Annual Report

Activity Report Daikin Europe N.V.

10FISCAL YEAR ENDING 31 MARCH 2011

Financial highlights

Daikin Europe N.V. - Consolidated Financial Highlights (in millions of Euro)

2010/2011 2009/2010 2008/2009 2007/2008 2006/2007

Net Sales 1.809,2* 1.614,8** 1.752,1*** 1.925,4 1.525,9****

Net Sales (12 months base) 1.803,7 1.613,6 1.750,6 1.925,4 1.516,7

Operating result 179,7 161,9 170,9 192,3 172,7

Profit before tax 182,1 159,3 194,3 192,2 160,3

Net income 126,5 113,5 137,3 131,2 106,0

Total assets 1.212 1.129 1.072 1.069 820

Total equity 774 741 713 585 451

Daikin Industries Limited - Financial Highlights (in billions of YEN)

2010/2011 2009/2010 2008/2009 2007/2008 2006/2007

Net Sales 1.160,3 1.024,0 1.202,4 1.291,1 911,7

Operating result 75,5 44,0 61,4 128,1 80,8

Profit before tax 45,7 38,0 46,0 118,1 83,1

Net income 19,9 19,4 21,8 74,8 45,4

Total assets 1.132,5 1.140,0 1.117,4 1.210,1 1.161,4

Total equity 500,9 510,1 484,5 560,0 410,0

Figures are based on Belgian GAAP* McQuay Hellas S.A. & Rotex Heating Systems S.r.l. (Italy) 3 months additional sales** Daikin Poland Sp.z. o. o. 15 months*** Daikin Sweden AB 15 months**** Daikin Airconditioning Portugal Distribuiçao Equipamento Termico SA 15 months

Exchange rate 2010 JPY = 113 EUR/JPY

Content

05 > > > >13 2207Organisation Highlights Management

perspectiveFacts & figures

10

Activity Report 2010 > Content > 03

AC TIVIT Y REPORT DAIKIN EUROPE N.V.

Masatsugu Minaka, President of Daikin Europe N.V.

“ Together withall stakeholders, we can dash forward for new growth”

AFTER TWO YEARS OF ECONOMIC RECESSION, WE COULD SEE THE FIRST

SIGNALS OF RECOVERY DURING 2010. WE COULD LEAVE THE CRISIS BEHIND US

AND REALISE A SUCCESSFUL SALES RESULT IN THE FOUR PRODUCT PILLARS.

BESIDES THAT, WE ENJOYED A WARM SUMMER IN A LARGE PART OF EUROPE,

WHICH ESPECIALLY BOOSTED THE SALES OF DIRECT EXPANSION PRODUCTS. AS

A RESULT, WE ENDED AT A CONSOLIDATED TURNOVER LEVEL OF 1.809 MILLION

EURO, WHICH IS 12% ABOVE THE LEVEL OF FINANCIAL YEAR 2009.

I am very proud of this double digit growth figure, as it is the result of continuous

efforts of our workforce and the right strategic choices in the past.

During the past years, Daikin Europe N.V. took a lot of actions to counter the

economical crisis by means of new products and new sales routes. Also during

2010, the same strategy was followed, combined with a focus on environmental

leadership.

With respect to new products, 2010 was the year of the launch of the Daikin

Altherma Flex Type, an efficient air-to-water heat pump for large residential

buildings. Next to that, in October 2010, Daikin Europe N.V. presented Nexura, a

new air-to-air heat pump system for heating and cooling with a front panel that

heats up like a conventional radiator. Both introductions confirm our intention to

strengthen our position in the heating market. In the area of new sales routes, we

have realised a promising result in emerging markets such as Russia, Turkey and

Africa.

Regarding environmental developments, we took up a leadership role. The

increasing number of environmental laws is seen as new business opportunities. An

example is the new standard on Net Zero Energy Buildings. To anticipate these new

regulations, Daikin Europe N.V. was the first to set up a simulation in an operational

office environment, testing how Daikin technologies can contribute. This office was

officially opened in December 2010 and was awarded the German ‘Kältepreis’ for

energy-efficient, future oriented air conditioning technology.

Also in 2011, we will further build on our group’s strengths and continue to work

on our renewed long term strategic plans. Although the economic recovery is still

fragile in some of our markets, I am confident that together with all stakeholders,

we can dash forward for new growth this year.

Masatsugu Minaka

President Daikin Europe N.V.

Message from the President

04 < Organisation < Activity Report 2010

Organisation

Activity Report 2010 > Organisation > 05

Board of Directors situation on 1 May 2011

Front row (from left to right):

Peter Van Den Broecke - Director and General Manager Finance,

Accounting and General Affairs

Wim De Schacht - Vice President HRM & Corporate/Strategic Planning

Frans Hoorelbeke - Chairman, Member of the Board

Masatsugu Minaka - President

Hiroshi Yogo - Vice President Sales and Affiliate Management

Shigeki Morita - Vice President European Manufacturing

Wim Vangeenberghe - Director and General Manager Sales

Jean-Pierre Beuselinck - Director and General Manager Manufacturing

NOT ON THE PICTURE: Junichi Sato - Director, Katsuyuki Sawai - Director

Assistant DirectorsBack row (from left to right):

Martin Dieryckx - Assistant Director Environment Research Center

Jan Cluyse - Assistant Director and Deputy General Manager Sales

Xavier Feys - Assistant Director and Managing Director Daikin A/C Germany GmbH

Geert Vos - Assistant Director and Deputy General Manager Supply Center

Keiichi Yamazumi - Assistant Director and General Manager Information

Systems and Field Quality Services

Peter Verkempynck - Assistant Director and Managing Director Daikin A/C

United Kingdom Ltd.

Bart Teerlynck - Assistant Director and Deputy General Manager Manufacturing

Filip De Graeve - Assistant Director and Deputy General Manager HRM

Shinichi Nakaishi - Assistant Director and Deputy General Manager Manufacturing

On the background of this picture, origami cranes are visible (cfr. page 12).

06

As a 100% subsidiary of the Japan-listed company Daikin Industries Ltd,

Daikin Europe N.V. is the sales and manufacturing headquarter for Eu-

rope, Africa and Middle East for Daikin’s air conditioning, heatpump and

refrigeration equipment. The mission of the company is to respond to

the evolving requirements of its customers for residential, commercial

and industrial applications.

In 1972, Daikin Industries Ltd. established Daikin Europe N.V. in Ostend,

Belgium in order to explore the European markets. Initially, Daikin Eu-

rope N.V. was mainly used as an assembly and distribution centre for

Daikin Industries Ltd. During the past decennia, the company has sub-

stantially grown as a manufacturer, as well as a sales company.

Since the start up of the factory in Ostend almost 4 decades ago, Daikin

Europe N.V. turned into an advanced air conditioning, heatpump and

refrigeration production facility that prides itself in being one of the

most innovative players in the market. In 2004, Daikin’s production ca-

pacity further expanded with the establishment of a production plant in

the Czech Republic (Daikin Industries Czech Republic sro). Later on, in

2008, the expansion continued through the acquisition of the German

heating manufacturer Rotex Heating Systems GmbH.

