PALFINGER Q1 2021: Positive Market Leads to Increased Revenue and Jump in Earnings

  • EBIT margin 9.9 percent despite cyberattack
  • Group revenue reaches EUR 405.9 million
  • Aiming for record year in 2021


EUR million Q1 2020 Q1 2021 %
Revenue 393.2 405.9 +3.2%
EBITDA 50.32 58.5 +16.3%
EBITDA margin in % 12.8 14.4  -
EBIT 31.4 40.0 +27.6%
EBIT margin in % 8.0 9.9 -
Consolidated net result for the period 15.5 24.5 +58.4%
Employees1) 11,127 10,905  


The economic recovery of the second half of 2020 continued during Q1 of 2021 with a very positive impact on the development of earnings and revenue of PALFINGER AG in the first quarter. Thanks to a good product mix, the EBIT margin was 9.9 percent, that is clearly above the previous year’s figure of 8 percent.

Extra Shifts Compensate for Production Downtime

“PALFINGER faced two-weeks of production downtime due to a cyberattack at the end of January, the consequences of which are being compensated for as quickly as possible. For this reason, extra shifts are being worked at our production sites,” explains PALFINGER CEO Andreas Klauser. “We reacted fast and efficiently to the cyberattack, successfully limited the damage and restarted production in the shortest time possible,” says Klauser.

Working at Full Capacity thanks to Strong Economic Cycle

The global economic recovery is reflected in PALFINGER’s good order intake and consequently full order books; therefore, all plants are working at full capacity. Economic growth of 8.4 percent is forecast for China, 6.4 percent for the USA and 4.4 percent for Europe. The upturn is being driven largely by the construction industry. The timber industry is developing positively too. However, the upturn is accompanied by rising raw material prices which results in higher costs along the supply chain. “We also have to keep in mind the risk of limited material availability,” says Klauser.

Key Financials

Revenue of PALFINGER AG amounted to EUR 405.9 million in Q1 of 2021 compared with EUR 393.2 million for the same period in the previous year. This represents an increase of EUR 12.7 million, or 3.2 percent.

EBITDA increased by 16.3 percent compared with Q1 of 2020, to EUR 58.5 million. The operating result (EBIT) increased from EUR 31.4 million in Q1 of 2020 to EUR 40.0 million in Q1 2021. The consolidated net result as at March 31, 2021 was EUR 24.5 million compared to EUR 15.5 million for the same period in the previous year.

Net debt was able to be reduced significantly to EUR 386 million, thanks in particular to optimized working capital management.

The equity ratio increased from 37.6 percent in the corresponding period of the previous year to 39.0 percent. The net debt to EBITDA ratio fell to 1.96 in Q1 of 2021 and was below the target of 2.0 for the first time since 2011.


For the full fiscal year 2021 management is aiming for a record year with revenues in excess of EUR 1.75 billion and an EBIT of more than EUR 149 million.

However, despite full order books and the worldwide economic upswing, there are substantial risk factors such as supply chain limitations, higher raw material prices, production capacity bottlenecks and uncertainty concerning the COVID-19 pandemic.

The online version of the results presentation for Q1/2020 is available here:


Key Figures of the PALFINGER Group

EUR thousand Q1 2019 Q1 2020 Q1 2021
Income statement      
Revenue 440,918 393,232 405,893
EBITDA 61,233 50,264 58,477
EBITDA margin 13.9% 12.8% 14.4%
EBIT 42,703 31,385 40,036
EBIT margin 9.7% 8.0% 9.9%
Results before income tax 38,367 26,115 38,448
Consolidated net profit or loss 21,138 15,488 24,533
Balance sheet      
Net Working Capital (average) 359,470 357,732 355,687
Capital Employed (average) 1,111,077 1,156,768 1,024,322
ROCE 8.5% 9.0% 7.9%
Equityl 573,288 618,597 649,104
Equity ratio 35.0% 37.6% 39.0%
Net debt 577,400 540,199 386,004
Gearing 100.7% 87.3% 59.5%
Cash flows und investments      
Cash flows from operating activities 28,579 12,268 40,866
Free cash flows 39,140 -4,298 21,350
Net investments 18,158 19,042 16,466
Depreciation, amortization and impairment 18,530 18,879 18,441
Human resources      
Employees 10,885 11,127 10,905
Earnings per share (EUR) 0.56 0.41 0.65


The international mechanical engineering firm of PALFINGER is the world’s leading producer of innovative crane and lifting solutions. With around 12,000 employees, 34 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 |

Texts and accompanying images are available in the “News” section of,