BELIMO Holding AG: Again solid growth and increased net income
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BELIMO Holding AG /
BELIMO Holding AG: Again solid growth and increased net income
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The Belimo Group had a successful 2014. Sales rose in Swiss francs by 4.5
percent to CHF 493.9 million. Adjusted for currencies, the growth rate was 6.6
percent. In the second half-year, the Americas and Asia/Pacific performed
particularly well, while growth in Europe slowed.
Belimo posted operating income (EBIT) of CHF 81.3 million and an operating
margin of 16.5 percent. Net income totaled CHF 67.2 million, which equates to
CHF 109.52 per share. Return on equity (ROE) was 22.2 percent and return on
invested capital (ROIC) 23.4 percent. Cash flow from operating activities rose
by 5.0 percent to CHF 74.1 million.
The new production, logistics and administration building in Danbury (CT, USA)
became operational on schedule. In Hinwil, Belimo started the construction for
the logistics building expansion. Because of these two important investments,
free cash flow fell by 46.9 percent to CHF 18.5 million, while cash and cash
equivalents dropped 11.6 percent to CHF 92.3 million.
The Board of Directors proposes a dividend of CHF 65 per share to the Annual
General Meeting on Monday, April 20, 2015.
Regional development:
Europe. Sales in the European market region grew by 4.3 percent, or 5.0 percent
on a currency-adjusted basis. Growth contribution was strong in the United Arab
Emirates, France, Switzerland and Poland. The slowdown in the second half-year
is primarily due to Austria and the Ukraine. The low price of oil caused a
downturn in investments in alternative heating systems in Austria. Growth was
strong for water applications in Europe thanks to new product solutions for zone
applications and for hydraulic balancing of plants.
Americas. Sales in the Americas market region grew by 4.6 percent, or 8.3
percent on a currency-adjusted basis. Belimo recorded solid growth in all
markets, with strong performance in the second half-year in particular. Projects
such as the new office building "Rufus 2.0" in downtown Seattle (WA, USA) and
the LEED Platinum Project "Torre Cosmopolitan" in Tijuana (Mexico) helped drive
growth. Air applications saw solid growth thanks to the OEM business, which was
made up primarily of air damper actuators.
Asia/Pacific. Sales in the Asia/Pacific market region grew by 5.1 percent, or
9.3 percent on a currency-adjusted basis. Belimo posted good growth in Australia
and the Philippines thanks to major projects, including the "Governor Phillip
Tower" in Sydney. South Korea, Malaysia and Singapore were below expectations,
as was the contracting business in China.
Net sales by region
Growth in local
in CHF 1,000 2014 % currencies 2013 %
in %
Europe 270,359 55 5.0 259,303 55
Americas 170,914 35 8.3 163,461 35
Asia/Pacific 52,646 10 9.3 50,095 10
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Group 493,919 100 6.6 472,859 100
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Net sales by application
in CHF 1,000 2014 % Growth in local currencies 2013 %
in %
Air 299,330 61 6.1 287,584 61
Water 194,589 39 7.4 185,275 39
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Total 493,919 100 6.6 472,859 100
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Innovation. A major portion of the variable volumetric flow controllers were
equipped with the wireless technology near field communication. Before the
device is connected to electricity, all the key settings can be made with the
convenience of a smartphone app. Belimo Energy Valves(TM) and electronic
pressure-independent valves were given small diameters and a safety function.
The largely redeveloped product range of fire protection actuators provides
additional security in case of fire with a new, patented locking function. At
the new Belimo building in Danbury (CT, USA) a much larger water laboratory was
built, providing a very good infrastructure for developing valves and conducting
quality control.
Outlook. The uncertainties in Eastern Europe and the drop in income from the oil
and gas business are leading to noticeable cuts in investments in key regions.
The strong economy and the increase in spending on construction should carry on
in the United States. Despite the lower energy costs, investments in building
automation and energy efficiency are likely to continue unabated. In
Asia/Pacific there are potentials in China and India in particular, as spending
on infrastructure in these countries continues. High growth rates are also
expected for Indonesia and Thailand.
Belimo will see continued growth with new product ranges in fire protection and
zone applications. Innovative customer solutions are being designed based on
technological developments such as the Internet of Things.
The strong Swiss franc, as a consequence of the discontinuation of the minimum
exchange rate against the Euro, has a major impact on Belimo's sales and
profitability. Based on the selected scenario (EUR/CHF 1.05, USD/CHF 0.95) and
the budgeted growth in sales volume, Belimo expects sales in Swiss francs to be
at about the same level as in previous year, with a 2.0-2.5 percentage point
decrease in EBIT margin. The goal is to maintain the successful growth strategy.
Current investment projects will deliver the expansion of the logistics capacity
needed to maintain growth, and work is continuing on optimizing procurement and
production processes. The new logistics building in Hinwil will become
operational in 2015, which will improve process efficiency in manufacturing and
distribution.
In mid-year Dr. Jacques Sanche will hand over responsibility as CEO to Lars van
der Haegen, head of Americas. This succession will help support Belimo's
continuity of sustainable development.
Key figures of the Belimo Group for the 2014 financial year
in CHF 1,000 (unless indicated otherwise) 2014 2013 Change
in %
Net sales 493,919 472,859 4.5
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Operating income (EBIT) 81,250 81,318 -0.1
in percent of net sales 16.5% 17.2%
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Net income 67,193 62,609 7.3
in percent of net sales 13.6% 13.2%
-------------------------------------------------------------------------
Cash flow from operating activities 74,080 70,574 5.0
in percent of net sales 15.0% 14.9%
-------------------------------------------------------------------------
Free cash flow 18,546 34,921 -46.9
in percent of net sales 3.8% 7.4%
-------------------------------------------------------------------------
Earnings per share, in CHF 109.52 102.57 6.8
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Dividend per share, in CHF 65* 65 0.0
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Investments 55,141 36,676 50.3
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Research and development 32,415 30,573 6.0
in percent of net sales 6.6% 6.5%
-------------------------------------------------------------------------
Number of employees at December 31 1,388 1,314 5.6
(FTE's)
-------------------------------------------------------------------------
* Proposal to the Annual General Meeting on April 20, 2015.
The Belimo Group is a leading global manufacturer of innovative electrical
actuator solutions and valve systems for heating, ventilation and air-
conditioning systems. The Group generated sales of CHF 494 million in 2014 and
employs close to 1450 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 2014 financial statements at
the WIDDER HOTEL in Zurich today, starting at 10:00 a.m.
Link to Annual Report 2014
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Agenda Media information session/
Publication of 2014 Annual Report March 23, 2015
Annual General Meeting 2015 April 20, 2015
Semiannual Report 2015 August 4, 2015
Publication of 2015 preliminary results February 10, 2016
Media information session/
Publication of 2015 Annual Report March 21, 2016
Annual General Meeting 2016 April 25, 2016
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/100133/R/1905077/677857.pdf
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originality of the information contained therein.
Source: BELIMO Holding AG via GlobeNewswire
[HUG#1905077]
Unternehmensinformation / Kurzprofil:
Datum: 23.03.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 380200
Anzahl Zeichen: 11532
contact information:
Town:
Hinwil
Kategorie:
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