On the sales side, the company formed its first joint venture in Belgium

in 1982. This was the start of an expansion process that transformed Dai-

kin Europe N.V. over the years into a multinational group. In 1987, Daikin

Airconditioning France SAS became the first affiliate and during the fol-

lowing years, Daikin Europe N.V. acquired many of its distributors, in or-

der to build a powerful sales network throughout the EMEA region.

During 2010, the Rotex organisation was further integrated into the Dai-

kin Europe group. In order to expand Daikin’s heating business in Italy

and to limit the overlapping of sales structures, the operations of Rotex

Italy were integrated into Daikin Italy. Furthermore in September 2010,

Daikin Europe N.V. has acquired McQuay Hellas, previously owned by

McQuay Italy. By the end of March 2011, Daikin Europe N.V. achieved a

consolidated turnover of 1.809,2 million euro in more than 40 countries,

with a net income of 126,5 million euro.

COMPANY PROFILE

< Organisation < Activity Report 2010

Daikin A/CBelgium N.V.

Daikin A/CGermany GmbH.

Daikin A/CSpain S.A.

Daikin Europe N.V.

The Daikin Europe Group

DAIKININDUSTRIES LTD

Daikin IndustriesCzech Republic sro

Daikin Europe N.V. Ireland OfficeDaikin Europe N.V. Moscow Office

Daikin Europe N.V. Middle East officeDaikin Europe N.V. Daikin Refrigeration Office

Daikin Europe N.V. Hamburg Marine Office

Daikin EuropeCoordination

Centre N.V.

Daikin A/C Central Europe

Slovakia Spol.s.ro

Daikin McQuay Magyarorszag Korlátolt

Felelösségü Társaság Gmbh (Hungary).

Daikin A/CCentral Europe

Czech Republic Spol.s.ro

Daikin A/CCentral EuropeRomania S.R.L.

Daikin A/CPortugal Distribuiçao

EquipamentoTermico SA

Daikin A/C South Africa (PTY) Ltd.

DaikinKlima Pazarlama

Ltd. Sirketi (Turkey)

Daikin A/C France SAS

Daikin A/C CentralEurope HandelsgmbH.

Rotex HeatingSystems GmbH

Daikin A/CPoland Sp.z o. o. Daikin A/C Italy SpA Daikin A/C

United Kingdom Ltd.Daikin A/C

Greece S.A. Daikin - McQuayMiddle East FZE McQuay Hellas S.A.Daikin A/C

Netherlands B.V.

Daikin Sweden AB

Situation on 31/03/2011

Organisation

Activity Report 2010 > Highlights > 07

Highlights

“Efficient air-to-water heat pump technology for large residential buildings”

In the first quarter of financial year 2010, Daikin Europe N.V. introduced its

renowned air-to-water Daikin Altherma efficiency and comfort on a scale

suitable for large (residential) buildings. The Daikin Alther-

ma series for apartment

buildings and collective

housing is able to effi-

ciently heat, cool and

produce domestic hot

water. The use of this sys-

tem results in a 27% re-

duction in primary en-

ergy use, 59% less CO2

emissions and 33% less

operating costs com-

pared to an installation

with individual gas boilers.

May 2010

Daikin Altherma for apartment

buildings & collective housing

10In October 2010, Daikin Europe N.V. presented ‘Nexura’, a new air-to-air heat

pump system for heating and cooling. This energy efficient unit has one

unique attribute: a front panel that heats up like a conventional radiator and

softly releases additional warm air into the room for extra comfort. Inside, the

Nexura is packed with state-of-the-art technology. As well as offering heating,

cooling and air purification, it combines extreme energy efficiency, with abso-

lute user friendliness, what improves its ecological footprint.

October 2010

Launch of Nexura

Expansion of Daikin’s Product Range

< Highlights < Activity Report 201008

Rotex Italy integrated into Daikin Italy

In order to expand Daikin’s heating business in Italy and to limit the overlapping of sales structures, the operations of Rotex Italy were integrated into Daikin Italy. As a consequence, the two companies fully benefit from the well-developed back office and sales network of Daikin Italy and the unique heating skills of Rotex Italy. The integration of Rotex Italy took place during the second half of financial year 2010.

December 2010

On September 29th, 2010 Daikin Europe N.V. acquired McQuay Hellas,

previously owned by McQuay Italy. McQuay Hellas sells McQuay brand-

ed unitary products and applied systems directly into the market. For

the moment Daikin Europe N.V. will maintain two separate companies

in Greece. The McQuay sales approach in the Greek market is different

from the approach of Daikin Greece. Both companies will nevertheless

work closely together and share the same office.

September 2010

Daikin Europe N.V. takes over McQuay Hellas

Activity Report 2010> Highlights > 09

Highlights

December 2010

International Sales Conference

JORDAN WAS THE SETTING FOR THE INTERNATIONAL SALES

CONFERENCE, WHICH WAS HELD FROM 5 TILL 8 DECEMBER 2010.

Managing directors and senior managers of the Daikin sales companies

and distributors were present, as well as members of the top manage-

ment of Daikin Industries Ltd. - among whom CEO Mr. Inoue. The confer-

ence’s main topic was the presentation of Daikin Europe N.V.’s sales strate-

gy for the next five years, ‘Fusion 15’. An important message was the increasing

importance of emerging markets to realise the growth ambitions. Hence the

choice for Jordan as host country. This was also reflected in the attendance, as

there were many guests from the Middle East, Africa, Russia and CIS.

10


The Office Building of the Future

December 2010

By 2019, all new buildings in the European Union must meet the ‘zero

energy’ standard. This means that these buildings will have to produce as

much energy as they consume, for instance via solar panels or heat

pumps. The result: net zero energy consumption and zero carbon emis-

sions.

In anticipation of this milestone, Daikin Europe N.V. and the German com-

panies Zeller GmbH and Athoka GmbH want to know how technologies

and materials work together in a commercial net zero energy building.

Therefore, an international research project was launched in Herten, Ger-

many. A newly constructed office was designed according to the ‘zero

energy’ concept. This office serves as a ‘live laboratory’, where measure-

ments are taken constantly. A number of major research institutions across

Europe are involved in this research project: the French Centre Technique

des Industries Aérauliques et Thermiques (CETIAT), the Fraunhofer-Institut

für Bauphysik (IBP) and Fraunhofer UMSICHT (Germany), the Technische

Universität of Dortmund (Germany) and The University of Manchester

(UK). In addition, the German Energy Agency DENA has granted green

building certification, making the project part of the EU’s Greenbuilding

Programme.

