General

Corporate Information

The Belimo Group (hereinafter referred to as “Belimo” or “the Group”) is the global market leader in the development, production, and sales of field devices for the energy-efficient control of heating, ventilation, and air conditioning systems. The focus of the core business is on damper actuators, control valves, sensors and meters. The shares of BELIMO Holding AG have been listed on the SIX Swiss Exchange since 1995. The registered office is in Hinwil (Switzerland). The business activities of Belimo are not subject to any significant seasonal fluctuations. 

Basis of Preparation

These unaudited interim consolidated financial statements 2023 have been prepared in accordance with accounting standard IAS 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements 2022. In general, the same estimates, assumptions, and judgements as in the annual consolidated financial statements 2022 were applied. However, income taxes were calculated using the expected tax rate for the 2023 financial year. The Group analyzed the development of plan assets and IAS 19 discount rates and concluded that the asset ceiling remains applicable. Therefore, the surplus was not recognized as a non-current asset as of June 30, 2023 (June 30, 2022: zero).

The ongoing war in Ukraine and the sanctions against Russia had no material impact on significant accounting estimates, assumptions, and judgements.

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 Presentation / Restatement

Depreciation of property, plant and equipment and amortization of intangible assets are now shown as two separate line items. This change in presentation has been applied retrospectively with no financial impact on EBIT, net income, or equity.

Changes in Accounting Policies

The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of new standards effective as of January 1, 2023. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective. Several amendments apply for the first time in 2023, but do not have an impact on the interim consolidated financial statements of the Group. In May 2023, the International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12, have been issued. The Group has applied the exception to recognize and disclose deferred tax assets and liabilities related to Pillar Two income taxes.