Belimo Holding Ag · SIX:BEAN
Belimo — H1 2023 Earnings Presentation
22 slides from Belimo's earnings presentation, Jul 24, 2023
Slide 1: Earnings Call Semiannual Results 2023
Earnings Call Semiannual Results 2023 BELIMO Holding AG ▪ Dr. Markus Schürch, CFO ▪ Annabelle Lehner, Assistant to CFO ▪ Gérard Moinat, IRO Hinwil, July 24, 2023
Slide 2: Today's Agenda
Earnings Call Semiannual Results 2023 Overview 01 02 03 Highlights Market Financial Regions Results Today’s Agenda 04 05 Outlook Q&A FY 2023 Belimo 2023 2
Slide 3: Successfully Driving Top- and Bottom-Line Growth
01 Highlights Successfully Driving Top- and Bottom-Line Growth ▪ Strong net sales growth of +12.4% in LC; in CHF +7.7% to CHF 448.4 million. Net Sales ▪ Americas with strong sales growth contribution – growth of +14.9% in LC by defending market share gains. ▪ Increased EBIT of CHF 84.7 million and E
Slide 4: Spotlight EMEA: Unlocking Increasing Retrofit Demand in Germany
01 Highlights Spotlight EMEA: Unlocking Increasing Retrofit Demand in Germany Photo: Viessmann RetroFIT+ increasing interest of large building Germany benefiting from retrofit pick up as owners when approached by Business heat pumps replacing boilers require new and Development Managers to address C
Slide 5: Spotlight Americas: Trends Toward Reshoring and Pressure Independent
01 Highlights Spotlight Americas: Trends Toward Reshoring and Pressure Independent In the US, many large-scale factories in the Pressure-Independent Products as primary semiconductor and electric vehicle industry drivers of the control valves growth; Belimo are being built in the wake of reshoring.
Slide 6: Spotlight Asia Pacific: India Compensating for Slower Growth in China
01 Highlights Spotlight Asia Pacific: India Compensating for Slower Growth in China Belimo Presence in India Delhi HY1 2023 Ahmedabad Kolkata 2022 Mumbai HY1 2023 Hyderabad Pune Well positioned in India, one of the fastest- Bangalore growing HVAC market, thanks to two city hubs Chennai opened in HY1
Slide 7: Overview of Net Sales in HY1 2023
01 Highlights Overview of Net Sales in HY1 2023 Net Sales Net Sales Growth Net Sales Growth Net Sales Development in CHF million in CHF (in %, HY1) in LC (in %, HY1) 448.4 7.7 12.4 Regions & Business Lines Net Sales by Regions1) Net Sales by Business Lines1) 45.0% EMEA 47.5% Damper Actuators 43.1% A
Slide 8: Net Sales by Business Lines
01 Highlights Net Sales by Business Lines Growth Rates in Local Currencies of Total Net Sales 4% Damper Actuators Damper Actuators 47% Growth in line with market, Business line with highest despite high penetration. global market share. 20% Control Valves Control Valves 48% Continued double- Increas
Slide 9: Net Sales by Market Regions
02 Market Regions Net Sales by Market Regions Growth Rates in Local Currencies of Total Net Sales 9% EMEA EMEA 45% Strong performance in Resilient non-residential largest core markets. market. 15% Americas Americas 43% Most of newly acquired Resilient HVAC markets customers secured. despite high inf
Slide 10: Sales Review by Region – EMEA
02 Market Regions Sales Review by Region – EMEA EMEA in CHF million, LC adjusted at previous year rates ▪ Solid sales performance of 9.3% in LC in all largest markets; benefiting from picking up retrofit business. ▪ Germany: Trend to electrification following the energy crisis leading to replacement
Slide 11: Sales Review by Region – Americas
02 Market Regions Sales Review by Region – Americas Americas in CHF million, LC adjusted at previous year rates ▪ Net sales growth of 14.9% in LC as most newly won customers could be secured. ▪ Strong demand in data center market and many large-scale factory projects under way in the semiconductor a
Slide 12: Sales Review by Region – Asia Pacific
02 Market Regions Sales Review by Region – Asia Pacific Asia Pacific in CHF million, LC adjusted at previous year rates ▪ Above Group-average net sales growth of 16.1% in LC thanks to India compensating for slow China growth amid its flourishing HVAC business. ▪ Increasingly more buildings construct
Slide 13: Net Sales Composition
02 Market Regions Overview of Net Sales in HY1 2023 Net Sales Bridge in CHF (in % for the HY1 2023 – compared to HY1 2022) Volume Price Others1) FX Total Net Sales Growth Net Sales Composition -2.3 10.4 4.3 -4.8 7.7 ⬊ ⬈ ⬈ 1) Customer mix, product mix, ⬊ ⬈ rebates, and other effects. Negative volume
Slide 14: Improved Operational Results
03 Financial Results Improved Operational Results EBIT in CHF million ▪ EBIT rose to CHF 84.7 million or 18.9% of sales (PY CHF 76.7 million; 18.4% EBIT-Margin). ▪ Price adjustments compensated for inflation-triggered higher input costs. ▪ Expanding workforce in-line with long-term growth strategy.
Slide 15: Financial Result Impacting Net Income
03 Financial Results Financial Result Impacting Net Income Net Income in CHF million ▪ Net income of CHF 65.0 million, 6.0% above PY (CHF 61.3 million); 14.5% of net sales. ▪ Higher FX losses of CHF -2.9 million due to volatile currency development (PY CHF -1.3 million) and higher interest expenses.
Slide 16: Successfully Reducing Inventories
03 Financial Results Successfully Reducing Inventories Cash Flow in CHF million ▪ Operating cash flow of CHF 72.7 million (PY CHF 46.5 million) back to more normalized levels after seeing increased safety stocks in 2022. ▪ Free cash flow of CHF 79.6 million (PY CHF 81.7 million), affected by a dives
Slide 17: Continued Strong Equity Ratio
03 Financial Results Continued Strong Equity Ratio ▪ Reduced cash and cash equivalents of CHF 67.8 million compared to CHF 86.8 million at Dec 31, 2022, driven by the dividend distribution in March 2023. ▪ Net liquidity at CHF 48.0 million (Dec 31, 2022, CHF 101.7 million) and total equity at CHF 47
Slide 18: Sales Growth at Five-Year Average
04 Outlook FY 2023 Sales Growth at Five-Year Average Sales Growth ▪ Solid business outlook for the rest of 2023. Slower relative growth in HY2 2023 due to strong comparison period. Risks ▪ Uncertainty about the direction of the global economy, ! signs of recession and higher interest rates. Profitab
Slide 19: Outlook by Market Region
04 Outlook FY 2023 Outlook by Market Region Americas 2 EMEA Asia Pacific Solid market demand and Stable demand in HY2 ▪ Strong sales sales expected but lower 2023 throughout the development expected relative growth due to market region. outside of China. exceptional H2 2022 ▪ China: Sales expected (
Slide 20: Publications and Agenda
Publications and Agenda Belimo Capital Markets Day 2023 September 6, 2023 Publication of Sales 2023 January 22, 2024 Publication of Annual Report 2023 March 4, 2024 Next Dates Annual General Meeting 2024 March 25, 2024 Ex-Dividend Date March 27, 2024 Dividend Payment April 2, 2024 Belimo 2023 20
Slide 21: Disclaimer
Disclaimer This presentation contains comments relating to future developments which are based on assumptions and estimates made by BELIMO Holding AG. Although the Company assumes the expectations of § these forward-looking statements to be realistic, they contain risks. Because of this, the actual
Slide 22: BELIMO
MT BELIMO