Belimo with solid growth

Thursday, 03. August 2017 07:00

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

                                                   

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Source: BELIMO Holding AG via Globenewswire

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BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil Switzerland

ISIN: CH0001503199;


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