Financial Summary First Half-Year 2017
The Belimo Group remains on a solid, organic course for growth. In the first half-year 2017, sales rose by 5.3 percent compared to the very strong previous year, to CHF 288.5 million, adjusted for currencies by 5.6 percent. Operating income before interest and taxes (EBIT) rose by 4.6 percent to CHF 49.1 million, which equates to an operating margin of 17.0 percent (comparison period 2016 17.1 percent). At CHF 38.4 million, net income was 1.5 percent above the previous year’s level of CHF 37.8 million.
| in CHF million | First Half 2017 | First Half 2016 | Change |
| Net sales | 288.5 | 273.9 | 5.3% |
| Operating income before interest, taxes, depreciation, amortization (EBITDA) | 61.1 | 58.6 | 4.3% |
| in percent of net sales | 21.2% | 21.4% | |
| Operating income before interest and taxes (EBIT) | 49.1 | 46.9 | 4.6% |
| in percent of net sales | 17.0% | 17.1% | |
| Net income | 38.4 | 37.8 | 1.5% |
| in percent of net sales | 13.3% | 13.8% | |
| Investments in property, plant and equipment and intangible assets | 11.4 | 6.3 | 81.5% |
| Cash flow from operating activities | 35.3 | 50.8 | -30.5% |
| in percent of net sales | 12.2% | 18.6% | |
| Free cash flow | 24.1 | 44.7 | -46.1% |
| in percent of net sales | 8.4% | 16.3% | |
| in CHF | |||
| Earnings per share | 62.40 | 61.47 | 1.5% |
| Number of employees (FTE's, six-month average) | 1 452 | 1 401 | 3.6% |
Financial Summary 2016
The Belimo Group can look back at a successful year 2016. Sales in Swiss francs increased 8.2 percent to CHF 533.7 million. In currency-adjusted terms, this equals organic growth of 6.8 percent.
Not only sales growth, but also continuous investments in efficiency improvements over the past few years contributed to a solid operating income (EBIT) of CHF 87.0 million and an EBIT margin of 16.3 percent. Net income rose by 24.1 percent year-on-year to CHF 69.8 million.
The strategy of a strong regional presence combined with positioning as an innovative global market and technology leader will continue to generate sustainable growth in the future. Other growth drivers include the expansion of the sensor business and the opportunities that digitization offers for Belimo.
| in CHF million | 2016 | 2015 | Change |
| Net sales | 533.7 | 493.3 | 8.2% |
| Operating income before interest, taxes, depreciation, amortization (EBITDA) | 110.3 | 95.8 | 15.1% |
| in percent of net sales | 20.7% | 19.4% | |
| Operating income before interest and taxes (EBIT) | 87.0 | 74.6 | 16.5% |
| in percent of net sales | 16.3% | 15.1% | |
| Net income | 69.8 | 56.2 | 24.1% |
| in percent of net sales | 13.1% | 11.4% | |
| Investments in property, plant and equipment and intangible assets | 15.8 | 34.0 | -53.6% |
| Cash flow from operating activities | 90.3 | 70.4 | 28.3% |
| in percent of net sales | 16.9% | 14.3% | |
| Free cash flow | 75.2 | 37.0 | 102.9% |
| in percent of net sales | 14.1% | 7.5% | |
| in CHF | |||
| Earnings per share | 113.51 | 91.52 | 24.0% |
| Dividend per share | 75.00 | 65.00 | 15.4% |
| Number of employees (FTE's) as at December 31 | 1 440 | 1 409 | 2.2% |
- Income Statement
- Balance Sheet
- Cash Flow
- Key Figures
Income Statement
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2016 | 2015 | 2014 | 2013 | 2012* |
| (unless indicated otherwise) | |||||
| Net sales | 533'650 | 493'299 | 493'919 | 472'859 | 444'623 |
| Operating income (EBITDA) | 110'280 | 95'818 | 99'603 | 98'535 | 91'137 |
| in percent of net sales | 20.7% | 19.4% | 20.2% | 20.8% | 20.5% |
| Operating income (EBIT) | 86'964 | 74'630 | 81'250 | 81'318 | 75'540 |
| in percent of net sales | 16.3% | 15.1% | 16.5% | 17.2% | 17.0% |
| Personnel expenses | 146'354 | 139'573 | 132'136 | 125'199 | 117'662 |
| in percent of net sales | 27.4% | 28.3% | 26.8% | 26.5% | 26.5% |
| Research and development | 37'721 | 34'653 | 32'415 | 30'573 | 27'344 |
| in percent of net sales | 7.1% | 7.0% | 6.6% | 6.5% | 6.1% |
| Operating expenses | 204'341 | 192'877 | 189'967 | 180'261 | 166'944 |
| in percent of net sales | 38.3% | 39.1% | 38.5% | 38.1% | 37.5% |
| Depreciation and amortization | 23'315 | 21'188 | 18'352 | 17'217 | 15'596 |
| in percent of net sales | 4.4% | 4.3% | 3.7% | 3.6% | 3.5% |
| Net income | 69'753 | 56'229 | 67'193 | 62'609 | 60'612 |
| in percent of net sales | 13.1% | 11.4% | 13.6% | 13.2% | 13.6% |
| * Restatement due to the revised accounting standard IAS 19 Employee Benefits. | |||||
Balance Sheet
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2016 | 2015 | 2014 | 2013 | 2012* |
| (unless indicated otherwise) | |||||
| Total assets | 451'869 | 413'041 | 424'514 | 369'991 | 345'922 |
| Cash and cash equivalents | 103'670 | 67'687 | 92'345 | 104'482 | 105'371 |
| in percent of total assets | 22.9% | 16.4% | 21.8% | 28.2% | 30.5% |
| Current assets | 267'012 | 224'542 | 246'235 | 238'299 | 230'511 |
| in percent of total assets | 59.1% | 54.4% | 58.0% | 64.4% | 66.6% |
| Net working capital | 213'477 | 177'072 | 173'408 | 194'537 | 185'926 |
| in percent of net sales | 40.0% | 35.9% | 35.1% | 41.1% | 41.8% |
| Non-current assets | 184'857 | 188'499 | 178'279 | 131'692 | 115'411 |
| in percent of total assets | 40.9% | 45.6% | 42.0% | 35.6% | 33.4% |
| Current liabilities | 53'536 | 47'470 | 72'826 | 43'761 | 44'586 |
| in percent of total assets | 11.8% | 11.5% | 17.2% | 11.8% | 12.9% |
| Non-current liabilities | 29'368 | 28'615 | 34'769 | 38'769 | 53'493 |
| in percent of total assets | 6.5% | 6.9% | 8.2% | 10.5% | 15.5% |
| Shareholders' equity | 368'965 | 336'956 | 316'919 | 287'461 | 247'843 |
| in percent of total assets | 81.7% | 81.6% | 74.7% | 77.7% | 71.6% |
| * Restatement due to the revised accounting standard IAS 19 Employee Benefits. | |||||
Cash Flow
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2016 | 2015 | 2014 | 2013 | 2012* |
| (unless indicated otherwise) | |||||
| Cash flow from operating activities | 90'282 | 70'371 | 74'080 | 70'574 | 82'818 |
| in percent of net sales | 16.9% | 14.3% | 15.0% | 14.9% | 18.6% |
| Free cash flow | 75'151 | 37'038 | 18'546 | 34'921 | 60'513 |
| in percent of net sales | 14.1% | 7.5% | 3.8% | 7.4% | 13.6% |
| Investments in property, plant and equipment and intangible assets | 15'796 | 34'031 | 55'141 | 36'676 | 19'864 |
| Dividend distribution | 39'937 | 39'936 | 39'908 | 36'606 | 30'494 |
| * Restatement due to the revised accounting standard IAS 19 Employee Benefits. | |||||
Key Figures
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2016 | 2015 | 2014 | 2013 | 2012* |
| (unless indicated otherwise) | |||||
| Net sales year-on-year growth, in percent | 8.2% | -0.1% | 4.5% | 6.4% | 6.9% |
| Net sales in local currencies year-on-year growth, in percent | 6.8% | 3.6% | 6.6% | 6.4% | 5.4% |
| Return on equity (ROE), in percent | 19.8% | 17.2% | 22.2% | 23.4% | 25.3% |
| Return on invested capital (ROIC), in percent | 23.8% | 20.8% | 23.4% | 29.7% | 29.8% |
| Quick ratio, in percent | 342.1% | 297.6% | 227.3% | 381.6% | 365.8% |
| Days sales outstanding (DSO) | 49.1 | 50.6 | 46.7 | 43.2 | 43.7 |
| Inventory period | 131 | 138 | 129 | 125 | 130 |
| Fixed-assets-to-equity ratio, in percent | 215.5% | 193.9% | 197.3% | 247.7% | 261.1% |
| Number of employees (FTE's, yearly average) | 1'416 | 1'387 | 1'357 | 1'278 | 1'209 |
| Net sales per employee | 377 | 356 | 364 | 370 | 368 |
| Number of actuators shipped, in million items | 5.9 | 5.6 | 5.6 | 5.3 | 4.9 |
| * Restatement due to the revised accounting standard IAS 19 Employee Benefits. | |||||