Belimo is reporting a dynamic first half-year 2018 with double-digit sales growth of 12.7 percent, in currency-adjusted terms 10.8 percent. Sales in the first six months of the current financial year amounted to CHF 325.1 million.
Operating income before interest and taxes (EBIT) rose to CHF 59.5 million (comparison period 2017 CHF 49.1 million). The EBIT margin was 18.3 percent (17.0 percent). This resulted in a net income of CHF 47.6 million (CHF 38.4 million) and earnings per share of CHF 77.40 (CHF 62.40).
Europe. Supported by the good economic situation in Europe and the appreciation of the Euro against the Swiss franc, the biggest market region of the Belimo Group recorded sales growth of 19.7 percent, in currency-adjusted terms 12.6 percent. Demand for heating, ventilation and air conditioning technology (HVAC) from Belimo developed correspondingly positively in almost all countries in the region. Particularly noteworthy are the high growth contributions in Switzerland, Germany, Russia, France and Poland. The investments made in the sales organizations in Turkey and Sweden over recent years also led to favorable growth rates in 2018.
Both air and water applications reported double-digit sales growth. The former benefited significantly from new customers in the OEM business. In the area of water applications, the growth rates can be attributed to the innovative expansion of the product range over recent years.
Americas. The continuing trend to upgrade existing buildings with energy-saving HVAC systems and the stable demand for new building projects meant that sales in the market region Americas increased by 4.1 percent, in currency-adjusted terms 7.6 percent. All subsidiaries contributed to this successful result, with market share gains achieved particularly in the United States and Canada. In Brazil, there were signs of recovery after the stagnation of recent years.
Investments in the construction of data centers have been conducive to growth in air applications, which grew faster overall than water applications. Both the OEM and contracting business enjoyed favorable development due to the continuing good overall economic situation and the broad product range of Belimo.
Asia Pacific. Sales in the market region Asia Pacific grew by 13.8 percent, in currency-adjusted terms 14.2 percent. In China in particular, Belimo had a strong first half-year with a good order volume for infrastructure projects and data centers. India and Australia also achieved convincing double-digit growth rates.
The recently launched products designed for the Asian market, such as the new damper actuator for variable air volume control VAV ZoneEaseTM or the pressure-independent flow limiter valve (PIFLV), met with great interest.
Net sales by market regions
| in CHF 1,000 | 1st half 2018 | % | Growth in local currencies in % | 1st half 2017 | % |
| Europe | 164,315 | 51 | 12.6 | 137,302 | 48 |
| Americas | 121,507 | 37 | 7.6 | 116,675 | 40 |
| Asia Pacific | 39,281 | 12 | 14.2 | 34,506 | 12 |
| Group | 325,103 | 100 | 10.8 | 288,483 | 100 |
Net sales by applications
| in CHF 1,000 | 1st half 2018 | % | Growth in local currencies in % | 1st half 2017 | % |
| Air | 188,062 | 58 | 11.8 | 164,129 | 57 |
| Water | 137,041 | 42 | 9.4 | 124,354 | 43 |
| Total | 325,103 | 100 | 10.8 | 288,483 | 100 |
Outlook. Provided that political and economic conditions do not deteriorate, Belimo is confident about the further course of the financial year. However, it will probably not be possible to maintain the high growth rate of the first half-year 2018. The good economic situation makes a favorable forecast for the market region Europe possible. Despite the long expansion phase, there are also signs of a sustained positive economic environment in the market region Americas. The outlook for the market region Asia Pacific remains good due to the construction industry and the growth strategy focused on Asia.
Belimo Group key figures
| in CHF 1,000 (unless indicated otherwise) | 1st half 2018 | 1st half 2017 | Change in % |
| Net sales | 325,103 | 288,483 | 12.7 |
| Operating income (EBIT) in percent of net sales | 59,525 18.3% | 49,066 17.0% | 21.3 |
| Net income in percent of net sales | 47,584 14.6% | 38,350 13.3% | 24.1 |
| Cash flow from operating activities in percent of net sales | 56,954 17.5% | 35,319 12.2% | 61.3 |
| Free cash flow in percent of net sales | 49,644 15.3% | 24,108 8.4% | 105.9 |
| Earnings per share, in CHF | 77.40 | 62.40 | 24.0 |
| Investments in property, plant and equipment and intangible assets | 7,710 | 11,382 | -32.3 |
| Number of employees (FTEs, six-month average) | 1,558 | 1,452 | 7.3 |
The Belimo Group is a leading global manufacturer of innovative actuator, valve, and sensor solutions for heating, ventilation, and air conditioning systems. The Company reported sales of CHF 580 million in 2017 and has around 1,700 employees. Information about the company and its products is available on the Internet at www.belimo.com.
The shares of BELIMO Holding AG have been traded on the SIX Swiss Exchange since 1995 (BEAN).
Link to the Semiannual Report 2018: www.belimo.com/financial-reports
| Contact | Beat Trutmann, CFO | Phone +41 43 843 62 65 |
| Agenda | Publication of Semiannual Report 2018 | August 6, 2018 |
| Publication of Sales 2018 | January 24, 2019 | |
| Publication of Annual Report 2018/ Media and Financial Analysts Conference | March 11, 2019 | |
| Annual General Meeting 2019 | April 1, 2019 |
The press release can be downloaded from the following link:
