Belimo with strong growth in Americas and Asia as well as healthy profitability
(Thomson Reuters ONE) -
BELIMO Holding AG /
Belimo with strong growth in Americas and Asia as well as healthy profitability
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The issuer is solely responsible for the content of this announcement.
The Belimo Group looks back on a successful year 2015 despite the challenging
economic environment. Sales in Swiss francs could be held on previous year level
with CHF 493.3 million. Adjusted for currencies, this corresponds to a growth
rate of 3.6 percent. Thanks to continuous investments in efficiency-increasing
measures over the past few years, a healthy operating income (EBIT) of CHF 74.6
million, which equates to an EBIT margin of 15.1 percent, was reached. At CHF
56.2 million, net income however was below previous year due to negative
currency effects. Earnings per share were CHF 91.52.
Return on equity (ROE) was 17.2 percent and return on invested capital (ROIC)
20.8 percent. Cash flow from operating activities decreased by 5.0 percent to
CHF 70.4 million while free cash flow rose by 99.7 percent to CHF 37.0 million.
The expansion of the logistics building in Hinwil was completed at the end of
2015. In the previous year, the investments in the new production, logistics and
administration building in Danbury (CT, USA) also lowered the free cash flow.
The Board of Directors proposes a dividend of CHF 65 per share to the Annual
General Meeting on Monday, April 25, 2016.
Regional development:
Europe. Sales in the Europe market region fell by 9.7 percent, or 0.9 percent on
a currency-adjusted basis. This trend can be mainly attributed to the happenings
surrounding the euro and the economic situation in Eastern Europe. Belimo
performed convincingly in particular in Poland and France. Poland benefited from
robust market growth and the increasing number of production facilities
relocating from Western to Eastern Europe. The developments in Russia resulted
in a considerable local decline in sales for Belimo, but also had an impact on
Western European countries, where exports to Russia and Central Asia fell
sharply. Water applications recorded encouraging growth with the new products
for zone applications and the new valves for pressure-independent applications
in particular.
Americas. Sales in the Americas market region grew by 12.3 percent, or 9.7
percent on a currency-adjusted basis. Belimo enjoyed strong growth in all
regions. Modernization of plants, strong demand for energy-efficient HVAC
systems as well as digitization lead to above-average growth in the sector.
Awarded projects such as the "Salesforce Tower" in San Francisco and the new
"Rogers Place" ice hockey stadium in Edmonton, Canada, further drove growth.
Sales of water applications developed very well thanks to the greater focus on
OEM customers and a number of major plant engineering contracts. Sales of
pressure-independent control valves also increased sharply.
Asia/Pacific. Sales in the Asia/Pacific region increased by 9.0 percent, or 7.2
percent on a currency-adjusted basis. In China, Belimo recorded strong growth in
the OEM business; Japan as well as Hong Kong also performed convincingly. Belimo
was confronted with a noticeable drop in investment activity throughout South-
East Asia due to weak currencies. South Korea and the Philippines also recorded
disappointing results. In water applications good results were achieved thanks
to the Belimo Energy Valves(TM) and electronic pressure-independent
characterized control valves.
Net sales by region
Growth in local
in CHF 1,000 2015 % currencies 2014 %
in %
-----------------------------------------------------------------
Europe 244,029 49 -0.9 270,359 55
Americas 191,902 39 9.7 170,914 35
Asia/Pacific 57,368 12 7.2 52,646 10
-----------------------------------------------------------------
Group 493,299 100 3.6 493,919 100
-----------------------------------------------------------------
Net sales by application
Growth in local
in CHF 1,000 2015 % currencies 2014 %
in %
-----------------------------------------------------------------
Air 286,138 58 0.2 299,330 61
Water 207,161 42 8.9 194,589 39
-----------------------------------------------------------------
Total 493,299 100 3.6 493,919 100
-----------------------------------------------------------------
Innovation. In 2015, Belimo successfully launched the new generation of fire
damper actuators with the patented Safety Position Lock(TM) function. This
function reliably keeps the fire dampers in the safety position in the event of
fire and is built-in as standard. Also in focus was the introduction of the
compact Belimo ZoneTight(TM) zone valves. This product range allows for energy-
efficient room and zone control in tight spaces. As this trend is picking up
speed, Belimo launched the pressure-independent 6-way zone valve. The Belimo
Energy Valve(TM) product range was expanded with a version for higher pressure
levels, which is used in tall buildings and special facilities. Digitization and
the Internet of Things are employed throughout the "Apartimentum" pilot project,
a multi-family house in Hamburg, Germany.