The results of this research project will enable Daikin Europe N.V. to make

a major contribution to achieving the EU 2020 climate goals. The net-zero

energy building was officially inaugurated on December 14th, 2010 in the

presence of Dr Paetzel, mayor of Herten, Mr Kersten, from the Energy

Agency of North Rhine-Westphalia and Mr Hoorelbeke, chairman of Dai-

kin Europe N.V. , among others. On March 22nd, 2011 the net zero energy

office building received the ’Deutsche Kältepreis’ in Berlin. This annual

award for energy-efficient, future-oriented refrigeration and air condition-

ing technology was given by the German Ministry for the Environment.

Daikin Europe N.V. launches international project for

commercial net zero energy buildings in Germany

Activity Report 2010> Highlights > 011

Highlights

On the picture from left to right: Mr Kersten, Energy Agency of State of Northrhine-Westfalia (NRW), Mr Achim Zeller,

Zeller Group, Dr Paetzel; Mayor of City of Herten, Mr Hoorelbeke, Chairman, Member of the Board DENV; Mr Thorsten

Zeller, Zeller Group, Mr Rauschen, Oeko-Zentrum NRW

10

March 2011

Origami cranes for hope

ON FRIDAY, MARCH 11TH 2011, THE PACIFIC COAST OF JAPAN WAS STRUCK BY

A POWERFUL EARTHQUAKE. FOLLOWED BY A TSUNAMI, THE EARTHQUAKE

CAUSED THOUSANDS OF VICTIMS AND EXTENSIVE STRUCTURAL DAMAGE TO

BUILDINGS AND INFRASTRUCTURE.

For our operations in Japan the immediate impact of the earthquake is limited as

most Daikin factories are located in Western Japan, near Osaka.

Daikin set up a ‘disaster countermeasure office’, headed by CEO Mr. Inoue, to closely

follow-up all information on the disaster and implement support measures for em-

ployees, families, customers and business activities.

In support of those affected by the earthquake, the Daikin Group committed donat-

ing 100 million yen in monetary aid and approximately 200 million yen in material

aid (heating equipment and air filters). Also Daikin Europe N.V.’s employees raised

funds with the action ‘Paper cranes for hope’ for the benefit of the International Red

Cross providing emergency aid in the Tohoku region. In Japan, where the crane bird

symbolises hope, it is commonly said that folding 1.000 paper origami cranes makes

a person’s wish come true.


Activity Report 2010 > Management perspective > 13

2003 2004 2005 2006 2007 2008 2009 2010

2000

1800

1600

1400

1200

1000

800

600

400

200

0

Net Sales in Mio Euro (12 months base)

Management perspective

AFTER TWO YEARS OF RECESSION, THE FIRST SIGNALS OF ECONOMIC

RECOVERY WERE NOTICEABLE DURING FINANCIAL YEAR 2010

The Daikin Europe Group realised a turnover of 1.809 million euro, which

represents a double digit growth of 12% compared with the previous

year and is 3% higher than the sales result of 2008.

When looking more in detail at the individual countries, there is sales

growth in most countries. Especially Italy, Russia, the UK and Turkey were

outstanding. The reasons for the sales increases are multiple.

In Italy (+24%) and Russia (+138%), the hot summer of 2010 created

opportunities for higher Split sales. In the UK (+21%), sales boosted

mainly on Sky Air where high sales volumes could be realised through

the corporate client route and wholesales. Also the strategic price

repositioning of the VRV® range resulted in a recovery of market share in

the UK. Finally in Turkey (+59%), the macro economic conditions were

favourable with high GDP growth, resulting in successful sales of

numerous VRV® projects.

On the other hand, in some other countries, sales remained below

expectations. In Greece, sales dropped compared with last year as a

result of the economic situation. Also Spain is still suffering from

unfavourable economic circumstances with high unemployment rates

and low end user consumption. This, together with a VAT increase,

resulted in low sales in the Spanish residential market affecting Splits

and heating sales. Finally in France, Daikin was faced with a declining

heating market.

Product-wise, Daikin Europe N.V. continued its strategy of focusing on

the four business pillars (direct expansion, applied systems, heating and

refrigeration). All four pillars realised successful sales results during

financial year 2010.

SALES

< Management perspective < Activity Report 201014


For direct expansion, the market conditions were gradually improving

again. After several years of weak demand and low construction activity,

the recovery has started in the largest part of Europe.

In the residential market, we were able to realise double digit growth of

24% on Split sales. Besides better economic conditions, the hot summer

effect in the European market boosted sales, especially in Italy, France,

Central Europe and Russia. Moreover, the execution of successful pre-

seasonal sales campaigns in Italy and Spain and the successful introduc-

tion of new products such as Daikin Emura enabled Daikin Europe N.V.

to realise considerable sales growth.

For the commercial segment, we could realise substantial growth fig-

ures on VRV® and Sky Air. Sky Air sales increased with +7% compared

with last year, mainly thanks to higher sales in the UK, France and Spain.

Here, Daikin Europe N.V. has anticipated to changing environmental leg-

islations by launching as the first and until now only manufacturer a unit

optimised for seasonal efficiency.

The sales growth on VRV® (+15%) was mainly realised in emerging mar-

kets such as Turkey, where growth in the leisure business, increased the

number of hotel projects. Also in the UK, France and Italy, Daikin Europe

N.V. could further grow due to the positive economic outlooks that have

increased confidence for investments in the commercial construction

sector.

Daikin Europe N.V.’s second pillar, applied business, enjoyed contin-

ued success. As a result of the cooperation with McQuay, Daikin Europe

N.V. is able to provide a large product portfolio to the market via a strong

distribution network. Next to that, the phase-out of old refrigerants of-

fered the company opportunities for major replacement projects.

Within a declining market for applied systems, Daikin Europe N.V. real-

ised a growth of 112% and gained market share especially on mini chill-

ers and large chillers thanks to the introduction of innovating products

such as the invertor mini chiller and global air cooled chiller.

Also on air handling units, Daikin Europe N.V. realised a positive result in

2010 and expects to increase market share by the introduction of an

economy range.

direct expansion applied business

15


The fourth product pillar, refrigeration, showed a strong performance

during 2010. Compared with 2009, sales more than doubled. For Daikin

Europe N.V., the main refrigeration market remains in the UK and Ger-

many.

Also in the Netherlands and Belgium, the pillar gained further impor-

tance. During 2010, a special project was started in order to force a

breakthrough in the German refrigeration market. The project entails

nationwide recruitment and an internal reorganisation in order to as-

sure dedicated sales and technical support to new and existing refrig-

eration customers of Daikin Germany.

To further support the breakthrough in the German refrigeration mar-

ket, an extensive marketing campaign has been started and success

stories and specific case studies have been communicated to the mar-

ket on regular basis.

Last year, the existing refrigeration range of Conveni Pack and commer-

cial condensing units was extended with ZEAS, a new and highly effi-

cient refrigeration system based on Daikin’s VRV® technology for larger

commercial refrigeration systems. Also the industrial condensing units

(ICU), based on the J&E Hall single screw compressors, were added in

order to complete the range also on the high capacity side.

