Sustaining growth momentum in a tough year
Continuing our growth journey despite impacts from the global pandemic.
KK Wind Solutions delivers another solid financial year with a revenue of DKK 2.6bn, sustaining the growth momentum and gaining market shares across all business units. With year-over-year organic growth of more than 14%, the single-digit growth expectation of 2020 has been well surpassed. The growth in 2020 is especially remarkable considering that it comes on top of a 40% revenue increase in 2019 and in a year where an outbreak of a global pandemic has brought unexpected challenges and postponed many activities.
The annual profit in 2020 is DKK 35m compared to DKK 26m in 2019, due to growth on all major markets. The annual result also reflects the constant pressure on profit margins and KK Wind Solutions' commitment towards delivering the most competitive sustainable solutions to support the reduction of Levelized Cost of Energy for our customers.
"We are very satisfied with the financial results in 2020. Despite challenging circumstances, we continued to develop new product technologies, invested in one of the world’s most advanced robotics lines for converters, and extended our global footprint to now also include Taiwan. We did this and much more, while proving our ability to deliver to our customers on a global scale during the pandemic. The resilience of our business and employees is remarkable. Our talented people have worked intensively to reduce the impact from the pandemic, and the passion and professionalism they apply every day is truly inspiring. Together, we make a real impact towards our customers' businesses and to global sustainability," says Chlinton A. Nielsen, CEO at KK Wind Solutions, and continues:
"We also want to thank our customers, suppliers and partners, who work passionately with us to develop new technologies and enable us to capture future growth opportunities together."
Leading the way through a pandemic
The COVID-19 pandemic affected everybody in 2020 and brought significant challenges to KK Wind Solutions. Being a safety-first company, our priority has been the health and well-being of our employees, their families, and our partners.
Early in the year, we established comprehensive COVID-19 safety measures and principles to ensure a clear direction and business continuity during the pandemic. Today, we realise that our decisions' simplicity and guiding nature combined with our dedicated and talented employees have enabled us to find solutions to the challenges and adversities we faced.
All employees have adapted remarkably to new routines and pushed through with projects and customer deliveries, despite sudden and unexpected obstacles. For this and much more, we owe all our 1,600 colleagues heartfelt thanks as they continue to keep everyone safe across our locations.
Although the world still finds itself in the midst of a global pandemic, KK Wind Solutions has managed to weather the storm in 2020 and proven resilient by ensuring continuity in our operations.
Strengthening capabilities within digital solutions
In 2020, KK Wind Solutions acquired Gram & Juhl, an industry leader within Turbine Condition Monitoring, to further strengthen the capabilities and offerings within digital solutions. Building on more than 20 years of experience and having equipped +23,000 turbines worldwide, Gram & Juhl has cemented its position as a true pioneer within condition monitoring.
"The acquisition offers significant strategic value, as it adds a broader digital product offering and enhances our capabilities within condition monitoring, sensors and cloud-based services, while expanding our opportunities in the aftermarket segment. We strongly believe that customers will benefit from this acquisition, as we further advance within digital solutions to deliver world-class end-to-end wind turbine technology and systems", says Chlinton A. Nielsen.
Looking ahead, KK Wind Solutions will continue integrating Gram & Juhl, making a seamless transition into KK Wind Solutions and continue to expand the digital solutions area.
Creating a sustainable future
As a leading supplier to the global wind industry, sustainable technologies and solutions are the core of our company and deeply rooted in our DNA. We are passionate about sustainability and partner with customers and suppliers to rethink our existing ways and innovate sustainable solutions.
In 2020, we partnered with key customers to deliver significant sustainability impact across our business. These efforts earned us the Certificate of Sustainability Commitment from Vestas. Being a strategic sustainability partner to our customers, we now further accelerate our sustainability efforts, including key performance indicators on sustainability throughout our company.
Going forward, we will continue to improve our sustainability actions and have initiated a CO2 baseline measurement for us to set new ambitious targets on reducing our consumption and carbon footprint.
Explore our Sustainability Report 2020 to get an overview of our efforts, focus areas and goals for 2021.
Kenneth Damm Hansen
Director - Marketing & Communication
Phone: +45 24 76 37 99