PALFINGER Result for 1st Half of 2020: Strong Despite a Crisis-hit Half Year

200730_PM_Palfinger_1.HJ2020__EN

Bergheim, July 30th, 2020 
  • Group revenue reaches EUR 729.8 million in the first half of 2020 despite COVID-19
  • Positive EBIT of EUR 7.4 million in a challenging second quarter
  • COVID-19 Task Force optimizes liquidity and takes measures to protect employees’ health
  • Revenue target for 2020: EUR 1.5 billion

 

 in EUR million    HY1 2019  HY1 2020                %
 Revenue 893.4  729.8  –18.3 % 
 EBITDA 120.1  84.9  –29.3 % 
 EBITDA margin in % 13.4 %  11.6 % 
 EBIT 83.3  38.7  –53.5 % 
 EBIT margin in % 9.3 %  5.3 % 
 Net income  43.6  15.1  –65.4 % 
 Employees 11 075  11 078 


The COVID-19 pandemic and the global recession directly impact the 2020 half-year revenue of PALFINGER AG. April and May especially were characterized by supply chain disruptions, national lockdowns and plant closures. A slight recovery was seen from June onwards.

“PALFINGER quickly and efficiently implemented measures to optimize liquidity, maintain supply chains and ensure the health of its workforce,” says PALFINGER CEO Andreas Klauser. “In an extremely uncertain market environment with low visibility we have given our employees, partners and customers maximum stability and reliability.”

The COVID-19 Task Force set up at the end of February carried out a total of 220 measures for proactive management in three work packages: Health and Safety, Production and Operations Management, and Liquidity Optimization. Summing up, Klauser says, “We dealt with this stage of the crisis successfully and enter the second half of the year on a solid footing.”

Key financials

Revenue of PALFINGER AG amounted to EUR 729.8 million in the first half of 2020 against EUR 893.4 million for the same period in the previous year. This represents a drop of EUR 163.6 million, or 18.3 percent.
EBITDA fell by 29 percent compared with the first half of 2019, to EUR 84.8 million. In that period, operating income (EBIT) had reached EUR 83.3 million, but this year that figure fell to EUR 38.7 million.
Thanks in part to postponement of the dividend payout, equity increased to EUR 622.9 million (first half-year 2019: 589.6 million).
To optimize liquidity, current liabilities were converted to non-current liabilities, and additional committed lines of credit were added. Non-current liabilities rose to EUR 612.5 million in 2020 (first half of 2019: EUR 574.6 million). Current liabilities fell year-on-year from EUR 481.9 million to EUR 368.6 million.
The equity ratio increased disproportionately from 35.8 percent in the corresponding period of the previous year to 38.8 percent.
The consolidated net result amounts to EUR 15.1 million compared with EUR 43.6 million in the first half of 2019.

Outlook

The actions taken to counter the effects of the crisis and the structural reforms at PALFINGER have proved successful: they will continue in the second half-year. Klauser is also optimistic about the economy: “Markets are stabilizing, visibility is improving. The recovering European economy increases demand: The order book of PALFINGER AG is now pretty much as it was at the end of 2019. Provided there are no further external shocks, management is aiming for revenue of EUR 1.5 billion overall in 2020,” Klauser explains.

Go here to read the online version of the report on the first half of 2020:
https://www.palfinger.ag/de/news/publikationen

Pictures of the press conference can be downloaded in the APA gallery as of 12:00 p.m.

Palfinger EN
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.
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Presse­kontakt

Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

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200730_PM_Palfinger_1.HJ2020__EN

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