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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  BELIMO Holding AG    BEAN   CH0001503199

BELIMO HOLDING AG

(BEAN)
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6770 CHF   -0.59%
04/01BELIMO HOLDING AG : Ex-dividend day for final dividend
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03/09BELIMO HOLDING AG : Profitable Growth with Impact
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Belimo Holding AG: Profitable Growth with Impact

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03/09/2020 | 01:05am EDT

EQS Group-Ad-hoc: Belimo Holding AG / Key word(s): Annual Results
Belimo Holding AG: Profitable Growth with Impact

09-March-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.


Hinwil (Switzerland), EMBARGOED UNTIL March 9, 2019, 07:00 a.m. CET

Press Release of the Belimo Group

Belimo: Profitable Growth with Impact

2019 was an excellent year for Belimo. Amidst a more uncertain overall macro-economic environment, the Company once again achieved outstanding sales performance and generated above-average growth.

In 2019, the Group posted above-average growth and expansion of market presence in all of its market regions. The success of Belimo has been supported by a solid non-residential construction market. The water business performed particularly well. Belimo logged a market-share expansion in water applications with water shares now trending at 44.3 percent (prior year: 43.1 percent) of total sales of
CHF 692.7 million.

Belimo once again increased its profitability in 2019 and achieved an operating income (EBIT) of
CHF 123.9 million, equaling an EBIT margin of 17.9 percent. Net income rose with respect to the comparison period by 40.5 percent to CHF 121.1 million, with a positive, nonrecurring effect stemming from the transitional provisions of the Swiss tax reform applied by Belimo in the amount of CHF 22.1 million. All market regions contributed to the favorable result, especially the Americas as the main growth driver.

The Board of Directors proposes a dividend of CHF 150.00 per share at the 2020 Annual General Meeting.

Europe. Belimo Group registered net sales of CHF 328.8 million in its largest market region, which corresponds to a growth of 3.6 percent, or 6.8 percent on a currency-adjusted basis in comparison with 2018. Supported by an uninterrupted trend towards increasing regulatory requirements for building efficiency, the heating, ventilation and air conditioning (HVAC) market in Europe saw solid growth in 2019.

Americas. In the Americas market region, the Group increased its sales to CHF 272.8 million, representing a growth of 12.3 percent in Swiss francs, or 11.0 percent on a currency-adjusted basis, further establishing the position of Belimo as a market leader. Healthy economic growth in the US and Canada translated into positive market conditions for the region. In the US and Canada in particular, 2019 has been a highly successful year for Belimo with excellent growth rates of 11.4 percent and 18.9 percent, respectively. All segments recorded significant growth in prior-year comparison, with the performance of products for water applications such as the Belimo Energy Valve(TM) markedly ahead of air applications.

Asia? Pacific. In the Asia Pacific market region, Belimo recorded CHF 91.1 million in sales, corresponding to a gratifying growth of 10.7 percent, or 12.7 percent on a currency-adjusted basis, in an increasingly difficult market environment. Growth momentum picked up in the second half of 2019, resulting in a higher all-year performance.

Net Sales by Market Regions

in CHF 1,000 2019 % Growth
in local
currencies
in %
2018 %
Europe 328,777 48 6.8 317,200 49
Americas 272,849 39 11.0 242,885 38
Asia Pacific 91,054 13 12.7 82,283 13
Group 692,680 100 9.2 642,368 100

Growth Strategy and Innovation. Belimo also continued to pursue its growth strategy in 2019 with the four strategic initiatives and pressed ahead with its research and development activities accordingly.

Grow Existing Business with Actuators and Valves. Belimo has further established its market share and broadened its product portfolio. While both air (actuators) and water (control valves) applications reported steady growth, the valve segment, in which Belimo has a lower market share in comparison with actuators, grew at a gratifyingly strong rate.

Enter Sensor Business. Sensors are a key technology for achieving a favorable room climate and optimizing the use of energy. They measure temperature, humidity, pressure, air quality, air flow or energy in rooms, air ducts and pipes. Belimo launched pipe and duct sensors as its first product range in 2017. Since then, the Company has continued to expand its offering, while further experiencing strong sales growth in the segment. Belimo sensors are now well-accepted in the industry - thereby further strengthening the positioning of Belimo as a one-stop shop for all field devices.

Offer Selected Performance Devices. Belimo drives the trend towards making field devices smarter, allowing for substantial additional energy savings in comparison with conventional valves. The combination of sensor, actuator and valve technologies and embedded logic is key when it comes to making devices "smart". These "Performance Devices" such as the Belimo Energy Valve(TM) had a substantial impact on the Company's high rate of growth in 2019.

Grow Asia Pacific. The Asia Pacific region represents an important, fast-growing market, where Belimo is strengthening its presence and expanding its leading position. Increased investments for developing sales and distribution capabilities as well as the launch of further products specifically developed for the region characterized the period under review. Belimo pushed ahead with its cluster strategy in selected Chinese metropolitan areas. It now runs sales offices in six cities, with imminent plans for opening four new ones.

