Debt Investor Presentation April 2021
2020 financial performance
Generating record cash flow despite COVID-19
Danfoss
Danfoss
Quarterly net sales growth (in local currency)
EURM
%
%
2019
2020
Pro
Forma
2020
%
2%
3%
1%
Net sales
6,285
5,828
7,276
0%
EBITDA before other operating income and expenses
1,028
16.4 1,008
17.3 1,131
15.5
-3%
EBITDA
1,026
16.3
954
16.4
1,057
14.5
-6%
-6%
-7%
EBITA
771
12.3
723
12.4
760
10.4
-9%
-12%
Free operating cash flow after financial items and tax
Net interest bearing debt
463
7.4
493
8.5
1,048
537
3,147
-15%
-14%
Full Year 2019 Q1 2020
Q2 2020
Q3 2020
Q4 2020
Net interest bearing debt / EBITDA before OOI/E
1.0x
0.5x
2.8x
•
Danfoss has seen a gradual return to pre-COVID sales levels after the low point during Q2 2020
.
•
.
In Q4 2020 Danfoss was back above 2019 sales volume with 2% local currency growth
To counter lower sales during first half of 2020, fast actions were taken to reduce cost and CAPEX
spend demonstrating the resilience of our strategy and the flexible operating model
Fixed costs were adjusted to a lower level of activity without making permanent reductions in the
workforce or discontinuing strategic projects
EBITDA margin before other operating income and expenses ended at 17.3%
-
Free operating cash flow increased to
EUR 493m in 2020 a record cash flow
for Danfoss - confirming the cash generating
capability of the Danfoss business model
See slide 30-31 for Pro Forma breakdown
24 Danfoss Debt Investor Presentation April 2021
Confidential
ENGINEERING TOMORROW
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