Belimo: Solid sales and income

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this 
announcement. 
----------------------------------------------------------------------
--------------    




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 Group key data


in CHF 1'000                                1st half  1st half Change
                                                2009      2008   in %
Net sales                                    190'058   200'080   -5.0
Operating income before interest,             34'813    37'637   -7.5
taxes, depreciation and amortization           18.3%     18.8%
(EBITDA)
in percent of net sales
Operating income before interest and taxes    28'199    31'274   -9.8
(EBIT)                                         14.8%     15.6%
in percent of net sales
Net income                                    22'766    22'089    3.1
in percent of net sales                        12.0%     11.0%
Capital expenditures                           4'665     4'051   15.1
Cash flow from operating activities           39'805    34'199   16.4
Free cash flow                                33'923    30'678   10.6
Earnings per share in CHF                      37.59     36.20    3.8
Employees (FTEs, six-month average)            1'073     1'025    4.7


The Belimo Group is a leading global manufacturer of innovative
actuator solutions for heating, ventilation and air-conditioning
systems. The Group generated sales of CHF 404 million in 2008 and
employs more than 1100 people. For information on the company and its
products, visit www.belimo.com.

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



Contact        Beat Trutmann, CFO                 Phone [phone]
                                                  62 65

Key dates      Publication of preliminary results February 2010
               for 2009
               Annual results media briefing      March 8, 2010
               session
               General Meeting                    March 29, 2010



The Semiannual Report 2009 can be downloaded from the following link:


http://hugin.info/100133/R/1331978/315376.pdf


The press release can be downloaded from the following link:


 
--- End of Message ---

BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil 

WKN: 897962; ISIN: 
CH0001503199; Index: SPI, SPIEX, SSCI;
Listed: Main Market in SIX Swiss Exchange;