Financial Summary
| Belimo was well-positioned to benefit from pent-up demand and governmental stimulus on strengthened fundamental drivers such as measures for improved energy efficiency and enhanced indoor air quality in buildings in 2021. In local currencies, the Group posted net sales growth of 16.6 percent compared with the previous year. In Swiss francs, net sales rose by 15.7 percent, to CHF 765.3 million. Belimo logged an operating income (EBIT) of CHF 145.4 million, which equals an EBIT margin of 19.0 percent. Net income increased by 33.3 percent to CHF 115.5 million. |
Key Figures Full Year
| in CHF million | 2021 | 2020 | Change |
| (unless indicated otherwise) | |||
| Net sales | 765.3 | 661.2 | 15.7% |
| Material expenses incl. changes in inventories | 306.8 | 266.6 | 15.1% |
| in % of net sales | 40.1% | 40.3% | |
| Earnings before interest, taxes, depreciation, and amortization (EBITDA) | 178.4 | 139.3 | 28.0% |
| in % of net sales | 23.3% | 21.1% | |
| Earnings before interest, taxes (EBIT) | 145.4 | 108.1 | 34.5% |
| in % of net sales | 19.0% | 16.3% | |
| Net income | 115.5 | 86.6 | 33.3% |
| in % of net sales | 15.1% | 13.1% | |
| Cash effective investments in property, plant and equipment and intangible assets | 46.7 | 29.0 | 61.3% |
| Cash flow from operating activities | 153.0 | 125.7 | 21.8% |
| in % of net sales | 20.0% | 19.0% | |
| Free cash flow | 45.5 | 93.3 | -51.2% |
| in % of net sales | 6.0% | 14.1% | |
| Earnings per share, in CHF * | 9.41 | 7.05 | 33.5% |
| Dividend, in CHF * | 8.50 | 7.50 | 13.3% |
| Number of employees (FTEs) as at December 31 | 1 921 | 1 826 | 5.2% |
| * A twenty-for-one share split was conducted in April 2021. In the interest of comparability, previous year figures have been adjusted in the table above. | |||
- Income Statement
- Balance Sheet
- Cash Flow
- Key Figures
- Non-GAAP Measures
Income Statement
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2021 | 2020 | 2019 | 2018 | 2017 |
| (unless indicated otherwise) | |||||
| Net sales | 765 343 | 661 226 | 692 680 | 642 368 | 579 853 |
| Material expenses incl. changes in inventories | 306 810 | 266 594 | 278 886 | 266 127 | 238 798 |
| in % of net sales | 40.1% | 40.3% | 40.3% | 41.4% | 41.2% |
| Earnings before interest, taxes, depreciation, and amortization (EBITDA) | 178 395 | 139 337 | 154 224 | 134 999 | 117 388 |
| in % of net sales | 23.3% | 21.1% | 22.3% | 21.0% | 20.2% |
| Earnings before interest, taxes (EBIT) | 145 363 | 108 065 | 123 869 | 109 839 | 92 621 |
| in % of net sales | 19.0% | 16.3% | 17.9% | 17.1% | 16.0% |
| Personnel expenses | 207 087 | 192 020 | 188 263 | 171 195 | 157 877 |
| in % of net sales | 27.1% | 29.0% | 27.2% | 26.7% | 27.2% |
| Research and development | 55 982 | 53 772 | 50 683 | 47 248 | 44 423 |
| in % of net sales | 7.3% | 8.1% | 7.3% | 7.4% | 7.7% |
| Operating expenses | 283 757 | 256 372 | 260 471 | 242 499 | 224 952 |
| in % of net sales | 37.1% | 38.8% | 37.6% | 37.8% | 38.8% |
| Depreciation and amortization | 33 032 | 31 272 | 30 355 | 25 160 | 24 767 |
| in % of net sales | 4.3% | 4.7% | 4.4% | 3.9% | 4.3% |
| Net income | 115 504 | 86 641 | 121 103 | 86 209 | 77 490 |
| in % of net sales | 15.1% | 13.1% | 17.5% | 13.4% | 13.4% |
Balance Sheet
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2021 | 2020 | 2019 | 2018 | 2017 |
| (unless indicated otherwise) | |||||
| Total assets | 642 671 | 583 458 | 602 002 | 531 472 | 491 886 |
| Cash and cash equivalents | 109 408 | 164 942 | 172 563 | 155 138 | 113 178 |
| in % of total assets | 17.0% | 28.3% | 28.7% | 29.2% | 23.0% |
| Current assets | 408 265 | 361 316 | 374 897 | 348 281 | 302 503 |
| in % of total assets | 63.5% | 61.9% | 62.3% | 65.5% | 61.5% |
| Net working capital | 199 010 | 167 899 | 176 453 | 166 667 | 161 610 |
| in % of net sales | 26.0% | 25.4% | 25.5% | 25.9% | 27.9% |
| Non-current assets | 234 407 | 222 142 | 227 105 | 183 191 | 189 383 |
| in % of total assets | 36.5% | 38.1% | 37.7% | 34.5% | 38.5% |
| Current liabilities | 114 456 | 78 364 | 77 748 | 71 089 | 63 481 |
| in % of total assets | 17.8% | 13.4% | 12.9% | 13.4% | 12.9% |
| Non-current liabilities | 16 879 | 15 831 | 16 910 | 23 140 | 14 755 |
| in % of total assets | 2.6% | 2.7% | 2.8% | 4.4% | 3.0% |
