BELIMO Holding AG: Solid profit despite adverse currency effects
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BELIMO Holding AG /
BELIMO Holding AG: Solid profit despite adverse currency effects
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Press release of the Belimo Group - Hinwil, March 12, 2012, 7:00 a.m.
Belimo looks back at a challenging financial year due to the difficult political
and economic environment.
In Swiss francs, sales came to CHF 416.0 million, a slight decrease of 2.4
percent year-on-year. Adjusted for currencies, however, Belimo grew by 9.6
percent. Operating income (EBIT) was CHF 67.8 million, and the operating margin
16.3 percent. Despite negative currency movements, Belimo's net income was solid
at CHF 51.6 million, bringing earnings per share to CHF 84.61 (previous year CHF
101.10). Return on equity (ROE) was 23.3 percent, and return on invested capital
(ROIC) 28.4 percent.
Cash flow from operating activities amounted to CHF 57.4 million, and free cash
flow was CHF 41.3 million. Overall, cash and cash equivalents were up year-on-
year by CHF 8.0 million to CHF 75.3 million.
The Board of Directors will propose a dividend of CHF 50 (previous year CHF 55)
per share to the Annual General Meeting on April 2, 2012.
Growth in local currencies
On a currency-adjusted basis, Belimo achieved growth in all markets. As the
market leader in air applications, Belimo has a broad range of products and was
able to increase sales by 8.4 percent. Market share was gained among OEM
customers in particular. In water applications the growth rate was 11.6 percent,
thanks to the 6-way valve, the electronic pressure-independent control valve
(EPIV) and the characterized control valve (CCV).
Europe
The market region Europe developed positively once again, growing 6.7 percent on
a currency-adjusted basis. Virtually all the Group's subsidiaries reported
higher results than a year ago. The strongest market in terms of sales is
Germany, where the country's strong economic environment helped make a
significant contribution to the good results. Other areas that contributed to
growth include Poland, Austria, Finland, France and the Middle East. The
contribution from Spain was below expectations.
Americas
Given the slow recovery in the markets, sales in local currencies were up a
strong 12.7 percent. Overall, sales of water applications outperformed those of
air applications. The results in North America beat expectations, while Latin
America grew only modestly compared to a strong prior year.
Asia/Pacific
At 15.4 percent, growth in the Asia/Pacific markets was at the bottom of the
range of expectations despite a good first half-year. The primary reason was the
cutback in lending ordered by the Chinese government and the resulting drop in
investments as well as a slowing economy in some major markets.
Net sales by region
Growth
in CHF 1,000 2011 % in local 2010 %
currencies
in %
Europe 229,612 55 6.7 235,626 55
Americas 145,381 35 12.7 150,478 35
Asia/Pacific 40,990 10 15.4 40,296 10
-----------------------------------------------------------
Total 415,983 100 9.6 426,399 100
-----------------------------------------------------------
Net sales by application
Growth
in CHF 1,000 2011 % in local 2010 %
currencies
in %
Air 256,529 62 8.4 264,886 62
Water 159,454 38 11.6 161,513 38
-----------------------------------------------------------
Total 415,983 100 9.6 426,399 100
-----------------------------------------------------------
Innovation
There were important innovations in products and processes in the areas of
energy saving and safety. The product line of energy-saving safety actuators was
extended with an actuator for large air dampers. The range of air VAV
controllers was equipped with an innovative volumetric flow sensor. This sensor
element exhibits its strengths in particular with smaller volumes of air. In
water applications the product conversion to an improved design for the very
successful characterized control valves (CCV) is underway.
Production, Customizing and Distribution
The currency situation led to various measures regarding the procurement of
materials. For example, re-negotiations or currency conversion took place with
existing suppliers. The earthquake in Japan triggered a lot of uncertainty in
the supply chain. Together with the suppliers the situation was monitored
carefully so that negative effects on Belimo could be prevented. Production and
assembly processes were continually improved thanks to measures such as the
partial automation of facilities, which successfully boosted efficiency.
Outlook
Belimo wants to continue on a solid growth path. With actuator solutions that
increase room comfort while using less energy, Belimo is meeting a worldwide
need. Through targeted projects, solutions for other HVAC applications are being
developed. Belimo is trying to diminish the impact of the strong Swiss franc by
boosting efficiency and increasing procurement in euros or US dollars.
Key figures of the Belimo Group for the 2011 financial year
in CHF 1,000 (unless specified otherwise) 2011 2010 Change
in %
Net sales 415,983 426,399 -2.4
------------------------------------------------------------------------
Operating income (EBIT) 67,787 83,217 -18.5
in percent of net sales 16.3% 19.5%
------------------------------------------------------------------------
Net income 51,556 61,344 -16.0
in percent of net sales 12.4% 14.4%
------------------------------------------------------------------------
Cash flow from operating activities 57,359 66,726 -14.0
in percent of net sales 13.8% 15.6%
------------------------------------------------------------------------
Free cash flow 41,313 52,798 -21.8
in percent of net sales 9.9% 12.4%
------------------------------------------------------------------------
Earnings per share in CHF 84.61 101.10 -16.3
------------------------------------------------------------------------
Dividend per share in CHF *50 55 -9.1
------------------------------------------------------------------------
Investments 16,466 15,130 8.8
------------------------------------------------------------------------
Research and development 27,564 25,218 9.3
in percent of net sales 6.6% 5.9%
------------------------------------------------------------------------
Number of employees at December 31 1,172 1,103 6.2
(full-time equivalents)
------------------------------------------------------------------------
* Proposal to the Annual General Meeting on April 2, 2012
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 416 million in 2011 and employs more than
1,200 people. Information about the company and its products is available on the
Internet at http://www.belimo.com/investorrelations.
The shares of BELIMO Holding AG have been traded on the SIX Swiss Exchange since
1995 (BEAN).
There will be a media information session on the 2011 financial statements at
the WIDDER HOTEL in Zurich today,
starting at 10:30 a.m.
Link to annual report 2011
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Key dates Media information session/
publication of 2011 Annual Report March 12, 2012
Annual General Meeting 2012 April 2, 2012
Semiannual Report 2012 August 6, 2012
(after close of trading)
Publication of 2012 preliminary results February 2013
Media information session/
publication of 2012 Annual Report March 11, 2013
Annual General Meeting 2013 April 8, 2013
Press release (PDF):
http://hugin.info/100133/R/1592802/501024.pdf
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originality of the information contained therein.
Source: BELIMO Holding AG via Thomson Reuters ONE
[HUG#1592802]
Unternehmensinformation / Kurzprofil:
Datum: 12.03.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 123530
Anzahl Zeichen: 10575
contact information:
Town:
Hinwil
Kategorie:
Business News
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