Notes to the Consolidated Financial Statements
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 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements 2024. In general, the same estimates, assumptions, and judgements as in the annual consolidated financial statements 2024 have been applied.
However, income taxes were calculated using the expected tax rate for the 2025 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 at June 30, 2025 (December 31, 2024: zero).
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 applied 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, 2024, except for the adoption of new or amended IFRS® Accounting Standards effective as of January 1, 2025. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective. The amendments to IAS 21 (lack of exchangeability), applied for the first time in 2025, did not impact the interim consolidated financial statements of the Group.
1Change to the Scope of Consolidation
There were no changes to the scope of consolidation in the first half of 2025 and in 2024.
2Segment Reporting
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, 2025 and 2024:
in CHF 1 000 | EMEA | Americas | Asia Pacific | Shared Services | Elimination | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st half 2025 | ||||||||||||
Income statement | ||||||||||||
Net sales – Third parties | 216 261 | 279 998 | 65 252 | - | - | 561 511 | ||||||
Operating expenses | -34 421 | -34 990 | -11 037 | -122 115 | -5 | -202 568 | ||||||
Other operating income | 664 | - | 113 | 2 968 | - | 3 744 | ||||||
Depreciation and amortization | -3 088 | -2 464 | -1 339 | -12 132 | - | -19 023 | ||||||
Segment profit | 179 417 | 242 544 | 52 988 | -131 279 | -5 | 343 664 | ||||||
Unallocated material expenses | -216 343 | |||||||||||
Unallocated changes in inventories | 770 | |||||||||||
Unallocated financial result | -6 019 | |||||||||||
Earnings before taxes (EBT) | 122 072 | |||||||||||
Cash effective investments in property, plant and equipment and intangible assets | 1 702 | 614 | 4 874 | 33 725 | - | 40 915 | ||||||
Balance sheet as at June 30, 2025 | ||||||||||||
Trade receivables – Third parties | 66 071 | 81 418 | 20 180 | - | - | 167 669 | ||||||
Trade receivables – Group companies | 42 744 | 4 287 | 102 | - | -47 132 | - | ||||||
Property, plant and equipment and intangible assets | 30 093 | 38 529 | 35 380 | 194 936 | - | 298 938 | ||||||
Unallocated assets | 287 682 | |||||||||||
Total assets | 754 289 |
in CHF 1 000 | EMEA | Americas | Asia Pacific | Shared Services | Elimination | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st half 2024 | ||||||||||||
Income statement | ||||||||||||
Net sales – Third parties | 199 621 | 219 212 | 54 699 | - | - | 473 533 | ||||||
Operating expenses | -31 279 | -27 910 | -9 862 | -111 366 | -1 | -180 419 | ||||||
Other operating income | 330 | - | 101 | 338 | - | 769 | ||||||
Depreciation and amortization | -2 303 | -2 807 | -1 142 | -11 356 | - | -17 607 | ||||||
Segment profit | 166 369 | 188 495 | 43 796 | -122 384 | -1 | 276 275 | ||||||
Unallocated material expenses | -185 137 | |||||||||||
Unallocated changes in inventories | 1 907 | |||||||||||
Unallocated financial result | -172 | |||||||||||
Earnings before taxes (EBT) | 92 873 | |||||||||||
Cash effective investments in property, plant and equipment and intangible assets | 3 065 | 447 | 1 702 | 11 205 | - | 16 417 | ||||||
Balance sheet as at December 31, 2024 | ||||||||||||
