Financial Summary 2020
| Belimo performed well in a highly uncertain environment and a contracting HVAC market. The Group managed to maintain sales in 2020 in local currencies and expand market shares across regions. In Swiss francs, net sales declined by 4.5 percent, to CHF 661.2 million. Operating income (EBIT) came in at CHF 108.1 million, representing an EBIT margin of 16.3 percent. (2019: 17.9 percent). The strong operating result, which was achieved despite adverse conditions caused by the COVID-19 pandemic and unfavorable foreign exchange rate movements of the Swiss franc, confirms the resilience of the Belimo strategy. Net income declined compared to the previous year period by 28.5 percent to CHF 86.6 million. |
| in CHF million | 2020 | 2019 | Change |
| (unless indicated otherwise) | |||
| Net sales | 661.2 | 692.7 | -4.5% |
| Operating income (EBITDA) | 139.3 | 154.2 | -9.7% |
| in percent of net sales | 21.1% | 22.3% | |
| Operating income (EBIT) | 108.1 | 123.9 | -12.8% |
| in percent of net sales | 16.3% | 17.9% | |
| Net income | 86.6 | 121.1 | -28.5% |
| in percent of net sales | 13.1% | 17.5% | |
| Cash effective investments in property, plant and equipment and intangible assets | 29.0 | 40.7 | -28.8% |
| Cash flow from operating activities | 125.7 | 125.4 | 0.2% |
| in percent of net sales | 19.0% | 18.1% | |
| Free cash flow | 93.3 | 83.9 | 11.2% |
| in percent of net sales | 14.1% | 12.1% | |
| Earnings per share, in CHF | 141.02 | 197.00 | -28.4% |
| Dividend, in CHF | 150.00 | 150.00 | 0.0% |
| Number of employees (FTEs) as at December 31 | 1 826 | 1 789 | 2.1% |
- Income Statement
- Balance Sheet
- Cash Flow
- Key Figures
- Non-GAAP Measures
Income Statement
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2020 | 2019 | 2018 | 2017 | 2016 |
| (unless indicated otherwise) | |||||
| Net sales | 661 226 | 692 680 | 642 368 | 579 853 | 533 650 |
| Operating income (EBITDA) | 139 337 | 154 224 | 134 999 | 117 388 | 110 280 |
| in percent of net sales | 21.1% | 22.3% | 21.0% | 20.2% | 20.7% |
| Operating income (EBIT) | 108 065 | 123 869 | 109 839 | 92 621 | 86 964 |
| in percent of net sales | 16.3% | 17.9% | 17.1% | 16.0% | 16.3% |
| Personnel expenses | 192 020 | 188 263 | 171 195 | 157 877 | 146 354 |
| in percent of net sales | 29.0% | 27.2% | 26.7% | 27.2% | 27.4% |
| Research and development | 53 772 | 50 683 | 47 248 | 44 423 | 37 721 |
| in percent of net sales | 8.1% | 7.3% | 7.4% | 7.7% | 7.1% |
| Operating expenses | 256 372 | 260 471 | 242 499 | 224 952 | 204 341 |
| in percent of net sales | 38.8% | 37.6% | 37.8% | 38.8% | 38.3% |
| Depreciation and amortization | 31 272 | 30 355 | 25 160 | 24 767 | 23 315 |
| in percent of net sales | 4.7% | 4.4% | 3.9% | 4.3% | 4.4% |
| Net income | 86 641 | 121 103 | 86 209 | 77 490 | 69 753 |
| in percent of net sales | 13.1% | 17.5% | 13.4% | 13.4% | 13.1% |
Balance Sheet
| Five-Year Summary of the Belimo Group | |||||||||||||
| in CHF 1 000 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||
| (unless indicated otherwise) | |||||||||||||
| Total assets | 583 458 | 602 002 | 531 472 | 491 886 | 451 869 | ||||||||
| Cash and cash equivalents | 164 942 | 172 563 | 155 138 | 113 178 | 103 670 | ||||||||
| in percent of total assets | 28.3% | 28.7% | 29.2% | 23.0% | 22.9% | ||||||||
| Current assets | 361 316 | 374 897 | 348 281 | 302 503 | 267 012 | ||||||||
| in percent of total assets | 61.9% | 62.3% | 65.5% | 61.5% | 59.1% | ||||||||
| Net working capital | 167 899 | 176 453 | 166 667 | 161 610 | 138 240 | ||||||||
| in percent of net sales | 25.4% | 25.5% | 25.9% | 27.9% | 25.9% | ||||||||
| Non-current assets | 222 142 | 227 105 | 183 191 | 189 383 | 184 857 | ||||||||
| in percent of total assets | 38.1% | 37.7% | 34.5% | 38.5% | 40.9% | ||||||||
| Current liabilities | 78 364 | 77 748 | 71 089 | 63 481 | 53 536 | ||||||||
| in percent of total assets | 13.4% | 12.9% | 13.4% | 12.9% | 11.8% | ||||||||
| Non-current liabilities | 15 831 | 16 910 | 23 140 | 14 755 | 29 368 | ||||||||
| in percent of total assets | 2.7% | 2.8% | 4.4% | 3.0% | 6.5% | ||||||||
| Shareholders' equity | 489 263 | 507 344 | 437 243 | 413 650 | 368 965 | ||||||||
| in percent of total assets | 83.9% | 84.3% | 82.3% | 84.1% | 81.7% | ||||||||
Cash Flow
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2020 | 2019 | 2018 | 2017 | 2016 |
| (unless indicated otherwise) | |||||
| Cash flow from operating activities | 125 668 | 125 400 | 113 938 | 82 318 | 90 282 |
| in percent of net sales | 19.0% | 18.1% | 17.7% | 14.2% | 16.9% |
| Free cash flow | 93 274 | 83 852 | 94 261 | 54 857 | 75 151 |
| in percent of net sales | 14.1% | 12.1% | 14.7% | 9.5% | 14.1% |
| Investments in property, plant and equipment and intangible assets | 28 964 | 40 652 | 20 491 | 24 919 | 15 796 |
| Dividend distribution | 92 241 | 61 494 | 52 256 | 46 092 | 39 937 |
Key Figures
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1 000 | 2020 | 2019 | 2018 | 2017 | 2016 |
| (unless indicated otherwise) | |||||
| Net sales year-on-year growth, in percent | -4.5% | 7.8% | 10.8% | 8.7% | 8.2% |
| Net sales in local currencies year-on-year growth,in percent | 0.0% | 9.2% | 9.6% | 8.2% | 6.8% |
| Return on equity (ROE), in percent | 17.4% | 25.6% | 20.3% | 19.8% | 19.8% |
| Return on invested capital (ROIC), in percent | 24.7% | 27.8% | 27.8% | 23.4% | 23.8% |
| Quick ratio, in percent | 320.6% | 344.3% | 347.6% | 321.2% | 342.1% |
| Days sales outstanding (DSO) | 53.1 | 54.9 | 55.8 | 56.3 | 55.0 |
| Inventory period (DIO) | 159 | 145 | 144 | 145 | 145 |
| Equity-to-fixed-assets ratio, in percent | 227.4% | 230.8% | 251.3% | 226.2% | 215.5% |
| Number of employees (FTEs, yearly average) | 1 824 | 1 712 | 1 591 | 1 483 | 1 416 |
| Net sales per employee | 363 | 405 | 404 | 391 | 377 |
| Actuators shipped, in million items | 6.9 | 7.2 | 6.7 | 6.3 | 5.9 |
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
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 without effects of capitalized development costs (capitalization and amortization) divided by net sales