Outlook. The procurement and sales markets might continue to be influenced by
uncertain currency and market trends. Belimo will meet these challenges using
specialized expertise as well as a distinct growth strategy. The successful
market launch of the fire damper actuators and zone valves will further be
pushed. Additionally, Belimo will for the first time launch a newly developed
actuator and valve combination for larger flows. With the strengthening of the
sensor business, for example with the ultrasonic flow meters, Belimo expects
further sales.
In the Europe market region uncertainty regarding the future development in
Eastern Europe remains. The economy in the United States should further grow and
also Asia/Pacific should contribute to a successful result.
Belimo made investments of around CHF 95 million over recent years in its sites
at Hinwil (Switzerland, headquarters) and Danbury (CT, USA). These investments
establish the basis for future growth and ensure better use of production areas
by means of more efficient processes.
Worldwide needs concerning room comfort, indoor air quality, energy efficiency
and CO(2) reduction require more actuators and thereby help Belimo generate
constant growth and ensure solid results.
Key figures of the Belimo Group for the 2015 financial year
in CHF 1,000 (unless indicated otherwise) 2015 2014 Change
in %
-------------------------------------------------------------------------
Net sales 493,299 493,919 -0.1
-------------------------------------------------------------------------
Operating income (EBIT) 74,630 81,250 -8.1
in percent of net sales 15.1% 16.5%
-------------------------------------------------------------------------
Net income 56,229 67,193 -16.3
in percent of net sales 11.4% 13.6%
-------------------------------------------------------------------------
Cash flow from operating activities 70,371 74,080 -5.0
in percent of net sales 14.3% 15.0%
-------------------------------------------------------------------------
Free cash flow 37,038 18,546 99.7
in percent of net sales 7.5% 3.8%
-------------------------------------------------------------------------
Earnings per share, in CHF 91.52 109.52 -16.4
-------------------------------------------------------------------------
Dividend per share, in CHF 65* 65
-------------------------------------------------------------------------
Investments 34,031 55,141 -38.3
-------------------------------------------------------------------------
Research and development 34,653 32,415 6.9
in percent of net sales 7.0% 6.6%
-------------------------------------------------------------------------
Number of employees at December 31 1409 1388 1.5
(FTE's)
-------------------------------------------------------------------------
* Proposal to the Annual General Meeting on April 25, 2016.
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 493 million in 2015 and
employs close to 1470 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 and financial analysts conference on the 2015 financial
statements at the WIDDER HOTEL in Zurich today, starting at 10:00 a.m.
Link to Annual Report 2015
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Agenda Publication of 2015 Annual Report/
Media and financial analysts conference March 21, 2016
Annual General Meeting 2016 April 25, 2016
Dividend payment April 29, 2016
Publication of 2016 Semiannual Report August 3, 2016
Publication of 2016 preliminary results February 9, 2017
Publication of 2016 Annual Report/
Media and financial analysts conference March 13, 2017
Annual General Meeting 2017 April 3, 2017
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/100133/R/1995862/735280.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#1995862]
Unternehmensinformation / Kurzprofil:
Datum: 21.03.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 458695
Anzahl Zeichen: 12083
contact information:
Town:
Hinwil
Kategorie:
Business News
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