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
BELIMO Holding AG held directly and indirectly the following subsidiaries:
Europe, Middle East & Africa
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Share Capital in 1'000 |
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Group interest |
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Company, place of incorporation |
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Activities |
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Country |
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Currency |
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December 31, 2023 |
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December 31, 2022 |
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December 31, 2023 |
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December 31, 2022 |
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BELIMO Automation AG, Hinwil |
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P, D, L/C, R&D |
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CH |
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CHF |
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500 |
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500 |
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100% |
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100% |
BELIMO InnoVision AG, Hinwil |
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H |
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CH |
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CHF |
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3'500 |
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3'500 |
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100% |
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100% |
BELIMO Stellantriebe Vertriebs GmbH, Stuttgart |
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D |
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DE |
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EUR |
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205 |
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205 |
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100% |
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100% |
BELIMO Automation Deutschland GmbH, Großröhrsdorf |
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P, L/C, R&D |
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DE |
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EUR |
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50 |
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50 |
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100% |
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100% |
BELIMO Automation Handelsgesellschaft m.b.H., Vienna |
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D |
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AT |
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EUR |
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36 |
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36 |
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100% |
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100% |
BELIMO Silowniki S.A., Warsaw |
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D |
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PL |
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PLN |
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500 |
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500 |
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100% |
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100% |
BELIMO Servomotoren B.V., Vaassen |
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D |
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NL |
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EUR |
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18 |
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18 |
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100% |
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100% |
BELIMO Belgium BV, Grimbergen |
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D |
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BE |
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EUR |
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500 |
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500 |
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100% |
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100% |
BELIMO Automation UK Ltd., Shepperton |
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D |
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GB |
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GBP |
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0.1 |
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0.1 |
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100% |
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100% |
BELIMO Automation Norge AS, Oslo |
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D |
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NO |
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NOK |
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501 |
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501 |
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100% |
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100% |
BELIMO Finland Oy, Vantaa |
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D |
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FI |
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EUR |
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100 |
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100 |
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100% |
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100% |
BELIMO AB, Nacka |
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D |
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SE |
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SEK |
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1'000 |
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1'000 |
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100% |
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100% |
BELIMO SARL, Courtry |
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D |
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FR |
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EUR |
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80 |
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80 |
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100% |
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100% |
BELIMO Ibérica de Servomotores S.A., Madrid 1) |
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D |
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ES |
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EUR |
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305 |
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301 |
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100% |
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100% |
BELIMO Italia S.r.l., Grassobbio |
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D |
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IT |
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EUR |
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47 |
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47 |
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100% |
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100% |
BEREVA S.r.l., Ora 2) |
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P, D, R&D |
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IT |
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EUR |
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1'330 |
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1'330 |
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89% |
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89% |
BELIMO Automation FZE, Dubai |
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D |
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AE |
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USD |
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1'905 |
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1'905 |
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100% |
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100% |
BELIMO Turkey Otomasyon A.Ş., Istanbul 1) |
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D |
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TR |
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TRY |
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12'375 |
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1'000 |
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100% |
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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
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Share Capital in 1'000 |
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Group interest |
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Company, place of incorporation |
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Activities |
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Country |
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Currency |
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December 31, 2023 |
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December 31, 2022 |
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December 31, 2023 |
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December 31, 2022 |
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BELIMO Aircontrols (USA), Inc., Danbury |
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D, H |
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US |
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USD |
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200 |
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200 |
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100% |
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100% |
BELIMO Customization (USA), Inc., Danbury 1) |
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P, L/C |
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US |
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USD |
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45 |
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45 |
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100% |
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100% |
BELIMO Technology (USA), Inc., Danbury 1) |
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R&D |
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US |
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USD |
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30 |
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30 |
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100% |
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100% |
BELIMO Aircontrols (CAN), Inc., Mississauga |
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D |
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CA |
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CAD |
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95 |
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95 |
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100% |
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100% |
BELIMO Sensors Inc., Dorval |
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P, R&D |
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CA |
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CAD |
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2'025 |
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2'025 |
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100% |
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100% |
BELIMO Brasil – Montagens e Comércio de Automação Ltda., São Paulo |
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D |
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BR |
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BRL |
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10'372 |
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10'372 |
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100% |
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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
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Share Capital in 1'000 |
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Group interest |
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Company, place of incorporation |
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Activities |
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Country |
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Currency |
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December 31, 2023 |
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December 31, 2022 |
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December 31, 2023 |
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December 31, 2022 |
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BELIMO Asia Pacific Limited, Hong Kong 1) |
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D, L/C |
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HK |
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HKD |
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10 |
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10 |
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100% |
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100% |
BELIMO Pacific Pty Ltd, Mulgrave, Melbourne 2) |
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D, L/C |
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AU |
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AUD |
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1'210 |
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1'210 |
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100% |
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100% |
BELIMO Automation (Shanghai) Co., Ltd., Shanghai 3) |
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P, D, L/C, R&D |
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CN |
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CNY |
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50'320 |
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20'320 |
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100% |
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100% |
BELIMO Automation India Private Limited, Mumbai |
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D, L/C |
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IN |
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INR |
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1'574 |
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1'574 |
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100% |
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100% |
BELIMO Automation Malaysia SDN. BHD., Kuala Lumpur |
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D, L/C |
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MY |
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MYR |
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5'300 |
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5'300 |
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100% |
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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
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
There were no changes to the scope of consolidation in 2023 and 2022.
4.3 Currency Translation
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Year-end rates |
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Average rates |
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in CHF |
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2023 |
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2022 |
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2023 |
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2022 |
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CAD |
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0.63 |
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0.68 |
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0.67 |
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0.74 |
CNY |
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0.12 |
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0.13 |
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0.13 |
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0.14 |
EUR |
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0.93 |
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0.98 |
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0.98 |
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1.01 |
PLN |
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0.21 |
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0.21 |
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0.21 |
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0.22 |
USD |
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0.84 |
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0.92 |
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0.90 |
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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.
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.