Latest press release: Belimo Group Semiannual R...

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Continued high growth with consistently healthy operating profit

The Belimo Group, global leader in the field of electrical actuators
for heating, ventilation and air conditioning systems, achieved very
positive first-half 2008 sales growth, and the operating income has
developed accordingly.

Sales rose in the first six months of 2008 by 8.4 percent to CHF
200.1 million. Adjusted for foreign exchange differences, this
corresponds to growth of 14.5 percent. The operating margin (EBIT
margin) was 15.6 percent in the first half (comparison period 2007:
15.5 percent). The decrease in net income by 12.2 percent down to
22.1 millions is mainly due to weaker foreign exchange rates of the
main currencies against Swiss francs. This development led as per
balance sheet date, compared to the previous year, to a low valuation
of the foreign currency denominated balance sheet items and therefore
to a negative financial result.

Converted into Swiss francs, the shares of sales for the market
regions come to 59 percent for Europe, 34 percent for the Americas
and 7 percent for Asia/Pacific. Belimo achieved market share growth
in all regions. Growth in Swiss francs was significantly reduced,
however, mainly because of the steep fall in the US dollar since the
turn of the year. The total foreign exchange effect on sales was
around minus CHF 11 million, or 6.1 percentage points. Measured in
local currencies, the effective growth was 17.2 percent in Europe,
9.9 percent in the Americas and 18.7 percent in the Asia/Pacific
region.

Europe
The market is continuing its positive trend. The Central and Eastern
European countries are showing strong growth, led by Russia, Hungary
and the Ukraine. Our subsidiaries in Austria, Italy and Poland made
particularly marked progress. Initial successes are now emerging in
the Middle East.

Americas
Sales in the USA proved very robust, thanks on the one hand to our
key accounts, who have been catching up on their project backlogs,
and on the other to our additional market presence due to innovations
in water applications. We also displayed healthy growth with existing
and new OEM customers, particularly in fire protection and smoke
extraction applications. Business developments in Canada were similar
to those in the USA.

Asia/Pacific
We also succeeded in expanding our business in the Asia/Pacific
region. Measured against a base of extraordinary high sales in June
2007, growth is currently somewhat below expectations at 18.7
percent. The number of sales branches has been further expanded.



in CHF 1'000     1st half 2008 % share 1st half 2007 % share
Europe                 117'399      59       101'362      55
Americas                68'276      34        69'885      38
Asia/Pacific            14'405       7        13'375       7
Total                  200'080     100       184'622     100


In local currencies, sales grew by 17.2 percent in Europe, 9.9
percent in the Americas and 18.7 percent in the Asia/Pacific region.

Air applications
Miscellaneous new products contribute to our growth. Among them, the
smallest Belimo actuator (CM), the "RobustLine" products (actuators
with protective casings) and the new super-fast actuators. In
addition, particularly actuators for fire protection and smoke
extraction are contributing significantly to our growth.

Water applications
Continuing the previous pattern, the growth of actuators for water
valves exceeded that for air dampers. This applied to the Americas
and the Asia/Pacific region and, in Europe, particularly to Italy and
Norway. The valve assortment is being continuously expanded. For
example, there is great demand for the control ball valve range
launched last fall in Asia/Pacific, which is assembled on site. We
are gaining increasing recognition as the market leader in water
applications in the Asia/Pacific region.


in CHF 1'000          1st half 2008 % share 1st half 2007 % share
Air applications            133'856      67       123'738      67
Water applications           66'224      33        60'884      33
Total                       200'080     100       184'622     100


Expressed in local currencies, sales of air applications grew by 13.3
percent and sales of water applications were up to 17.0 percent.


Outlook
The Board of Directors assumes that the uncertainty in the markets
will increase to the end of the year. The low value of the dollar is
a challenge, but we have already taken steps to deal with this and
are confident of the outcome.

Belimo's growth prospects are still intact overall. Although the
forecasts for commercial building projects in the USA are tending
downwards, demand in the growth regions of Eastern Europe, the Middle
East and Asia/Pacific remains consistently high. New product ideas,
including responses to the global debate on energy saving and
environmental pollution, form a sound basis for Belimo's further
growth.

Belimo Group key data


in CHF 1'000                                 1st half 1st half Change
                                                 2008     2007      %
Net sales                                     200'080  184'622    8.4
Operating income before interest, taxes,       37'637   34'439    9.3
depreciation and amortization (EBITDA)          18.8%    18.7%
as a percentage of net sales
Operating income before interest and taxes     31'274   28'652    9.2
(EBIT)                                          15.6%    15.5%
as a percentage of net sales
Net income                                     22'089   25'154  -12.2
as a percentage of net sales                    11.0%    13.6%
Investments in property, plant and equipment    4'051    3'508   15.5
Cash flow from operating activities            34'199   23'482   45.6
Free cash flow                                 30'678   18'848   62.8
Net income per share in CHF                     36.20    39.22   -7.7
Employees (FTEs, six-month average)             1'025      954    7.4


The Belimo Group is a leading global manufacturer of innovative
electrical actuator solutions in heating, ventilation and air
conditioning systems. In 2007, the Group achieved sales of CHF 372
million and employs more than 1000 people. Information regarding the
Company and its products is available on the Internet at
www.belimo.com.

The shares of BELIMO Holding AG have been traded on the Swiss Stock
Exchange since 1995 (SWX: BEAN).



Contact      Beat Trutmann, CFO                 Tel. [phone]
                                                65

Agenda       Publication of preliminary results February 2009
             for 2008
             Media and analysts conference      March 16, 2009
             General Meeting                    April 27, 2009



The Semiannual Report 2008 can be downloaded from the following link:


http://hugin.info/100133/R/1240296/266034.pdf


The press release can be downloaded from the following link:


 
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BELIMO Holding AG
Brunnenbachstrasse 1 Hinwil 

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