, 2019 |
|
Publication of Annual Report 2018/
Media and Financial Analysts Conference |
March 11, 2019 |
|
Annual
General Meeting 2019 |
April 1,
2019 |
The press release can be downloaded from the
following link:
Press release (PDF)