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Delivering Results

Financial Summary Belimo Group

Belimo can look back at a successful year. 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.