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Press Release Belimo Group Semiannual Report 2009
The Belimo Group, a global leader in actuator solutions for
regulating and controlling heating, ventilation and air conditioning
systems, felt the effects of the financial crisis and recession in
the first half-year. As a result, the Group was unable to sustain the
growth experienced in previous years.
Sales in first-half 2009 were CHF 190.1 million, down 5.0 percent
year-on-year. Adjusted for currency, this is equivalent to a decline
of 3.3 percent.
The operating margin (EBIT margin) was 14.8 percent in the first half
(comparison period 2008 15.6 percent). Thanks to the good financial
result, which benefited from the favorable exchange rate development,
net income improved by 3.1 percent to CHF 22.8 million.
The sales trend in the Americas and Asia/Pacific remains positive.
Measured in local currencies, the change year-on-year was -7.1
percent for Europe, 1.3 percent for the Americas and 5.7 percent for
Asia/Pacific. Converted to Swiss francs, the breakdown of sales by
market regions is 54 percent for Europe, 38 percent for the Americas
and 8 percent for Asia/Pacific.
Expressed in local currencies, sales of air applications fell by 8.0
percent, while sales of water applications were up 6.1 percent.
Since demand picked up in the second quarter, it has not been
necessary so far to introduce short-time working as previously
announced in the press release of April 23, 2009.
Europe
In most Central European countries, the markets are stable or only in
slight decline. However, sales in Southern and Eastern Europe, have
decreased considerably, with Spain and Italy particularly being hit
by the crisis. In Russia and Ukraine, many major projects have been
discontinued for the time being.
Efforts were intensified to identify and target construction
projects, which proved successful in the case of the Airrail Center
in Frankfurt, the largest construction site in Europe, where Belimo
actuators and valves will be installed.
Americas
Despite the already lengthy recession, the Americas division was able
to maintain sales at the previous-year level. Sales of actuators for
fire protection and smoke extraction continued to grow almost
unchecked, as did sales of water applications. The market for
replacements is also continuing to grow. The government's subsidy
programs have not had any significant impact thus far. OEM business
in ventilation systems has diminished noticeably due to the decline
in construction of utility buildings.
Asia/Pacific
Market conditions improved towards the middle of the year, but they
are still not at last year's level. Against this economic backdrop,
Belimo Asia/Pacific performed well. China, India, South East Asia and
Australia reported slightly better sales year-on-year, but sales in
Japan fell.
in CHF 1'000 1st half 2009 % share 1st half 2008 % share
Europe 102'616 54 117'399 59
Americas 71'673 38 68'276 34
Asia/Pacific 15'769 8 14'405 7
Total 190'058 100 200'080 100
Air applications
Development and field tests of the new range of spring actuators are
almost complete. Beginning fall 2009, Belimo will start to replace
the existing successful range with a substantially more efficient
group of products.
The new actuator platform (Eco) enables electronic controls to be
integrated in Belimo actuators, in close collaboration with OEM
customers. The third-generation of Belimo air flow sensor (D3) has
been successfully introduced in the first volume flow devices, thus
opening up new fields of application.
Water applications
We are continuously expanding the range of valves and improving
technical specifications, thus enabling us to steadily expand the
area of application. In spring 2009, a revolutionary 6-way ball valve
was presented for the first time at the ISH trade fair in Frankfurt.
This offers Belimo customers optimum value for money in various
applications with great potential, such as cooling ceilings.
in CHF 1'000 1st half 2009 % share 1st half 2008 % share
Air applications 119'795 63 133'856 67
Water applications 70'263 37 66'224 33
Total 190'058 100 200'080 100
Outlook
The outlook is still uncertain. On the one hand, the recession has
had a substantial impact on the construction industry, and OEM
customers are feeling the effects of falling demand for utility
buildings. On the other hand, the impact of subsidies and the will to
make building technology more energy-efficient are likely to gain in
importance over the next few months.
The Board of Directors is confident that Belimo can take advantage of
these new trends and is well equipped to benefit from the numerous
opportunities emerging in the future thanks to our undiminished
capacity for innovation. Belimo is strong enough to endure difficult
times unscathed and will continue to focus on achieving a solid
operating margin.
Belimo Group key data
in CHF 1'000 1st half 1st half Change
2009 2008 in %
Net sales 190'058 200'080 -5.0
Operating income before interest, 34'813 37'637 -7.5
taxes, depreciation and amortization 18.3% 18.8%
(EBITDA)
in percent of net sales
Operating income before interest and taxes 28'199 31'274 -9.8
(EBIT) 14.8% 15.6%
in percent of net sales
Net income 22'766 22'089 3.1
in percent of net sales 12.0% 11.0%
Capital expenditures 4'665 4'051 15.1
Cash flow from operating activities 39'805 34'199 16.4
Free cash flow 33'923 30'678 10.6
Earnings per share in CHF 37.59 36.20 3.8
Employees (FTEs, six-month average) 1'073 1'025 4.7
The Belimo Group is a leading global manufacturer of innovative
actuator solutions for heating, ventilation and air-conditioning
systems. The Group generated sales of CHF 404 million in 2008 and
employs more than 1100 people. For information on the company and its
products, visit www.belimo.com.
The shares of BELIMO Holding AG have been traded on SIX Swiss
Exchange since 1995 (BEAN).
Contact Beat Trutmann, CFO Phone +41 (0)43 843
62 65
Key dates Publication of preliminary results February 2010
for 2009
Annual results media briefing March 8, 2010
session
General Meeting March 29, 2010
The Semiannual Report 2009 can be downloaded from the following link:
http://hugin.info/100133/R/1331978/315376.pdf
The press release can be downloaded from the following link:
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BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil
WKN: 897962; ISIN:
CH0001503199; Index: SPI, SPIEX, SSCI;
Listed: Main Market in SIX Swiss Exchange;
