Media information session on Belimo Group's results for 2010
(Thomson Reuters ONE) -
BELIMO Holding AG /
Media information session on Belimo Group's results for 2010
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The issuer is solely responsible for the content of this announcement.
Press release - Hinwil, March 14, 2011, 7:00 a.m.
Excellent financial year 2010
Belimo, a leading, innovative global technology company producing electrical
actuator solutions for heating, ventilation and air conditioning systems, can
look back on an excellent financial year 2010.
In Swiss francs, sales came to 426.4 million, a year-on-year increase of 10.5
percent, or 14.7 percent on a currency-adjusted basis. Operating income (EBIT)
was CHF 83.2 million and the operating margin 19.5 percent. Despite negative
currency movements, particularly in the euro, net income increased year-on-year
by 24.5 percent to CHF 61.3 million. Earnings per share came to CHF 101.10
(previous year CHF 81.35). Return on equity (ROE) was 31.8 percent (previous
year 30.6 percent), and the return on invested capital (ROIC) 36.1 percent
(previous year 28.0 percent).
Cash flow from operating activities was virtually unchanged at CHF 66.7 million
(previous year CHF 66.0 million), as was the free cash flow, which, at CHF 52.8
million in the reporting period, increased by 1.7 percent over the previous
year. Overall, cash and cash equivalents were up year-on-year by CHF 30.8
million to CHF 67.3 million.
The Board of Directors proposes a dividend of CHF 55 per share to the Annual
General Meeting on April 4, 2011.
Growth in all markets
Belimo achieved growth and gained market shares in all its markets. The markets
of Eastern Europe, China and South America achieved the highest growth year-on-
year, with rates of more than 20 percent. In Eastern Europe this was primarily
due to a recovery following the crisis of 2009, while in China and South
America, Belimo's extended market presence and the upturn in demand had a
positive effect. Sales of air applications saw relatively strong growth in
2010, particularly to OEM customers.
Europe
The European markets recovered quickly from the downturn in 2009, with sales in
local currencies increasing significantly by 15.4 percent. In addition to
Eastern Europe, the contribution to growth from Germany, UK, France, Italy and
Switzerland was particularly noteworthy. Austria, Norway and Dubai remained
below expectations.
Americas
Sales in the US grew by 11.5 percent in local currencies despite the ongoing
weakness of the market. Products for air and water applications contributed
equally to that growth. Results at the subsidiaries in Canada and Brazil
exceeded expectations. Belimo further expanded its presence in the Latin
American region.
Asia/Pacific
After a slow start to 2010, the markets in Asia/Pacific developed in line with
expectations, with sales in local currencies increasing by 23.4 percent. The
market in China reported the highest growth, but Hong Kong, Southeast Asia and
Australia also developed positively. By expanding the sales organization and the
existing customizing centers in Asia/Pacific, Belimo was able to extend and
improve its range of services.
Net sales by region
Growth
in CHF 1,000 2010 % in local 2009 %
currencies in
%
Europe 235,626 55 15.4 214,103 55
Americas 150,478 35 11.5 138,561 36
Asia/Pacific 40,296 10 23.4 33,223 9
--------------------------------------------------------------
Total 426,399 100 14.7 385,887 100
--------------------------------------------------------------
Net sales by application
Growth
in CHF 1,000 2010 % in local 2009 %
currencies in
%
Air 264,886 62 13.8 241,081 62
Water 161,513 38 16.2 144,806 38
--------------------------------------------------------------
Total 426,399 100 14.7 385,887 100
--------------------------------------------------------------
Innovation
The financial year was shaped by a variety of innovations: the new generation of
spring-return actuators was well received by customers. In the area of water
applications, we successfully launched the electronic pressure-independent
control valve with flow sensor technology (EPIV), and, in collaboration with OEM
customers, actuators with decentralized intelligence (Belimo SL) were used for
the first time. Electronic energy storage devices, instead of mechanical
solutions, enable the development of actuators for new applications.
Production, Customizing and Distribution
Global bottlenecks in the procurement of electronic components and plastic
pellets presented Belimo with some challenges in 2010. Thanks to the commitment
of everyone involved, Belimo was able to maintain its high delivery capability
at all times. Production and assembly processes were continually improved, and
the automation of further testing stations in Hinwil made it possible to
increase efficiency, improve process security and reduce order lead time.
Outlook 2011
In 2011, Belimo will continue to pursue the goal of developing and offering
actuator solutions which provide increased comfort and energy efficiency. The
range of HVAC performance devices will be expanded in 2011. Actuators with
decentralized intelligence (Belimo SL) provide a basis for additional growth.
Although rising raw material prices and currency movements may have an impact on
the margin.
Key figures of the Belimo Group for the 2010 financial year
in CHF 1,000 (unless specified otherwise) 2010 2009 Change
in %
------------------------------------------------------------------------
Net sales 426,399 385,887 10.5
------------------------------------------------------------------------
Operating income (EBIT) 83,217 61,881 34.5
in percent of net sales 19.5% 16.0%
------------------------------------------------------------------------
Net income 61,344 49'273 24.5
in percent of net sales 14.4% 12.8%
------------------------------------------------------------------------
Cash flow from operating activities 66,726 65'996 1.1
in percent of net sales 15.6% 17.1%
------------------------------------------------------------------------
Free cash flow 52,798 51,893 1.7
in percent of net sales 12.4% 13.4%
------------------------------------------------------------------------
Earnings per share in CHF 101.10 81.35 24.3
------------------------------------------------------------------------
Dividend per share in CHF *55 40 37.5
------------------------------------------------------------------------
Investments 15,130 14,218 6.4
------------------------------------------------------------------------
Research and development 25,218 24,030 4.9
in percent of net sales 5.9% 6.2%
------------------------------------------------------------------------
Number of employees at December 31 1'103 1'056 4.4
(full-time equivalents)
------------------------------------------------------------------------
* Proposal to the Annual General Meeting on April 4, 2011
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 426 million in 2010 and employs more than1100
people. Information regarding 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 2010 financial statements at
the WIDDER HOTEL in Zurich today, starting at 10:30 am.
Link to Annual Report 2010
Contact Beat Trutmann, CFO Phone +41 43 843 62 65
Key dates Media information session/
publication of 2010 Annual Report March 14, 2011
Annual General Meeting 2011 April 4, 2011
Semiannual Report 2011 August 4, 2011
Publication of the preliminary results for 2011 January 2012
Media information session/
publication of 2011 Annual Report March 12, 2012
Annual General Meeting 2012 April 2, 2012
--- End of Message ---
BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil
ISIN: CH0001503199;
Press release (PDF):
http://hugin.info/100133/R/1496339/432045.pdf
Annual Report 2010:
http://hugin.info/100133/R/1496339/432046.pdf
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Source: BELIMO Holding AG via Thomson Reuters ONE
[HUG#1496339]
Unternehmensinformation / Kurzprofil:
Datum: 14.03.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 52392
Anzahl Zeichen: 11158
contact information:
Town:
Hinwil
Kategorie:
Business News
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