Trade receivables – Third parties | 45 410 | 59 177 | 22 280 | - | - | 126 867 | ||||||
Trade receivables – Group companies | 35 936 | 2 297 | 37 | - | -38 270 | - | ||||||
Property, plant and equipment and intangible assets | 28 982 | 44 991 | 32 215 | 182 268 | - | 288 456 | ||||||
Unallocated assets | 348 362 | |||||||||||
Total assets | 763 685 |
Net sales by market region were as follows:
1st half 2025 | 1st half 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF 1 000 | Net sales | %1) | Growth in CHF | Growth in local currencies2) | Net sales | %1) | Growth in CHF | Growth in local currencies2) | ||||||||
EMEA | 216 261 | 39% | 8.3% | 9.9% | 199 621 | 42% | -1.1% | 2.0% | ||||||||
Americas | 279 998 | 50% | 27.7% | 30.1% | 219 212 | 46% | 13.3% | 17.6% | ||||||||
Asia Pacific | 65 252 | 12% | 19.3% | 21.3% | 54 699 | 12% | 3.0% | 9.9% | ||||||||
Total | 561 511 | 100% | 18.6% | 20.6% | 473 533 | 100% | 5.6% | 9.7% | ||||||||
1) in % of total net sales
2) Alternative Performance Measures are described here
Net sales by business line were as follows:
1st half 2025 | 1st half 2024 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF 1 000 | Net sales | %1) | Growth in CHF | Growth in local currencies2) | Net sales | %1) | Growth in CHF | Growth in local currencies2) | ||||||||
Damper Actuators | 251 820 | 45% | 16.1% | 18.1% | 216 881 | 46% | 1.9% | 5.8% | ||||||||
Control Valves | 284 078 | 51% | 21.3% | 23.3% | 234 144 | 49% | 7.8% | 11.9% | ||||||||
Sensors and Meters | 25 613 | 5% | 13.8% | 16.3% | 22 507 | 5% | 23.2% | 28.6% | ||||||||
Total | 561 511 | 100% | 18.6% | 20.6% | 473 533 | 100% | 5.6% | 9.7% | ||||||||
1) in % of total net sales
2) Alternative Performance Measures are described here
3Property, Plant and Equipment
During the six months ended June 30, 2025, the Group invested CHF 35.9 million in property, plant and equipment (first half 2024: CHF 14.4 million).
Non-cash effective additions to the right-of-use-assets amounted to CHF 3.0 million (first half 2024: CHF 3.3 million).
Commitments for investments in property, plant and equipment amounted to CHF 56.8 million (December 31, 2024: CHF 62.2 million), of which CHF 30.2 million (December 31, 2024: CHF 34.1 million) was in relation to the building extension project in Switzerland, and CHF 22.0 million for tools and machinery (December 31, 2024: CHF 19.3 million).
4Other Assets and Liabilities
Other Assets
in CHF 1 000 | June 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
. | ||||
Non-income tax receivables | 10 560 | 6 478 | ||
Advance payments and deferred expenses | 8 500 | 5 298 | ||
Other receivables | 5 751 | 2 823 | ||
Total | 24 811 | 14 599 | ||
of which other current assets | 21 990 | 12 424 | ||
of which other non-current assets | 2 820 | 2 175 |
Other Liabilities
in CHF 1 000 | June 30, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
Liabilities to employees | 39 746 | 28 511 | ||
Accrued volume rebates to customers | 23 558 | 24 385 | ||
Social security liabilities | 6 589 | 6 592 | ||
Non-income tax payables | 8 772 | 6 294 | ||
Payables for property, plant and equipment and intangible assets | 3 643 | 6 987 | ||
Other liabilities and accrued expenses | 23 990 | 18 712 | ||
Total | 106 298 | 91 481 | ||
of which other current liabilities | 106 298 | 91 481 |
5Financial Instruments
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. For financial assets and financial liabilities not measured at fair value (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.
