Brussels, 10 May 2022 – Daikin Europe N.V. has announced its financial group results for fiscal year 2021, ending 31 March 2022. Driven by the strong demand for sustainable heating, cooling and refrigeration solutions, the company has reported an exceptional growth in its turnover of 25%, which now amounts to 4.3 billion euro, the company’s best result ever.
Daikin Europe is a leading company in the air-conditioning, heating, ventilation and refrigeration business in Europe, the Middle East and Africa (EMEA). Despite challenging circumstances, the company remains on course to realise the ambitious targets of its Fusion 2025 plan to become the leading producer of sustainable heating and cooling solutions in the EMEA market and play an important role in the energy transition.
“These results are definitive proof that our strategy is the right one. By focussing on innovative and sustainable solutions, manufactured locally, we are clearly responding to today’s market needs,” says Wim De Schacht, Vice-President of Daikin Europe.
Firm response to today’s market needs
Daikin Europe reports strong sales growth across all of its business units, including residential air-conditioning, commercial refrigeration and its services and solutions offering. The rebound in the commercial segment – following a difficult period due to COVID – was stronger than expected. In the refrigeration segment, strong demand from food retail chains had a positive impact on the results of Daikin’s daughter company AHT.
“Rising energy prices and ever more stringent regulation are driving both our residential and industrial customers to heating and cooling systems that help them reduce their environmental footprint,” says Takayuki Kamekawa, Vice-President Sales of Daikin Europe.
But the most remarkable growth was realised in the heating business. “Heat pumps are one of the key technologies to realise the energy transition. In many of our markets, including Italy and Germany, authorities introduced incentives to encourage home owners to replace older, fossil-fuel based technologies,” explains Takayuki Kamekawa.
Proximity strategy pays off
In 2021, many industries were impacted by global supply shortages of parts and components. These were caused by COVID restrictions and general disruptions in supply chains. Although Daikin Europe has also felt the impact of these disruptions, the company’s proximity strategy has been able to ward off the most adverse effects
“We have always strived to develop and manufacture our products as close as possible to the markets that we serve. This enables us to respond in a flexible manner to market demand and makes us less vulnerable to external factors. Throughout the years, we have also built long-standing relations with strategic suppliers. As a result, we have been able to outperform the market and grow our market share,” says Hiromitsu Iwasaki, Vice-President Manufacturing at Daikin Europe.
Contributing to the energy transition
Daikin Europe will continue to focus on the realisation of its Fusion 2025 plan.“We expect demand for our sustainable solutions to grow further, as authorities are leading the way to a carbon-neutral society. Moreover, the current geopolitical situation will intensify the need to phase out fossil fuels and reduce our energy dependency. It remains our mission to support this transition by developing and delivering the innovative solutions that are needed,” says Toshitaka Tsubouchi, President of Daikin Europe.
In order to do so, Daikin Europe group welcomed over 1,000 new colleagues throughout its organization in 2021. It continues to strengthen all its functions. The company already announced several investments in its manufacturing facilities across Europe and more will follow. Daikin Europe is also accelerating its investments in R&D. It started the construction of a big talent hub in Belgium, Daikin’s EMEA Development Center, foreseen to open in 2024. “Clearly, we are confident for the future. I hope to welcome many more diverse and talented people to our teams, so we can realize our ambitions for a healthier and more sustainable society,” concludes Toshitaka Tsubouchi.
Every year in May we will provide an update of this text.
Daikin Europe N.V.
Daikin Europe is a subsidiary of Daikin Industries Ltd. and the leading provider of heating, cooling, ventilation, air purification and refrigeration solutions in Europe, the Middle East and Africa. The company designs, manufactures and brings to market a broad portfolio of equipment, as well as tailor-made solutions for residential, commercial and industrial purposes. To date Daikin Europe has over 12,000 employees working at more than 59 consolidated subsidiaries. It has 12 major manufacturing facilities based in Belgium, the Czech Republic, Germany, Italy, Spain, Turkey, Austria and the UK. The headquarters of the Daikin Europe group are in Belgium, Ostend. The company was established in 1972, production in Europe started in 1973.
About Daikin Industries Ltd.
Based in Osaka, Japan, Daikin Industries employs over 89,000 people worldwide. The global company is market leader for heat pump and air conditioning systems, as well as air filtration. It is the only air conditioning manufacturer in the world that researches, develops and produces all important system components, such as refrigerants, compressors and electronics, in-house. The company achieved € 23.7 billion sales turnover in financial year 2021 (1 April 21 – 31 March 22).
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