Please find enclosed the Annual Report 2019/20 for AX V Nissens ApS, the parent company and owner of the activities in K. Nissen International A/S.
Market conditions and transformation influence the annual result from international cooler company Nissens
The realized Revenue of the fiscal year 2019/2020 amounts to 1,944 mio. DKK against last year’s Revenue of 1,983 mio. DKK. The EBITDA result befores special items of the company adds up to 199 mio. DKK against 235 mio. DKK in the last fiscal year.
The perspectives on the development of the two business units of the company, Nissens Automotive and Nissens Cooling Solutions, are different in appearance as a result of the marketdriven conditions applying to the segments, in which the two businesses operate.
Mikkel Krogslund Andersen, CEO, states:
”Nissens Automotive is a service business supplying spareparts to the automotive aftermarket. Throughout the majority of the fiscal year, the business has performed well with the right development and direction, but the impact of Covid-19 has had a significant mark on the results of the business during 8-9 weeks of the spring, which is normally the time for the beginning of the annual season in the business. The management expresses satisfaction with the result of Nissens Automotive considering the Covid-19 impact in the last quarter of the fiscal year, and we anticipate a continued positive development for the company going forward, not least thanks to the positive outcome of continuous product launches”.
In relation to Nissens Cooling Solutions, Mikkel Krogslund Andersen states:
”In Nissens Cooling Solutions, which operates within wind energy and a number of industrial segments, various incidents have influenced the operation and results of the business in the past year. One-time effects driven by customers, duty schemes, Covid-19 and a larger, internal transformation in our Global Operations are all events, which make a mark on our bottomline result, but, regardless, we can only as management consider the latest result of Nissens Cooling Solutions as being unsatisfactory. However, we have a positive perspective on the future, since it is clear that cooling becomes increasingly vital in both the wind turbine industry and in a number of industrial segments and, for that reason, we have maintained our focus on increasing our production capacity and investing in new technologies throughout the past year”.
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