PALFINGER news

PALFINGER Result for first Half of 2020: Strong Despite a Crisis-hit Half Year

30.07.2020
  • Group revenue reaches EUR 729.8 million in the first half of 2020 despite COVID-19
  • Positive EBIT of EUR 7.4 million in a challenging second quarter
  • COVID-19 Task Force optimizes liquidity and takes measures to protect employees’ health
  • Revenue target for 2020: EUR 1.5 billion

 

in EUR million HY1 2019 HY1 2020 %
Revenue 893.4 729.8 -18.3%
EBITDA 120.1 84.9 -29.3%
EBITDA margin in % 13.4% 11.6% -
EBIT 83.3 38.7 -53.5%
EBIT margin in % 9.3% 5.3% -
Net income 43.6 15.1 -65.4%
Employees 11 075 11 078 -

The COVID-19 pandemic and the global recession directly impact the 2020 half-year revenue of PALFINGER AG. April and May especially were characterized by supply chain disruptions, national lockdowns and plant closures. A slight recovery was seen from June onwards.

“PALFINGER quickly and efficiently implemented measures to optimize liquidity, maintain supply chains and ensure the health of its workforce,” says PALFINGER CEO Andreas Klauser. “In an extremely uncertain market environment with low visibility we have given our employees, partners and customers maximum stability and reliability.”
The COVID-19 Task Force set up at the end of February carried out a total of 220 measures for proactive management in three work packages: Health and Safety, Production and Operations Management, and Liquidity Optimization. Summing up, Klauser says, “We dealt with this stage of the crisis successfully and enter the second half of the year on a solid footing.”

Key financials

Revenue of PALFINGER AG amounted to EUR 729.8 million in the first half of 2020 against EUR 893.4 million for the same period in the previous year. This represents a drop of EUR 163.6 million, or 18.3 percent.
EBITDA fell by 29 percent compared with the first half of 2019, to EUR 84.8 million. In that period, operating income (EBIT) had reached EUR 83.3 million, but this year that figure fell to EUR 38.7 million.
Thanks in part to postponement of the dividend payout, equity increased to EUR 622.9 million (first half-year 2019: 589.6 million). To optimize liquidity, current liabilities were converted to non-current liabilities, and additional committed lines of credit were added. Non-current liabilities rose to EUR 612.5 million in 2020 (first half of 2019: EUR 574.6 million). Current liabilities fell year-on-year from EUR 481.9 million to EUR 368.6 million. The equity ratio increased disproportionately from 35.8 percent in the corresponding period of the previous year to 38.8 percent. The consolidated net result amounts to EUR 15.1 million compared with EUR 43.6 million in the first half of 2019.

Outlook

The actions taken to counter the effects of the crisis and the structural reforms at PALFINGER have proved successful: they will continue in the second half-year. Klauser is also optimistic about the economy: “Markets are stabilizing, visibility is improving. The recovering European economy increases demand: The order book of PALFINGER AG is now pretty much as it was at the end of 2019. Provided there are no further external shocks, management is aiming for revenue of EUR 1.5 billion overall in 2020,” Klauser explains.

Go here to read the online version of the report on the first half of 2020: https://www.palfinger.ag/en/news/publications

Here you find the press kit for download.


ABOUT PALFINGER AG

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 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.