2021 was quite a year. Firstly, there was a boom in the economy and record order backlogs in all regions. That said, the year was overshadowed by interrupted supply chains, massive increases in costs for raw materials and energy, new waves of corona - and a cyberattack in January. PALFINGER had plenty of opportunities to prove itself.
Highest Revenue in the Company’s History
That's quite something. In fact, it is a record-breaking performance that is reflected in the balance sheet: 2021 stands out as a record year in the company’s 90-year history. Revenue of EUR 1.84 billion exceeds the previous record in 2019 (EUR 1.75 billion), and Group profit has never been higher at EUR 86.6 million. EBITDA increased to EUR 243.7 million, the EBIT margin to 8.4% and our workforce grew to 11,733.
90 Years Old and No Sign of Tiredness
No one would have dreamed that 90 years ago. Back then, our company was founded as a small workshop. A small firm specialized in the latest agricultural machinery, wagons and motors, mind you. You could say that PALFINGER always had an eye on innovations. This was the case in the early 1960s, when PALFINGER launched the hydraulic loader crane onto the market, making innovation history. It’s the same today as we meet the challenges of the future and cover new ground with the help of digitization. We set standards. Worldwide.
We accept challenges and make the most of them. It’s in our DNA. And it makes a significant contribution to our success. Above all, we are very well positioned to handle turbulent years like 2021. There is the GPO, which lets our organization respond to challenges in a highly flexible, quick and efficient way worldwide. And then there are the task forces who use targeted actions to make sure everything from production to service runs smoothly in difficult situations. And ultimately there are our employees who make an essential contribution to success with their commitment and readiness to accept challenges.
This was very clear at our plants following a cyberattack and delays to supply chains. Without employees volunteering for special shifts and ensuring flexibility in production, it would have been difficult to maintain our high level of delivery reliability. That is how we managed to meet our obligations to our customers and partners - with minimal time delays.
Promoting Customer Proximity
2021 is not just a year of records. We intensively worked to position PALFINGER even better for the future. The close relationship with our customers and partners played an important role in this. In addition to a digital PALFINGER World Tour for the Marine, North America and Latin America regions in June, the World Expo in Dubai was the venue for a top-class live event for selected PALFINGER customers and partners.
We are looking to the future. That is one reason why as an industrial company we know our responsibility in times of climate change. And also why we have developed a new sustainability strategy. It is based on environment, social and governance criteria and defines measurable indicators for real solutions. As an example, we will significantly reduce CO2 emissions along the entire value chain and set new standards in employee development.
Ultimately, investments in sustainable structures were intensified and the “Vision & Strategy 2030” was formulated. With the strategic pillar, “Go Digital” we are driving digitization of the entire production and value chain and developing new digital business segments. With the strategic pillar “Go for Solutions”, we will evolve into a solution provider by 2030, providing customers with complete solutions. We think in terms of products as well as configured solutions. To achieve this, we combine physical and digital solutions into one unit - customers get hardware and software from a single source for smart and highly networked machines. On this basis, PALFINGER is aiming for a revenue of EUR 3.0 billion in 2030. For 2022 our goal is to generate revenue of EUR 2.0 billion. Together we are shaping the future. Together we are ONE PALFINGER.