Thanks to these new developments the product range now covers ca-

pacities up to 400kW for medium temperature applications and up to

160kW for freezing applications.

For heating, the third pillar, the Daikin Europe Group closed at the same

sales level of 2009. The growth of the European heat pump market has

slowed somewhat as the oil price has come off its peaks and govern-

ment incentives for renewable energy were reduced. As a consequence,

the sales of the energy-efficient Daikin Altherma heating products are

not growing as quickly as expected.

Also, increased competition from heat pump and traditional heating

players put pressure on the sales result. However, projections show that

environment-conscious solutions will increase in importance and gain

market share in the years to come.

Daikin will continue to develop more innovative solutions such as the

ground source heat pump and the extension of solar offering, while

strengthening our sales structure.

Activity Report 2010 > Management perspective >

heating refrigeration


DURING 2010, THE ENVIRONMENT RESEARCH CENTRE

(ERC) HELD THE 4TH KONWAKAI MEETING BY INVITING

AGAIN A GROUP OF EXPERTS FROM UNIVERSITIES, RE-

SEARCH CENTRES, ENERGY SUPPLIERS AND BUILDING

CONSTRUCTION SPECIALISTS. DURING THIS MEETING, EN-

VIRONMENTAL AND LEGISLATIVE DEVELOPMENTS ARE DIS-

CUSSED AS WELL AS POSSIBLE LOW ENERGY SOLUTIONS.

THIS YEAR, THE MAIN EMPHASIS WAS ON THE FURTHER

IMPROVEMENT OF NET ZERO ENERGY BUILDINGS.

To enhance the environmental awareness in the sales compa-nies, Daikin Europe N.V. organised the 7th annual environmen-tal conference. This year, the conference was mainly focused on the Member States implementation of different environ-mental and energy legislations.During the Chillventa trade fair in Nürnberg, Germany, the Daikin’s ERC presented the “Road to next Generation Refriger-ants”. As a responsible stakeholder in the air conditioning and heat pump sector, Daikin Europe N.V. continues to take its pio-neering concern for the environment seriously. In the produc-tion of its units, Daikin Europe N.V. currently uses mainly HFC refrigerants R-410A/R-134a.

Although these will remain good choices in the future, Daikin Europe N.V. intends to add more options to this list, for which research is on going. For direct expansion systems in particu-lar, R-32 for example has some assets such as a lower global warming potential, increased energy ef-ficiency and reduced refrigerant charge.

Daikin is committed to providing the mar-kets with as much information as possible on the new developments so that the best decisions can be made in function of the specific application.

ENVIRONMENT

“Daikin Europe N.V. continues to take its pioneering concern for

the environment seriously”

Konwakai Nürnberg



DURING 2010, THE CONSOLIDATED INVENTORY LEVEL IN-

CREASED WITH 5,9 MIO EURO TO A LEVEL OF 291,8 MIL-

LION EURO. THE NUMBER OF STOCK DAYS FELL FROM 71 IN

MARCH 2010 TO 65 DAYS IN THE SAME MONTH IN 2011.

The stock value could be kept under control thanks to the fur-ther improvement of sales forecasting and the continuation of the European stock integration project “Velvet”.

During the past years, this project was started to redesign the distribution network and reduce the number of warehouses in Europe. Instead of having country-specific warehouses, product deliveries are done from a limited number of interna-tional warehouses.

Step by step, this new approach is being rolled out all over Eu-rope. During 2008 and 2009, warehouses in the United King-dom, Germany, Poland and Central Europe were integrated. During 2010, Velvet was further rolled out in France. Thanks to this, Daikin Europe N.V. was able to limit the total inventory in Europe and increase the service to our customers.

Next to that, the logistical cost ratio could be kept at an ac-ceptable level. Even with an increase of ocean freight and fuel costs, logistic costs as percentage of turnover decreased 3% compared to last year. The supply cost per volume unit is now 18% lower than five years ago.

The reductions are mainly thanks to improved tendering and contract discussions, improved efficiency in the supply chain and stock control.

SUPPLY CHAIN MANAGEMENT

10Days of stock = (stock / [operating charges- movements on stock])* 365

2006 2007 2008 2009 2010

100

80

60

40

20

0



DURING FINANCIAL YEAR 2010, THE PRODUCTION PLANT IN OSTEND EX-

PERIENCED A FIRST RECOVERY IN PRODUCTION VOLUMES AFTER TWO

YEARS OF DECLINE. ALTHOUGH THE PRODUCTION VOLUMES ARE NOT

AT A PRE-CRISIS LEVEL, THE OSTEND FACTORY WAS ABLE TO RESPOND IN

A FLEXIBLE WAY TO THE MARKET DEMAND IN COMBINATION WITH NOR-

MAL INVENTORY LEVELS. IN ADDITION, THE PLANT COULD FOCUS AGAIN

ON CONTINUOUS IMPROVEMENT OF PROCESSES, OPERATIONS AND

PRODUCT LINE-UP.

The Ostend Manufacturing division has been further expanding the prod-

uct line-up, especially in the heating range. As such, the Daikin Altherma LT

compact, an integrated low temperature heating solution, has been suc-

cessfully launched during the past year. Similarly, in July 2010, Daikin Eu-

rope N.V. introduced the new Daikin Altherma Flex Type, a VRV® based

air-to-water high temperature heating application for apartments and

commercial buildings. Furthermore, development teams have created new

convector indoor models for Daikin Altherma applications and a domestic

hot water heat pump, supplying sanitary hot water. In view of the VRV®

development, attention was paid to solutions for commercial and public

buildings. In this respect, VRV®’s are now connectable with Daikin Altherma

products, efficiently supplying sanitary hot water and under floor heating.

Also in the Manufacturing Division in the Czech Republic (DICz), the year

was marked by a strong increase in production volumes. Besides the quanti-

tative growth, also the DICz product portfolio was extended. In April 2010,

the Czech plant started with the production of Slim Duct models for com-

mercial applications. A new assembly line for these models was constructed.

In the ROTEX factory, the production volume increased during financial

year 2010, meeting the growing demand in its main markets, being Ger-

many and Italy. Investments were made to enhance the efficiency in logis-

tic operations and to increase the production capacity and install automat-

ed quality control for the underfloor piping line. Financial Year 2010 also

marked the launch of the compact HeatPumpSolarUnit, which combines

PRODUCTION

DENV



ROTEX know-how of the domestic hot water tank with the heatpump tech-

nology in the Daikin Group.

In all factories, production cost proved to be very challenging in financial

year 2010. Especially during the second half of the year, steep increases in

raw material prices were noted. Price levels of steel, copper, plastics, refriger-

ants and electronic components have significantly increased, putting

strong pressure on the product cost level. Fortunately, cost benefits from

process improvements and overhead efficiency gains were able to partially

compensate these price increases in raw material.

At the end of financial year 2010, Daikin was confronted with the conse-

quences of the earthquake and tsunami which took place in Japan on

March 11th, 2011.

