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Summary of Fusion 20

Through key strategies to expand our business domains, reform our business structure, and enhance our existing businesses, net sales and operating profit progressed as planned up to FY2018. Although our business has been significantly affected by the COVID-19 pandemic since FY2019, we have implemented both proactive and defensive measures as well as measures to strengthen our business structure. In FY2020, as a result, we largely recovered and exceeded the original forecast we announced in May 2020 (net sales of 2,330 billion yen and operating profit of 150 billion yen).

Mainly Outcome

Business domain expansion/business structure conversion

Expansion of the Air Conditioning (AC) Solutions business

Energy Service Solutions business
Business foundation strengthened through investing in sales and service networks as well as developing technology for solutions business
Full-scale business development primarily in North America, which is the largest market

Indoor Air Quality (IAQ) and Air Environment (AE) Engineering business
IAQ and AE business expanded in response to growing needs for safe and secure air and space Aiming to provide air and space value, advance own technology through external collaborative creation such as technology development and demonstration tests

Leading initiatives for the environment

Environmental Vision 2050 established in 2018 with the target of reducing greenhouse gas emissions to net zero by 2050
Widespread uptake of R32 refrigerant and high-performance energy-saving equipment Development started for next-generation refrigerants and equipment
Support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) announced in 2019, and disclosure of financial information and ESG information including on climate change started

Expansion of business domains

Space and Water Heating business
No. 1 market share in heat pump units achieved in Europe, the largest market

Commercial Refrigeration business
Foundation established for the Refrigeration Solutions business in Europe through acquisition of Zanotti and AHT and other measures

Enhancement of existing businesses

AC business in North America

Sales and market share expanded by increased sales of unitary, VRV, and Applied equipment
Initiatives promoted for transforming the business structure into the Service Solutions business in addition to equipment sales

AC business in Asia

No.1 position achieved in the residential and commercial Direct Expansion business in many countries
Measures implemented to expand the Solutions business and become the No. 1 in the Applied business

Chemicals business

Record-high profit achieved in FY2018
Investment decisions made for future growth (establishing a 2nd plant in China, augmenting the U.S. plant, establishing the Innovation Center in Europe)
Business expanded through applications development and polymer alloy/non-fluorine materials

Filter business

Filter Division established and the North America, Europe, and Power & Industrial (P&I) businesses reformed
New product development started to respond to IAQ needs

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