PALFINGER results for Q1-Q3/2020: Stability despite difficult circumstances


Bergheim, October 30th, 2020 
  • Group revenue despite COVID-19 at EUR 1,102.4 million
  • EBIT in Q3 at a good level of EUR 31.8 million, EBIT of EUR 70.6 million for the first three quarters
  • Net financial debt (NFD) at lowest level since Q1/2016
  • Annual revenue targeted for 2020 to exceed EUR 1.5 billion, EBIT target of EUR 100 million 
 in EUR million  Q1-Q3/2019   Q1-Q3/2020                %
 Revenue 1,300.6  1,102.4  –15.2% 
 EBITDA 175.1  140.3  –19.9% 
 EBITDA margin in % 13.5%  12.7% 
 EBIT 119.3  70.6  –40.8% 
 EBIT margin in % 9.2%  6.4% 
 Net income  63.6  31.8  –50.0% 
 Employees 11 055  10 841 

Following a massive slump in the global economy during the first half of 2020, recovery in the 3rd quarter had a positive effect on PALFINGER AG's revenue and earnings development. Especially in Europe, Russia, China and Latin America, in the 3rd quarter, markets stabilized and contributed to solid profitability. Order levels are currently nearly at the same level as at the end of 2019 and look promising into the coming year.

"PALFINGER has handled the first phase of the crisis well and has demonstrated a high degree of stability. In this regard, I want to particularly acknowledge the achievements of our employees. Furthermore, we are pushing ahead the transformation process to continue our path of success in this changing market environment," emphasizes PALFINGER CEO Andreas Klauser.
The measures taken to optimize liquidity, initiated back in March, are having a positive effect: net financial debt (NFD) has reached EUR 459.0 million, the lowest level since Q1/2016, liquidity reserves were significantly increased and inventories as well as receivables optimized. Free cash flow increased from EUR 56.1 million in the comparable period to EUR 96.3 million.
With its PALFINGER World Tour - a virtual event with the tagline "Challenge Accepted" - PALFINGER has intensified its contact with customers and partners worldwide. This online three-day event in October saw experts discuss challenges live as well as present current and future solutions. Guests representing 175 nations from Europe, Russia and Asia participated interactively. In 2021 the PALFINGER World Tour will be continued as a platform for exchange and cooperation. Andreas Klauser: "We work together with our customers and business partners to develop innovative solutions fast and flexible. Together we create values."

Key Financials
Revenue of PALFINGER AG amounted to EUR 1,102.4 million in the first three quarters of 2020 against EUR 1,300.6 million for the same period in 2019. This represents a drop of EUR 198.2 million, or 15.2%.
EBITDA fell by 19.9% to EUR 140.3 million compared to the first three quarters of 2019. By the end of the 3rd quarter of 2019, operating income (EBIT) had reached EUR 119.3 million, but that figure has now fallen to EUR 70.6 million. At EUR 459.0 million, net debt is at its lowest level since Q1/2016.
Non-current liabilities sunk from EUR 575.5 million during the same period in 2019 to EUR 556.3 million. Current liabilities fell from EUR 476.0 million during the same period in the previous year to EUR 392.0 million. Equity ratio increased from 37.1% in the corresponding period of the previous year to 39.0%. The consolidated net result amounts to EUR 31.8 million compared to EUR 63.6 million as of September 30, 2019.

Despite PALFINGER's solid position, Klauser sees considerable future factors of uncertainty caused by the Covid-19 pandemic which might cause further lockdowns: "We assume that the economic effects of the crisis will also dominate 2021." For 2020, management is aiming for revenue of over EUR 1.5 billion and an EBIT of EUR 100 million. The financial targets – EUR 2.0 billion revenue through organic growth, 10 percent average EBIT margin and 10 percent average ROCE over the economic cycle - remain the same but have been postponed by two years to 2024.
Palfinger EN
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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Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 |

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