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 is an international technology and mechanical engineering company and the world's leading provider of innovative crane and lifting solutions. With over 11,000 employees, 35 locations and a worldwide sales and service network with over 5,000 service points, PALFINGER guarantees customers immediate and optimal proximity.
With its future-proof complete and product solutions, PALFINGER, as a technology leader puts benefits reaped by the customer at the center of its innovation efforts. Consistent digitalization and the use of the latest technologies increase: operator safety and comfort, operational capability and service life, thus ultimately contributing to the corporate success of its customers and partners.
As a global company with strong regional roots, PALFINGER knows that sustainable thinking and behavior contribute significantly to economic success. For this reason, the company assumes social, environmental and economic responsibility along the entire supply chain.
PALFINGER AG has been listed on the Vienna Stock Exchange since 1999 and generated 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