Danfoss A/S: Financial Statement 2009 , Danfoss
Release Date: 2010-03-29
“In the shadow of the financial crisis, it was necessary to implement numerous restructuring activities and dismissals in 2009 in Danfoss and Sauer-Danfoss in order to meet future requirements. The effect of the implemented activities on the profitability showed more quickly than expected in the second half-year. This meant that the earnings improved considerably compared to those achieved in the first half-year – and we are particularly pleased that we managed to improve our cash flow to such an extent that we were able to reduce our debt. In spite of this, 2009 ended with a result which, on the whole, is not satisfactory, even though we performed better than anticipated. The positive development during the second half-year combined with the outcome of the restructuring activities implemented and a successful launch of the new strategy convince us that Danfoss is back on track”, according to Niels B. Christiansen, President and CEO, Danfoss A/SThe forecast for 2010 is for continuing difficult period with many challenges. Although several markets have stabilised and some are showing moderate growth, the tendency is that many customers remain reluctant when it comes to major projects which require loan financing. Danfoss believes that this tendency will continue in 2010. Generally speaking, net sales are expected to grow only slightly.
| Type: | NORMAL |
| Company: | Danfoss |
| Country: | Denmark |