PALFINGER Results 2020: A Landmark Year - short version
- EBIT EUR 100.3 million, despite COVID-19
- Net debt at lowest since 2013 (taking the effect of IFRS 16 into account)
- Highest free cashflow in company history
- 2021 annual revenue target: over EUR 1.7 billion
Bergheim, February 25, 2021
Today, the PALFINGER AG Supervisory Board approved the annual financial statements and, together with the Executive Board, resolved to propose a dividend of EUR 0.45 per share to the Annual General Meeting on April 7, 2021. The hybrid press conference and balance sheet presentation take place tomorrow, Friday, February 26th at 9:30 am in Lengau. The most important developments and results are presented in brief in this press release:
The global health and economic crisis is impacting sales, EBIT and net revenues. Liquidity optimization actions have resulted in historically high free cash flow, the lowest net debt since 2013 taking the effect of IFRS 16 into account and a higher equity ratio.
Revenues and Earnings Development
In fiscal year 2020, the Group revenues of PALFINGER AG was EUR 1,533.9 million, down from EUR 1,753.8 million the previous year. In comparison to 2019, the EBITDA decreased by 15.6 percent to EUR 188.7 million, and at 12.3 percent, the EBITDA margin lies below 2019’s 12.8 percent. The EBIT decreased to EUR 100.3 million from EUR 149.0 million in 2019. The EBIT margin decreased from 8.5 percent in 2019 to 6.5 percent in 2020. Consolidated net result in 2020 declined 37.8 percent to EUR 49.8 million in comparison to a record of EUR 80.0 million in 2019.
Outlook
In 2021, PALFINGER strives for annual revenue over EUR 1.7 billion and an EBIT margin of 8 percent. For 2024 the financial targets are EUR 2.0 billion in revenue from organic growth, an average EBIT margin of 10 percent and an average ROCE of 10 percent over the business cycle.
Please click here to access the online version of PALFINGER AG’s Integrated Annual Report 2020: https://www.palfinger.ag/en/news/publications
