Belimo has been designing, manufacturing and marketing electric actuators for motorized control devices in heating, ventilating and air-conditioning systems since 1975. The company’s innovative, high-class technology ensures troublefree operation for all kinds of HVAC control devices. This not only means greater comfort and convenience, of course, but also greater safety for property and the occupants of buildings. 
Belimo products are helping to improve the economic performance of all kinds of HVAC plant and equipment. The simple, well-thought-out designs of the company’s long-life actuators, made of top-quality materials, greatly reduce the cost of installation and upkeep. Their excellent functionality and precision allow HVAC systems to achieve optimum performance and so reduce power consumption.

Depuis 1975, Belimo développe, produit et distribue des servomoteurs électriques pour la motorisation d'organes de réglage dans les installations de chauffage, ventilation et climatisation. Sa technologie innovante et fiable garantit un fonctionnement sans risque des dispositifs de réglage et de régulation. Cela apporte non seulement plus de confort et de bien-être, mais aussi une plus grande protection des personnes et des biens dans les bâtiments.
Les produits Belimo contribuent à l'augmentation de la rentabilité dans les applications de CVC. Ces servomoteurs longue durée, fabriqués en matériaux de haute qualité réduisent, par leur maniement simple et un concept bien étudié, les frais d'installation et de maintenance.Une conception et une précision élevées permettent d'obtenir un fonctionnement optimal des installations de CVC et de réduire leur consommationen énergie

http://www.belimo.com/

Agenda
 Media information session
 March 8, 2010
 
 

 General Meeting
 March 29, 2010
 
 
 
 
 

Belimo: Solid sales and income
Press Release Belimo Group Semiannual Report 2009
The Belimo Group, a global leader in actuator solutions for regulating and controlling heating, ventilation and air conditioning systems, felt the effects of the financial crisis and recession in the first half-year. As a result, the Group was unable to sustain the growth experienced in previous years. 
Sales in first-half 2009 were CHF 190.1 million, down 5.0 percent year-on-year. Adjusted for currency, this is equivalent to a decline of 3.3 percent. 
The operating margin (EBIT margin) was 14.8 percent in the first half (comparison period 2008 15.6 percent). Thanks to the good financial result, which benefited from the favorable exchange rate development, net income improved by 3.1 percent to CHF 22.8 million. 
The sales trend in the Americas and Asia/Pacific remains positive. Measured in local currencies, the change year-on-year was -7.1 percent for Europe, 1.3 percent for the Americas and 5.7 percent for Asia/Pacific. Converted to Swiss francs, the breakdown of sales by market regions is 54 percent for Europe, 38 percent for the Americas and 8 percent for Asia/Pacific.
Expressed in local currencies, sales of air applications fell by 8.0 percent, while sales of water applications were up 6.1 percent.
Since demand picked up in the second quarter, it has not been necessary so far to introduce short-time working as previously announced in the press release of April 23, 2009.

Europe
In most Central European countries, the markets are stable or only in slight decline. However, sales in Southern and Eastern Europe, have decreased considerably, with Spain and Italy particularly being hit by the crisis. In Russia and Ukraine, many major projects have been discontinued for the time being. 
Efforts were intensified to identify and target construction projects, which proved successful in the case of the Airrail Center in Frankfurt, the largest construction site in Europe, where Belimo actuators and valves will be installed.
Americas
Despite the already lengthy recession, the Americas division was able to maintain sales at the previous-year level. Sales of actuators for fire protection and smoke extraction continued to grow almost unchecked, as did sales of water applications. The market for replacements is also continuing to grow. The government's subsidy programs have not had any significant impact thus far. OEM business in ventilation systems has diminished noticeably due to the decline in construction of utility buildings. 
Asia/Pacific
Market conditions improved towards the middle of the year, but they are still not at last year's level. Against this economic backdrop, Belimo Asia/Pacific performed well. China, India, South East Asia and Australia reported slightly better sales year-on-year, but sales in Japan fell. 

in CHF 1'000  1st half 2009 % share  1st half 2008 % share 
Europe 102'616 54 117'399 59 
Americas 71'673 38 68'276 34 
Asia/Pacific 15'769 8 14'405 7 
Total 190'058 100 200'080 100 

Air applications
Development and field tests of the new range of spring actuators are almost complete. Beginning fall 2009, Belimo will start to replace the existing successful range with a substantially more efficient group of products.

