Double-digit sales growth and enhanced profitability
Belimo Group, the world leader in electric actuators for heating, ventilating and air-conditioning systems, continued to grow in the first six months of 2006. Sales, operating income and net income all rose compared with the same period a year ago.
Sales increased to CHF 159.5 million, 16.7 percent up on the comparison period the previous year; this corresponds to a rise of 11.5 percent in local currency terms. Net income increased by 27.6 percent to CHF 20.5 million. The operating income margin was 16.5 percent (2005 comparison period: 14.1 percent).
Europe
The European business performed extremely well compared to last year. The markets in Germany and France managed to recover. Austria, Poland, Russia and Ukraine posted above-average results. In Eastern Europe, investments in comfort and safety systems continue undiminished. Safety applications (fire protection dampers) continue to be motorized.
Americas
The market for equipment in non-residential property construction did well. The trend toward rooftop units with factory-fitted control and actuating systems led to a noticeable reduction in the need for traditional actuators for equipment installed on site. Consequently, growth in the US was slight. Sales in Canada and Latin America remained very promising.
Asia/Pacific
Markets in the Asia/Pacific region progressed nicely in the first six months. The reorganization of the sales channels initiated in 2005 is yielding results.
|
in CHF 1'000 |
1st half 2006 |
Share in % |
1st half 2005 |
Share in % |
|
Europe |
83'029 |
52% |
68'773 |
50% |
|
Americas |
66'166 |
41% |
59'304 |
44% |
|
Asia/Pacific |
10'340 |
7% |
8'594 |
6% |
|
Total |
159'535 |
100% |
136'671 |
100% |
Measured in local currencies, Europe achieved the highest sales growth at 20.2 percent, followed by the Asia/Pacific region at 11.0 percent and the Americas at 1.6 percent.
Applications
Demand for safety damper actuators in ventilation equipment continued to grow. The introduction of New Generation actuators is starting to bear fruit and made a particular contribution to the above-average growth seen in applications for characterized control valves and butterfly valves.
Demand for safety damper actuators in ventilation equipment continued to grow. The introduction of New Generation actuators is starting to bear fruit and made a particular contribution to the above-average growth seen in applications for characterized control valves and butterfly valves.
|
in CHF 1'000 |
1st half 2006 |
Share in % |
1st half 2005 |
Share in % |
|
Air applications |
108'795 |
68% |
96'339 |
70% |
|
Water applications |
50'740 |
32% |
40'332 |
30% |
|
Total |
159'535 |
100% |
136'671 |
100% |
In local currency terms, sales in air applications grew by 8.7 percent, and sales in water applications by 18.3 percent.
Outlook
The Board of Directors expects no major changes to the general market conditions in the second half of 2006. Slightly stronger growth is expected in the Americas. Uncertainty surrounding the US dollar exchange rate will remain a factor.
The Board of Directors expects no major changes to the general market conditions in the second half of 2006. Slightly stronger growth is expected in the Americas. Uncertainty surrounding the US dollar exchange rate will remain a factor.
Belimo Group key data
|
in CHF 1'000 |
1st half 2006 |
1st half 2005 |
Change |
|
Net sales |
159'535 |
136'671 |
16.7% |
|
Operating income before interest, tax, depreciation and amortization (EBITDA) as a percentage of net sales |
31'039 19.5% |
23'408 17.1% |
32.6% |
|
Operating income before interest and tax (EBIT) as a percentage of net sales |
26'286 16.5% |
19'264 14.1% |
36.5% |
|
Net income as a percentage of net sales |
20'470 12.8% |
16'042 11.7% |
27.6% |
|
Investments in property, plant and equipment |
3'104 |
4'598 |
-32.5% |
|
Cash flow from operating activities |
23'134 |
13'628 |
69.8% |
|
Free Cash flow |
20'394 |
12'927 |
57.8% |
|
Employees (FTEs, six-month average)) |
858 |
781 |
9.9% |
|
Earnings per share in CHF |
31.92 |
24.88 |
28.3% |
The Belimo Group is a world-leading supplier of innovative electric actuator solutions in heating, ventilating and air-conditioning technology. The Group achieved sales of CHF 280.3 million in the 2005 financial year and employs over 900 staff. Information on the company and products can be found on the Internet at www.belimo.com.
The shares of BELIMO Holding AG have been listed on the Swiss stock exchange since 1995 (SWX: BEAN)
Contact person Beat Trutmann, CFO Phone +41 (0)43 843 62 65
Agenda Publication of preliminary results 2006 February 2007
Media orientation on results April 2, 2007
Ordinary shareholder's meeting May 7, 2007
BELIMO Holding AG
Brunnenbachstrasse 1
CH-8340 Hinwil
Tel. ++41-(0)43 843 61 11
Fax ++41-(0)43 843 62 41
ir@belimo.ch
www.belimo.com
Brunnenbachstrasse 1
CH-8340 Hinwil
Tel. ++41-(0)43 843 61 11
Fax ++41-(0)43 843 62 41
ir@belimo.ch
www.belimo.com
The semiannual report 2006 and the press release can be downloaded from the following links:
