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03.08.2017 07:05
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Belimo with solid growth
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BELIMO Holding AG / Belimo with solid growth . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
In the first half-year 2017, the Belimo Group increased its sales by 5.3 percent to CHF 288.5 million, adjusted for currencies by 5.6 percent.
Operating income before interest and taxes (EBIT) amounted to CHF 49.1 million in the first half-year 2017, which equates to an operating margin of 17.0 percent (comparison period 2016 17.1 percent). Net income amounted to CHF 38.4 million (CHF 37.8 million).
Europe. Sales in the market region Europe grew by 3.0, or 5.3 percent on a currency-adjusted basis. The market for heating, ventilation, and air conditioning applications (HVAC) demonstrated steady demand. The Netherlands, Germany, Italy, and Spain contributed significantly to growth. A rise in investments was seen in the Middle East, which had a positive impact on sales in Saudi Arabia. The satisfactory growth in Russia suggests an economic upturn.
The growth is primarily due to the rising demand for water applications as a result of strong business with the contracting customer segment. Innovative products like the Belimo Energy ValveTM and zone application Belimo ZoneTightTM were in particularly high demand.
Americas. Sales in the market region Americas grew by 6.8, or 4.6 percent on a currency-adjusted basis. In the United States and Canada, the Belimo Group profited from the continued strong demand for energy-saving HVAC systems.
The product range, which is specifically aligned with the market, and the launch of the next generation of the Belimo Energy ValveTM strengthened the market position of Belimo in the region. The response of the North American market to the launch of the new range of sensors was also positive. The product range expansion with the room and zone application Belimo ZoneTightTM triggered further growth momentum.
Asia Pacific. Sales in the market region Asia Pacific grew by 10.2, or 10.9 percent on a currency-adjusted basis.
The trend towards energy-efficient buildings and the rapid pace of urbanization were the main growth drivers in the region.
China, Australia, Hong Kong, India and South Korea contributed significantly to the growth in the region. Water applications enjoyed rising demand, in particular. Hong Kong and South Korea benefited from various major projects with high demand for pressure-independent control valves.
Net sales by market regions
| in CHF 1,000 | 1st half 2017 | % | Growth in local currencies in % | 1st half 2016 | % |
| Europe | 137,302 | 48 | 5.3 | 133,292 | 49 |
| Americas | 116,675 | 40 | 4.6 | 109,262 | 40 |
| Asia Pacific | 34,506 | 12 | 10.9 | 31,302 | 11 |
| Group | 288,483 | 100 | 5.6 | 273,856 | 100 |
Net sales by applications
| in CHF 1,000 | 1st half 2017 | % | Growth in local currencies in % | 1st half 2016 | % |
| Air | 164,129 | 57 | 4.9 | 157,387 | 57 |
| Water | 124,354 | 43 | 6.6 | 116,469 | 43 |
| Total | 288,483 | 100 | 5.6 | 273,856 | 100 |
Outlook. On the whole, sales are expected to further develop positively in the second half-year 2017. In the market region Europe, Belimo expects construction activity in key countries to continue developing satisfactorily. However, the current political situation in the Middle East is causing uncertainty. The market region Americas is also set to develop well up to the end of the year. Forecasts for the construction industry are satisfying in the market region Asia Pacific.
The goal of Belimo remains sustainable market development, so that it can focus on raising comfort, energy efficiency and safety in buildings.
Belimo Group key figures
| in CHF 1,000 (unless indicated otherwise) | 1st half 2017 | 1st half 2016 | Change in % |
| Net sales | 288,483 | 273,856 | 5.3 |
| Operating income (EBIT) in percent of net sales | 49,066 17.0% | 46,914 17.1% | 4.6 |
| Net income in percent of net sales | 38,350 13.3% | 37,772 13.8% | 1.5 |
| Cash flow from operating activities in percent of net sales | 35,319 12.2% | 50,842 18.6% | -30.5 |
| Free cash flow in percent of net sales | 24,108 8.4% | 44,709 16.3% | -46.1 |
| Earnings per share, in CHF | 62.40 | 61.47 | 1.5 |
| Investments in property, plant and equipment and intangible assets | 11,382 | 6,270 | 81.5 |
| Number of employees (FTE's, six-month average) | 1,452 | 1,401 | 3.6 |
The Belimo Group is a leading global manufacturer of innovative electrical actuator, valve, and sensor solutions for heating, ventilation, and air conditioning systems. The Company reported sales of CHF 534 million in 2016 and has around 1,550 employees. Information about the company and its products is available on the Internet at www.belimo.com/investorrelations.
The shares of BELIMO Holding AG have been traded on the SIX Swiss Exchange since 1995 (BEAN).
Link to the Semiannual Report 2017: www.belimo.com/financial-reports
| Contact | Beat Trutmann, CFO | Phone +41 43 843 62 65 |
| Agenda | Publication of Semiannual Report 2017 | August 3, 2017 |
| Publication of Sales 2017 | January 25, 2018 | |
| Publication of Annual Report 2017/ | ||
| Media and Financial Analysts Conference | March 12, 2018 | |
| Annual General Meeting 2018 | April 9, 2018 |
The press release can be downloaded from the following link:
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BELIMO Holding AG via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BELIMO Holding AG via Globenewswire
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BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil Switzerland
ISIN: CH0001503199;
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