Next to the enormous human suffering caused by this catastrophe, also

infrastructural damage disrupted the supply organisation of Japan to a cer-

tain extent. This caused concerns regarding the supply of specific compo-

nents for Daikin’s European factories. However, thanks to the prompt reac-

tion and creativity of Daikin’s suppliers and own personnel, the company

has been able to overcome these issues and secure the availability of the

products to the market as much as possible.

DICZ ROTEX

10


DURING THE PAST FINANCIAL YEAR, A NUMBER OF STRATEGIC RE-

CRUITMENTS WERE DONE FOR THE HEAD OFFICE AND SALES COM-

PANIES. TO ATTRACT EXPERIENCED PROFILES WITH THE RIGHT COM-

PETENCES, THE COMPANY FURTHER DEVELOPED ITS EMPLOYER

BRANDING AND LABOUR MARKET COMMUNICATION IN LINE WITH

THE COMPANY CULTURE AND CORPORATE IDENTITY. THE TOTAL

MANPOWER OF THE DAIKIN EUROPE GROUP AMOUNTED TO 3.662 IN

2010, UP FROM APPROXIMATELY 3.500 IN 2009.

For factory workers, the company focuses on a flexible alignment of the

production capacity and manpower planning with the changing sales

demand. As sales gradually recovered during the past financial year,

also the production capacity was again slowly built-up with interim and

temporary personnel.

At Daikin Europe N.V. we believe that the development of our employees

is key for the further development and growth of our organisation.

Therefore, our international training centre, the Daikin Europe Academy,

continuously evolves in line with the strategic direction of our company.

To optimally support the business, the academy organises training courses

for employees as well as distributors from the entire Daikin Europe Group.

During the past year a new online training tool was launched, to organise

interactive, international training courses in a cost-efficient way. In a first

stage, a number of ‘webinars’ were successfully set-up for the Daikin

service engineers.

In line with Daikin’s Kaizen-spirit of continuous improvement, for the

second time a personnel perception survey was held in the European

headquarters.

Based on the output of this survey, actions are taken both on department

and company level to further improve as employer and optimally support

the development and professional well-being of the employees.

HR & ORGANISATION



10

< Facts & figures < Activity Report 201022

Facts & figuresCONSOLIDATED INCOME STATEMENT year ended March 31, 2011

Figures are based on Belgian GAAP

in thousands Euro 2010/2011 2009/2010

I. OPERATING INCOME 1.819.415 100,6 % 1.551.061 96,1 %

A. Turnover 1.809.203 100,0 % 1.614.842 100.0 %

B. Movement stock of finished goods and work in process -7.697 -0,4 % -72.368 -4,5 %

C. Other operating income 17.909 1,0 % 8.587 0,5 %

II. OPERATING CHARGES -1.639.729 -90,6% -1.389.069 -86,0 %

A. Raw materials, consumables and goods for resale -1.008.694 -55,8 % -778.699 -48,2 %

B. Services and other goods -374.428 -20,7% -369.494 -22,9 %

C. Remunerations, social security and pensions -218.522 -12,1 % -214.271 -13,3 %

D. Others -38.085 -2,1 % -26.605 -1,6 %

III. OPERATING PROFIT/LOSS 179.686 9,9 % 161.992 10,0%

Financial result 2.210 0,1% -4.693 -0,3 %

VI. PROFIT/LOSS ON ORDINARY ACTIVITIES 181.896 10,1 % 157.299 9,7 %

Extraordinary result 290 0,0 % 2.062 0,1 %

IX. PROFIT/LOSS BEFORE TAXATION 182.186 10,1 % 159.361 9,9 %

X. Transfer from/to deferred taxes -2.080 -0,1 % -2.971 -0,2 %

XI. Income taxes -53.584 -3,0% -42.854 -2,7 %

PROFIT 126.522 7,0 % 113.536 7,0 %

Activity Report 2010 > Facts & figures > 23

Facts & figures

The Consolidated Turnover for financial year 2010 amounts to 1.809

million euro, compared to 1.614,8 million euro in the previous financial

year. This growth of 12,0% is achieved by a sales increase in emerging

markets like Russia, Turkey, North-Africa and improved sales of affiliates

such as Italy, the UK and Germany.

The Operating Charges increase with 18,0% from 1.389 million euro to

1.640 million euro. Expressed as percentage of turnover, operating

charges have increased 4,6% compared to last year.

With respect to raw materials, consumables and goods for resale, the

increase can mainly be attributed to lower sales to high margin coun-

tries and the strengthening of the Japanese Yen. In addition, raw mate-

rial prices have substantially increased, despite the various efforts of the

factory cost down teams. Finally, also the severe competition put pres-

sure on sales prices especially in countries hit most by the economic

crisis. Services and Other Goods slightly increase with 4,9 million euro

compared to last year. However, as a percentage of turnover, these ex-

penses result 2,2% lower than last year thanks to profound cost monitor-

ing. Labour costs amount to 218,5 million euro in 2010, which is an in-

crease of 2%. This evolution can mainly be attributed to new recruitment

and natural labour cost increases.

After 2 years of consecutive profit decline, in 2010, the Operational

Profit increases from 162,0 million euro to 179,7 million euro (+ 10,9%).

After taken into account the Financial and Extraordinary Result and the

Taxes, the Net Result for financial year 2010 increases from 113,5 million

euro to 126,5 million euro. This positive evolution can mainly be attrib-

uted to the sales increase that was achieved during the past financial

year.

COMMENTS ON THE INCOME STATEMENT



Facts & figures

CONSOLIDATED BALANCE SHEET year ended March 31, 2011

ASSETS (in thousands Euro) 2010/2011 2009/2010

FIXED ASSETS 169.311 185.934

II. Intangible assets 24.898 28.710

III. Consolidation differences 38.170 46.527

IV. Tangible assets 102.560 108.096

V. Financial assets 3.683 2.601

CURRENT ASSETS 1.043.395 942.748

VI. Amounts receivable after one year 3.177 3.514

VII. Stock 291.875 285.916

VIII. Amounts receivable within one year 462.971 437.875

IX. Investments 189.562 142.756

X. Cash 90.852 67.924

XI. Deferred charges and accrued income 4.958 4.763

TOTAL 1.212.706 1.128.682

Fixed Assets (after depreciations) decrease from 185,9 million euro to

169,3 million euro mainly because of depreciations on goodwill of his-

torical acquisitions. In 2010, new investments were done for approxi-

mately 19,9 million euro, mainly in the production plants of Ostend,

Plzen and Güglingen.

Current Assets increase to a level of 1.043 million euro mainly driven by

changes in amounts receivable within one year, investments and cash.

The amounts receivable within one year increase in line with the higher

COMMENTS ON THE BALANCE SHEET

turnover in the last quarter of financial year 2010. Investment and Cash

increase with 69,7 million euro thanks to a positive and increased free

cashflow.

Compared with last year, the stock amount slightly increase with 2,1% to

an amount of 291,9 million euro. During the past year stock has been

kept under control by accurate sales forecasting and centralisation of the

inventory.


