PALFINGER AG has minimal visibility due to COVID-19 and expects massive reductions in demand and production, and consequently profitability in the half and full year 2020 to be well below 2019 and 2018. The proposed dividend for 2019 is being re-evaluated.
In view of the current developments in connection with the COVID-19 crisis, which are beginning to have an impact on the market, the supply chain and individual plants, PALFINGER AG is expecting massive reductions in demand and production, and consequently profitability in the first half and full year 2020 to be well below 2019 and 2018.
The adjustment of capacities is currently being evaluated and prepared. This is in the interests of safeguarding the health of employees and implementing national regulatory measures, but also in anticipation of lower market demand.
The further development of the COVID-19 crisis requires an ongoing reassessment of the situation. Due to the lack of visibility, it is currently not possible to provide an outlook on the results for the 2020 financial year.
Depending on the duration and impact of the COVID-19 crisis, the appropriation of profits and dividend payment for the 2019 financial year will also be re-evaluated. The proposal for a dividend payment of EUR 0.71 per share, which was initially submitted for the planned but cancelled Annual General Meeting in March 2020, will be reconsidered in line with liquidity requirements. A corresponding proposal for a resolution will be published when the Annual General Meeting for the 2019 financial year is convened again.
ABOUT PALFINGER AG
PALFINGER (CEO Andreas Klauser) is a leading international manufacturer of innovative lifting solutions for use on commercial vehicles, ships and stationary equipment. Based in Bergheim, Austria, the PALFINGER Group develops and produces leading solutions for its customers and partners all over the world. With more than 11,000 employees and over 5,000 sales and service centers, PALFINGER is close to the market and to its customers.
As a technology leader, the company also drives digitalization, electrification and autonomous systems as central components for future solutions and products in order to secure a long term partnership and success with its customers.
Convinced that sustainable thinking and acting significantly contributes to economic success, PALFINGER takes social, ecological and economic responsibility along the entire value chain.
With this vision and conviction to offer the most efficient and innovative solutions for its customers and partners, PALFINGER generated total sales of EUR 1.75 billion in 2019.
For further information please contact:
Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | email@example.com