Financial Summary First 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 2019restated* | 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