Financial Summary first Half-Year 2018
Belimo is reporting a dynamic first half-year 2018 with double-digit sales growth of 12.7 percent. Sales in the first six months of the current financial year amounted to CHF 325.1 million. In currency-adjusted terms, half-year sales rose by 10.8 percent. All market regions contributed to this positive result. Operating income before interest and taxes (EBIT) rose to CHF 59.5 million. The EBIT margin was 18.3 percent. This resulted in a net income of CHF 47.6 million and earnings per share of CHF 77.40.
| in CHF million | First Half 2018 | First Half 2017 | Change |
| Net sales | 325.1 | 288.5 | 12.7% |
| Operating income before interest, taxes, depreciation, amortization (EBITDA) | 71.7 | 61.1 | 17.5% |
| in percent of net sales | 22.1% | 21.2% | |
| Operating income before interest and taxes (EBIT) | 59.5 | 49.1 | 21.3% |
| in percent of net sales | 18.3% | 17.0% | |
| Net income | 47.6 | 38.4 | 24.1% |
| in percent of net sales | 14.6% | 13.3% | |
| Investments in property, plant and equipment and intangible assets | 7.7 | 11.4 | -32.3% |
| Cash flow from operating activities | 57.0 | 35.3 | 61.3% |
| in percent of net sales | 17.5% | 12.2% | |
| Free cash flow | 49.6 | 24.1 | 105.9% |
| in percent of net sales | 15.3% | 8.4% | |
| in CHF | |||
| Earnings per share | 77.40 | 62.40 | 24.0% |
| Number of employees (FTEs, six-month average) | 1 558 | 1 452 | 7.3% |
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 |