PALFINGER Q1/2020: Revenue down 10.8 percent, balance sheet further strengthened, liquidity reserves increased

  • Decline in revenue of EUR 47.7 million or 10.8 percent compared with the same period in the previous year
  • EBIT margin down to 8.0 percent from 9.7 percent
  • Balance sheet strengthened, liquidity reserves substantially increased
  • Gearing improved from 100.7 percent to 87.3 percent and equity ratio increased to 37.6 percent


EUR million Q1 2019 Q1 2020 %
Revenue 440.9 393.2 -10.8%
EBITDA 61.2 50.3 -17.9%
EBITDA margin in % 13.9 12.8 -
EBIT 42.7 31.4 -26.5%
EBIT margin in % 9.7 8.0 -
Consolidated net result for the period 21.1 15.5 -26.7%
Employees1) 10,885 11,127 +2.2%

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


Bergheim, 30. April 2020

Development of earnings

PALFINGER AG generated revenue of EUR 393.2 million in the first quarter of 2020. Compared with the record-breaking quarter in the same reporting period in the previous year, this represents a drop of EUR 47.7 million or 10.8 percent (revenue Q1/2019: EUR 440.9 million). This downturn is related to a decline in revenue in forestry business in Russia and Europe.

EBITDA decreased by 17.9 percent from EUR 61.2 million to EUR 50.3 million, while the EBITDA margin sank to 12.8 percent after reaching 13.9 percent in the first quarter of 2019. EBIT amounted to EUR 31.4 million, 26.5 percent below the prior-year level. The EBIT margin decreased accordingly from 9.7 percent in the prior-year reporting period to 8.0 percent in the first quarter of 2020. Consolidated net profit for the reporting period amounted to EUR 15.5 million (down 26.7 percent as compared with EUR 21.1 million in the prior-year period). As a result, earnings per share decreased from EUR 0.56 in the first quarter of 2019 to EUR 0.41. In contrast, the equity ratio in the first quarter of 2020 rose to 37.6 percent after reaching 35.0 percent as of the balance sheet date in the previous year. Gearing improved from 100.7 percent to 87.3 percent. Net debt/EBITDA also enjoyed positive development from 2.79 to 2.54. The very high free cash flow of EUR 39.1 million from the prior-year period attributable to an inflow of funds from the sale of 2.5% to Sany Lifting Solutions for EUR 28.6 million sank to EUR –4.3 million due to high inventory levels. At 9.0 percent, return on capital employed was higher than the 8.5 percent reached in the first quarter of 2019.

PALFINGER’s response to the COVID-19 crisis was proactive and comprehensive

Starting on February 26, PALFINGER responded to the COVID-19 crisis rapidly and comprehensively by creating its own task force. The existing liquidity reserves were significantly expanded right away with additional lines of credit. Furthermore, all projects were carefully reviewed and a program for integral liquidity optimization and structural cost reduction put in place to address the crisis and cushion its effects. Retroactively effective from March 23, 2020, personnel costs for employees in Austria were substantially reduced by the short-time work model. PALFINGER is also making use of the various models and support programs for sites in other countries.

Currently, PALFINGER has efficient credit lines to deal with potential future needs. PALFINGER is also benefiting from its further improved high equity ratio in this situation. Over the past several years, PALFINGER has also invested in its new global structure. The restructuring in North America and in Segment SEA has been successfully completed and the GLOBAL PALFINGER ORGANIZATION has been implemented.

Segment development

Segment Sales & Service generated revenue of EUR 368.3 million in the reporting period. This represents a decrease of 9.8 percent compared with the same period in the previous year (Q1/2019: EUR 408.1 million). Segment EBIT sank 18.2 percent to EUR 32.6 million. At EUR 25.0 million, external revenue in Segment Operations in the first quarter of 2020 was below the prior year level (Q1/2019: EUR 32.8 million), as was the segment EBIT at EUR 6.5 million (Q1/2019: EUR 9.6 million). Following the restructuring completed in the first quarter, the former Segment SEA has been fully integrated into the GLOBAL PALFINGER ORGANIZATION (GPO) and was thus merged into the two segments Sales & Service and Operations beginning with the first quarter of 2020. The business areas that were formerly a part of Segment SEA made a clearly positive contribution to earnings in the reporting period. Results in the HOLDING unit reflected, among other things, the impact of investments in the future of PALFINGER such as the rollout of a global ERP system and Palfinger 21st. Unit EBIT amounted to EUR –7.8 million as compared with EUR –6.7 million in the same reporting period in the prior year.

Annual General Meeting rescheduled for August 5, 2020

The Annual General Meeting has been rescheduled for August 5, 2020 due to COVID-19 concerns. The objective – subject to further developments in conjunction with the COVID-19 pandemic – is to distribute a dividend that will, however, be lower than the original resolution proposal submitted for a dividend payment.


Considering the current developments that are having a significant impact on the market, the supply chain, and in the company’s plants, we expect greater cutbacks in demand and production in the first half of 2020 and for the year as a whole. The usage of the short-time work has been maximized. Visibility on the markets remains low and requires ongoing reassessment of the current situation. Capacities have been adjusted in order to protect employees’ health and comply with standards put in place by national authorities as well as in expectation of lower market demand. The company’s domestic sites in Austria and international sites in Italy, France, and Russia were partially closed for production in April. This time was used to implement extensive hygiene and health care measures in the offices and production areas in preparation for gradual ramping up of operations in late April. On a positive note, PALFINGER continues to benefit from any upcoming business opportunities like two substantial orders worth EUR 13 million in India and Thailand in April.

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


Key Figures of the PALFINGER Group

EUR thousand Q1 2018 Q1 2019 Q1 2020
Income statement      
Revenue 394,228 440,918 393,232
EBITDA 51,035 61,233 50,264
EBITDA margin 12.9% 13.9% 12.8%
EBIT 33,557 42,703 31,385
EBIT margin 8.5% 9.7% 8.0%
Results before income tax 29,779 38,367 26,115
Consolidated net profit or loss 17,893 21,138 15,488
Balance sheet      
Net Working Capital (average)1) 317,000 359,470 357,732
Capital Employed (average)1) 1,033,818 1,111,077 1,156,768
ROCE1) 1.8% 8.5% 9.0%
Equityl1) 503,447 573,288 618,597
Equity ratio1) 33.4% 35.0% 37.6%
Net debt 539,127 577,400 540,199
Gearing1) 107.1% 100.7% 87.3%
Cash flows und investments      
Cash flows from operating activities 19,672 28,579 12,268
Free cash flows 4,043 39,140 -4,298
Net investments 21,827 18,158 19,042
Depreciation, amortization and impairment 17,478 18,530 18,879
Human resources      
Employees2) 10,452 10,885 11,127
Earnings per share (EUR) 0.48 0.56 0.41

1) 2018 figures were adjusted with retrospective effect (see the 2019 Integrated Annual Report, page 144 onward).
2) Since 2018, balance-sheet date figures of consolidated Group companies have been presented excluding equity shareholdings and excluding contract workers.



PALFINGER is an international technology and mechanical engineering company and the world's leading producer and provider of innovative crane and lifting solutions. With over 12,200 employees (without contingent workers.), more than 30 manufacturing sites and a worldwide sales and service network of around 5,000 service points, PALFINGER creates added value from the challenges of its customers. 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 digitalization along the entire production and value chain. 

PALFINGER AG has been listed on the Vienna stock exchange since 1999, and in 2022 achieved record revenue of EUR 2.23 billion.  


For further information please contact:

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

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