Financial Summary 2017
Belimo can look back on a good financial year. Sales in Swiss francs increased by 8.7 percent to CHF 579.9 million. In currency-adjusted terms, this equals a growth of 8.2 percent. Belimo increased its expenses on research and development by CHF 6.7 million in order to improve innovative capacity while nevertheless achieving a solid operating income (EBIT) of CHF 92.6 million, corresponding to an EBIT margin of 16.0 percent. Net income rose by 11.1 percent year-on-year to CHF 77.5 million.
| in CHF million | 2017 | 2016 | Change |
| Net sales | 579.9 | 533.7 | 8.7% |
| Operating income before interest, taxes, depreciation, amortization (EBITDA) | 117.4 | 110.3 | 6.4% |
| in percent of net sales | 20.2% | 20.7% | |
| Operating income before interest and taxes (EBIT) | 92.6 | 87.0 | 6.5% |
| in percent of net sales | 16.0% | 16.3% | |
| Net income | 77.5 | 69.8 | 11.1% |
| in percent of net sales | 13.4% | 13.1% | |
| Investments in property, plant and equipment and intangible assets | 24.9 | 15.8 | 57.8% |
| Cash flow from operating activities | 82.3 | 90.3 | -8.8% |
| in percent of net sales | 14.2% | 16.9% | |
| Free cash flow | 54.9 | 75.2 | -27.0% |
| in percent of net sales | 9.5% | 14.1% | |
| in CHF | |||
| Earnings per share | 126.06 | 113.51 | 11.1% |
| Dividend per share | 85.00 | 75.00 | 13.3% |
| Number of employees (FTEs) as at December 31 | 1 532 | 1 440 | 6.4% |
- Income Statement
- Balance Sheet
- Cash Flow
- Key Figures
Income Statement
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2017 | 2016 | 2015 | 2014 | 2013 |
| (unless indicated otherwise) | |||||
| Net sales | 579'853 | 533'650 | 493'299 | 493'919 | 472'859 |
| Operating income (EBITDA) | 117'388 | 110'280 | 95'818 | 99'603 | 98'535 |
| in percent of net sales | 20.2% | 20.7% | 19.4% | 20.2% | 20.8% |
| Operating income (EBIT) | 92'621 | 86'964 | 74'630 | 81'250 | 81'318 |
| in percent of net sales | 16.0% | 16.3% | 15.1% | 16.5% | 17.2% |
| Personnel expenses | 157'877 | 146'354 | 139'573 | 132'136 | 125'199 |
| in percent of net sales | 27.2% | 27.4% | 28.3% | 26.8% | 26.5% |
| Research and development | 44'423 | 37'721 | 34'653 | 32'415 | 30'573 |
| in percent of net sales | 7.7% | 7.1% | 7.0% | 6.6% | 6.5% |
| Operating expenses | 224'952 | 204'341 | 192'877 | 189'967 | 180'261 |
| in percent of net sales | 38.8% | 38.3% | 39.1% | 38.5% | 38.1% |
| Depreciation and amortization | 24'767 | 23'315 | 21'188 | 18'352 | 17'217 |
| in percent of net sales | 4.3% | 4.4% | 4.3% | 3.7% | 3.6% |
| Net income | 77'490 | 69'753 | 56'229 | 67'193 | 62'609 |
| in percent of net sales | 13.4% | 13.1% | 11.4% | 13.6% | 13.2% |
Balance Sheet
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2017 | 2016 | 2015 | 2014 | 2013 |
| (unless indicated otherwise) | |||||
| Total assets | 491'886 | 451'869 | 413'041 | 424'514 | 369'991 |
| Cash and cash equivalents | 113'178 | 103'670 | 67'687 | 92'345 | 104'482 |
| in percent of total assets | 23.0% | 22.9% | 16.4% | 21.8% | 28.2% |
| Current assets | 302'503 | 267'012 | 224'542 | 246'235 | 238'299 |
| in percent of total assets | 61.5% | 59.1% | 54.4% | 58.0% | 64.4% |
| Net working capital | 243'366 | 213'477 | 177'072 | 173'408 | 194'537 |
| in percent of net sales | 42.0% | 40.0% | 35.9% | 35.1% | 41.1% |
| Non-current assets | 189'383 | 184'857 | 188'499 | 178'279 | 131'692 |
| in percent of total assets | 38.5% | 40.9% | 45.6% | 42.0% | 35.6% |
| Current liabilities | 59'136 | 53'536 | 47'470 | 72'826 | 43'761 |
| in percent of total assets | 12.0% | 11.8% | 11.5% | 17.2% | 11.8% |
| Non-current liabilities | 19'100 | 29'368 | 28'615 | 34'769 | 38'769 |
| in percent of total assets | 3.9% | 6.5% | 6.9% | 8.2% | 10.5% |
| Shareholders' equity | 413'650 | 368'965 | 336'956 | 316'919 | 287'461 |
| in percent of total assets | 84.1% | 81.7% | 81.6% | 74.7% | 77.7% |
Cash Flow
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2017 | 2016 | 2015 | 2014 | 2013 |
| (unless indicated otherwise) | |||||
| Cash flow from operating activities | 82'318 | 90'282 | 70'371 | 74'080 | 70'574 |
| in percent of net sales | 14.2% | 16.9% | 14.3% | 15.0% | 14.9% |
| Free cash flow | 54'857 | 75'151 | 37'038 | 18'546 | 34'921 |
| in percent of net sales | 9.5% | 14.1% | 7.5% | 3.8% | 7.4% |
| Investments in property, plant and equipment and intangible assets | 24'919 | 15'796 | 34'031 | 55'141 | 36'676 |
| Dividend distribution | 46'092 | 39'937 | 39'936 | 39'908 | 36'606 |
Key Figures
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2017 | 2016 | 2015 | 2014 | 2013 |
| (unless indicated otherwise) | |||||
| Net sales year-on-year growth, in percent | 8.7% | 8.2% | -0.1% | 4.5% | 6.4% |
| Net sales in local currencies year-on-year growth, in percent | 8.2% | 6.8% | 3.6% | 6.6% | 6.4% |
| Return on equity (ROE), in percent | 19.8% | 19.8% | 17.2% | 22.2% | 23.4% |
| Return on invested capital (ROIC), in percent | 23.4% | 23.8% | 20.8% | 23.4% | 29.7% |
| Quick ratio, in percent | 344.8% | 342.1% | 297.6% | 227.3% | 381.6% |
| Days sales outstanding (DSO) | 50.3 | 49.1 | 50.6 | 46.7 | 43.2 |
| Inventory period | 132 | 131 | 138 | 129 | 125 |
| Equity-to-fixed-assets ratio, in percent | 228.5% | 215.5% | 193.9% | 197.3% | 247.7% |
| Number of employees (FTEs, yearly average) | 1'483 | 1'416 | 1'387 | 1'357 | 1'278 |
| Net sales per employee | 391 | 377 | 356 | 364 | 370 |
| Number of actuators shipped, in million items | 6.3 | 5.9 | 5.6 | 5.6 | 5.3 |