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Delivering Results

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