Belimo with strong sales and income figures
(Thomson Reuters ONE) -
BELIMO Holding AG /
Belimo with strong sales and income figures
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The issuer is solely responsible for the content of this announcement.
In the first half-year 2016, the Belimo Group increased its sales by 12.9
percent to CHF 273.9 million, adjusted for currencies by 10.2 percent.
Operating income before interest and taxes (EBIT) for the first half-year 2016
amounted to CHF 46.9 million, which equates to an operating margin of 17.1
percent (comparison period 2015 14.7 percent). Net income amounted to CHF 37.8
million (comparison period 2015 CHF 23.0 million). In the previous year, net
income was strained substantially by the appreciation of the Swiss franc.
Europe. Sales in the Europe market region grew by 9.5 percent, or 7.2 percent on
a currency-adjusted basis. Poland, Norway, Italy and the United Kingdom made
notable contributions to growth. Poland's improvement was the result of good
economic developments and the relocation of production facilities by Western
European companies. The United Kingdom and Norway mainly owed their growth to
the strong OEM business. Germany and the Netherlands also contributed
essentially to growth. The low oil price resulted in restrained investment
activity in the Middle East, which had a negative impact on business operations
in Saudi Arabia. Sales in the Russian market stabilized at a low level.
Solutions using pressure-independent products such as the Belimo Energy
Valve(TM) and the new zone valves ZoneTight(TM) posted above-average growth.
Sales of the new fire damper actuators developed excellently as well.
Americas. Sales in the Americas market region grew by 15.4 percent, or 12.0
percent on a currency-adjusted basis. Sales in the United States and Canada
developed well due to continued strength in the new construction sector. In
addition, Belimo has benefitted from continued interest to invest in energy
saving HVAC system upgrades in existing buildings.
Sales of water applications outpaced those of air applications, primarily driven
by pressure-independent product solutions, butterfly valves and characterized
control valves. Growth in the OEM customer segment was driven by sales of fire
damper actuators.
Asia/Pacific. Sales in the Asia/Pacific market region grew by 19.1 percent, or
16.9 percent on a currency-adjusted basis. Belimo achieved encouraging
contributions to growth in India, China and South-East Asia. In India, sales to
global OEM customers improved. South Korea has bounced back from the slowdown
experienced in the previous year as projects that have been on hold are now in
progress. Sales in Australia are behind last year's results.
The main growth factor across the region were water applications, in particular
pressure-independent solutions and butterfly valves.
Net sales by region
--------------------------------------------------------------
Growth
in CHF 1,000 1st half % in local 1st half %
2016 currencies 2015
in %
--------------------------------------------------------------
Europe 133,292 49 7.2 121,688 50
Americas 109,262 40 12.0 94,651 39
Asia/Pacific 31,302 11 16.9 26,289 11
--------------------------------------------------------------
Group 273,856 100 10.2 242,628 100
--------------------------------------------------------------
Net sales by application
--------------------------------------------------------------
Growth
in CHF 1,000 1st half % in local 1st half %
2016 currencies 2015
in %
--------------------------------------------------------------
Air 157,387 57 8.6 141,794 58
Water 116,469 43 12.4 100,834 42
--------------------------------------------------------------
Total 273,856 100 10.2 242,628 100
--------------------------------------------------------------
Outlook. Sales should develop stable in the second half-year compared to the
first half-year. However, the decided exit of the United Kingdom from the
European Union could affect the market development in Europe. A recovery in the
second half-year in Russia and the Middle East is not expected. In the United
States and Canada low interest rates and an underbuilt market might enable
healthy growth. In Asia/Pacific, particularly in China, a slowdown in
construction activity is assumed.
In the previous year, Belimo substantially increased its sales in the second
half-year compared to the first half-year. Consequently, it will be challenging
to maintain the high growth rate of the first half-year 2016 until year-end.
Belimo Group key figures
------------------------------------------------------------------------------
in CHF 1,000 (unless indicated otherwise) 1st half 1st half Change
2016 2015 in %
------------------------------------------------------------------------------
Net sales 273,856 242,628 12.9
------------------------------------------------------------------------------
Operating income (EBIT) 46,914 35,774 31.1
in percent of net sales 17.1% 14.7%
------------------------------------------------------------------------------
Net income 37,772 23,032 64.0
in percent of net sales 13.8% 9.5%
------------------------------------------------------------------------------
Cash flow from operating activities 50,842 35,598 42.8
in percent of net sales 18.6% 14.7%
------------------------------------------------------------------------------
Free cash flow 44,709 19,905 124.6
in percent of net sales 16.3% 8.2%
------------------------------------------------------------------------------
Earnings per share, in CHF 61.47 37.49 64.0
------------------------------------------------------------------------------
Investments in property, plant and equipment 6,270 15,884 -60.5
and intangible assets
------------------------------------------------------------------------------
Number of employees 1,401 1,375 1.9
(FTEs, six-month average)
------------------------------------------------------------------------------
The Belimo Group is a leading global manufacturer of innovative electrical
actuator solutions, valve systems and sensors 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).
Link to the 2016 Semiannual Report (PDF)
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Agenda Publication of Semiannual Report 2016 August 3, 2016
Publication of 2016 preliminary results February 9, 2017
Publication of Annual Report 2016/
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/2032499/756619.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#2032499]
Unternehmensinformation / Kurzprofil:
Datum: 03.08.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 486944
Anzahl Zeichen: 9433
contact information:
Town:
Hinwil
Kategorie:
Business News
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