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Belimo posts solid growth and a strong profit trend Dienstag, 06. August 2013 - 07:02

Press release of the Belimo Group – Hinwil, August 6, 2013, 07:00 a.m.Belimo posts solid growth and a strong profit trend

The Belimo Group increased its sales in the first half-year 2013 by 8.8 percent (7.7 percent on a currency-adjusted basis) toCHF 236.8 million. The operating margin before interest and taxes (EBIT margin) was 17.8 percent (comparison period 2012* 16.5 percent). Belimo's net income rose by 13.4 percent to CHF 33.5 million (comparison period 2012* CHF 29.6 million).

Europe The Europe market region grew by 9.6 percent (8.4 percent on a currency-adjusted basis). The markets of the Baltic States, Germany, France, Russia, Switzerland and Austria performed very well and made a major contribution to growth. Poland, Turkey and the Czech Republic also achieved high sales levels. Scandinavia and the Middle East were below expectations.

The actuators for fire protection applications and air dampers showed solid growth. Belimo doubled the sales of 6-way valves.

Americas The Americas market region saw an improvement in the first half-year of 5.8 percent (5.0 percent on a currency-adjusted basis). Sales increased in all regions, whereat Canada and Latin America posted double-digit growth rates.

The first ZIP EconomizersTM were delivered earlier this year. In addition, a new generation of the actuator product range for globe valves was introduced in the market.

Asia/Pacific The Asia/Pacific market region increased its sales in the first half-year by 16.4 percent (14.5 percent on a currency-adjusted basis). China, India and South Korea were very successful. Australia was below expectations. Net sales by region

in CHF 1,000 1st half 2013 Share in % Growth in local currencies in % 1st half 2012 Share in %
Europe 128,362 54 8.4 117,160 54
Americas 83,698 36 5.0 79,139 36
Asia/Pacific 24,717 10 14.5 21,242 10
Group 236,777 100 7.7 217,541 100
Net sales by application
in CHF 1,000 1st half 2013 Share in % Growth in local currencies in % 1st half 2012 Share in %
Air 145,800 62 7.7 133,831 62
Water 90,977 38 7.8 83,710 38
Total 236,777 100 7.7 217,541 100
*Restatement due to the revised accounting standard IAS 19 Employee Benefits.
Outlook In Europe, Belimo assumes a robust development of building investments. In the United States, the construction industry in the commercial sector should improve thanks to the economic recovery. However, cutbacks in government spending are also counteracting this trend. Belimo expects Asia to develop on a continuously positive path. India and China will be the main pillars of growth in this region. Overall, Belimo should be able to continue ahead on its stable expansion path combined with a solid profit trend. Belimo Group key figures
in CHF 1,000 (unless specified otherwise) 1st half 2013 1st half 2012 restated* Change in %
Net sales 236,777 217,541 8.8
Operating income (EBIT) 42,184 35,978 17.2
in percent of net sales 17.8% 16.5%
Net income 33,530 29,567 13.4
in percent of net sales 14.2% 13.6%
Cash flow from operating activities 37,333 41,084 -9.1
in percent of net sales 15.8% 18.9%
Free Cash flow 28,046 29,493 -4.9
in percent of net sales 11.8% 13.6%
Earnings per share, in CHF 54.96 48.48 13.4
Investments 9,418 12,377 -23.9
Number of employees (FTEs, six-month average) 1,252 1,187 5.5
* Restatement due to the revised accounting standard IAS 19 Employee Benefits (see note 1.4, pages 9 to 12 in the Semiannual Report 2013).

The Belimo Group is a leading global manufacturer of innovative electrical actuator solutions for heating, ventilation and air-conditioning systems. The Group generated sales of CHF 445 million in 2012 and employs more than 1,300 people. 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 Semiannual Report 2013 (PDF - 118 kb)
Contact Beat Trutmann, CFO Telephone: +41 43 843 62 65
Key dates February 12, 2014 Publication of 2013 preliminary results
March 17, 2014 Media information session/ Publication of 2013 Annual Report
April 14, 2014 Annual General Meeting 2014