Slight sales growth for Swiss Zehnder Group in the second half of the year

The Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions for a healthy indoor climate, was able to partially make up for the COVID-19-related 9 % decline in sales in the first semester with an increase in sales of 1 % in the second half of the year. The resulting decline in sales for the year as a whole was 4 %.

Growth in ventilation, decline in radiators

After the Zehnder Group recorded a 9 % decline in sales in the first half of 2020 due to COVID-19, it was able to make up for this to some extent in the second semester with sales growth of 1 %. Demand remained stable in the key markets and despite restrictions being imposed once again with the second coronavirus wave, there were no significant interruptions in the manufacturing chain.

Sales for the year as a whole stood at EUR 617.7 million (unaudited; previous year: EUR 644.4 million), corresponding to a decline of EUR 26.7 million or 4 % (-4 % organically1).

In the ventilation business area, which still managed to achieve sales at the same level as the previous year in the first half of the year despite the challenging conditions, revenues up to the

end of 2020 increased by 3 % (+3 % organically) to EUR 324.0 million (previous year: EUR 316.0 million). In the radiator business area, the important months of September to November were good. However, it was not possible to make up for the 20 % decline in the first half of the year. For the whole year, radiator sales of EUR 293.7 million were recorded, 11% (-10% organically) below the previous year (EUR 328.3 million). The ventilation share of the total sales therefore increased further in the reporting period from 49 % to 52 %. The development corresponds with the Zehnder Group’s strategy: growth in the ventilation business area and harvest in the radiator business area.

Growth in Europe in the second half of the year

Of the total sales, 84 % (previous year: 82 %), or EUR 517.2 million (previous year: EUR 531.1 million) came from the Europe segment, which recorded a sales decrease of 3 % (-3 % organically). Sales of EUR 269.3 million (previous year: EUR 259.0 million) were generated in the ventilation business area, which equates to growth of 4 % (+4 % organically).

The ventilation business area covers product lines for residential ventilation, heat exchangers and clean air solutions, and all three of these reported positive results. Sales in Europe’s radiator business area decreased in 2020 by 9 % (-9 % organically) to EUR 247.8 million (previous year: EUR 272.1 million). Sales in both product lines – radiators and heating and cooling ceiling systems – saw a decline.

– Germany, which is still the Zehnder Group’s largest sales market, and Switzerland remained robust in 2020, despite COVID-19. There was a slight increase in sales in the second half of the year compared to the same period in the previous year. The decline from the first semester was largely made up by the end of the year.


1 For alternative performance measures, please refer to the annex to this media release

– France, the United Kingdom and Italy, the markets worst affected by the coronavirus pandemic, recovered well in the second half of the year but still remained considerably below the sales levels of 2019 for the year as a whole.

– Sales in the Netherlands and Belgium saw very positive development in 2020. In both of these countries, ventilation is the Zehnder Group’s primary business area.

Recovery in the project business in China, strong ventilation business in North America

The China & North America segment comprised 16 % (previous year: 18 %) of the consolidated sales in the reporting year, amounting to EUR 100.5 million (previous year: EUR 113.3 million). This represents a fall in sales of 11 % (-10 % organically).

– In China, the 2020 financial year ended with sales of EUR 48.3 million (previous year: EUR 57.4 million), representing a decline of 16 % (-14 % organically). In the ventilation business area, the project business started to grow again from the second quarter.

However, it was not possible to recover from the decline by the end of the year. In the radiator business area, sales for the year as a whole were also still considerably belowthe previous year’s level.

– Revenues in North America amounted to EUR 52.1 million and therefore 7 % (-5 % organically) less than the previous year (EUR 55.8 million). The radiator business area saw a decline. The COVID-19 restrictions at the production facilities and the withdrawal from the unprofitable fan coil business had a negative impact on sales. Luckily, the ventilation business grew by 22 % (+24 % organically). The strong growth in the first semester continued in the second half of the year.

Details on the 2020 sales by region and business area can be found in the annex.

The complete financial statement for the Zehnder Group will be published on February 24, 2021.

The Zehnder Group improves quality of life with comprehensive indoor climate solutions. The globally active company develops and manufactures its products in 16 plants, including 5 in China and North America. Its sales activities, spanning more than 70 countries, take place through local sales companies and representative offices.

Zehnder Group products and systems for heating and cooling, comfortable indoor ventilation and air cleaning are characterised by outstanding design and high energy efficiency. The Group is among the market and technology leaders in its business areas with brands such as Zehnder, Runtal, Acova, Bisque, Greenwood, Paul, Core, Enervent and Recair.

The Zehnder Group has had its headquarters in Gränichen (Switzerland) since 1895. It employs around 3300 people worldwide and achieved sales of EUR 618 million in 2020 (unaudited). The company is listed on the SIX Swiss Exchange (symbol ZEHN/number 27 653 461). The unlisted registered shares B are held by the Zehnder family and persons closely associated with them.