22 April 2022
In 2021, KK Wind Solutions extended the global footprint by establishing a new manufacturing site in Taiwan and strengthened core capabilities by acquiring a leading vibration monitoring company; all while realising an annual result in line with expectations.
KK Wind Solutions delivered a financial year with revenue of DKK 2.6bn in 2021. The profit after tax ended at DKK 28.3m compared to DKK 34.8m in 2020, due to impacts from the COVID-19 pandemic and component shortages. KK Wind Solutions demonstrated resilience in a challenging business environment thanks to the efforts of our 1,600 co-workers and strong collaboration with customers and strategic suppliers.
"In 2021, we have taken important steps on our growth journey. We have extended our global footprint by launching a new manufacturing site in Taiwan and we have acquired an industry-leading vibration monitoring company, PCH Engineering. The financial results are as expected and reflects the challenging market conditions the industry faced the past year," says Mauricio Quintana, CEO, KK Wind Solutions and continues:
“I am very proud of our dedicated and professional people, who during a global pandemic have worked competently with customers and suppliers to reduce the impact of the global component shortage.”
The long-term financial outlook remains positive, but low growth rates are expected in the coming 18-24 months, with earnings under pressure due to material shortages, inflation pressure and geopolitical challenges.
Looking into the future, we see strong growth rates as the market recovers, and the green energy transition and the electrification of society will further increase the demand for green energy solutions.
Strengthening capabilities through acquisition
In 2021, KK Wind Solutions acquired PCH Engineering to strengthen capabilities and offerings within structural vibration monitors. PCH Engineering is an industry-leading developer and supplier of vibration monitoring equipment, offering a wide range of monitor solutions for rotating machinery. Since producing the first wind turbine protection monitor in 1998, PCH Engineering has been the leading provider of structural vibration systems equipment to wind turbine manufacturers worldwide.
"The acquisition of PCH Engineering has brought a complementary layer to our existing digital product offerings and will enhance our capabilities within structural vibration monitoring while expanding our opportunities in the aftermarket segment", says Mauricio Quintana.
Looking ahead, KK Wind Solutions will continue the careful integration of PCH Engineering, making the transition a seamless and positive change for customers, suppliers, and employees.
Extending our global footprint to Taiwan
In 2021, we initiated our manufacturing site in Taiwan and delivered the first systems supplies to our customers. We are pleased to be a strategic localisation partner to the leading wind turbine OEMs as we now take a leading role in establishing the knowledge base and manufacturing footprint to ensure the long-term success of the Taiwanese offshore wind industry.
Decarbonising our industry
Decarbonisation is a strategic imperative for our industry and our company. As a leading supplier to the global renewable energy industry, sustainable technologies and solutions are at the core of our DNA and are reflected in how we operate and govern our company. We are passionate about sustainability and partner with customers and suppliers to rethink the ways we operate and innovate sustainable alternatives.
In 2021, we established our CO2e emissions baseline. We are now intensifying our efforts to decarbonise and become carbon neutral in our operations by 2030. With a strong focus on reducing waste, we aim to support our customers in producing zero-waste wind turbines and creating a zero-waste value chain that enables circularity.
Explore our Sustainability Report 2021 to view our efforts, focus areas and goals for 2022.
Progress on our growth journey