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Delivering Results

Financial Summary 1st Half-Year 2020

In the face of an unprecedented crisis, Belimo managed remarkably well in the first half-year of 2020. Overall, sales in the first half-year of 2020 declined by 5.6 percent to CHF 335.5 million. In local currencies, the Company saw sales contract by 1.4 percent. Earnings before interest and taxes (EBIT) decreased to CHF 55.4 million (2019: CHF 67.0 million). The EBIT margin amounted to 16.5 percent (18.9 percent), with adverse currency effects among the factors contributing to the margin decrease. The bottom line is a net income of CHF 41.2 million (CHF 53.3 million) and earnings per share of CHF 67.11 (CHF 86.60) were achieved.

in CHF million 1st Half 2020 1st Half 2019
restated*
Change
       
Net sales 335.5 355.2 -5.6%
Operating income (EBITDA) 71.0 81.6 -13.0%
in % of net sales 21.2% 23.0%  
Operating income (EBIT) 55.4 67.0 -17.2%
in % of net sales 16.5% 18.9%  
Net income 41.2 53.3 -22.6%
in % of net sales 12.3% 15.0%  
Cash effective investments in property, plant and equipment and intangible assets 12.1 17.4 -30.5%
Cash flow from operating activities 50.8 53.0 -4.1%
in % of net sales 15.1% 14.9%  
Free cash flow 38.8 26.0 49.4%
in % of net sales 11.6% 7.3%  
Earnings per share, in CHF 67.11 86.60 -22.5%
Number of employees (FTEs, six-month average) 1 816 1663 9.2%
       
* Restatement of non-current employee benefits, see note 1.3 in the Semiannual Report 2020      

Financial Summary 2019

in CHF million 2019 2018 Change
       
Net sales 692.7 642.4 7.8%
Operating income (EBITDA) 154.2 135.0 14.2%
in percent of net sales 22.3% 21.0%  
Operating income (EBIT) 123.9 109.8 12.8%
in percent of net sales 17.9% 17.1%  
Net income 121.1 86.2 40.5%
in percent of net sales 17.5% 13.4%  
Cash effective investments in property, plant and equipment and intangible assets 40.7 20.5 98.4%
Cash flow from operating activities 125.4 113.9 10.1%
in percent of net sales 18.1% 17.7%  
Free cash flow 83.9 94.3 -11.0%
in percent of net sales 12.1% 14.7%  
Earnings per share, in CHF 197.00 140.22 40.5%
Dividend, in CHF 150.00 100.00 50.0%
Number of employees (FTEs) as at December 31 1 789 1 640 9.0%
  • Income Statement
  • Balance Sheet
  • Cash Flow
  • Key Figures
  • Non-GAAP Measures
Income Statement
Five-Year Summary of the Belimo Group
           
in CHF 1 000 2019 2018 2017 2016 2015
(unless indicated otherwise)          
           
Net sales 692 680 642 368 579 853 533 650 493 299
Operating income (EBITDA) 154 224 134 999 117 388 110 280 95 818
in percent of net sales 22.3% 21.0% 20.2% 20.7% 19.4%
Operating income (EBIT) 123 869 109 839 92 621 86 964 74 630
in percent of net sales 17.9% 17.1% 16.0% 16.3% 15.1%
Personnel expenses 188 263 171 195 157 877 146 354 139 573
in percent of net sales 27.2% 26.7% 27.2% 27.4% 28.3%
Research and development 50 683 47 248 44 423 37 721 34 653
in percent of net sales 7.3% 7.4% 7.7% 7.1% 7.0%
Operating expenses 260 471 242 499 224 952 204 341 192 877
in percent of net sales 37.6% 37.8% 38.8% 38.3% 39.1%
Depreciation and amortization 30 355 25 160 24 767 23 315 21 188
in percent of net sales 4.4% 3.9% 4.3% 4.4% 4.3%
Net income 121 103 86 209 77 490 69 753 56 229
in percent of net sales 17.5% 13.4% 13.4% 13.1% 11.4%
           
 
Balance Sheet
Five-Year Summary of the Belimo Group
           
in CHF 1 000 2019 2018 2017 2016 2015
(unless indicated otherwise)   restated*      
           
Total assets 602 002 531 472 491 886 451 869 413 041
Cash and cash equivalents 172 563 155 138 113 178 103 670 67 687
in percent of total assets 28.7% 29.2% 23.0% 22.9% 16.4%
Current assets 374 897 348 281 302 503 267 012 224 542
in percent of total assets 62.3% 65.5% 61.5% 59.1% 54.4%
Net working capital 176 453 166 667 161 610 138 240 134 429
in percent of net sales 25.5% 25.9% 27.9% 25.9% 27.3%
Non-current assets 227 105 183 191 189 383 184 857 188 499
in percent of total assets 37.7% 34.5% 38.5% 40.9% 45.6%
Current liabilities 77 748 71 089 63 481 53 536 47 470
in percent of total assets 12.9% 13.4% 12.9% 11.8% 11.5%
Non-current liabilities 16 910 23 140 14 755 29 368 28 615
in percent of total assets 2.8% 4.4% 3.0% 6.5% 6.9%
Shareholders' equity 507 344 437 243 413 650 368 965 336 956
in percent of total assets 84.3% 82.3% 84.1% 81.7% 81.6%
           
*Restatement of non-current employee benefits. For additional information see note 1.3 of the financial report 2019.
Cash Flow
Five-Year Summary of the Belimo Group
           
in CHF 1 000 2019 2018 2017 2016 2015
(unless indicated otherwise)          
           
Cash flow from operating activities 125 400 113 938 82 318 90 282 70 371
in percent of net sales 18.1% 17.7% 14.2% 16.9% 14.3%
Free cash flow 83 852 94 261 54 857 75 151 37 038
in percent of net sales 12.1% 14.7% 9.5% 14.1% 7.5%
Investments in property, plant and equipment
and intangible assets
40 652 20 491 24 919 15 796 34 031
Dividend distribution 61 494 52 256 46 092 39 937 39 936
           
 
Key Figures
Five-Year Summary of the Belimo Group
           
in CHF 1 000 2019 2018 2017 2016 2015
(unless indicated otherwise)   restated*      
           
Net sales year-on-year growth, in percent 7.8% 10.8% 8.7% 8.2% -0.1%
Net sales in local currencies year-on-year growth,
in percent
9.2% 9.6% 8.2% 6.8% 3.6%
Return on equity (ROE), in percent 25.6% 20.3% 19.8% 19.8% 17.2%
Return on invested capital (ROIC), in percent 27.8% 27.8% 23.4% 23.8% 20.8%
Quick ratio, in percent 344.3% 347.6% 321.2% 342.1% 297.6%
Days sales outstanding (DSO) 54.9 55.8 56.3 55.0 55.4
Inventory period (DIO) 145 144 145 145 152
Equity-to-fixed-assets ratio, in percent 230.8% 251.3% 226.2% 215.5% 193.9%
Number of employees (FTEs, yearly average) 1 712 1 591 1 483 1 416 1 387
Net sales per employee 405 404 391 377 356
Actuators shipped, in million items 7.2 6.7 6.3 5.9 5.6
           
*Restatement of non-current employee benefits. For additional information see note 1.3 of the financial report 2019.
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 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 for the past 4 quarters * 360

Material expenses incl. changes in inventories:
Material expenses including change in stock of finished goods and work in progress

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 attributable to Belimo shareholders

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 / 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