Danfoss sales amounted to EUR 2.9 billion in the first half, which is 10% lower than the same period last year. Operating profit (EBITA) reached EUR 309 million, 19% below the same period last year, with an EBITA-margin of 10.8% against 12.1% in the first half last year.
The first half of 2020 was affected by the COVID-19 pandemic, which continues to create global volatility and uncertainty. All regions and most of the market segments, in which Danfoss operates, have been affected. Danfoss saw the largest negative impact on sales in April and May, followed by a periodic improvement towards the end of the second quarter. On the positive side, there are signs that Danfoss sales in Asia are stabilizing, and China has regained its strength and was back with record sales in the second quarter. Across Europe, Danfoss is also seeing signs of improvement compared to the low level at the beginning of the second quarter. In contrast, sales in North America, Latin America and India continue to be hit hard by the effects of COVID-19.
"I am proud of how our teams around the world have handled the difficult situation. We have responded quickly with a focus on employee safety. We have kept our people on board, served our customers and adjusted our costs to the lower activity level. We have kept the factories going globally and strengthened our digital presence towards our customers and suppliers. At the same time, we have maintained focus on our strategic direction,” says Kim Fausing, Danfoss President and CEO.