Operational Excellence Leads to an All-Time High in Sales - July 22, 2022
Hinwil (Switzerland), July 22, 2022, 07:00 a.m. CEST - The Group’s sales growth in the first half of 2022 was 9.1% in local currencies in comparison with the first half of 2021. In Swiss francs, net sales increased by 8.2% to CHF 416.4 million. With respect to profitability, the Group reported earnings before interest and taxes (EBIT) of CHF 76.7 million (first half 2021: CHF 75.6 million), which corresponds to an EBIT margin of 18.4% (first half 2021: 19.7%). Despite substantial material price increases and higher freight costs, which were partly recovered by higher sales prices, Belimo achieved a very strong operating result. The operating profit absorbed increased operating expenses originating from resumed expenditures for travel, marketing, training, and new hires for pursuing the Group’s growth strategy as communicated earlier this year. Belimo achieved a net income of CHF 61.3 million (first half 2021: CHF 63.7 million) and earnings per share of CHF 4.99 (first half 2021: CHF 5.18). The Group generated a free cash flow of CHF 81.7 million (first half 2021: CHF 52.1 million), which includes the divestment of term deposits of CHF 60.0 million. Net liquidity at the end of June 2022 was CHF 73.9 million, and the equity ratio was 75.7%. Higher safety stocks, goods in transit and trade receivables led to an increase in net working capital.
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