Annual Report 2023

4 Corporate Structure

This chapter sets out details of the Group structure of Belimo. In addition, it outlines material changes in the Group structure and the cor­re­spond­ing impact on the con­sol­i­dated financial statements.

4.1 Subsidiaries

4.1 Subsidiaries

BELIMO Holding AG held directly and indirectly the following subsidiaries:

Europe, Middle East & Africa

 

 

 

 

 

 

 

 

Share Capital in 1'000

 

Group interest

Company, place of incorporation

 

Activities

 

Country

 

Currency

 

December 31, 2023

 

December 31, 2022

 

December 31, 2023

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BELIMO Automation AG, Hinwil

 

P, D, L/C, R&D

 

CH

 

CHF

 

500

 

500

 

100%

 

100%

BELIMO InnoVision AG, Hinwil

 

H

 

CH

 

CHF

 

3'500

 

3'500

 

100%

 

100%

BELIMO Stellantriebe Vertriebs GmbH, Stuttgart

 

D

 

DE

 

EUR

 

205

 

205

 

100%

 

100%

BELIMO Automation Deutschland GmbH, Großröhrsdorf

 

P, L/C, R&D

 

DE

 

EUR

 

50

 

50

 

100%

 

100%

BELIMO Automation Handelsgesellschaft m.b.H., Vienna

 

D

 

AT

 

EUR

 

36

 

36

 

100%

 

100%

BELIMO Silowniki S.A., Warsaw

 

D

 

PL

 

PLN

 

500

 

500

 

100%

 

100%

BELIMO Servomotoren B.V., Vaassen

 

D

 

NL

 

EUR

 

18

 

18

 

100%

 

100%

BELIMO Belgium BV, Grimbergen

 

D

 

BE

 

EUR

 

500

 

500

 

100%

 

100%

BELIMO Automation UK Ltd., Shepperton

 

D

 

GB

 

GBP

 

0.1

 

0.1

 

100%

 

100%

BELIMO Automation Norge AS, Oslo

 

D

 

NO

 

NOK

 

501

 

501

 

100%

 

100%

BELIMO Finland Oy, Vantaa

 

D

 

FI

 

EUR

 

100

 

100

 

100%

 

100%

BELIMO AB, Nacka

 

D

 

SE

 

SEK

 

1'000

 

1'000

 

100%

 

100%

BELIMO SARL, Courtry

 

D

 

FR

 

EUR

 

80

 

80

 

100%

 

100%

BELIMO Ibérica de Servomotores S.A., Madrid 1)

 

D

 

ES

 

EUR

 

305

 

301

 

100%

 

100%

BELIMO Italia S.r.l., Grassobbio

 

D

 

IT

 

EUR

 

47

 

47

 

100%

 

100%

BEREVA S.r.l., Ora 2)

 

P, D, R&D

 

IT

 

EUR

 

1'330

 

1'330

 

89%

 

89%

BELIMO Automation FZE, Dubai

 

D

 

AE

 

USD

 

1'905

 

1'905

 

100%

 

100%

BELIMO Turkey Otomasyon A.Ş., Istanbul 1)

 

D

 

TR

 

TRY

 

12'375

 

1'000

 

100%

 

100%

1) Capital increase in 2023

2) Investment held by BELIMO InnoVision AG

H = Holding company

P = Production

D = Distribution

L/C = Logistics and customization

R&D = Research and development

Americas

 

 

 

 

 

 

 

 

Share Capital in 1'000

 

Group interest

Company, place of incorporation

 

Activities

 

Country

 

Currency

 

December 31, 2023

 

December 31, 2022

 

December 31, 2023

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BELIMO Aircontrols (USA), Inc., Danbury

 

D, H

 

US

 

USD

 

200

 

200

 

100%

 

100%

BELIMO Customization (USA), Inc., Danbury 1)

 

P, L/C

 

US

 

USD

 

45

 

45

 

100%

 

100%

BELIMO Technology (USA), Inc., Danbury 1)

 

R&D

 

US

 

USD

 

30

 

30

 

100%

 

100%

BELIMO Aircontrols (CAN), Inc., Mississauga

 

D

 

CA

 

CAD

 

95

 

95

 

100%

 

100%

BELIMO Sensors Inc., Dorval

 

P, R&D

 

CA

 

CAD

 

2'025

 

2'025

 

100%

 

100%

BELIMO Brasil – Montagens e Comércio de Automação Ltda., São Paulo

 

D

 

BR

 

BRL

 

10'372

 

10'372

 

100%

 

100%

1) Investment held by BELIMO Aircontrols (USA), Inc.

