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Financial Summary first Half-Year 2019

Belimo is reporting a successful first half-year with sales growth of 9.3 percent. Sales in the first six months of the current financial year amounted to CHF 355.2 million. On a currency-adjusted basis, this corresponds to a growth of 9.9 percent. All market regions contributed to this above-average positive result. Operating income before interest and taxes (EBIT) rose to CHF 67.1 million resulting in an EBIT margin of 18.9 percent. This resulted in a net income of CHF 53.4 million and earnings per share of CHF 86.85.

in CHF million First Half 2019 First Half 2018 Change
       
Net sales 355.2 325.1 9.3%
Operating income before interest, taxes,
depreciation, amortization (EBITDA)
81.7 71.7 13.9%
in percent of net sales 23.0% 22.1%  
Operating income before interest and taxes (EBIT) 67.1 59.5 12.8%
in percent of net sales 18.9% 18.3%  
Net income 53.4 47.6 12.2%
in percent of net sales 15.0% 14.6%  
Investments in property, plant and equipment and intangible assets 17.4 7.7 125.5%
Cash flow from operating activities 53.0 57.0 -7.0%
in percent of net sales 14.9% 17.5%  
Free cash flow 26.0 49.6 -47.7%
in percent of net sales 7.3% 15.3%  
       
Earnings per share, in CHF 86.85 77.40 12.2%
       
Number of employees (FTEs, six-month average) 1 663 1 558 6.8%

Financial Summary 2018

Belimo is looking back at a successful financial year: Sales in Swiss francs increased by 10.8 percent to CHF 642.4 million, corresponding to a growth of 9.6 percent when adjusted for currencies. The Group has succeeded in achieving an operating income (EBIT) of CHF 109.8 million, which equates to an EBIT margin of 17.1 percent. Net income rose with respect to the comparison period by 11.3 percent to CHF 86.2 million.

in CHF million 2018 2017 Change
       
Net sales 642.4 579.9 10.8%
Operating income before interest, taxes,
depreciation, amortization (EBITDA)
135.0 117.4 15.0%
in percent of net sales 21.0% 20.2%  
Operating income before interest and taxes (EBIT) 109.8 92.6 18.6%
in percent of net sales 17.1% 16.0%  
Net income 86.2 77.5 11.3%
in percent of net sales 13.4% 13.4%  
Investments in property, plant and equipment and intangible assets 20.5 24.9 -17.8%
Cash flow from operating activities 113.9 82.3 38.4%
in percent of net sales 17.7% 14.2%  
Free cash flow 94.3 54.9 71.8%
in percent of net sales 14.7% 9.5%  
       
Earnings per share, in CHF 140.22 126.06 11.2%
Dividend per share, in CHF 100.00 85.00 17.6%
       
Number of employees (FTEs) as
at December 31
1 640 1 532 7.1%
  • Income Statement
  • Balance Sheet
  • Cash Flow
  • Key Figures
  • Non-GAAP Measures
Income Statement
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2018 2017 2016 2015 2014
(unless indicated otherwise)          
           
Net sales 642'368 579'853 533'650 493'299 493'919
Operating income (EBITDA) 134'999 117'388 110'280 95'818 99'603
in percent of net sales 21.0% 20.2% 20.7% 19.4% 20.2%
Operating income (EBIT) 109'839 92'621 86'964 74'630 81'250
in percent of net sales 17.1% 16.0% 16.3% 15.1% 16.5%
Personnel expenses 171'195 157'877 146'354 139'573 132'136
in percent of net sales 26.7% 27.2% 27.4% 28.3% 26.8%
Research and development 47'248 44'423 37'721 34'653 32'415
in percent of net sales 7.4% 7.7% 7.1% 7.0% 6.6%
Operating expenses 242'499 224'952 204'341 192'877 189'967
in percent of net sales 37.8% 38.8% 38.3% 39.1% 38.5%
Depreciation and amortization 25'160 24'767 23'315 21'188 18'352
in percent of net sales 3.9% 4.3% 4.4% 4.3% 3.7%
Net income 86'209 77'490 69'753 56'229 67'193
in percent of net sales 13.4% 13.4% 13.1% 11.4% 13.6%
           
 
Balance Sheet
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2018 2017 2016 2015 2014
(unless indicated otherwise)   restated*      
           
Total assets 531'052 491'886 451'869 413'041 424'514
Cash and cash equivalents 155'138 113'178 103'670 67'687 92'345
in percent of total assets 29.2% 23.0% 22.9% 16.4% 21.8%
Current assets 348'281 302'503 267'012 224'542 246'235
in percent of total assets 65.6% 61.5% 59.1% 54.4% 58.0%
Net working capital 166'667 161'610 138'240 134'429 130'560
in percent of net sales 25.9% 27.9% 25.9% 27.3% 26.4%
Non-current assets 182'771 189'383 184'857 188'499 178'279
in percent of total assets 34.4% 38.5% 40.9% 45.6% 42.0%
Current liabilities 71'089 63'481 53'536 47'470 72'826
in percent of total assets 13.4% 12.9% 11.8% 11.5% 17.2%
Non-current liabilities 20'101 14'755 29'368 28'615 34'769
in percent of total assets 3.8% 3.0% 6.5% 6.9% 8.2%
Shareholders' equity 439'862 413'650 368'965 336'956 316'919
in percent of total assets 82.8% 84.1% 81.7% 81.6% 74.7%
           
* Restatement due to an amended disclosure of provisions (see note 1.4 in the Financial Report in the Annual Report 2018).
Cash Flow
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2018 2017 2016 2015 2014
(unless indicated otherwise)          
           
Cash flow from operating activities 113'938 82'318 90'282 70'371 74'080
in percent of net sales 17.7% 14.2% 16.9% 14.3% 15.0%
Free cash flow 94'261 54'857 75'151 37'038 18'546
in percent of net sales 14.7% 9.5% 14.1% 7.5% 3.8%
Investments in property, plant and equipment
and intangible assets
20'491 24'919 15'796 34'031 55'141
Dividend distribution 52'256 46'092 39'937 39'936 39'908
           
 
Key Figures
Five-Year Summary of the Belimo Group
           
in CHF 1'000 2018 2017 2016 2015 2014
(unless indicated otherwise)   restated*      
           
Net sales year-on-year growth, in percent 10.8% 8.7% 8.2% -0.1% 4.5%
Net sales in local currencies year-on-year growth, in percent 9.6% 8.2% 6.8% 3.6% 6.6%
Return on equity (ROE), in percent 20.2% 19.8% 19.8% 17.2% 22.2%
Return on invested capital (ROIC), in percent 27.9% 23.4% 23.8% 20.8% 23.4%
Quick ratio, in percent 347.6% 321.2% 342.1% 297.6% 227.3%
Days sales outstanding (DSO) 49.1 50.3 49.1 50.6 46.7
Inventory period 131 132 131 138 129
Equity-to-fixed-assets ratio, in percent 251.7% 226.2% 215.5% 193.9% 197.3%
Number of employees (FTEs, yearly average) 1'591 1'483 1'416 1'387 1'357
Net sales per employee 404 391 377 356 364
Number of actuators shipped, in million items 6.7 6.3 5.9 5.6 5.6
           
* Restatement due to an amended disclosure of provisions (see note 1.4 in the Financial Report in the Annual Report 2018).
Non-GAAP Measures
Non-GAAP Measures (effective as of Semiannual Report 2019)

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 trade receivables for the past 4 quarters / Net sales for the past 4 quarters * 360

Days inventory outstanding, Inventory period (DIO):
Quarterly average of inventories for the past 4 quarters / Material expenses for the past 4 quarters * 360

Operating income before interest, taxes, depreciation, amortization (EBITDA):
Net sales + Other operating income - Material expenses - Operating expenses

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

Equity-to-fixed-assets ratio:
(Non-current liabilities + Shareholders' equity) / Non-current assets

Return on invested capital (ROIC):
Operating income / (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 * Number of registered shares / Net income

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.