24


Facts & figures

LIABILITIES (in thousands Euro) 2010/2011 2009/2010

CAPITAL AND RESERVES 774.145 741.104

I. Capital 57.500 57.500

IV. Consolidated reserve 709.577 679.080

V. Consolidation differences 0 0

VI. Translation differences 7.058 4.514

VII. Investments grants 10 10

MINORITY INTERESTS 1.575 1.092

PROVISIONS 43.962 44.214

IX.A. Provisions for liabilities and charges 36.654 34.935

IX.B. Deferred tax and latent taxation liabilities 7.308 9.279

CREDITORS 393.024 342.272

X. Amounts payable after one year 1.129 5.960

XI. Amounts payable within one year 341.830 284.149

XII. Accrued charges and deferred income 50.065 52.163

TOTAL 1.212.706 1.128.682

At liability side, there is an increase of the Net Equity with 33,0 million

euro. This mainly reflects the yearly profit allocation of 126 million euro

and the dividend payment to Daikin Industries Ltd. of -95,5 million euro.

Creditors increase with 50,7 million euro to a level of 393,0 million euro,

mainly on amounts payable within one year increased. This increase was

mainly driven by higher trade debt as a result of increased production

quantities.



Contact listCountry Company Address Phone Fax Website

Belgium Daikin Europe N.V. Zandvoordestraat 300, 8400 Oostende 32 59558111 32 59558899 www.daikin.eu

Belgium Daikin Europe N.V. Brussels office

‘The Bridge’ – Coca Cola BuildingSteenweg op Bergen 1424 – Chaussée de Mons - 1070 Brussel

32 25296111 32 25296166 www.daikin.eu

Country Company Address Phone Fax E-mail

Germany Daikin Europe N.V. Hamburg Marine Office

Stresemannstrasse 34222 761 Hamburg

49 40 890 609-0 49 40 890 60910 [email protected]

Ireland Daikin Europe N.V. Ireland Office

Unit 1, Orchard Business CentreOrchard AvenueCity West, Dublin 24, Ireland

353 16 42 34 30 353 16 42 34 31 [email protected]

Netherlands Daikin Europe N.V. Daikin Refrigeration Office

Fascinatio Boulevard 5622909 VA Capelle aan den Ijssel

31 102862090 31 102862099 [email protected]

Russia Daikin Europe N.V. Moscow Office

Alekseevskaya Tower 16Raketny bld - 129164 Moscow

7 4957872782 7 4957872762 [email protected]

UAE Daikin Europe N.V. Middle East Office

P.O. Box 18674 Jebel Ali Free Zone Dubai

971 4 8110300 971 4 8110311 [email protected]


Belgium Daikin Europe N.V. Zandvoordestraat 3008400 Oostende

32 59558111 32 59558899 [email protected]

Czech Republic Daikin Industries Czech Republic s.r.o.

U Nové Hospody 1 301 00 Plzeň

420 378 773 112 420 378 773 198-199 [email protected]

Daikin Device Czech Republic s.r.o. (part of DENV as from 01/04/11)

Švédské valy 2 420 517 547 310 420 517 547 340 [email protected]

Germany Rotex Heating Systems GmbH Langwiessenstrasse 1074363 Güglingen

49 71351030 49 7135103200 [email protected]


Austria Daikin Airconditioning Central EuropeHandelsgmbH

Campus 21 – Business Park Wien SüdEuroparing F12/4022345 Brunn am Gebirge

43 223632557 43 223632557-900 [email protected]

Bulgaria Daikin Airconditioning Central Europe HandelsgmbH

Campus 21 – Business Park Wien SüdEuroparing F12/4022345 Brunn am Gebirge

43 223632557 43 223632557-900 [email protected]

Belgium Daikin Airconditioning Belgium N.V.

Avenue Franklin 1 B1300 Waver

32 10 237223 32 10 244910 [email protected]

Czech Republic Daikin Airconditioning Central EuropeCzech Republic Spol. s.r.o.

Budova IBC – Pobrežní 3,186 00 Praha 8

420 221715700 420 221715701 [email protected]

Croatia Daikin AirconditioningCentral Europe Predstavništvo u Republici Hrvatskoj

Budmanijeva 5 – HR10000 Zagreb

385 16065850 385 16065870 [email protected]

France Daikin Airconditioning France SAS

ZA du Petit Nanterre31, rue des Hautes PâturesLe narval – Bâtiment B92737 Nanterre – Cedex

33 146699569 33 147214160 [email protected]

REPRESENTATIVE OFFICES

DAIKIN EUROPE FACTORIES

AFFILIATED DISTRIBUTORS


Contact listCountry Company Address Phone Fax E-mail

France ROTEX Heating Systems SARL 1, rue des Artisans68280 Sundhoffen

33 3 89 21 74 70 33 3 89 21 74 74 [email protected]

Centre Regional Termic SAS ZA des Bertins 49125 Tiercé

33 2 41 31 16 40 33 2 41 31 16 41 [email protected]

Germany Daikin Airconditioning Germany GmbH

Inselkammerstrasse 282008 Unterhaching (München)

49 89744270 49 8974427299 [email protected]

Rotex Heating Systems GmbH Langwiessenstrasse 10, 74363 Güglingen

49 71351030 49 7135103200 [email protected]

Greece Daikin Airconditioning Greece S.A.

50 Ag. Konstantinou street151 24 Maroussi - Athens

30 2108761300 30 2108761400 [email protected]

McQuay Hellas S.A. 50, Ag.Konstantinou St. 15124 Maroussi Athens

30 210 9311440 30 210 9311441 [email protected]

Hungary Daikin McQuayMagyarország Kft.

Fehérvári u. 84/aHU-1117 Budapestgyarország

36 14644500 36 14644501 [email protected]

Italy Daikin Air Conditioning Italy S.p.A.

Via Milano, 620097 San Donato, Milanese

39 02516191 39 0251619222 [email protected]

Moldova Daikin Airconditioning Central Europe Romania SPRL

Calea FLoreasca 169A, Corp B, etaj 8RO-014459 Bucuresti

40 213079700 40 213079729 [email protected]

Netherlands Daikin Airconditioning Netherlands B.V.

Fascinatio Boulevard 5622909 VA Capelle aan den IJsselPO 8585, 3009 AN Rotterdam

31 883245460 31 883245469 [email protected]

Poland Daikin Airconditioning Poland Sp.z.o.o.

Ul. Tasmowa 702-677 Warszawa

48 223199000 48 224335198 [email protected]

Portugal Daikin Airconditioning Portugal Distribuiçao Equipamento Termico S.A.

Edifício D. Maria I Piso 0 ala A/B Quinta da Fonte 2770-229 Paço de Arços

351 214268700 351 214262294 [email protected]

Romania Daikin Airconditioning Central Europe Romania S.R.L.

