1 Change to the Scope of Consolidation

There were no changes to the scope of consolidation in the first half of 2024 and in 2023.

2 Segment Reporting

Changes in Segment Reporting

As of January 2024, the accounting and reporting of intragroup transactions has been changed. Intercompany relationships within the reportable operating segment "Shared Services" are now fully consolidated within the segment. Comparative figures have been re-presented accordingly.

Segment Information

The following tables present revenue and profit information for the Group’s operating segments, investments, and information on the segment assets for the six months ended June 30, 2024 and 2023:

Net sales development compared to the previous period in the market regions was as follows:

Net sales by business line was as follows:

Overall, movements in exchange rates had an effect of -4.1 percentage points on net sales growth (first half 2023: -4.8 percentage points).

3 Property, Plant and Equipment

The additions consisted of:

Commitments for investments in property, plant and equipment amounted to CHF 66.5 million (December 31, 2023: CHF 24.5 million), of which CHF 36.3 million (December 31, 2023: CHF 11.9 million) was in relation to building extension projects in EMEA and Asia Pacific, and CHF 29.2 million for tools and machinery (December 31, 2023: CHF 11.3 million).

4 Financial Instruments

In the first half of 2024, Belimo utilized committed credit lines in the amount of CHF 30.0 million to cover short-term financing needs (first half 2023: use of CHF 60.2 million of committed credit lines). Thereof, CHF 30.0 million has been repaid in the reporting period (first half 2023: CHF 50.7 million).

For financial assets and financial liabilities not measured at fair value in the table above (excluding lease liabilities), the carrying amount is a reasonable approximation of fair value. In accordance with IFRS Accounting Standards, the fair value of the lease liabilities is neither calculated nor disclosed.

The Group did not perform any quantitative sensitivity analysis as at June 30, 2024 and at December 31, 2023 for the financial instruments measured at fair value, as they are considered to be immaterial.

5 Provisions and Contingent Liabilities

Provisions for warranties were calculated considering experienced returns in the past as well as current sales developments. They generally cover product and replacement costs for a warranty period of five years. Product liability incidents with property, plant and equipment damages were considered separately on a case-by-case basis.

Other provisions mainly included expected costs for non-income tax risks and for legal litigations.

As at June 30, 2024 and December 31, 2023, there were no contingent liabilities.

6 Share Capital / Dividend

As per the resolution of the Annual General Meeting of BELIMO Holding AG held on March 25, 2024, a dividend of CHF 8.50 per registered share (2023: CHF 8.50) was paid out on April 2, 2024. In total, a dividend payment of CHF 104.5 million (2023: CHF 104.5 million) was made.

7 Foreign Exchange Rates

The consolidated financial statements are based on the following closing and average exchange rates (rounded) for the main currencies:

8 Events after the Reporting Date

On July 19, 2024, the Board of Directors of BELIMO Holding AG approved the present interim consolidated financial statements for release. As of this date, no material events after the reporting date have occurred.