Belimo with impressive profitability
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BELIMO Holding AG /
Belimo with impressive profitability
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Press release of the Belimo Group - Hinwil, March 11, 2013, 7:00 a.m.
The year 2012 was a positive one for the Belimo Group despite a rather difficult
market environment. Sales in Swiss francs rose by 6.9 percent to CHF 444.6
million. Adjusted for currencies, this is equivalent to growth of 5.4 percent.
The result was an operating income (EBIT) of CHF 76.3 million and thereby an
operating margin of 17.2 percent. Net income was CHF 61.4 million, which is
equal to earnings per share of CHF 100.74 (previous year CHF 84.61).
Return on equity (ROE) rose from 23.3 to 25.0 percent, and return on invested
capital (ROIC) from 28.4 to 30.4 percent. Cash flow from operating activities
amounted to CHF 82.8 million, and free cash flow was CHF 60.5 million. Overall,
cash and cash equivalents were up year-on-year by CHF 30.0 million to CHF 105.4
million. All these figures are significantly higher compared to previous year.
The Board of Directors will propose a dividend of CHF 60 per share (previous
year CHF 50) to the Annual General Meeting on Monday, April 8, 2013.
Innovative product line helps boost sales. Sales developed well in 2012 thanks
to the multifaceted and innovative product range. All markets posted stronger
growth in water applications than in air applications.
The growth in sales varied by region:
Europe. Sales in the Europe market region grew by 4.1 percent, and on a
currency-adjusted basis by 5.7 percent. Virtually all the Group's subsidiaries
reported higher results than a year ago. Growth was very positive in Germany,
Poland, Austria, Italy and the Middle East. Spain was hit strongly by the
recession. In terms of products, growth was again driven by water applications,
followed by the fire protection product range.
Americas. After its excellent growth in the previous year, the Americas market
region performed well again, growing by 10.9 percent, and on a currency-adjusted
basis by 5.9 percent. The economic environment in the United States continued to
recover slowly, but yet continuously. Brazil performed very well. Canada did not
meet expectations, yet still displayed a positive trend towards the end of the
year. Sales with OEM customers developed very well, and also sales in the
contracting business were boosted considerably.
Asia/Pacific. Growth in the Asia/Pacific region was disappointing at 8.0
percent, and on a currency-adjusted basis at 1.7 percent. Economic growth slowed
in various important markets. The measures introduced in China to avoid an
overheating of the real estate market continued to have a noticeable impact.
Net sales by region
Growth
in local
currencies
in CHF 1,000 2012 % in % 2011 %
Europe 239,063 54 5.7 229,612 55
Americas 161,279 36 5.9 145,381 35
Asia/Pacific 44,281 10 1.7 40,990 10
------------------------------------------------------------
Group 444,623 100 5.4 415,983 100
------------------------------------------------------------
Net sales by application
Growth
in local
currencies
in CHF 1,000 2012 % in % 2011 %
Air 269,373 61 4.0 256,529 62
Water 175,250 39 7.5 159,454 38
------------------------------------------------------------
Total 444,623 100 5.4 415,983 100
------------------------------------------------------------
Innovation. The Belimo Energy Valve(TM) was the first product on the market to
be launched with a built-in sensor and integrated intelligence. Thanks to this
control valve, customers are able to save energy, thereby cutting operating
costs and avoiding unnecessary investments. At the same time, the product
displays energy flows and increases operational safety. For the American market
the ZIP Economizer(TM) was developed. It enables optimal use of outside air to
save energy needed for cooling.
Outlook. The year 2013 may see the global economy gaining a bit of momentum.
However, the pace of growth will still vary from market to market.
Although there is some uncertainty on the European markets, information from the
major markets indicates that growth is expected to continue in 2013 as well. In
the American market, activity in the construction sector may well continue to
develop positively. In addition, the ongoing trend to improve energy efficiency
in buildings makes Belimo optimistic. In the Asia/Pacific market, Belimo hopes
for accelerated economic growth and construction activity.
For 2013, the development of a small valve with an actuator specially designed
for zone applications is planned. Its most attractive features are its slender
design and very installation-friendly, tool-free plug-in assembly.
In the future, Belimo will continue to pursue its very ambitious aims of steady
sales growth and a solid profitability. With innovative and energy-efficient
solutions, Belimo is well on its way to achieving these goals.
Key figures of the Belimo Group for the 2012 financial year
in CHF 1,000 (unless specified otherwise) 2012 2011 Change
in %
Net sales 444,623 415,983 6.9
-------------------------------------------------------------------------
Operating income (EBIT) 76,303 67,787 12.6
in percent of net sales 17.2% 16.3%
-------------------------------------------------------------------------
Net income 61,426 51,556 19.1
in percent of net sales 13.8% 12.4%
-------------------------------------------------------------------------
Cash flow from operating activities 82,818 57,359 44.4
in percent of net sales 18.6% 13.8%
-------------------------------------------------------------------------
Free cash flow 60,513 41,313 46.5
in percent of net sales 13.6% 9.9%
-------------------------------------------------------------------------
Earnings per share, in CHF 100.74 84.61 19.1
-------------------------------------------------------------------------
Dividend per share, in CHF 60* 50 20.0
-------------------------------------------------------------------------
Investments 19,864 16,466 20.6
-------------------------------------------------------------------------
Research and development 27,344 27,564 -0.8
in percent of net sales 6.1% 6.6%
-------------------------------------------------------------------------
Number of employees at December 31 1,227 1,172 4.6
(FTE's)
-------------------------------------------------------------------------
* Proposal to the Annual General Meeting on April 8, 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 close to 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).
There will be a media information session on the 2012 financial statements at
the WIDDER HOTEL in Zurich today, starting at 10:30 a.m.
Link to Annual Report 2012
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Agenda Media information session /
publication of 2012 Annual Report March 11, 2013
Annual General Meeting 2013 April 8, 2013
Semiannual Report 2013 August 6, 2013
Publication of 2013 preliminary results February 2014
Media information session /
publication of 2013 Annual Report March 17, 2014
Annual General Meeting 2014 April 14, 2014
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/100133/R/1683988/551293.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BELIMO Holding AG via Thomson Reuters ONE
[HUG#1683988]
Unternehmensinformation / Kurzprofil:
Datum: 11.03.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 237786
Anzahl Zeichen: 10557
contact information:
Town:
Hinwil
Kategorie:
Business News
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