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
The international mechanical engineering firm of PALFINGER is the global leader for innovative crane and lifting solutions. With a workforce of over 11,600, 34 manufacturing sites and a worldwide network of dealerships and maintenance centers at over 5,000 locations, PALFINGER is always close to the customer.
As the leader in its engineering field, the company aims to ensure its partners’ business success in the long term by providing solutions and products that remain economically and ecologically viable in the future. Its broad product and model portfolio allows PALFINGER to take digitalization and the deployment of artificial intelligence to new levels.
As a global company with strong roots in its home region, PALFINGER is convinced that thinking and acting in the interests of sustainability plays a vital role in successful business operations. This is why the company assumes social, ecological and economic responsibility along the entire value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2020 achieved a revenue of EUR 1.53 billion.
For further information please contact:
Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | email@example.com