H = Holding company

P = Production

D = Distribution

L/C = Logistics and customization

R&D = Research and development

Asia Pacific

 

 

 

 

 

 

 

 

Share Capital in 1'000

 

Group interest

Company, place of incorporation

 

Activities

 

Country

 

Currency

 

December 31, 2023

 

December 31, 2022

 

December 31, 2023

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BELIMO Asia Pacific Limited, Hong Kong 1)

 

D, L/C

 

HK

 

HKD

 

10

 

10

 

100%

 

100%

BELIMO Pacific Pty Ltd, Mulgrave, Melbourne 2)

 

D, L/C

 

AU

 

AUD

 

1'210

 

1'210

 

100%

 

100%

BELIMO Automation (Shanghai) Co., Ltd., Shanghai 3)

 

P, D, L/C, R&D

 

CN

 

CNY

 

50'320

 

20'320

 

100%

 

100%

BELIMO Automation India Private Limited, Mumbai

 

D, L/C

 

IN

 

INR

 

1'574

 

1'574

 

100%

 

100%

BELIMO Automation Malaysia SDN. BHD., Kuala Lumpur

 

D, L/C

 

MY

 

MYR

 

5'300

 

5'300

 

100%

 

100%

1) BELIMO Actuators Ltd. was renamed to BELIMO Asia Pacific Limited as at July 1, 2023.

2) BELIMO Actuators Pty. Ltd. was renamed to BELIMO Pacific Pty Ltd as at December 12, 2023.

3) Capital increase in 2023

H = Holding company

P = Production

D = Distribution

L/C = Logistics and customization

R&D = Research and development

Accounting Policies - Consolidation

Scope of Consolidation
The consolidated financial statements include all companies (subsidiaries) that are controlled either directly or indirectly by BELIMO Holding AG. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the company and is able to affect those returns through its power over the company. Subsidiaries that are acquired or sold during the course of the year are consolidated with effect from the date on which control commences and deconsolidated with a gain or loss included in the income statement from the date on which control is lost.

Eliminations
Assets, liabilities, income, and expenses are recognized on a 100% basis using the full consolidation method. Intercompany income and expenses and intercompany receivables and payables are eliminated. Any unrealized profits arising from intercompany transactions are eliminated, affecting net income. Unrealized losses are eliminated in the same way, but only to the extent that there is no evidence of impairment.

4.2 Changes to the Scope of Consolidation

4.2 Changes to the Scope of Consolidation

There were no changes to the scope of consolidation in 2023 and 2022.

4.3 Currency Translation

4.3 Currency Translation

 

 

Year-end rates

 

Average rates

in CHF

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

CAD

 

0.63

 

0.68

 

0.67

 

0.74

CNY

 

0.12

 

0.13

 

0.13

 

0.14

EUR

 

0.93

 

0.98

 

0.98

 

1.01

PLN

 

0.21

 

0.21

 

0.21

 

0.22

USD

 

0.84

 

0.92

 

0.90

 

0.95

The subsidiary BELIMO Turkey Otomasyon A.Ş. (Istanbul), with functional currency in Turkish lira, was affected by the hyper-inflationary economy as at December 31, 2023 and 2022. The assessment of the accounting implication of IAS 29 Financial Reporting in Hyperinflationary Economies showed no material impact on the consolidated financial statements in both years.

Accounting Policies - Currency Translation

Group Companies
Financial statements of foreign operations are translated into Swiss francs as follows: for the balance sheet (excluding equity), at the exchange rates at the reporting date; for the income statement, the statement of comprehensive income and the statement of cash flows, at the average exchange rate. Any translation differences arising from the translation of the balance sheets, income statements and the statements of comprehensive income are recognized in other comprehensive income with no effect on the consolidated income statement. This also applies to loans that are part of a net investment in a foreign operation. At the date of the loss of control over a foreign operation, the associated cumulative exchange differences are reclassified to the income statement.

Transactions in Foreign Currency
Transactions in a foreign currency are translated into the functional currency at the exchange rate at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Any foreign currency gains or losses resulting from transactions and from the translation of balance sheet items denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities measured at historical cost are translated using the exchange rate at the date of the transaction.