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Hinwil, August 3, 2016, 07:00 a.m. - In the first half-year 2016, the Belimo Group increased its sales by 12.9 percent to CHF 273.9 million, adjusted for currencies by 10.2 percent.
Operating income before interest and taxes (EBIT) for the first half-year 2016 amounted to CHF 46.9 million, which equates to an operating margin of 17.1 percent (comparison period 2015 14.7 percent). Net income amounted to CHF 37.8 million (comparison period 2015 CHF 23.0 million). In the previous year, net income was strained substantially by the appreciation of the Swiss franc.
Europe. Sales in the Europe market region grew by 9.5 percent, or 7.2 percent on a currency-adjusted basis. Poland, Norway, Italy and the United Kingdom made notable contributions to growth. Poland’s improvement was the result of good economic developments and the relocation of production facilities by Western European companies. The United Kingdom and Norway mainly owed their growth to the strong OEM business. Germany and the Nether-lands also contributed essentially to growth. The low oil price resulted in restrained investment activity in the Middle East, which had a negative impact on business operations in Saudi Arabia. Sales in the Russian market stabilized at a low level.
Solutions using pressure-independent products such as the Belimo Energy ValveTM and the new zone valves Zone-TightTM posted above-average growth. Sales of the new fire damper actuators developed excellently as well.
Americas. Sales in the Americas market region grew by 15.4 percent, or 12.0 percent on a currency-adjusted basis. Sales in the United States and Canada developed well due to continued strength in the new construction sector. In addition, Belimo has benefitted from continued interest to invest in energy saving HVAC system upgrades in existing buildings.
Sales of water applications outpaced those of air applications, primarily driven by pressure-independent product solutions, butterfly valves and characterized control valves. Growth in the OEM customer segment was driven by sales of fire damper actuators.
Asia/Pacific. Sales in the Asia/Pacific market region grew by 19.1 percent, or 16.9 percent on a currency-adjusted basis. Belimo achieved encouraging contributions to growth in India, China and South-East Asia. In India, sales to global OEM customers improved. South Korea has bounced back from the slowdown experienced in the previous year as projects that have been on hold are now in progress. Sales in Australia are behind last year's results.
The main growth factor across the region were water applications, in particular pressure-independent solutions and butterfly valves.