PALFINGER boosts efficiency and results in the first three quarters 2019


• EBIT margin lifted to 9.2 percent

• New organizational structure GPO is generating synergy effects

• Segment SEA breaks even in Q3 2019

• Record revenue of EUR 1.7 billion with EBIT margin of 9% expected for full-year 2019


EUR million Q1-Q3/2017 Q1-Q3/2018 Q1-Q3/2019 %
Revenue 1,093.1 1,182.6 1,300.6 +10.0%
EBITDA 134.1 147.6 175.1 +18.7%
EBITDA margin in % 12.3 12.5 13.5 -
EBIT 91.9 101.7 119.3 +17.3%
EBIT margin in % 8.4 8.6 9.2 -
Consolidated net result for the period 50.5 48.3 63.6 +31.6%
Employees1) 10,119 10,678 11,055 -

1) Since 2018, balance-sheet date figures of consolidated Group companies have been presented excluding equity shareholdings and excluding contract workers; prior-year figures are averages.

Bergheim, October 29, 2019

The figures speak for themselves: A 10.0 percent increase in revenue, a 31.6 percent rise in the consolidated net result for the period, and an EBIT margin of 9.2 percent as of September 30, 2019.
PALFINGER’s profitable growth continued unabated in the third quarter of 2019.

This strong performance is driven by the new organizational structure GLOBAL PALFINGER ORGANIZATION (GPO) and the restructuring of the Segment SEA. The GPO is perceptibly strengthening the global structures and cooperation across corporate units. “This is helping us to unlock synergies within the Group and achieve efficiency gains,” said Andreas Klauser, CEO of Palfinger AG.

In the Segment SEA, PALFINGER substantially reduced its dependence on the oil and gas business by extending its focus to other segments such as cruise lifesaving equipment and drove down its structural costs. The successful turnaround enabled this segment to break even in the third quarter of 2019.

The joint venture with the Chinese life and rescue boat manufacturer Neptune is opening up further opportunities. With this partnership, PALFINGER has has established itself as the leading supplier in the Chinese market for lifesaving equipment.

The successful trend of the Segment SEA, the GPO synergy effects, and the solid order situation in the Segment Sales & Service LAND provide the flexibility to counteract a possible downturn in the business. “In spite of the recession fears, we are confident that we will be able to achieve our growth targets for 2022,” Andreas Klauser stressed. PALFINGER expects to generate revenue of EUR 1.7 billion in 2019 and EUR 2 billion in 2022.

Key financials
The PALFINGER Group’s revenue climbed 10.0 percent year-on-year in the first three quarters of 2019, increasing from EUR 1,182.6 million to EUR 1,300.6 million and reaching yet another record level in this reporting period.

EBITDA saw double-digit growth of 18.7 percent, rising from EUR 147.6 million to EUR 175.1 million. While this improvement is a reflection of the Group’s solid business performance, it also includes a positive effect of EUR 8.2 million attributable to the change in the accounting requirements for leases (IFRS 16 Leases). The EBITDA margin stood at 13.5 percent, up from 12.5 percent in the prior-year reporting period. EBIT grew by 17.3 percent from EUR 101.7 million to EUR 119.3 million in the first three quarters of 2019, giving an EBIT margin of 9.2 percent, up on the previous year’s figure of 8.6 percent.

Performance over the individual three quarters of 2019 shows the steady revenue trend (Q1: EUR 440.9 million; Q2: EUR 452.5 million; Q3: EUR 407.2 million)—with the third quarter being traditionally weaker at PALFINGER as there are fewer working days—in addition to consistently solid EBITDA (Q1: EUR 61.2 million; Q2: EUR 58.9 million; Q3: EUR 55.0 million) and EBIT (Q1: EUR 42.7 million; Q2: EUR 40.6 million; Q3: EUR 36.0 million).

The consolidated net result for the period saw a year-on-year increase of 31.6 percent, climbing from EUR 48.3 million to EUR 63.6 million. Earnings per share rose from EUR 1.28 in the first three quarters of 2018 to EUR 1.69 in the reporting period.

In spite of the changes in accounting pursuant to IFRS 16, the balance sheet as of September 30, 2019 showed improvement: The equity ratio rose from 35.4 percent to 37.1 percent, while the gearing ratio decreased from 98.6 percent to 93.2 percent as of September 30, 2019.

The outlook for 2019 as a whole remains positive. On the basis of current market trends PALFINGER expects another record year: Management projects that revenue will increase to EUR 1.7 billion and that the EBIT margin will be 9 percent. For the years to come, PALFINGER sees continued growth potential. Revenue is expected to rise to EUR 2 billion by 2022, accompanied by a further improvement in profitability.

EUR thousand Q1-Q3/2018 Q1-Q3/2019
Income statement    
Revenue 1,182,624 1,300,591
EBITDA 147,575 175,106
EBITDA margin 12.5% 13.5%
EBIT (operating results) 101,679 119,293
EBIT margin 8.6% 9.2%
Result before income tax 88,598 107,143
Consolidated net result for the period 48,297 63,582
Balance sheet1)    
Net working capital (average) 323,109 375,442
Capital employed (average) 1,049,543 1,133,593
ROCE 2.0% 9.2%
Equity 540,867 618,863
Equity ratio 35.4% 37.1%
Net debt 533,158 576,857
Gearing 98.6% 93.2%
Cash flows and investments    
Cash flows from operating activities 83,305 81,485
Free cash flow 26,427 56,114
Net investments 69,035 66,1962)
Depreciation, amortization and impairment 45,896 55,813
Human resources    
Employees3) 10,678 11,055
Earnings per share (EUR) 1.28 1.69

1) Figures were adjusted with retrospective effect (see the explanations on adjustments with retrospective effect in the 2018 Integrated Annual Report).
2) Including additions from leases(IFRS 16); excluding divestment of 2.5% of Sany Lifting Solutions (EUR 28.6 million)
3) Since 2018, balance-sheet date figures of consolidated Group companies have been presented excluding equity shareholdings and excluding contract workers; prior-year figures are averages.


The international mechanical engineering firm of PALFINGER is the world’s leading producer of innovative crane and lifting solutions. With around 12,000 employees, 31 manufacturing sites and a worldwide network of dealerships and service centers at over 5,000 locations, PALFINGER takes on its customers’ challenges and creates added value. PALFINGER is consistently continuing on its course as a provider of innovative, complete solutions that deliver increased efficiency and better operability, while leveraging the potential of digitization along the entire production and value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2021 achieved record revenue of EUR 1.84 billion. In 2022, PALFINGER celebrates its 90th anniversary under the tagline “Celebrating the future since 1932.”


For further information please contact:

Hannes Roither | Group Spokesperson | PALFINGER AG
T +43 662 2281-81100 |

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