Carrying amounts | ||||
|---|---|---|---|---|
in CHF 1 000 | June 30, 2025 | December 31, 2024 | ||
Assets held to collect measured at amortized cost | ||||
Cash and cash equivalents | 72 732 | 97 166 | ||
Term deposits | - | 40 000 | ||
Trade receivables | 167 669 | 126 867 | ||
Other assets qualifying as financial instruments | 5 751 | 2 823 | ||
Other financial assets | 160 | 181 | ||
Total | 246 310 | 267 037 | ||
Financial assets measured at fair value through OCI | ||||
Investments1), 3) | 1 758 | 5 111 | ||
Total | 1 758 | 5 111 | ||
Financial assets measured at fair value through profit or loss | ||||
Investments1), 3) | 1 994 | 2 265 | ||
Derivative financial instruments2) | 2 791 | 34 | ||
Total | 4 785 | 2 299 | ||
Liabilities measured at amortized cost | ||||
Trade payables | 50 820 | 39 335 | ||
Bank loans | 13 356 | 10 119 | ||
Lease liabilities | 12 063 | 12 021 | ||
Other financial liabilities | 355 | 388 | ||
Other liabilities qualifying as financial instruments | 51 190 | 50 084 | ||
Total | 127 784 | 111 947 | ||
Financial liabilities measured at fair value through profit or loss | ||||
Derivative financial instruments2) | 22 | 2 835 | ||
Total | 22 | 2 835 | ||
1) Measured at fair values that are calculated based on factors that are not observable market data (level 3).
2) Measured at fair values that are calculated based on observable market data (level 2).
3) Investments are presented within "non-current financial assets" in the primary statement.
There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the period.
For the unquoted equity instrument measured at fair value through OCI, the Group recognized an unrealized loss of CHF 3.4 million in OCI in the first half of 2025 (first half 2024: gain of CHF 0.2 million). The significant unobservable inputs used in the fair value measurement are long-term growth rate for cash flows for subsequent years with a probability weighted average of 5.0% and WACC with a probability weighted average of 18.0%.
The Group did not perform any quantitative sensitivity analysis for the investments measured at fair value as at June 30, 2025, as they are considered to be immaterial.
There were no transfers between the fair value hierarchical levels, and no purchases or sales of investments allocated to level 3 during the six months ended June 30, 2025 and 2024.
In the first half of 2025, the Group utilized committed credit lines in the amount of a maximum of CHF 35.0 million at a given point in time to cover short-term financing needs (first half 2024: use of CHF 30.0 million of committed credit lines). All of it has been fully repaid as at June 30, 2025 and 2024.
6Provisions and Contingent Liabilities
2025 | 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF 1 000 | Warranties | Others | Total | Warranties | Others | Total | ||||||
As at January 1 | 4 705 | 1 666 | 6 371 | 4 914 | 3 313 | 8 227 | ||||||
Increase | 2 484 | - | 2 484 | 2 760 | 2 711 | 5 470 | ||||||
Utilization | -1 787 | -87 | -1 874 | -2 969 | -4 369 | -7 339 | ||||||
Translation differences | - | -12 | -12 | - | 12 | 12 | ||||||
As at June 30 / December 31 | 5 402 | 1 567 | 6 969 | 4 705 | 1 666 | 6 371 | ||||||
of which current provisions | 4 377 | 445 | 4 822 | 3 772 | 537 | 4 309 | ||||||
of which non-current provisions | 1 025 | 1 122 | 2 147 | 932 | 1 129 | 2 062 | ||||||
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, 2025 and December 31, 2024, there were no contingent liabilities.
7Share Capital / Dividend
As per the resolution of the Annual General Meeting of BELIMO Holding AG held on March 24, 2025, a dividend of CHF 9.50 per registered share (2024: CHF 8.50) was paid out on March 28, 2025. In total, a dividend of CHF 116.8 million (2024: CHF 104.5 million) was paid.
8Foreign Exchange Rates
The consolidated financial statements are based on the following closing and average exchange rates (rounded) for the main currencies:
Closing rates | Average rates | |||||||
|---|---|---|---|---|---|---|---|---|
in CHF | June 30, 2025 | December 31, 2024 | 1st half 2025 | 1st half 2024 | ||||
CAD | 0.58 | 0.63 | 0.62 | 0.65 | ||||
CNY | 0.11 | 0.12 | 0.12 | 0.12 | ||||
EUR | 0.93 | 0.94 | 0.94 | 0.96 | ||||
PLN | 0.22 | 0.22 | 0.22 | 0.22 | ||||
USD | 0.80 | 0.91 | 0.88 | 0.88 | ||||
9Events after the Reporting Date
On July 18, 2025, the Board of Directors of BELIMO Holding AG approved the present interim consolidated financial statements for release. Until this date, no material events after the reporting date have occurred.