| Key Figures (DKK million) | ||
|---|---|---|
| Half year ended 30.6 | ||
| 2020 | 2019 | |
| Net Turnover | 12 205 | 13 204 |
| Earnings before Interest and Tax | 1067 | 1177 |
| Profit after Tax | 756 | 1049 |
| Total Assets | 24 210 | 29 152 |
| Total Equity | 16 501 | 16 263 |
| Cash Flow from Operating Activities | 843 | 1518 |
Source: Grundfos interim 2020 results.
COMMENT.
Danish pump manufacturer Grundfos says its half-year 2020 financial performance was satisfactory despite the Covid-19 pandemic.
In the first six months of 2020, Grundfos saw organic sales decline 8.3%, net turnover fall 6.9% to DKK12.3 billion, and earnings before interest and tax (EBIT) of slip 9.3% to DKK1067 million. Profit after tax was DKK756 million, down from DKK1049 million in 2019.
Grundfos has seen lower activity in all markets globally in the first half of 2020. Grundfos says there are positive trends emerging in important market areas such as China, the US and a number of countries in Western Europe.
“In light of the global crisis, we are satisfied with our financial performance. We and most of our customers are impacted by Covid-19. Our main priority is the health and well-being of our employees and partners, and ensuring our ability to supply our customers,” said Mads Nipper, group president and CEO of Grundfos.
“Our colleagues across the globe have done a fantastic job under difficult circumstances. I am very pleased to see the dedication to keep our business running and in ensuring our customers are supplied with the water solutions they need. I am particularly proud to see many cases of fast and effective supply of critical equipment to emergency hospitals and other places where our products and solutions have been essential,” added Nipper.
Grundfos expects its global markets to remain negatively affected by Covid-19 in 2020, with full year sales down on 2019.
“The Covid-19 pandemic and following crisis are impacting us and will continue to do so. We have managed to stay agile, disciplined and diligent in all areas of our business to navigate through these challenging times and we will continue our efforts and diligently work to ensure that our business remains sound,” said Nipper.