Net Sales by Applications

in CHF 1,000 2019 % Growth
in local
currencies
in %
2018 %
Air 385,480 56 7.1 365,442 57
Water 307,200 44 11.9 276,926 43
Total 692,680 100 9.2 642,368 100

Outlook 2020. Belimo continues to be confident of its markets, but nonetheless expects a revenue growth slightly below the five-year average. Overall, the long-term outlook remains positive, as the main drivers of growth in form of megatrends remain unchanged. Increased uncertainty, however, has a dampening effect on the short-term and mid-term outlooks.

The US construction market remains to be strong, albeit late-cycled. Belimo anticipates stable market development in most European countries. The economy in certain European countries, however, remains challenging, e.g. in Germany and Great Britain. With the Energy Performance of Buildings Directive (EPBD) of the European Union coming into effect in 2020, an increased demand for building automation in European countries is anticipated in the years ahead. In Asia Pacific, the outbreak of the Coronavirus is likely to affect sales revenues, especially in China. A major strain on the global economy continues to be the U.S.-China trade conflict, with potential negative ramifications for overall economic conditions. In Europe, continuing Brexit-related uncertainties may have negative impacts on the regional economy. In addition, currency risks persist.

Despite a lower expected growth rate for 2020, Belimo continues to invest in its growth initiatives.

New integrated sustainability report. In order to provide greater transparency to its stakeholders, Belimo set out to further advance its sustainability reporting based on the international reporting framework of the Global Reporting Initiative (GRI). The new reports also quantifies the impact of Belimo products in the field, reducing energy consumption and CO2 emissions by a factor of 24 in relation to their resource input.

Key Figures of the Belimo Group for the 2019 Financial Year

in CHF 1,000 (unless indicated otherwise) 2019 2018 Change
in %
Net sales 692,680 642,368 7.8
Operating income (EBIT)
in percent of net sales
123,869
17.9%
109,839
17.1%
12.8
Net income
in percent of net sales
121,103
17.5%
86,209
13.4%
40.5
Cash flow from operating activities
in percent of net sales
125,400
18.1%
113,938
17.7%
10.1
Free cash flow
in percent of net sales
83,852
12.1%
94,261
14.7%
-11.0
Earnings per share, in CHF 197.00 140.22 40.5
Dividend per share, in CHF 150.00* 100.00 50.0
Cash effective investments in property, plant and equipment and intangible assets 40,652 20,491 98.4
Research and development
in percent of net sales
50,683
7.3%
47,248
7.4%
7.3
Number of employees as at December 31
(FTEs)
1,789 1,640 9.0

* Proposal to the Annual General Meeting on March 30, 2020.

The Belimo Group is a leading global manufacturer of innovative electrical actuator, valve, and sensor solutions for heating, ventilation, and air conditioning systems. The Company reported sales of CHF 693 million in 2019 and has approximately 1,900 employees. Information about the Company and its products is available on the internet at www.belimo.com.

The shares of BELIMO Holding AG have been traded on the SIX Swiss Exchange since 1995 (BEAN).

Link to the Annual Report 2019, including the new integrated sustainability report:
www.belimo.com/financial-reports
Link to the definitions of Alternative Performance Measures:
www.belimo.com/financial-summary

There will be a Media and Financial Analysts Conference on the 2019 financial statements at the WIDDER HOTEL in Zurich (Switzerland) today, starting at 10:00 a.m.

Contact   Dr. Markus Schürch, CFO   +41 43 843 65 01
         
Agenda   Publication of Annual Report 2019 /
Media and Financial Analysts Conference
 
March 9, 2020
    Annual General Meeting 2020   March 30, 2020
    Dividend Payment   April 3, 2020
    Publication of Semiannual Report 2020   August 3, 2020
    Publication of Sales 2020   January 21, 2021
    Publication of Annual Report 2020 /
Media and Financial Analysts Conference
 
March 8, 2021
    Annual General Meeting 2021   March 29, 2021
         
 

 


Additional features:


Document: https://eqs-cockpit.com/c/fncls.ssp?u=SPKFIRGRPJ
Document title: Press release - March 9, 2020, Belimo: Profitable Growth with Impact

End of ad hoc announcement
Language: English
Company: Belimo Holding AG
Brunnenbachstrasse 1
8340 Hinwil
Switzerland
Phone: +41 43 843 63 80
Fax: +41 43 843 62 41
E-mail: ir@belimo.ch
Internet: www.belimo.com
ISIN: CH0001503199
Listed: SIX Swiss Exchange
EQS News ID: 989327

 
End of Announcement EQS Group News Service

989327  09-March-2020 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=989327&application_name=news&site_id=zonebourse

© EQS 2020
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Sales 2020 700 M 743 M 743 M
Net income 2020 101 M 107 M 107 M
Net cash 2020 166 M 177 M 177 M
P/E ratio 2020 42,3x
Yield 2020 1,93%
Capitalization 4 188 M 4 449 M 4 449 M
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EV / Sales 2020 5,75x
Nbr of Employees 1 789
Free-Float 80,6%
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NameTitle
Lars van der Haegen Chief Executive Officer
Patrick Burkhalter Chairman
Markus Peter Schurch Chief Financial Officer
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