Financial Summary 2018
Belimo is looking back at a successful financial year: Sales in Swiss francs increased by 10.8 percent to CHF 642.4 million, corresponding to a growth of 9.6 percent when adjusted for currencies. The Group has succeeded in achieving an operating income (EBIT) of CHF 109.8 million, which equates to an EBIT margin of 17.1 percent. Net income rose with respect to the comparison period by 11.3 percent to CHF 86.2 million.
| in CHF million | 2018 | 2017 | Change |
| Net sales | 642.4 | 579.9 | 10.8% |
| Operating income before interest, taxes, depreciation, amortization (EBITDA) | 135.0 | 117.4 | 15.0% |
| in percent of net sales | 21.0% | 20.2% | |
| Operating income before interest and taxes (EBIT) | 109.8 | 92.6 | 18.6% |
| in percent of net sales | 17.1% | 16.0% | |
| Net income | 86.2 | 77.5 | 11.3% |
| in percent of net sales | 13.4% | 13.4% | |
| Investments in property, plant and equipment and intangible assets | 20.5 | 24.9 | -17.8% |
| Cash flow from operating activities | 113.9 | 82.3 | 38.4% |
| in percent of net sales | 17.7% | 14.2% | |
| Free cash flow | 94.3 | 54.9 | 71.8% |
| in percent of net sales | 14.7% | 9.5% | |
| Earnings per share, in CHF | 140.22 | 126.06 | 11.2% |
| Dividend per share, in CHF | 100.00 | 85.00 | 17.6% |
| Number of employees (FTEs) as at December 31 | 1 640 | 1 532 | 7.1% |
- Income Statement
- Balance Sheet
- Cash Flow
- Key Figures
- Non-GAAP Measures
Income Statement
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2018 | 2017 | 2016 | 2015 | 2014 |
| (unless indicated otherwise) | |||||
| Net sales | 642'368 | 579'853 | 533'650 | 493'299 | 493'919 |
| Operating income (EBITDA) | 134'999 | 117'388 | 110'280 | 95'818 | 99'603 |
| in percent of net sales | 21.0% | 20.2% | 20.7% | 19.4% | 20.2% |
| Operating income (EBIT) | 109'839 | 92'621 | 86'964 | 74'630 | 81'250 |
| in percent of net sales | 17.1% | 16.0% | 16.3% | 15.1% | 16.5% |
| Personnel expenses | 171'195 | 157'877 | 146'354 | 139'573 | 132'136 |
| in percent of net sales | 26.7% | 27.2% | 27.4% | 28.3% | 26.8% |
| Research and development | 47'248 | 44'423 | 37'721 | 34'653 | 32'415 |
| in percent of net sales | 7.4% | 7.7% | 7.1% | 7.0% | 6.6% |
| Operating expenses | 242'499 | 224'952 | 204'341 | 192'877 | 189'967 |
| in percent of net sales | 37.8% | 38.8% | 38.3% | 39.1% | 38.5% |
| Depreciation and amortization | 25'160 | 24'767 | 23'315 | 21'188 | 18'352 |
| in percent of net sales | 3.9% | 4.3% | 4.4% | 4.3% | 3.7% |
| Net income | 86'209 | 77'490 | 69'753 | 56'229 | 67'193 |
| in percent of net sales | 13.4% | 13.4% | 13.1% | 11.4% | 13.6% |
Balance Sheet
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2018 | 2017 | 2016 | 2015 | 2014 |
| (unless indicated otherwise) | restated* | ||||
| Total assets | 531'052 | 491'886 | 451'869 | 413'041 | 424'514 |
| Cash and cash equivalents | 155'138 | 113'178 | 103'670 | 67'687 | 92'345 |
| in percent of total assets | 29.2% | 23.0% | 22.9% | 16.4% | 21.8% |
| Current assets | 348'281 | 302'503 | 267'012 | 224'542 | 246'235 |
| in percent of total assets | 65.6% | 61.5% | 59.1% | 54.4% | 58.0% |
| Net working capital | 166'667 | 161'610 | 138'240 | 134'429 | 130'560 |
| in percent of net sales | 25.9% | 27.9% | 25.9% | 27.3% | 26.4% |
| Non-current assets | 182'771 | 189'383 | 184'857 | 188'499 | 178'279 |
| in percent of total assets | 34.4% | 38.5% | 40.9% | 45.6% | 42.0% |
| Current liabilities | 71'089 | 63'481 | 53'536 | 47'470 | 72'826 |
| in percent of total assets | 13.4% | 12.9% | 11.8% | 11.5% | 17.2% |
| Non-current liabilities | 20'101 | 14'755 | 29'368 | 28'615 | 34'769 |
| in percent of total assets | 3.8% | 3.0% | 6.5% | 6.9% | 8.2% |
| Shareholders' equity | 439'862 | 413'650 | 368'965 | 336'956 | 316'919 |
| in percent of total assets | 82.8% | 84.1% | 81.7% | 81.6% | 74.7% |
| * Restatement due to an amended disclosure of provisions (see note 1.4 in the Financial Report in the Annual Report 2018). | |||||
Cash Flow
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2018 | 2017 | 2016 | 2015 | 2014 |
| (unless indicated otherwise) | |||||
| Cash flow from operating activities | 113'938 | 82'318 | 90'282 | 70'371 | 74'080 |
| in percent of net sales | 17.7% | 14.2% | 16.9% | 14.3% | 15.0% |
| Free cash flow | 94'261 | 54'857 | 75'151 | 37'038 | 18'546 |
| in percent of net sales | 14.7% | 9.5% | 14.1% | 7.5% | 3.8% |
| Investments in property, plant and equipment and intangible assets | 20'491 | 24'919 | 15'796 | 34'031 | 55'141 |
| Dividend distribution | 52'256 | 46'092 | 39'937 | 39'936 | 39'908 |
Key Figures
| Five-Year Summary of the Belimo Group | |||||
| in CHF 1'000 | 2018 | 2017 | 2016 | 2015 | 2014 |
| (unless indicated otherwise) | restated* | ||||
| Net sales year-on-year growth, in percent | 10.8% | 8.7% | 8.2% | -0.1% | 4.5% |
| Net sales in local currencies year-on-year growth, in percent | 9.6% | 8.2% | 6.8% | 3.6% | 6.6% |
| Return on equity (ROE), in percent | 20.2% | 19.8% | 19.8% | 17.2% | 22.2% |
| Return on invested capital (ROIC), in percent | 27.9% | 23.4% | 23.8% | 20.8% | 23.4% |
| Quick ratio, in percent | 347.6% | 321.2% | 342.1% | 297.6% | 227.3% |
| Days sales outstanding (DSO) | 49.1 | 50.3 | 49.1 | 50.6 | 46.7 |
| Inventory period | 131 | 132 | 131 | 138 | 129 |
| Equity-to-fixed-assets ratio, in percent | 251.7% | 226.2% | 215.5% | 193.9% | 197.3% |
| Number of employees (FTEs, yearly average) | 1'591 | 1'483 | 1'416 | 1'387 | 1'357 |
| Net sales per employee | 404 | 391 | 377 | 356 | 364 |
| Number of actuators shipped, in million items | 6.7 | 6.3 | 5.9 | 5.6 | 5.6 |
| * Restatement due to an amended disclosure of provisions (see note 1.4 in the Financial Report in the Annual Report 2018). | |||||
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 working capital:
Trade receivables + Inventories - Trade payables
Days sales outstanding (DSO):
Quarterly average of trade receivables for the past 4 quarters / Net sales for the past 4 quarters * 360
Days inventory outstanding, Inventory period (DIO):
Quarterly average of inventories for the past 4 quarters / Material expenses for the past 4 quarters * 360
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
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 * Number of registered shares / Net income
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.