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 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, 2024. 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:

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

Changes in Accounting Policies

The adoption of the amended IFRS Accounting Standards, which became effective in 2024, did not materially affect the consolidated financial statements of the Group. 

Several new and revised IFRS Accounting Standards and interpretations become effective on January 1, 2025, or later and earlier application is permitted. However, Belimo has not early adopted the following new or amended accounting standards in preparing these consolidated financial statements.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new standard introduces the following key new requirements.

• Entities are required to classify all income and expenses into five categories in the income statement, namely the operating, investing, financing, discontinued operations, and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities‘ net income will not change.
• Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements.
• Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

Belimo is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group‘s income statement, the statement of cash flows, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other‘.

Other accounting standards

The following new and amended accounting standards are not expected to have a significant impact on the Group‘s consolidated financial statements.

• Lack of Exchangeability – Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates (effective date January 1, 2025)
• Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (effective date January 1, 2026)