DENMARK: Danfoss has recorded its highest growth in six years, with net sales in 2017 increasing by 12% to more than DKK4bn (over €550m) to DKK43.3bn (€5.8bn).
Combined, the high growth and continuous operational improvements lifted the operating profit excluding other operating income and expenses with more than DKK700m (€95m) to DKK5.1bn (€685m). Net profit improved by 13% to DKK3.3bn (€445m).
The figures left president and CEO Kim Fausing very satisfied with the 2017 results. “Throughout the year, we have seen extraordinary high growth, and we deliver a strong bottom-line. At the same time, we have made significant investments in growth initiatives and digitalisation, and we acquired several key technologies that will help us retain our position as a leading technology provider.”
While the Danfoss Power Solutions was singled out for a very strong performance in 2017, the other three business segments also grew faster than the markets and the overall global economy.
Results were particularly strong in the BRIC countries and in the US.
Danfoss observed growth in China being driven by major investments in energy efficiency, whereas in India Danfoss sees a significant focus on solutions, which ensure fresh food for the growing population. In the US, Danfoss’ largest market, it is increased investments in infrastructure that is driving the higher sales.