Belimo with pleasant operating income
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BELIMO Holding AG /
Belimo with pleasant operating income
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The Belimo Group increased its sales in the first half-year 2015 by 3.1 percent
on a currency-adjusted basis to CHF 242.6 million. In Swiss francs, that equated
to a decline of 0.6 percent.
Earnings before interest and taxes (EBIT) for the first half-year amounted to
CHF 35.8 million, which equates to an operating margin of 14.7 percent
(comparison period 2014 17.2 percent). The depreciation of the new building in
the United States affects the EBIT as from the current financial year. As
expected, the appreciation of the Swiss franc had a material impact on Belimo's
sales and profitability. The company was nevertheless able to achieve a
satisfactory operating result thanks to efficiency gains.
The financial result of CHF -7.8 million mainly consists of losses from the
valuation of foreign currency balance sheet items and considerably reduced net
income to CHF 23.0 million (comparison period 2014 CHF 33.6 million).
Europe. Sales in the Europe market region were down 1.9 percent on a currency-
adjusted basis (11.3 percent in Swiss francs). The strength of the Swiss franc
had a significant impact on sales and made price concessions necessary. Belimo
managed to perform convincingly in France, Poland and the United Kingdom,
achieving double-digit growth rates. In France, Belimo won a number of major
projects with zone applications, among them the "Le Nuovo" office building,
which will be equipped with more than 2600 6-way valves. In Russia, Germany and
the Czech Republic, however, performance remained below expectations. Russia and
its neighboring countries suffered from the devaluation of the ruble and the
resulting investment freeze.
Belimo was able to expand its market share in zone applications in particular.
The new fire protection actuators and pressure-independent valves were very well
received by the market.
Americas. Sales in the Americas market region grew by 13.9 percent, or 10.1
percent on a currency-adjusted basis. All the main regions significantly
contributed to achieving successful growth. The United States achieved an above-
average performance in the contracting business, with growth rates in double
digits. Several major projects in the United States and Canada led to a high
level of growth such as a complex of buildings in California, with floor space
of more than 250'000 m(2).This project involves the installation of more than
20 000 actuators or control valves from Belimo. There was also encouraging
growth in Latin America, especially in Mexico and Brazil, where the high growth
achieved in earlier years was maintained.
Water applications performed outstandingly well thanks to the greater focus on
OEM customers for the water product range and a number of major orders in the
area of system engineering.
Asia/Pacific. Sales in the Asia/Pacific market region grew by 10.5 percent, or
7.5 percent on a currency-adjusted basis. Belimo achieved good growth
contributions in Japan, China and Hong Kong. Growth in Japan was encouraging,
not least thanks to a major project involving variable air volume actuators. In
China, sales of water applications increased at a double-digit rate thanks to
Belimo's ability to build on its market share with OEMs in air-conditioning
units. Hong Kong convinced in retrofit and data center projects. In Malaysia,
Belimo has been selected to fit out the "Sunway Pyramid" hotel complex.
Sales of air applications, especially of variable air volume and fire and smoke
products, developed well. There was an encouraging increase, among water
applications, in the sales of electronic pressure-independent valves and Belimo
Energy Valves(TM).
Net sales by region
-----------------------------------------------------------------
1st half Growth 1st half
in CHF 1,000 2015 % in local cur- 2014 %
rencies in %
-----------------------------------------------------------------
Europe 121,688 50 -1.9 137,200 56
Americas 94,651 39 10.1 83,071 34
Asia/Pacific 26,289 11 7.5 23,790 10
-----------------------------------------------------------------
Group 242,628 100 3.1 244,061 100
-----------------------------------------------------------------
Net sales by application
-----------------------------------------------------------------
1st half Growth 1st half
in CHF 1,000 2015 % in local cur- 2014 %
rencies in %
-----------------------------------------------------------------
Air 141,794 58 -1.1 150,662 62
Water 100,834 42 9.7 93,399 38
-----------------------------------------------------------------
Total 242,628 100 3.1 244,061 100
-----------------------------------------------------------------
Outlook. The large number of orders placed suggests higher sales in Europe in
the second half-year. However, both the Euro exchange rate and the performance
of Russia's economy are major causes of uncertainty. In the Americas the
building industry in the main market United States should further develop
positively in the second half-year. Investments by institutions are projected to
slowly start increasing again. In the Asia/Pacific market region, we expect
among others further growth in China and India. As a consequence of the trend
towards urbanization, digitization and energy efficiency, the building
automation sector is going to become more important. This is a development from
which Belimo, with its great innovative capacity and its customer focus, should
be able to benefit.
Despite the negative influence of exchange rates on the result, we still aim to
continue our successful growth strategy.
Belimo Group key figures
---------------------------------------------------------------------------
in CHF 1,000 (unless indicated otherwise) 1st half 1st half Change
2015 2014 in %
---------------------------------------------------------------------------
Net sales 242,628 244,061 -0.6
---------------------------------------------------------------------------
Operating income (EBIT) 35,774 41,954 -14.7
in percent of net sales 14.7% 17.2%
---------------------------------------------------------------------------
Net income 23,032 33,600 -31.5
in percent of net sales 9.5% 13.8%
---------------------------------------------------------------------------
Cash flow from operating activities 35,598 33,613 5.9
in percent of net sales 14.7% 13.8%
---------------------------------------------------------------------------
Free cash flow 19,905 6,407 210.7
in percent of net sales 8.2% 2.6%
---------------------------------------------------------------------------
Earnings per share, in CHF 37.49 54.84 -31.6
---------------------------------------------------------------------------
Investments 15,884 27,449 -42.1
---------------------------------------------------------------------------
Number of employees 1,375 1,339 2.7
(FTEs, six-month average)
---------------------------------------------------------------------------
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).
Link to the 2015 Semiannual Report (PDF)
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Agenda 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/1943171/703436.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BELIMO Holding AG via GlobeNewswire
[HUG#1943171]
Unternehmensinformation / Kurzprofil:
Datum: 04.08.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 411370
Anzahl Zeichen: 10599
contact information:
Town:
Hinwil
Kategorie:
Business News
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"Belimo with pleasant operating income"
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