DENMARK – Danfoss today released their accounts for 2015. The latest figures reveal that in 2015, Danfoss grew the topline by 11% while improving net profit by 13%. The company declared themselves satisfied with the strong performance delivered in 2015.

Despite a strong overall performance, the company did concede that certain sectors of its business had experienced challenging market conditions. For the group as a whole, net sales ended at €5.1bn compared with €4.6bn in 2014, with this improvement equating to 11% growth. In local currency, this growth was recorded as being 5%. Meanwhile the company’s EBIT reached €549m, which represents an increase of 4%. Net profit was recorded at €348m which is a record-high and 13% above last year’s result. The company also revealed that the free cash flow before M&A matched the 2014-level high.

Breaking the overall group’s performance into its four business segments reveals that the segments experienced mixed market conditions. Both Danfoss Cooling and Danfoss Drives delivered performances which were improved on last year, while Danfoss Power Solutions were impacted by a downturn in the global mobile hydraulics market and Danfoss Heating had a challenging year, which the company claimed was principally due to the economic downturn in Russia.

The company also disclosed that, as expected, the business environment in Russia remained challenging, while the Chinese market continued to slow down. Conversely, it was stated that countries such as Mexico, India, and Turkey continued to show strong growth, while markets in North America and Europe showed a positive trend in 2015.

The company stated its belief that the globally increasing focus on the potential in energy efficiency and need for climate-friendly solutions were strong drivers of demand for Danfoss technologies and solutions in 2015.

Commenting on the company’s performance in 2015, Danfoss president & CEO Niels B. Christiansen stated that “2015 was a good year for Danfoss. Our focal point has been to further strengthen our global position including acquisitions of new innovative technologies and investing in new test and demonstration facilities.”

Mr Christiansen concluded by stating “Our increased investments in innovation paid off with several new products utilizing digital technology being successfully introduced to the markets and very well received by our customers.”

The company ended their statement by highlighting that they expect to maintain or expand their market share in 2016 while also maintaining the EBIT margin of 2015.