Belimo records convincing profit
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BELIMO Holding AG /
Belimo records convincing profit
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Press release of the Belimo Group - Hinwil, August 6, 2012, 5:30 p.m. (after
close of trading)
Belimo recorded sales of CHF 217.5 million in the first half of 2012, which is
equivalent to year-on-year growth of 0.7 percent, and 3.5 percent in local
currencies.
The operating margin before interest and taxes (EBIT) was 16.5 percent
(comparison period 2011 18.5 percent). As a result of more stable foreign
exchange rates, net income increased by 12.1 percent to CHF 29.6 million
(comparison period 2011 CHF 26.4 million).
In local currencies, the year-on-year growth was 4.5 percent for Europe, 2.6
percent for the Americas and 0.8 percent for Asia/Pacific. Converted into Swiss
francs, the breakdown of sales by market region was 54 percent for Europe, 36
percent for the Americas and 10 percent for Asia/Pacific. In local currencies,
sales of air applications were up by 2.3 percent, and sales of water
applications by 5.4 percent.
Europe
Sales in the European market region grew by 4.5 percent in the first half-year
on a currency-adjusted basis. Business performances varied greatly from region
to region. While Central Europe proved to be robust, parts of Northern and
Southern Europe were affected by the challenging economic situation.
The good order situation in Germany, the strongest European market in terms of
sales, helped create solid growth. Several major projects were awarded,
particularly in the contracting segment. Large projects involving characterized
control valves in water applications helped to achieve excellent growth. The
Austrian market developed well in the heating sector and the Polish market also
enjoyed strong growth. Sales in the Southern European countries continued to be
adversely affected by the debt crisis.
The products for water and variable volumetric flow applications reported very
solid growth.
Americas
Sales in the Americas market region grew by 2.6 percent on a currency-adjusted
basis. In light of the slowly recovering construction industry in the United
States and the strong growth in the previous year, this is a satisfactory
result. The first half-year was mixed for North America. While the United States
saw cautious growth, Canada performed below expectations. In contrast, sales in
Latin America were up sharply.
Sales of water applications outperformed those of air applications. Since being
launched into the market last year, the EF spring-return actuator has shown
extremely positive development. Customer reactions to the newly launched Energy
Valve(TM) have also been excellent.
In Danbury (USA), property close to the current location was purchased. Over the
next two years, a new building will be constructed on this piece of land to
allow further growth.
Asia/Pacific
The currency-adjusted growth in sales of only 0.8 percent in the Asia/Pacific
market region was disappointing.
Sales of water applications increased while sales of air applications fell
slightly. China, the strongest sales market in Asia/Pacific, was adversely
affected by the restrictive lending policies of banks, causing delays in several
major projects. Sales in the Hong Kong and South Korean market regions grew
solidly, but the other markets experienced slower economic growth. Customer
reactions to new application solutions were encouraging.
Net sales by region
Growth
In CHF 1,000 1st half Share in in local cur 1st half Share in
2012 % rencies in % 2011 %
--------------------------------------------------------------------------
Europe 117,160 54 4.5 117,109 54
Americas 79,139 36 2.6 77,941 36
Asia/Pacific 21,242 10 0.8 20,956 10
--------------------------------------------------------------------------
Total 217,541 100 3.5 216,006 100
--------------------------------------------------------------------------
Net sales by application
Growth
In CHF 1,000 1st half Share in in local cur 1st half Share in
2012 % rencies in % 2011 %
--------------------------------------------------------------------------
Air 133,831 62 2.3 134,829 62
Water 83,710 38 5.4 81,177 38
--------------------------------------------------------------------------
Total 217,541 100 3.5 216,006 100
--------------------------------------------------------------------------
Innovation
The Energy Valve(TM) was the first product in the market to be launched with
built-in sensor technology and integrated intelligence. The product combines
state-of-the-art electronics and software with up-to-date application expertise
from the building energy technology sector. Thanks to this control valve,
customers are able to save energy and therefore also save on operating costs and
investments. At the same time, the product is environmentally friendly and
increases operational safety.
Data communication is becoming increasingly important in building technology.
Last year, the Shared Logic platform was modified to include additional standard
bus systems, which were used for the first time in the Energy Valve(TM).
