Danfoss sees sales rise 36%
DENMARK: Danfoss has reported sales of €10.3bn in the 12 months to December 31 2022, a 36% increase on 2021.
Organic growth for the group was 15% with EBITA margin reaching 11.9% in 2022.
The company’s HVACR business, Danfoss Climate Solutions, however, saw sales increase by a more conservative 12% to €3.2bn. Strong organic growth of 12% compensated for lost sales in Russia. Growth in this sector was driven by the strongly growing market for heat pumps, high-pressure pumps, and other energy-efficient solutions, such as refrigeration and commercial compressors for supermarkets, sustainable data centres, and other buildings.
Danfoss Climate Solutions’ business are said to have grown strongly in most regions, but growth in China slowed down due to pandemic lockdowns. The global supply chain disruptions and the war in Ukraine, which led to the company’s exit from Russia, are said to have pushed high inflationary cost pressure on raw materials, freight rates, and component availability. EBITA increased 9% to €556m. The EBITA margin reached 17.4% against 17.8% the previous year.
The acquisition of German compressor manufacturer Bock, announced in October and completed today, had no impact on the 2022 figures.
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