The Belimo Group increased its sales in the first half-year 2014 by 6.3 percent on a currency-adjusted basis (3.1 percent in Swiss francs) to CHF 244.1 million. Earnings before interest and taxes (EBIT) amounted to CHF 42.0 million, which equates to an operating margin of 17.2 percent (comparison period 2013 17.8 percent). Net income was CHF 33.6 million and thus on previous year level (comparison period 2013 CHF 33.5 million).
Europe. Sales in the Europe market region grew by 6.9 percent in Swiss francs (7.4 percent on a currency-adjusted basis). Belimo did well in France, Germany and Italy. A successful performance in terms of sales was also recorded in the Netherlands, Finland, Poland and Spain. Amongst others the order for the office building "Sea Containers House" in London, United Kingdom, could be won. The United Arab Emirates rose strongly from modest results in the previous year. Russia performed disappointingly, suffering from the current economic situation and the devaluation of the ruble.
Sales in water applications reached double-digit growth. This was largely thanks to products for zone applications and the new hydraulic balancing solutions for plants.
Americas. Sales in the Americas market region were down 0.7 percent in Swiss francs. On a currency-adjusted basis, they were up 5.6 percent. Belimo once again made gains in the United States and Canada. The Canadian subsidiary won a major order for the hospital "Centre hospitalier de l'Université de Montréal (CHUM)". Latin America posted an impressive double-digit growth. The new Arena Corinthians football stadium in São Paulo, Brazil, is fitted with Belimo products.
Overall, air applications grew stronger than water applications. This is due to the fact that the OEM business performed much better than the contracting business, and OEM sales are largely made up of air damper actuators.
Asia/Pacific. Sales in the Asia/Pacific market region were down 3.8 percent in Swiss francs. On a currency-adjusted basis, they were up 3.2 percent. Belimo reported solid growth in Australia due to the order for the "Governor Phillip Tower" in Sydney. India and the Philippines also developed positively. South Korea, Hong Kong, Malaysia and China were below expectations.
Water applications grew stronger than air applications. Increasing awareness of energy consumption helped water applications to grow.
Net sales by region
| in CHF 1,000 | 1st half 2014 | % | Growth in local cur- rencies in % | 1st half 2013 | % |
| Europe | 137,200 | 56 | 7.4 | 128,362 | 54 |
| Americas | 83,071 | 34 | 5.6 | 83,698 | 36 |
| Asia/Pacific | 23,790 | 10 | 3.2 | 24,717 | 10 |
| Group | 244,061 | 100 | 6.3 | 236,777 | 100 |
Net sales by application
| in CHF 1,000 | 1st half 2014 | % | Growth in local cur- rencies in % | 1st half 2013 | % |
| Air | 150,662 | 62 | 6.4 | 145,800 | 62 |
| Water | 93,399 | 38 | 6.2 | 90,977 | 38 |
| Total | 244,061 | 100 | 6.3 | 236,777 | 100 |
Outlook. The construction industry in Europe is likely to see further improvement, resulting in steady demand for Belimo solutions. In Russia, the weak currency is slowing down the market development. In the United States, the key market for the Americas region, investment in the private building sector is rising, while from the government sector no high construction or retrofit activity is expected. Asia/Pacific is being affected by the restraint shown in China, but there are hopes of improvement in South East Asia. Australia and India are likely to continue their growth.
Belimo Group key figures
| in CHF 1,000 (unless indicated otherwise) | 1st half 2014 | 1st half 2013 | Change in % |
| Net sales | 244,061 | 236,777 | 3.1 |
| Operating income (EBIT) in percent of net sales | 41,954 17.2% | 42,184 17.8% | -0.5 |
| Net income in percent of net sales | 33,600 13.8% | 33,530 14.2% | 0.2 |
| Cash flow from operating activities in percent of net sales | 33,613 13.8% | 37,333 15.8% | -10.0 |
| Free cash flow in percent of net sales | 6,407 2.6% | 28,046 11.8% | -77.2 |
| Earnings per share, in CHF | 54.84 | 54.96 | -0.2 |
| Investments | 27,449 | 9,418 | 191.4 |
| Number of employees (FTEs, six-month average) | 1,339 | 1,252 | 6.9 |
The Belimo Group is a leading global manufacturer of innovative electrical actuator solutions and valve systems for heating, ventilation and air-conditioning systems. The Group generated sales of CHF 473 million in 2013 and employs more than 1,400 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 2014 Semiannual Report (PDF)
| Contact | Beat Trutmann, CFO | Phone +41 43 843 62 65 |
| Agenda | Semiannual Report 2014 | August 5, 2014 |
| Publication of 2014 preliminary results | February 11, 2015 | |
| Media information session/ | ||
| Publication of 2014 Annual Report | March 23, 2015 | |
| Annual General Meeting 2015 | April 20, 2015 |
The press release can be downloaded from the following link:
