A Convincing Performance
When unusual conditions become permanent, it is important to show a reaction that is flexible, forward-looking, and proactive. In this 1st half year, we have taken a number of steps that enable PALFINGER to perform successfully and in a future-oriented manner — even under extremely challenging circumstances.
All-time high half-year revenue
The first six months of this year are marked by the effects of the Russian war of aggression on Ukraine, the COVID lockdowns in China, rising energy costs, material shortages, and an uncertain outlook. At the same time, we continue to record a large order backlog, high demand especially in North and Latin America, and an increase in service business. In this environment, we generated an all-time high half-year revenue of EUR 1,039.0 million and have a record order backlog. EBIT (EUR 80.2 million) and the consolidated net result (EUR 39.2 million) are significantly below the corresponding figures for the previous year and thus reflect the challenges.
New, flexible pricing model
The extreme cost increases, which take effect at ever shorter intervals, represent a particular burden. So far, we have cushioned this factor to the benefit of our customers and partners and have adjusted our prices with a significant delay. This pricing policy is no longer possible. With effect from January 2023, PALFINGER will switch to a new, index-based and flexible pricing model, dynamic pricing. In this way, we guarantee our customers — but also ourselves — the highest level of transparency.
Implementation of Strategy 2030
With the opening of our global technology center in Köstendorf, we have taken an important step toward implementing Strategy 2030. Here, we develop control and drive technologies at a central location and in standardized forms. In this way, we ensure the modular construction of all our solutions worldwide. In addition, by acquiring minority interests in the French Guima Palfinger S.A.S. and in the Portuguese Comercio e Aluguer de Maquinas, S.A. have laid the foundations that will allow us to react even more quickly and efficiently to developments in EMEA.
Well-prepared
In the coming months, the challenges will become neither smaller nor fewer. We have an order book that offers us a clear view of the outlook in this regard until spring 2023. On the other hand, it is not possible to say with certainty how other factors will develop. We have to be ready for anything. But: We are in a strong position and well-prepared. For 2022 as a whole, we are aiming for revenue of EUR 2 billion and are sticking to our medium- and long-term financial targets. Together we shape the future. Together we are ONE PALFINGER.
The presentation on the first half of 2022 is available here:
https://www.palfinger.ag/en/investors/publications/presentations
The interim report of the first half year of 2022 is available here:
https://www.palfinger.ag/en/investors/publications/finance-publications