Calea FLoreasca 169A, Corp B, etaj 8RO-014459 Bucuresti

40 213079700 40 213079729 [email protected]

Slovakia Daikin Airconditioning Central Europe Slovakia Spol.s.ro

Galvaniho 15/C 821 04 Bratislava

421 2571032 421 257103299 [email protected]

South Africa Daikin Air Conditioning South Africa (PTY) Ltd.

Unit 1 & 2, Edison WayCentury Gate Business Park Montague Gardens 7441 Cape Town

27 215283500 27 215526844 [email protected]

Spain Daikin Airconditioning Spain S.A.

Calle Labastida 228034 Madrid

34 913345600 34 913345630 [email protected]

ROTEX Heating Systems S.L.U. Mitger, Nau 2 P.I. La Masia08798 Sant Cugat Sesgarrigues (Barcelona)

34 93 8 99 20 61 34 93 8 99 20 63 [email protected]

Sweden Daikin Sweden AB Björnstigen 87169 03 Solna

46 856485540 46 856485550 [email protected]

Turkey Daikin Klima Pazarlama Limited Sirketi

Maslak Mah. Meydan Sok. Beybi Giz Plaza Kat:8 34396 Maslak Istanbul

90 212 2903030 90 212 2903031 [email protected]

UAE Daikin - McQuay Middle East FZE

P.O. Box 18674 Jebel Ali Free Zone Dubai

971 4 8110300 971 4 8110311 [email protected]

UK Daikin Airconditioning UK Limited

The Heights, BrooklandsKT13 0NY Weybridge, Surrey

44 8456419300 44 8456419319 [email protected]

AFFILIATED DISTRIBUTORS



Cyprus Phanos N. Epiphaniou Public Ltd.

Marcou Drakou 21 Pallouriotissa 1621 Nicosia

357 22793333 357 22431534 [email protected]

Denmark BKF-Fklima A/S Tempovey 18-222750 Ballerup

45 70265666 45 70260223 [email protected]

Finland Recair Oy Mukulakuja 304300 Tuusula

358 29006120 358 290065800 [email protected]

Ghana Packplus Int. Ltd. Focus House4 Second CrescentAsylum Down, Accra

233 21232443 223 21227368 [email protected]

Jordan Arab Technical Group P.O. Box 83045011183 Amman

962 65517711 962 65541798 [email protected]

Kenya Coolxtreme Ltd. Eden SquarePO Box 1073100100 Nairobi

254 203750420 254 203750625 [email protected]

Lebanon Refredgeration & Conditioning Company

Clemenceau - Minkara Building -5th floor 961 Beirut

961 1367138 961 1378862 [email protected]

Malta M.A.&A Service Ltd. C/O 55, Racecourse StreetMarsa MRS 2919

356 21220715 356 21221351 [email protected]

Norway Friganor A/S Grenseveien 650663 Oslo

47 23245950 47 23245951 [email protected]

Russia Thermotrade 100 str. 2 Dmitrovskoe shosse127247, Moscow

7 4956385388 7 4956461426 [email protected]

DAC 212, Moskovsky prospect196066 Saint-Petersburg

7 812 327 9323 7 812 327 9323 [email protected]

Daichi Zvenigorodskoe Shosse 9123022 Moscow

7 495 737 3733 7 495 737 3732 [email protected]

Switzerland TCA Thermoclima AG Piccardstrasse 139015 St. Gallen

41 713139922 41 713139929 [email protected]

Syria Air Space Tech Abo Remaneh-Misaloun Street Building 15 ground floor, Damascus

963 11 333 6884 963 113327566 [email protected]

Togo ADTF Sarl 128 Blvd jean Paul 2BP 30720 Lomé Togo

228 2611197 228 2611197 [email protected]

UK Space A/C PLc Willway Court 1 Opus Park, Moorfield RoadGU1 1SZ Guildford

44 1483504883 44 1483574835 [email protected]

Ukraine Leacond 10-A, Yakira Str.04119 Kiev

380 442386121 380442386120 [email protected]

DISTRIBUTORS



Algeria Gaco S.A.R.L 28, rue Bencharif Madani Bellevue25016 Constantine

213 31667676 213 31667517 [email protected]

Armenia Technoterm LLC Ayasi Street 16, 0082 Yerevan 37 410 589295 37 410 589295 [email protected]

Azerbaijan Bakond 18a Academician A. Radjabli str.AZ1052 Baku

994 12 4656394 994 12 4656397 [email protected]

Eurodecor Babek Avenue 28 E AZ1142 Baku 994 124906545 994 124906545 [email protected]

Belarus iCond Ltd. Melezhastreet, 5/2, Office 803220113 Minsk

375 17 2876510 375 17 2876510 [email protected]

Benin SEIB SA Rue du Gouverneur William PONTY (Lieu dit de GANHI)01 BP472 Cotonou BENIN

+229 21 31 33 04 +229 21 31 35 93 [email protected]

Burkina Faso S.E.E.E Burkina Faso Bureaux Avenue Zoalga, Coté Sud de la gare Sogebaf 01 BP 461 Ouagadougou 01

226 50344020 226 50344021 [email protected]

EZOF 11 BP 1674 CMS Ouaga 11Burkina Faso

226 70203657 226 50330194 [email protected]

AREC 01 BP 6069 Ouagadougou 01, Burkina Faso 226 50372198 226 50372015 [email protected]

Cameroun 2@K Rue Bebey Eyidi DoualaBP 12719 Douala

237 33436881 237 33436882 [email protected]

Omnium Service 15474 Douala 237 33377482 237 33377483

Congo Africacool sprl 228 Av. Colonel Mondjiba, Kinshasa/ Ngaliema

243 817560674 243 898247899 [email protected]

Electro cool 53 Avenue de la Justice, Kinshasa 32 475 705 969 [email protected]

DRC Codisco Distribution BP 459 Pointe Noire 242 066509261 242 222940780 [email protected]

Egypt EGICAT 19 Amer Straat St. Messha Offie Messaha Square, Dokki, Cairo

202 33367124 202 7608795 [email protected]

Estonia DAC oü Filmi 6, 101 52 Tallinn 372 7769000 372 7769002 [email protected]

Finland Warla Trade Oy Petikontie 20, 1720 Vantaa 358 29006180 358 290061180 [email protected]

Onninen Oy Mittalinja 1 1260 Vantaa 358 204855111 358 204855000

Gabon ETDE Gabon BP 305, Libreville 241 76 20 80 241 76 20 98 [email protected]

Gambia Multitrade 19, kairaba Avenue, KMC, Banjul P.O. Box 2633 S/K

220 4395242 220 4374694 [email protected]

Georgia Georgian Climat Service Ltd. 12 Vazisubani Street 0160 Tbilisi 995 32911478 995 32911478 [email protected]

Ivory Coast Aftec Boulevard de Gabon, Lot 35 Marcory Abidjan

225 21268313 225 21268313 [email protected]