| Total equity | 511 336 | 489 263 | 507 344 | 437 243 | 413 650 |
| in % of total assets | 79.6% | 83.9% | 84.3% | 82.3% | 84.1% |
Cash Flow
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2021 | 2020 | 2019 | 2018 | 2017 |
| (unless indicated otherwise) | |||||
| Cash flow from operating activities | 153 049 | 125 668 | 125 400 | 113 938 | 82 318 |
| in % of net sales | 20.0% | 19.0% | 18.1% | 17.7% | 14.2% |
| Free cash flow | 45 544 | 93 274 | 83 852 | 94 261 | 54 857 |
| in % of net sales | 6.0% | 14.1% | 12.1% | 14.7% | 9.5% |
| Cash effective investments in property, plant and equipment and intangible assets | 46 725 | 28 964 | 40 652 | 20 491 | 24 919 |
| Dividend distribution | 92 243 | 92 241 | 61 494 | 52 256 | 46 092 |
Key Figures
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2021 | 2020 | 2019 | 2018 | 2017 |
| (unless indicated otherwise) | |||||
| Net sales year-on-year growth, in % | 15.7% | -4.5% | 7.8% | 10.8% | 8.7% |
| Net sales in local currencies year-on-year growth, in % | 16.6% | 0.0% | 9.2% | 9.6% | 8.2% |
| Return on equity (ROE), in % | 23.1% | 17.4% | 25.6% | 20.3% | 19.8% |
| Return on invested capital (ROIC), in % | 26.0% | 24.7% | 27.8% | 27.8% | 23.4% |
| Quick ratio, in % | 239.9% | 320.6% | 344.3% | 347.6% | 321.2% |
| Days sales outstanding (DSO) | 52.9 | 53.1 | 54.9 | 55.8 | 56.3 |
| Inventory period (DIO) | 148 | 159 | 145 | 144 | 145 |
| Equity-to-fixed-assets ratio, in % | 225.3% | 227.4% | 230.8% | 251.3% | 226.2% |
| Number of employees (FTEs, yearly average) | 1 857 | 1 824 | 1 712 | 1 591 | 1 483 |
| Net sales per employee | 412 | 363 | 405 | 404 | 391 |
| Actuators shipped, in million items | 7.8 | 6.9 | 7.2 | 6.7 | 6.3 |
Non-GAAP Measures
| Non-GAAP Measures |
Free cash flow
Cash flow from operating activities + Cash flow used in investing activities
Net liquidity
Cash and cash equivalents + current financial assets - current financial liabilities - non-current financial liabilities
Net working capital
Trade receivables + Inventories - Trade payables
Days sales outstanding (DSO)
Quarterly average of gross trade receivables for the past 4 quarters / Net sales for the past 4 quarters * 360
Days inventory outstanding, Inventory period (DIO)
Quarterly average of gross inventories for the past 4 quarters / Material expenses including changes in inventories for the past 4 quarters * 360
Material expenses incl. changes in inventories
Material expenses including changes in stock of finished goods and work in progress
Operating income before interest, taxes, depreciation and amortization (EBITDA)
Net sales + Other operating income - Material expenses including changes in inventories - Operating expenses
Operating income before interest and taxes (EBIT)
Net sales + Other operating income - Material expenses including changes in inventories - Operating expenses - Depreciation - Amortization
Compound annual growth rate (CAGR) net sales, 5 years
(Net sales actual year / Net sales 5 years ago) ^ (1/5) - 1
Quick ratio
(Cash and cash equivalents + Current receivables) / Current liabilities
Payout ratio
(Dividend + Nominal share capital repayment) / Net income attributable to Belimo shareholders
Equity-to-fixed-assets ratio
(Non-current liabilities + Shareholders' equity) / Non-current assets
Equity ratio
Shareholders' equity / total assets
Return on equity (ROE)
Net income / average shareholders' equity of December 31 and December 31 of previous year
Return on invested capital (ROIC)
Operating income (EBIT) / (Total assets - Cash and cash equivalents + Trade payables)
Return on dividend
Dividend / Stock market price as at December 31
Price-earnings ratio (P/E ratio)
Stock market price as at December 31 / Earnings per share (EPS)
Total shareholder return
(Stock market price as at end of period - Stock market price as at begin of period + paid Dividend) / Stock market price as at begin of period)
Total shareholder return, 5 years
(Stock market price as at end of period - Stock market price as at begin of 5-year-period + paid Dividends of last 5 years) / Stock market price as at begin of 5-year-period)
Research and development in percent of net sales
Expenses of the division Innovation excluding effects of capitalized development costs (capitalization and amortization) and excluding costs of litigation divided by net sales