Sustainability-Linked Bond Framework
Profitability and cash flow
Strong growth while maintaining stable profitability margins,
solid cash flow, and declining net-debt ratio
Increased earnings...
EBITDA before OOI/E (EURM)
...with solid margins and cash flows...
Free operating cash flow after financial items and tax (EURM)
EBITDA margin before OOI/E (% of net sales)
600
1,800
20.0%
1,600
18.0%
450
1,400
16.0%
1,200
300
150
14.0%
1,000
12.0%
800
0
10.0%
2017
2018
2019
2020
2021
2022
2017
2018
2019
2020
2021
2022
...from strong segment performance...
EBITA (EURM)
800
Power Solutions
Climate Solutions
600
400
200
18.7%
14.5%
Power Electronics and Drives
10.9%
EBITA margin (%)
0
2017
2018
2019
2020
2021
2022
24 Bond Investor Presentation May 2023
14.2%
17.4%
10.1%
...driving declining net-debt ratio
Net interest-bearing debt / EBITDA before OOI/E
3.0x
2.5x
Eaton
acquisition
2.0x
1.5x
Semikron
acquisition
1.0x
0.5x
0.0x
2017
2018
2019
2020
2021
2022
ENGINEERING TOMORROW
DanfossView entire presentation