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).

Basis of Preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and comply with Swiss law.

The reporting date for BELIMO Holding AG, all its subsidiaries and for these consolidated financial statements is December 31, 2022. 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 are calculated using the underlying amount rather than the presented rounded amount. The consolidated financial statements are prepared on the historical cost basis, unless a standard or interpretation prescribes another measurement basis for a particular caption, in which case this is explicitly stated in the accounting policies. The consolidated financial statements are published exclusively in English.

Significant Judgement, Estimates and Assumptions

The presentation of consolidated financial statements in accordance with IFRS requires management to make estimates, assumptions, and judgments in applying accounting policies. If such estimates and assumptions made in good faith by management at the time at which the financial statements are prepared subsequently differ from the actual circumstances, the original estimates and assumptions will be adjusted accordingly in the reporting period during which the circumstances change. Important management assumptions and estimates or judgements were primarily made in the following paragraphs:

• Non-current Employee Benefits (Note 1.2)
• Property, Plant and Equipment (Note 2.3)
• Intangible Assets (Note 2.4)
• Provisions, Contingent Liabilities (Note 2.5)
• Financial Liabilities (Note 3.3)
• Income Taxes (Note 5.1)

Changes in Presentation / Restatement

As of this annual report, other operating expenses and other operating income are shown as two separate line items. In addition, depreciation and impairment of property, plant and equipment and amortization and impairment of intangible assets are now shown separately. This change in presentation has been applied retrospectively with no financial impact on EBIT, net income, or equity.

Changes in Accounting Policies

The adoption of the amended standards, which became effective in 2022, did not materially affect the consolidated financial statements of the Group.

Several new and revised standards and interpretations become effective on January 1, 2023, or later and earlier application is permitted. Belimo has not early adopted these standards. The expected impact of these standards and interpretations on the consolidated financial statements of Belimo is disclosed at the bottom of the following table: