Media information session on Belimo Group's results for 2009
(Thomson Reuters ONE) -
BELIMO Holding AG / Media information session on Belimo Group's results for 2009 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Press release - Hinwil, March 8, 2010, 7:00 a.m.
Marked increase in net income and cash flow
The Belimo Group, global leader in the field of actuator solutions for
controlling heating, ventilation and air conditioning systems, can look back on
a solid performance in the 2009 financial year. Group sales fell just short of
the previous year's due to a contraction in some markets and weaker foreign
currencies.
In Swiss francs, sales came to CHF 385.9 million, a decline of 4.4 percent.
Operating income (EBIT) was CHF 61.9 million with an unchanged operating margin
of 16.0 percent. Net income was up 6.8 percent to CHF 49.3 million thanks to an
improved financial result. Earnings per share were CHF 81.35 (previous year CHF
75.88). Return on equity (ROE) was 30.6 percent (previous year 32.3 percent),
and the return on invested capital (ROIC) amounted to 28.0 percent (previous
year 28.2 percent).
Cash flow from operating activities rose significantly by 8.8 percent to CHF
66.0 million. Free cash flow was CHF 51.9 million in the reporting period, a
year-on-year increase of 11.7 percent.
The Board of Directors will propose a dividend of CHF 40.00 per share to the
Annual General Meeting on March 29, 2010.
Different trends in the regions
Belimo succeeded in holding or increasing its market share and in some regions
posted even stronger growth than that of the market as a whole. In local
currencies, the decline in sales was a very moderate 1.5 percent. While sales in
Europe were down by 5.2 percent, the Americas and Asia/Pacific experienced
growth of 1.8 and 12.7 percent respectively. Air and water applications posted
changes of -6.0 and +7.2 percent respectively in local currencies.
In Europe, sales of air applications, particularly fire-protection and
smoke-control actuators, were slightly down, but water applications saw positive
development. The pace of business was generally subdued or slowing, with strong
regional variations. While construction in Western, Central and Northern Europe
remained stable, Southern Europe saw a sharper decline. In Eastern Europe, with
the key markets of Russia and Ukraine, the contraction was severe up until the
third quarter, but even here there are signs of a slight recovery.
In the Americas, sales of water applications outstripped those of air
applications for the first time. The contracting business performed extremely
well, while sales to OEM customers slowed. Canada and Brazil exceeded
expectations, while in the US the number of new commercial buildings fell
dramatically, as did market volume. The subsidy programs introduced by the US
government at the beginning of 2009 had no noticeable effect in the year under
review.
Growth in Asia/Pacific was considerably slower in 2009 than in previous years,
and developments varied considerably from one region to another. The markets in
China and India performed best, while those in Southeast Asia, Korea and
Australia only started to follow this positive trend toward the end of the year.
The Japanese market continued to prove difficult.
Net sales by region
in CHF 1 000 2009 % Change in local currency in % 2008 %
Europe 214'103 55 -5.2 237'840 59
Americas 138'561 36 1.8 136'598 34
Asia/Pacific 33'223 9 12.7 29'319 7
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Total 385'887 100 -1.5 403'757 100
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Net sales by application sector
in CHF 1 000 2009 % Change in 2008 %
local currency in %
Air applications 241'081 62 -6.0 265'843 66
Water applications 144'806 38 7.2 137'914 34
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Total 385'887 100 -1.5 403'757 100
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Innovation
The completely new range of springreturn actuators currently being launched
reduces the total energy requirement for manufacture and operation by two thirds
in comparison with existing products. The sensors for air volume measurements
are proving a success and are now being introduced throughout the product range.
This will make it possible to supply just the right amount of air required in
buildings while at the same time saving energy. Products with electronic flow
measurement are also being developed in the water applications sector.
Production, Customizing and Distribution
The company adjusted rapidly to the change in market conditions and was
therefore able to avoid introducing short-time working, which had been
provisionally announced in the spring. The newly constructed sales hub and
customizing and distribution center was put into operation in Sparks, Nevada
(USA). Belimo benefitted from an easing in the commodities markets and was able
to further improve procurement costs in collaboration with suppliers.
Streamlined production and assembly processes and improved automation generated
additional savings in manufacturing.
Outlook 2010
The Belimo Group aims to return to growth in 2010. In order to achieve this, new
and interesting products will be launched, including a new generation of
actuators with spring return and an actuator with electronic safety function.
Belimo also expects more activity from government subsidy programs aimed at
stimulating construction of public buildings and energy-efficient construction.
The focus will continue to be on generating a solid EBIT margin.
Key figures of the Belimo Group for the 2009 financial year
in CHF 1000 (unless specified otherwise) 2009 2008 Change
Net sales 385'887 403'757 -4.4%
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Operating income (EBIT) 61'881 64'543 -4.1%
as a percentage of net sales 16.0% 16.0%
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Net income 49'273 46'148 6.8%
as a percentage of net sales 12.8% 11.4%
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Cash flow from operating activities 65'996 60'632 8.8%
as a percentage of net sales 17.1% 15.0%
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Free cash flow 51'893 46'447 11.7%
as a percentage of net sales 13.4% 11.5%
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Earnings per share in CHF 81.35 75.88 7.2%
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Dividend per share in CHF *40 40 0.0%
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Capital expenditure 14'218 11'079 28.3%
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Research and development expenditure 23'515 23'502 0.1%
as a percentage of net sales 6.1% 5.8%
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Headcount at year-end 1'056 1'072 -1.4%
(full-time equivalents)
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* Proposal to the Annual General Meeting on March 29, 2010
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 386 million in 2009 and employs more than
1,100 people. Information regarding 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 SIX Swiss Exchange since
1995 (BEAN).
There will be a media information session on the 2009 financial statements at
the WIDDER HOTEL in Zurich today,
starting at 10:30 am.
Contact Beat Trutmann, CFO Phone +41 (0)43 843 62 65
Key dates Media information session /
Publication Annual Report 2009 March 8, 2010
General Meeting March 29, 2010
Semiannual report August 5, 2010
Publication of preliminary results for 2010 February 2011
Annual results media information session March 14, 2011
General Meeting April 4, 2011
The Annual Report 2009 can be downloaded from the following link:
http://hugin.info/100133/R/1391475/349311.pdf
The press release can be downloaded from the following link:
[HUG#1391475]
--- End of Message ---
BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil null
WKN: 897962;ISIN: CH0001503199;
Press release (PDF): http://hugin.info/100133/R/1391475/349310.pdf
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