Annual Report 2023


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 IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) and comply with Swiss law.

The reporting date for BELIMO Holding AG, all its subsidiaries, and for these consolidated financial statements is December 31, 2023. 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 Judgment, Estimates, and Assumptions

The preparation of consolidated financial statements in accordance with IFRS Accounting Standards is dependent upon estimates and assumptions being made in applying the accounting policies, for which management can exercise a certain degree of judgment. 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. The areas involving significant estimates, assumptions, or judgments are:

Changes in Presentation

As of this annual report, other current assets and current financial assets are 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 adoption of the amended IFRS Accounting Standards, which became effective in 2023, did not materially affect the consolidated financial statements of the Group. The Group is still in the process of assessing the potential exposure to Pillar Two income taxes as at December 31, 2023. Further details are described in note Income Taxes.

Several new and revised IFRS Accounting Standards and interpretations become effective on January 1, 2024, 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:



Effective date


Planned application






Non-current Liabilities with Covenants (Amendments to IAS 1), and Classification of Liabilities as Current or Non-current (Amendments to IAS 1) 1)





 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) 1)





Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) 1)





Lack of Exchangeability (Amendments to IAS 21) 1)





1) No or no significant impact is expected on the consolidated financial statements of Belimo.