The new actuator platform (Eco) enables electronic controls to be integrated in Belimo actuators, in close collaboration with OEM customers. The third-generation of Belimo air flow sensor (D3) has been successfully introduced in the first volume flow devices, thus opening up new fields of application

Belimo: Solid sales and income
Press Release Belimo Group Semiannual Report 2009
The Belimo Group, a global leader in actuator solutions for regulating and controlling heating, ventilation and air conditioning systems, felt the effects of the financial crisis and recession in the first half-year. As a result, the Group was unable to sustain the growth experienced in previous years. 
Sales in first-half 2009 were CHF 190.1 million, down 5.0 percent year-on-year. Adjusted for currency, this is equivalent to a decline of 3.3 percent. 
The operating margin (EBIT margin) was 14.8 percent in the first half (comparison period 2008 15.6 percent). Thanks to the good financial result, which benefited from the favorable exchange rate development, net income improved by 3.1 percent to CHF 22.8 million. 
The sales trend in the Americas and Asia/Pacific remains positive. Measured in local currencies, the change year-on-year was -7.1 percent for Europe, 1.3 percent for the Americas and 5.7 percent for Asia/Pacific. Converted to Swiss francs, the breakdown of sales by market regions is 54 percent for Europe, 38 percent for the Americas and 8 percent for Asia/Pacific.
Expressed in local currencies, sales of air applications fell by 8.0 percent, while sales of water applications were up 6.1 percent.
Since demand picked up in the second quarter, it has not been necessary so far to introduce short-time working as previously announced in the press release of April 23, 2009.
Europe
In most Central European countries, the markets are stable or only in slight decline. However, sales in Southern and Eastern Europe, have decreased considerably, with Spain and Italy particularly being hit by the crisis. In Russia and Ukraine, many major projects have been discontinued for the time being. 
Efforts were intensified to identify and target construction projects, which proved successful in the case of the Airrail Center in Frankfurt, the largest construction site in Europe, where Belimo actuators and valves will be installed.
Americas
Despite the already lengthy recession, the Americas division was able to maintain sales at the previous-year level. Sales of actuators for fire protection and smoke extraction continued to grow almost unchecked, as did sales of water applications. The market for replacements is also continuing to grow. The government's subsidy programs have not had any significant impact thus far. OEM business in ventilation systems has diminished noticeably due to the decline in construction of utility buildings. 
Asia/Pacific
Market conditions improved towards the middle of the year, but they are still not at last year's level. Against this economic backdrop, Belimo Asia/Pacific performed well. China, India, South East Asia and Australia reported slightly better sales year-on-year, but sales in Japan fell. 

in CHF 1'000  1st half 2009 % share  1st half 2008 % share 
Europe 102'616 54 117'399 59 
Americas 71'673 38 68'276 34 
Asia/Pacific 15'769 8 14'405 7 
Total 190'058 100 200'080 100
Air applications
Development and field tests of the new range of spring actuators are almost complete. Beginning fall 2009, Belimo will start to replace the existing successful range with a substantially more efficient group of products.
The new actuator platform (Eco) enables electronic controls to be integrated in Belimo actuators, in close collaboration with OEM customers. The third-generation of Belimo air flow sensor (D3) has been successfully introduced in the first volume flow devices, thus opening up new fields of application.
Water applications 
We are continuously expanding the range of valves and improving technical specifications, thus enabling us to steadily expand the area of application. In spring 2009, a revolutionary 6-way ball valve was presented for the first time at the ISH trade fair in Frankfurt. This offers Belimo customers optimum value for money in various applications with great potential, such as cooling ceilings. 

in CHF 1'000  1st half 2009 % share  1st half 2008 % share 
Air applications 119'795 63 133'856 67 
Water applications 70'263 37 66'224 33 
Total 190'058 100 200'080 100 

Outlook
The outlook is still uncertain. On the one hand, the recession has had a substantial impact on the construction industry, and OEM customers are feeling the effects of falling demand for utility buildings. On the other hand, the impact of subsidies and the will to make building technology more energy-efficient are likely to gain in importance over the next few months. 

The Board of Directors is confident that Belimo can take advantage of these new trends and is well equipped to benefit from the numerous opportunities emerging in the future thanks to our undiminished capacity for innovation. Belimo is strong enough to endure difficult times unscathed and will continue to focus on achieving a solid operating margin.

Belimo enjoys continued growth and increased profitability
Media information on Belimo Group results for the financial year 2008
Belimo enjoys continued growth and increased profitability
The Belimo Group, a global leader in electrical actuators and valves for heating, ventilation and air conditioning systems, can look back on a successful year in 2008. Despite the known economic uncertainties and the deterioration in the construction industry in some countries, steady growth was achieved in all three market regions. At the same time, profitability was further increased.
Net sales in Swiss francs rose by 8.6 percent to CHF 403.8 million. Operating income (EBIT) rose to CHF 64.5 million, increasing the operating profit margin to 16.0 percent (previous year 15.5 percent). Negative currency movements meant only a slight increase in net income of 0.1 percent to CHF 46.1 million. Earnings per share rose by 3.8 percent to CHF 75.88 (previous year CHF 73.08), mainly due to the reduction in capital by 35'000 shares following the share buyback program the previous year. Return on equity (ROE) was 32.3 percent (previous year 31.1 percent), and the return on invested capital (ROIC) amounted to 28.2 percent
Cash flow from operating activities rose significantly by 28.3 percent to CHF 60.6 million. Free cash flow was CHF 46.4 million in the financial year 2008 (previous year CHF 33.5 million).
The Board of Directors will propose a dividend of CHF 40.00 per share to the Annual General Meeting on April 27, 2009.
Growth in all regions
Belimo succeeded in increasing its market share and in some regions even recorded stronger growth than the market as a whole. The economic environment in the European markets was largely favorable. Construction activity in Central, Northern and Eastern Europe was good, and in the Middle East nothing short of euphoric. The Americas, too, posted a rise in sales in both application sectors. Growth in water applications was twice that in air applications. The trend in the countries of Central America fell short of expectations. In the Asia/Pacific region the greatest growth was achieved in India and Japan, but South-East Asia and Australia also recorded pleasing growth. In China, it proved impossible to match the growth rates of the previous year and to meet the high expectations due to the market slowdown.

Net sales by region
in CHF 1'000 2008 % 2007 % 
Europe  237'840 59 206'150 56 
Americas  136'598 34 139'047 37 
Asia/Pacific  29'319 7 26'623 7 
Total     403'757     100     371'820     100

Net sales in local currencies rose by 14.7 percent, with Europe contributing 18.0 percent, the Americas 8.9 percent and Asia/Pacific 19.8 percent to the growth.
Net sales by application sector
in CHF 1'000 2008 % 2007 % 
Air applications 265'843 66 248'407 67 
Water applications 137'914 34 123'413 33 
Total     403'757     100     371'820     100 
Air and water applications rose by 12.5 and 19.1 percent respectively in local currencies. 
Innovation
Issues such as energy-saving, sustainability and safety are reinforcing the trend towards innovative sophisticated solutions and shaping the development of a wide range of standards in fire protection and certification for buildings. These requirements, some of them new, are encouraging customized innovation and opening up numerous fields in which Belimo can deliver customer-oriented solutions. For example, the recent launch of the CM, the world's flattest air damper actuator, was well received by the market
Production, customizing and logistics
At the Hinwil site, individual production cells, customizing and configuration were relocated to optimize the flow of goods. The Danbury site was reorganized to achieve better capacity utilization despite the tight space available. The production lines were standardized and rearranged.
Outlook 2009
The Belimo Group intends to continue to invest in research and development at the same high level in 2009, and to supplement the product range with further ground-breaking application solutions. On the whole, the Belimo Group anticipates that it will not be able to maintain its high growth rate to date. However, because of its international orientation and the great importance of the renovations business, Belimo remains confident. The goal is to continue to generate a strong EBIT margin.