Belimo posts strong currency-adjusted growth wi...

BELIMO Holding AG /
Belimo posts strong currency-adjusted growth with robust margins
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Hinwil, August 4, 2011, 7:00 a.m.

Press Release: Belimo Group Semiannual Report 2011

Belimo, a leading, innovative global technology company producing electrical
actuator solutions for heating, ventilation and air conditioning systems, posted
pleasing growth on a currency-adjusted basis in the first half-year. However,
growth in Swiss francs was impacted by the strengthening of the Swiss franc over
a considerable period now.

Sales in the first half of 2011 came to CHF 216.0 million, equivalent to year-
on-year growth of 3.2 percent, and 14.5 percent in local currencies.

The operating margin before interest and taxes (EBIT) was 18.5 percent (same
period 2010 19.5 percent). Despite the adverse currency situation, the margin
remained at a high level, mainly due to natural hedging. The currency losses
resulted in a decline in net profit, which was down by 16.1 percent to CHF 26.4
million (same period 2010 CHF 31.5 million).

In local currencies, the year-on-year growth was 10.9 percent for Europe, 18.7
percent for the Americas and 19.2 percent for Asia/Pacific. Converted into Swiss
francs, the breakdown of sales by market regions was 54 percent for Europe, 36
percent for the Americas and 10 percent for Asia/Pacific. In local currencies,
sales of air applications were up by 13.9 percent and sales of water
applications by 15.4 percent.

Europe
The European market region benefited from the partial economic upswing in the
Group's major markets, posting growth of 10.9 percent on a currency-adjusted
basis. Virtually all subsidiaries reported higher sales than a year ago.
The highest turnover market Germany contributed significantly to the good
result. The largest contributions to growth in local currencies came from France
and Finland, with over 30 percent. The rest of Central Europe and the Middle
East were also successful.

In contrast to the trend in previous years, air applications reported stronger
growth than water applications. Developments in standard actuators and
volumetric flow applications (VAV) were particularly positive. Water
applications saw good growth, with the ongoing strong demand for 6-way valves
proving a major success factor. Additions to the range with large control valve
nominal diameters and electronic pressure-independent control valves (EPIV)
encountered strong interest in the markets.

Americas
Given the only slow recovery in the markets, the growth in sales on a currency-
adjusted basis of 18.7 percent achieved in the first six months was remarkable.
Growth was slightly higher in the US than in Canada. Latin America was also a
contributor to growth.

Belimo gained market share with additional volumes from existing OEM customers
and was also able to grow strongly in the contracting business thanks to the
success of existing and new customers. Overall, sales of water applications
slightly outperformed those of air applications. Last year's market launch of
the electronic pressure-independent control valve (EPIV) continued to prove very
successful.

Asia/Pacific
The Asia/Pacific market region posted growth of 19.2 percent on a currency-
adjusted basis and succeeded in expanding its market share throughout the
region. The strongest growth was visible in India and North-East Asia, while
China, South-East Asia and the Pacific region performed in line with
expectations.

Sales of water applications increased by a slightly larger margin than those of
air applications. Contracting business registered pleasing growth and
outperformed OEM business in the first six months. Significant contributions to
growth came from volumetric flow applications (VAV) and the newly launched
spring-return actuators, with results well exceeding expectations.

Net sales by region

                1st half   Share in           Growth   1st half   Share in
 in CHF 1,000       2011          %    in local cur-       2010          %
                                        rencies in %
---------------------------------------------------------------------------
 Europe          117,109         54             10.9    115,496         55

 Americas         77,941         36             18.7     74,452         36

 Asia/Pacific     20,956         10             19.2     19,374          9
---------------------------------------------------------------------------
 Total           216,006        100             14.5    209,322        100
---------------------------------------------------------------------------


Net sales by application

                1st half   Share in           Growth   1st half   Share in
 in CHF 1,000       2011          %    in local cur-       2010          %
                                        rencies in %
---------------------------------------------------------------------------
 Air             134,829         62             13.9    131,576         63

 Water            81,177         38             15.4     77,746         37
---------------------------------------------------------------------------
 Total           216,006        100             14.5    209,322        100
---------------------------------------------------------------------------


Innovation
The range of energy-saving safety actuators was extended with an actuator for
large air dampers. Belimo now offers spring-return actuators with a torque of
30 Nm. This makes more compact application solutions possible with easier
installation.

Belimo has a full range of air volumetric flow controllers that are now being
equipped with a new volumetric flow sensor. This sensor element is also suitable
for smaller air volumes that are becoming increasingly important in the context
of energy efficiency. The accelerated calibration process is easier for OEM
customers to handle.

Belimo enlarged its decentralized intelligence platform (Belimo Shared Logic).
Actuators with safety functions are about to be launched in the market and will
extend the spectrum of possible applications.

Outlook
Economic developments in our major markets should have a positive impact on
construction activity. The growing significance of energy efficiency in
buildings will additionally stimulate renovation of HVAC systems. We remain
convinced that we can continue to grow in major local markets.

Demand in the most important European markets appears to be intact. New products
will help to boost sales. In Americas we see no signs of a slowdown yet and
forecasts point to a slight pickup in the construction of new utility buildings.
In the Asia/Pacific region, we are hoping for acceleration in growth in both
India and China.

Although our operating margin is relatively robust, we see the greatest
uncertainty in the currency development, which could considerably impact the
Group's results in Swiss francs. The focus thus remains on the development of
costs.

Belimo Group key figures

 in CHF 1,000 (unless specified otherwise)|1st half 2011|1st half 2010|Change
                                          |             |             |  in %
------------------------------------------+-------------+-------------+------
 Net sales                                |      216,006|      209,322|   3.2
------------------------------------------+-------------+-------------+------
 Operating income (EBIT)                  |       40,063|       40,835|  -1.9
 in percent of net sales                  |        18.5%|        19.5%|
------------------------------------------+-------------+-------------+------
 Net income                               |       26,440|       31,501| -16.1
 in percent of net sales                  |        12.2%|        15.0%|
------------------------------------------+-------------+-------------+------
 Cash flow from operating activities      |       30,218|       43,341| -30.3
 in percent of net sales                  |        14.0%|        20.7%|
------------------------------------------+-------------+-------------+------
 Free cash flow                           |       25,055|       38,253| -34.5
 in percent of net sales                  |        11.6%|        18.3%|
------------------------------------------+-------------+-------------+------
 Earnings per share in CHF                |        43.40|        51.98| -16.5
------------------------------------------+-------------+-------------+------
 Investments                              |        5,671|        5,704|  -0.6
------------------------------------------+-------------+-------------+------
 Employees (FTEs, six-month average)      |        1,120|        1,057|   5.9
------------------------------------------+-------------+-------------+------


The Belimo Group is a leading global manufacturer of innovative electrical
actuator solutions for heating, ventilation and air-conditioning systems. The
Group generated sales of CHF 426 million in 2010 and employs more than 1,100
people. Information regarding the company and its products is available at
www.belimo.com/investorrelations.

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



Link to Semiannual Report 2011 (PDF)


Contact   Beat Trutmann, CFO Phone [phone]



Key dates August 4, 2011     Semiannual Report 2011

          January 25, 2012   Publication of preliminary results for 2011

          March 12, 2012     Media information session / Publication of 2011
                             Annual Report

          April 2, 2012      Annual General Meeting 2012




 --- End of Message --- 

BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil 

ISIN: CH0001503199;

Press release (PDF): 


http://hugin.info/100133/R/1535910/468484.pdf

Semiannual Report 2011: 


http://hugin.info/100133/R/1535910/468485.pdf




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