Belimo Holding Ag · SIX:BEAN
Belimo — FY2018 Earnings Presentation
20 slides from Belimo's earnings presentation, Mar 11, 2019
Slide 1: Media and Financial Analysts Conference
Zurich, March 11, 2019 Media and Financial Analysts Conference BELIMO Holding AG
Slide 2: Financial Year 2018
Financial Year 2018 in CHF million EBIT margin 17.1% Strong growth: net sales grew 2018 by 10.8% EBIT margin EBIT margin 16.0% to a record high of CHF 642.4 million. EBIT margin EBIT margin 16.3% 16.5% 15.1% Currency-adjusted, this corresponds to a solid growth of 9.6%. 642.4 Our EBIT margin i
Slide 3: Net Sales
Net Sales Nettoumsatz Net nach Marktregion Sales by Application Millionen in CHF million Asien Pazifik Net Sales 82.3 13% Europa 57% Air in CHF million 317.2 49% 365.4 +9.6% +10.8% CAGR 6.3% Water Amerika 276.9 242.9 43% 38% 635.4 642.4 579.9 Robust growth in all three Belimo market regions 2017 2
Slide 4: Net Sales by Market Region
Net Sales Net Sales by Market Region in CHF million Asia Pacific Net Sales 82.3 13% Europe in CHF million 49% 317.2 +9.6% +10.8% CAGR 6.3% Americas 242.9 38% 635.4 642.4 579.9 Robust growth in all three Belimo market regions 2017 2018 2018 Expansion of sales organization CHF LC* CHF Positive c
Slide 5: Sales Development in the Europe Market Region
Sales Development in the Europe Market Region in CHF million Excellent sales growth of 9.5% when adjusted for +12.9% +9.5% currencies and even stronger growth of 12.9% in CHF Net Sales by Country in CHF million 317.2 Germany 307.5 71.5 280.8 Others 136.0 Net Sales 317.2 Central Eastern Europe 50.4 2
Slide 6: Sales Development in the Americas Market Region
Sales Development in the Americas Market Region in CHF million 8.4% sales growth in local currencies and very good growth of 7.3% in CHF +8.4% +7.3% Net Sales By Country in CHF million Others 9.6 Canada 39.4 245.4 242.9 226.5 Net Sales 242.9 USA 2017 2018 2018 193.8 CHF LC* CHF * adjusted at previou
Slide 7: Sales Development in the Asia Pacific Market Region
Sales Development in the Asia Pacific Market Region in CHF million Excellent sales growth of 13.8% in local currencies respectively very solid growth of 13.4% in CHF Net Sales by Country in CHF million +13.8% +13.4% Others Net Sales China 44.0 82.3 38.3 72.6 82.5 82.3 2017 2018 2018 CHF LC* CHF * ad
Slide 8: Actuators and Valves Shipped
Actuators and Valves Shipped in million items The number of actuators shipped increased to 6.7 6.7 million pieces (+6.7%). 6.3 5.9 5.6 5.6 The number of valves shipped increased to 1.5 million pieces (+6.6%). 1.4 1.5 1.1 1.2 1.3 2014 2015 2016 2017 2018 Actuators Valves Media and Financial Analy
Slide 9: EBIT and EBIT Margin
EBIT and EBIT Margin in CHF million Operating income (EBIT) could be increased by Margin 17.1% 18.6% to CHF 109.8 million. Margin Margin 16.0% Margin 16.3% Operating expenses were reduced to 37.8% of net 16.5% Margin 15.1% sales (PY 38.8%). Material expenses increased slightly to 41.4% of 109.
Slide 10: Personnel Expenses
Personnel Expenses in CHF million * in % of net sales Personnel expenses increased compared to the 26.7%* 27.2%* previous year by 8.4% to CHF 171.2 million 28.3%* 27.4%* (PY 157.9 million). 26.8%* By comparison to net sales, a notably lower figure of 26.7% resulted (PY 27.2%). 171.2 146.4 157.9
Slide 11: Other Operating Expenses
Other Operating Expenses in CHF million * in % of net sales Other operating expenses (operating expenses 11.1%* excl. personnel expenses) increased by 6.3% to 11.6%* CHF 71.3 million. 11.7%* 10.9%* 10.8%* In relation to net sales, other operating expenses decreased by 0.5 percentage points to 11
Slide 12: Research and Development
Research and Development in CHF million * in % of net sales Boost of our research and development 7.4%* 7.7%* expenditures in previous years. 7.1%* 7.0%* Investments in future portfolio in accord with our 6.6%* growth strategy Growth especially in the areas of our strategic 47.2 44.4 initiativ
Slide 13: Net Income
Net Income in CHF million Net income grew by 11.3%. Margin 13.4% Margin Negative financial result of net CHF 4.9 million 13.4% Margin Margin (PY profit of CHF 1.8 million) due to exchange 13.1% 13.6% losses (CHF 3.9 million) and bank charges, negative Margin 11.4% interest rates, etc. (CHF 1.0 m
Slide 14: Cash Flow
Cash Flow in CHF million Very high cash flow from operating activities: +38.4%; 113.9 free cash flow: +71.8% 94.3 90.3 Therefore improved result as well as positive special 82.3 74.1 70.4 75.2 effects; improved net working capital 54.9 Delayed investment project due to overload of our 37.0 sup
Slide 15: Semi-Annual Comparison 2018
Semi-Annual Comparison 2018 2. half-year Sales growth of the first semester in CHF million 1. half-year proforma Total could not be fully met, as already Net sales 325.1 317.3 642.4 anticipated in our semi-annual Material expenses -132.9 -133.2 -266.1 report 2018. in percent of net sales -40.9% -4
Slide 16: Balance Sheet Structure
Balance Sheet Structure in CHF million 12.31.2017 12.31.2018 Increase of current assets can largely be attributed to growth of cash and Cash and cash equivalents 113.2 155.1 cash equivalents. Other current assets 189.3 193.1 Non-current assets 189.4 182.8 Net working capital could be reduced Ass
Slide 17: Key Figures
Key Figures 2014 2015 2016 2017 2018 Net sales growth in local currencies 6.6% 3.6% 6.8% 8.2% 9.6% EBIT margin 16.5% 15.1% 16.3% 16.0% 17.1% Free cash flow in % of net sales 3.8% 7.5% 14.1% 9.5% 14.7% Return on invested capital (ROIC) 23.4% 20.8% 23.8% 23.4% 27.9% Return on equity (ROE) 22.2% 17.2%
Slide 18: Stock Market Information
Stock Market Information 2014 2015 2016 2017 2018 Earnings per share, in CHF 109.52 91.52 113.51 126.06 140.22 Stock market price as at December 31, in CHF 2 310 2 450 3 078 4 266 3 940 Dividend, in CHF 65 65 75 85 100 * Payout ratio 59.5% 71.1% 66.1% 67.5% 71.3% Return on dividend as at December 31
Slide 19: Publications and Agenda
Publications and Agenda Media and Financial Analysts Conference, March 11, 2019 19
Slide 20: BELIMO Holding AG
BELIMO Holding AG