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Delivering Results

Sommaire financier

Belimo is reporting a dynamic first half-year 2018 with double-digit sales growth of 12.7 percent. Sales in the first six months of the current financial year amounted to CHF 325.1 million. In currency-adjusted terms, half-year sales rose by 10.8 percent. All market regions contributed to this positive result. Operating income before interest and taxes (EBIT) rose to CHF 59.5 million. The EBIT margin was 18.3 percent. This resulted in a net income of CHF 47.6 million and earnings per share of CHF 77.40.

in CHF million First Half 2018 First Half 2017 Change
       
Net sales 325.1 288.5 12.7%
Operating income before interest, taxes,
depreciation, amortization (EBITDA)
71.7 61.1 17.5%
in percent of net sales 22.1% 21.2%  
Operating income before interest and taxes (EBIT) 59.5 49.1 21.3%
in percent of net sales 18.3% 17.0%  
Net income 47.6 38.4 24.1%
in percent of net sales 14.6% 13.3%  
Investments in property, plant and equipment and intangible assets 7.7 11.4 -32.3%
Cash flow from operating activities 57.0 35.3 61.3%
in percent of net sales 17.5% 12.2%  
Free cash flow 49.6 24.1 105.9%
in percent of net sales 15.3% 8.4%  
       
in CHF      
Earnings per share 77.40 62.40 24.0%
       
Number of employees (FTEs, six-month average) 1 558 1 452 7.3%

Financial Summary 2017

Belimo can look back on a good financial year. Sales in Swiss francs increased by 8.7 percent to CHF 579.9 million. In currency-adjusted terms, this equals a growth of 8.2 percent. Belimo increased its expenses on research and development by CHF 6.7 million in order to improve innovative capacity while nevertheless achieving a solid operating income (EBIT) of CHF 92.6 million, corresponding to an EBIT margin of 16.0 percent. Net income rose by 11.1 percent year-on-year to CHF 77.5 million.

in CHF million 2017 2016 Change
       
Net sales 579.9 533.7 8.7%
Operating income before interest, taxes,
depreciation, amortization (EBITDA)
117.4 110.3 6.4%
in percent of net sales 20.2% 20.7%  
Operating income before interest and taxes (EBIT) 92.6 87.0 6.5%
in percent of net sales 16.0% 16.3%  
Net income 77.5 69.8 11.1%
in percent of net sales 13.4% 13.1%  
Investments in property, plant and equipment and intangible assets 24.9 15.8 57.8%
Cash flow from operating activities 82.3 90.3 -8.8%
in percent of net sales 14.2% 16.9%  
Free cash flow 54.9 75.2 -27.0%
in percent of net sales 9.5% 14.1%  
       
in CHF      
Earnings per share 126.06 113.51 11.1%
Dividend per share 85.00 75.00 13.3%
       
Number of employees (FTEs) as
at December 31
1 532 1 440 6.4%

  • Income Statement
  • Balance Sheet
  • Cash Flow
  • Key Figures
Income Statement
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2017 2016 2015 2014 2013
(unless indicated otherwise)          
           
Net sales 579'853 533'650 493'299 493'919 472'859
Operating income (EBITDA) 117'388 110'280 95'818 99'603 98'535
in percent of net sales 20.2% 20.7% 19.4% 20.2% 20.8%
Operating income (EBIT) 92'621 86'964 74'630 81'250 81'318
in percent of net sales 16.0% 16.3% 15.1% 16.5% 17.2%
Personnel expenses 157'877 146'354 139'573 132'136 125'199
in percent of net sales 27.2% 27.4% 28.3% 26.8% 26.5%
Research and development 44'423 37'721 34'653 32'415 30'573
in percent of net sales 7.7% 7.1% 7.0% 6.6% 6.5%
Operating expenses 224'952 204'341 192'877 189'967 180'261
in percent of net sales 38.8% 38.3% 39.1% 38.5% 38.1%
Depreciation and amortization 24'767 23'315 21'188 18'352 17'217
in percent of net sales 4.3% 4.4% 4.3% 3.7% 3.6%
Net income 77'490 69'753 56'229 67'193 62'609
in percent of net sales 13.4% 13.1% 11.4% 13.6% 13.2%
           
 
Balance Sheet
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2017 2016 2015 2014 2013
(unless indicated otherwise)          
           
Total assets 491'886 451'869 413'041 424'514 369'991
Cash and cash equivalents 113'178 103'670 67'687 92'345 104'482
in percent of total assets 23.0% 22.9% 16.4% 21.8% 28.2%
Current assets 302'503 267'012 224'542 246'235 238'299
in percent of total assets 61.5% 59.1% 54.4% 58.0% 64.4%
Net working capital 243'366 213'477 177'072 173'408 194'537
in percent of net sales 42.0% 40.0% 35.9% 35.1% 41.1%
Non-current assets 189'383 184'857 188'499 178'279 131'692
in percent of total assets 38.5% 40.9% 45.6% 42.0% 35.6%
Current liabilities 59'136 53'536 47'470 72'826 43'761
in percent of total assets 12.0% 11.8% 11.5% 17.2% 11.8%
Non-current liabilities 19'100 29'368 28'615 34'769 38'769
in percent of total assets 3.9% 6.5% 6.9% 8.2% 10.5%
Shareholders' equity 413'650 368'965 336'956 316'919 287'461
in percent of total assets 84.1% 81.7% 81.6% 74.7% 77.7%
           
 
Cash Flow
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2017 2016 2015 2014 2013
(unless indicated otherwise)          
           
Cash flow from operating activities 82'318 90'282 70'371 74'080 70'574
in percent of net sales 14.2% 16.9% 14.3% 15.0% 14.9%
Free cash flow 54'857 75'151 37'038 18'546 34'921
in percent of net sales 9.5% 14.1% 7.5% 3.8% 7.4%
Investments in property, plant and equipment
and intangible assets
24'919 15'796 34'031 55'141 36'676
Dividend distribution 46'092 39'937 39'936 39'908 36'606
           
 
Key Figures
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2017 2016 2015 2014 2013
(unless indicated otherwise)          
           
Net sales year-on-year growth, in percent 8.7% 8.2% -0.1% 4.5% 6.4%
Net sales in local currencies year-on-year growth, in percent 8.2% 6.8% 3.6% 6.6% 6.4%
Return on equity (ROE), in percent 19.8% 19.8% 17.2% 22.2% 23.4%
Return on invested capital (ROIC), in percent 23.4% 23.8% 20.8% 23.4% 29.7%
Quick ratio, in percent 344.8% 342.1% 297.6% 227.3% 381.6%
Days sales outstanding (DSO) 50.3 49.1 50.6 46.7 43.2
Inventory period 132 131 138 129 125
Equity-to-fixed-assets ratio, in percent 228.5% 215.5% 193.9% 197.3% 247.7%
Number of employees (FTEs, yearly average) 1'483 1'416 1'387 1'357 1'278
Net sales per employee 391 377 356 364 370
Number of actuators shipped, in million items 6.3 5.9 5.6 5.6 5.3