Belimo is gradually introducing the latest generation of integrated electronic
circuits (ASIC) into products, which will ensure increased functionality while
keeping costs low.
Group Executive Committee
Matthias Haas, Head of Asia/Pacific and Member of the Group Executive Committee,
left Belimo in the middle of 2012. Gary Economides has been named his successor.
He possesses profound specialist knowledge and many years of professional
experience. He will take over on November 1, 2012 and be stationed in Hong Kong.
Further information on Mr. Economides and his career history can be found in the
appendix.
Outlook
Economic prospects in Europe are still uncertain. The euro crisis and cost-
cutting measures could have a negative impact on investments in construction,
particularly in the Southern European countries. Construction activity in the
United States is forecast to continue rising, but Belimo is not expecting to
benefit from the positive effects until next year. In the Asia/Pacific region
the economic trend could be rather modest. The regulations of the Chinese
government concerning energy savings in particular should mean that construction
activity will intensify. In light of this and major projects scheduled for
completion, Belimo is hoping for growth in the second half-year.
Issues such as urbanization and energy efficiency will continue to be relevant
and may lead to increased investment in building technology. Thanks to its
innovative products, Belimo sees further potential for profitable growth.
Belimo Group key figures
in CHF 1,000 (unless specified otherwise) 1st half 1st half Change
2012 2011 in %
---------------------------------------------------------------------------
Net sales 217,541 216,006 0.7
---------------------------------------------------------------------------
Operating income (EBIT) 35,982 40,063 -10.2
in percent of net sales 16.5% 18.5%
---------------------------------------------------------------------------
Net income 29,645 26,440 12.1
in percent of net sales 13.6% 12.2%
---------------------------------------------------------------------------
Cash flow from operating activities 41,084 30,218 36.0
in percent of net sales 18.9% 14.0%
---------------------------------------------------------------------------
Free cash flow 29,493 25,055 17.7
in percent of net sales 13.6% 11.6%
---------------------------------------------------------------------------
Earnings per share in CHF 48.61 43.40 12.0
---------------------------------------------------------------------------
Investments 12,377 5,671 118.3
---------------------------------------------------------------------------
Number of employees
(FTEs, six-month average) 1,187 1,120 6.0
---------------------------------------------------------------------------
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 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 the SIX Swiss Exchange since
1995 (BEAN).
Link to the 2012 semiannual report (PDF)
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Key dates 2012 Semiannual report August 6, 2012 after close of
trading
Publication of 2012 preliminary February 14, 2013
results
Media information session/
publication of 2012 Annual March 11, 2013
Report
Annual General Meeting 2013 April 8, 2013
Appendix
Gary Economides
Personal details
Age 42
Nationality Australian
Place of residence Shanghai, China
Marital status Married, 1 child
Degree Master of Business Administration from the Australian
Graduate School of Management (AGSM), Hong Kong
Education
2000 - 2002 Master of Business Administration from the Australian Graduate
School of Management (AGSM), Hong Kong
1989 - 1994 Bachelor of Mechanical Engineering from the University of
Technology, Sydney, Australia
Professional experience
Since 2009 Carel Electronic Suzhou, China Chief Executive Officer
2005 - 2009 Carel Asia, Hong Kong Managing Director
2002 - 2005 Siemens Building Technologies, Hong Kong Business
Development Manager, Asia Pacific Head of Marketing,
Asia Pacific HVAC Division
1999 - 2002 Siemens Building Technologies, Hong Kong Sales and
Marketing Manager, Asia Pacific HVAC Division
1998 - 1999 Siemens Building Technologies, Hong Kong Product
Manager, Asia Pacific
1994 - 1997 Staefa Control Systems, Sydney Product/OEM Sales
Manager, Sydney
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/100133/R/1631888/523287.pdf
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originality of the information contained therein.
Source: BELIMO Holding AG via Thomson Reuters ONE
[HUG#1631888]
Unternehmensinformation / Kurzprofil:
Datum: 06.08.2012 - 17:32 Uhr
Sprache: Deutsch
News-ID 171939
Anzahl Zeichen: 13413
contact information:
Town:
Hinwil
Kategorie:
Business News
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