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Delivering Results

Belimo has seen a rapid return to above-average sales growth in the first half of 2021. Overall, net sales grew by 16.9 percent in local currencies as compared to the first half of 2020. In Swiss francs, net sales increased by 14.7 percent to CHF 384.7 million. In terms of profitability, the Group reported earnings before interest and taxes (EBIT) of CHF 75.6 million (HY1 2020: CHF 55.4 million). The EBIT margin rose to 19.7 percent (16.5 percent). Belimo achieved a net income of CHF 63.7 million (CHF 41.2 million).

Key Figures First Half-Year

in CHF million 1st half 2021 1st half 2020 Change
(unless indicated otherwise)      
       
Net sales 384.7 335.5 14.7%
Operating income (EBITDA) 91.8 71.0 29.4%
in % of net sales 23.9% 21.2%  
Operating income (EBIT) 75.6 55.4 36.4%
in % of net sales 19.7% 16.5%  
Net income 63.7 41.2 54.6%
in % of net sales 16.6% 12.3%  
Cash effective investments in property, plant and equipment and intangible assets 12.5 12.1 3.4%
Cash flow from operating activities 64.6 50.8 27.2%
in % of net sales 16.8% 15.1%  
Free cash flow 52.1 38.8 34.3%
in % of net sales 13.5% 11.6%  
Earnings per share (EPS), in CHF 1) 5.18 3.36 54.5%
Number of employees (FTEs) as at June 30 1 848 1 830 1.0%
       
1) In April 2021, a twenty-for-one share split has been conducted.
EPS for the previous year has been adjusted for reasons of comparability.
   

Key Figures Full Year

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

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 without effects of capitalized development costs (capitalization and amortization) divided by net sales