S.E.E.E Côte D’Ivoire Zone industrielle de Vridi, 15, Rue de la Métallurgie Z.I.BP 342 Abidjan 04, II Plateaux vallon, residence cite de la paix, villa 21

225 21275157 225 21272265 [email protected]

RICA Services 15, rue des Brasseurs, Zone 307BP 43 Abidjan 07

225 212 58526 225 212 56991 [email protected]

Groupe X-sens Envergure Il plateaux vallon, Résidence cité de la paix Villa 21

225 07265071 225 22418398

La Zeste Dynamique bd de Gabon. Marcory, 17 bp 59 Abidjan 17 225 20311440

OTHERS



Kazakhstan Robert Bosch TOO Sejfullina Str. 51 office 10050037 Alma-Ata

7 727 2323707 7 727 2511336 [email protected]

Geliocity-Astana 117 Prospect Abaya010000 Astana

3172 214555 3172 214555 [email protected]

Kyrgystan ATC LLC Gorkogo 1a, 722001 Bishkek 996 312531294 [email protected]

Latvia Indutek LV Granita str. 26Riga, LV-1057

371 7804949 371 67804948 [email protected]

Lebanon 22 Degrees S.A.L. Antonios el-Khazen Bldg, el- Midan St. Dekwahneh, Achrafieh

961 1498422 961 1498022

Libya Etrac 22 Bis, Rue 8609 - Z.I. La Charguia I-2035 - Tunis- Carthage

+216 71 800 766 +216 71 801 522 [email protected]

Aircan 15 – Afghani Street off first September StPOB 14 85 TRIPOLI

218 91 378 41 34 218 021 4441803 [email protected]

Nesma for Importing Heating & Air

Abu Hareeda, Tripoli 218 213341863 218213371386 [email protected]

Lithuania UAB Industek Dariaus ir Girenostr. 1072189 Vilnius

3705 2700225 3705 2700227 [email protected]

Mali RICA Mali Rue Nelson Mandela03 B.P. 54 Bamako

223 2212235 223 2214553 [email protected]

EFICA BPE 184, Bamako 223 20226129 223 20228196

Morocco Berdic SARL Avenue Mohammed VI imm. Borj Khalij9000 Tanger

212 39940850 212 39941530 [email protected]

Senegal Le Froid Sarl MD – Km 4, BD du Centenaire de la Commune BP 6734Dakar Etoile

221 33 8321765 221 338321773 [email protected]

SEEE Senegal Lot N°64 Route du front de TerreBP 75570, Dakar Medina

221 33 8276529 221 338276528 [email protected]

SGE equip Sicap amitié 3 n° 4373BP 3110, Dakar

221 8240788 221 338240786 [email protected]

Tanzania Sherdin Engineering P.O. Box 1978, PLOT NO 24Nypere road, Dar Es Salaam

255 222863731 255222863212 [email protected]

Clim Confort Service 22 Bis, rue d’Energie Atomque Z.I. Chargua 1 2035, Tunis- Charthage

216 71800766 216 71801522 [email protected]

Export and Trade Company 22 Bis, rue 8609, Z.I. La Charguia I, 2035 Tunis Charthage

216 71800766 21671801522 [email protected]

Turkmenistan Ussat Engineering Parahat 4/2Builing 43, block 6744017 Ashgabat

993 12 28 12 00 993 12 28 12 02 [email protected]

Uganda Thermocool Plot 15/17Industrial area2nd StreetP.O. Box 31542Kampala

256 414255915 256 414254510 [email protected]

Ukraine DAICHI-Ukraine 1, Narodnogo Opolcheniya Str. 03151 Kiev 380 444902000 380 44952878 [email protected]

Aircond Prosp. Otradniy 95 k, 03061 Kiev 380 444943920 380 444902252 [email protected]

Uzbekistan Ventr. OOO Durmon Str.29Institute of Mathematics100125 Tashkent

998712629261 99872629261 [email protected]

OTHERS

Contact list

Daikin Europe N.V. Middle East OfficeDaikin McQuay Middle East FZE

Daikin Europe N.V. Moscow Office

Daikin Airconditioning Poland Sp.z o.o.

Daikin Airconditioning Central Europe Slovakia spol. s r.o.

Daikin McQuay Magyarorszag Korlátolt Felelösségü Társaság GmbH

Daikin Airconditioning Central Europe Romania S.R.L.

Daikin Klima Pazarlama Limited Sirketi

Daikin Airconditioning Greece S.A.

McQuay Hellas S.A.

Daikin Airconditioning Netherlands B.V.

Daikin Europe N.V. Daikin Refrigeration Office

Daikin Sweden AB

Daikin Airconditioning UK Limited

Daikin Europe N.V. Ireland Office

Daikin Airconditioning Belgium N.V.

Daikin Europe N.V. Brussels Office

Daikin Airconditioning France SAS

Daikin A C Spain S.A.

Daikin Airconditioning Portugal

Distribuiçao Equipamento Termico S.A.

Daikin Air Conditioning Italy S.p.A.

Daikin Industries Czech Republic s r.o.

Rotex Heating Systems GmbH

Daikin Europe Hamburg Marine Office

Daikin Airconditioning Germany GmbH

Daikin Airconditioning Central Europe

HandelsgmbH.

Daikin Airconditioning Central Europe Czech

Republic Spol s.r.o.

<

Daikin Europe N.V. Daikin Europe Coordination Center

The Daikin Europe Group is a part of Daikin Industries Ltd.

Umeda Center Bldg. 4-12, 2-chromeNakazaki-NishiKita-ku, Osaka 530-8323, Japan

Daikin Air Conditioning South Africa (PTY) Ltd.

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Naamloze Vennootschap - Zandvoordestraat 300, B-8400 Oostende - Belgium - www.daikin.eu - BE 0412 120 336 - RPR Oostende

The present leaflet is drawn up by way of information only and does not constitute an offer binding upon Daikin Europe N.V.. Daikin Europe N.V. has compiled the content of this leaflet to the best of its knowledge. No express or implied warranty is given for the completeness, accuracy, reliability or fitness for particular purpose of its content and the products and services presented therein. Specifications are subject to change without prior notice. Daikin Europe N.V. explicitly rejects any liability for any direct or indirect damage, in the broadest sense, arising from or related to the use and/or interpretation of this leaflet. All content is copyrighted by Daikin Europe N.V.

Daikin Europe N.V. participates in the Eurovent Certification Programme for Air Conditioners (AC), Liquid Chilling Packages (LCP) and Fan Coil Units (FC); the certified data of certified models are listed in the Eurovent Directory. Multi units are Eurovent certified for combinations up to 2 indoor units.

Daikin’s unique position as a manufacturer of air conditioning equipment, compressors and refrigerants has led to its close involvement in environmental issues. For several years Daikin has had the intention to become a leader in the provision of products that have limited impact on the environment. This challenge demands the eco design and development of a wide range of products and an energy management system, resulting in energy conservation and a reduction of waste.

Annual Report

Documents

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president of daikin

daikin poland

new products

activity report daikin

new standard

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