The Belimo Group (hereinafter referred to as “Belimo” or “the Group”) is a leading global manufacturer of innovative damper actuator, control valve, and sensor/meter solutions for heating, ventilation, and air-conditioning systems (HVAC). The shares of BELIMO Holding AG have been traded on the SIX Swiss Exchange since 1995 (BEAN). The registered office is in Hinwil (Switzerland). The business activities of Belimo are not subject to any significant seasonal fluctuations.
On July 21, 2022, the Board of Directors of BELIMO Holding AG approved the present consolidated interim financial statements for release. As of this date, no material events after the reporting date have occurred.
Basis of Preparation
These unaudited consolidated interim financial statements 2022 have been prepared in accordance with accounting standard IAS 34 Interim Financial Reporting and should be read in conjunction with the consolidated annual financial statements 2021. In general, the same estimates and assumptions as in the consolidated annual financial statements 2021 were applied. However, income taxes were calculated using the expected tax rate for the 2022 financial year. The current economic environment generally leads to negative performance on plan assets and increased IAS 19 discount rates. The Group analyzed the situation and concluded that the asset ceiling remains applicable. Therefore, the surplus was not recognized as a non-current asset as of June 30, 2022.
The ongoing war in Ukraine and the sanctions against Russia had no material impact on significant accounting estimates and assumptions.
The consolidated financial statements are presented in Swiss francs (CHF), rounded to the nearest thousand. Due to rounding, amounts presented throughout this report may not add up precisely to the totals provided. All ratios and variances were calculated using the underlying amount rather than the presented rounded amount.
Changes in Accounting Policies
The accounting policies adopted are the same as those applied in the consolidated annual financial statements 2021. The revised standards applied for the first time in the consolidated interim financial statements had no impact. As of this semiannual report, other operating expenses and other operating income are shown as two separate line items. This adjustment has been applied retrospectively with no financial impact on EBIT, operating profit or equity.