EQS-News: PALFINGER AG: All-time high half-year revenue despite major challenges

EQS-News: Palfinger AG / Key word(s): Half Year Results
   PALFINGER AG: All-time high half-year revenue despite major challenges

   29.07.2022 / 07:00
   The issuer is solely responsible for the content of this announcement.

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   PRESS RELEASE Bergheim, Austria, July 29, 2022

   All-time high half-year revenue despite major challenges
    

     • Record order backlog in a volatile environment
     • Unstable supply chain, high stock levels, and rising material costs
       mark the 1st half year
     • Revenue of EUR 2 billion targeted for 2022

    

   in EUR million          1^st HY/2020 1^st HY/2021 1^st HY/2022 %
   Revenue                 729.8        884.1        1,039.0      +17.5%
   EBITDA                  84.9         133.5        119.5        -10.5%
   EBITDA margin in %      11.6         15.1         11.5         -
   EBIT                    38.7         92.1         80.2         -12.9%
   EBIT margin in %        5.3          10.4         7.7          -
   Consolidated net result 15.1         55.7         39.2         -30.1%
   Employees ^1)           11,078       11,653       12,135       -

   1) Reporting date figures of consolidated Group companies without equity
   investments and without contract workers.

   The macroeconomic upheavals stressed global supply chains, rising energy
   and material costs, and exchange rates leave their mark on the key figures
   in the first half year. In this volatile environment, PALFINGER achieves a
   record revenue of EUR 1,039.0 million and earnings before interest and
   taxes of EUR 80.2 million.

   Market Successes in LATAM and Marine
   From the second quarter, the war in Ukraine slows market demand in EMEA.
   But in the NAM region and especially in LATAM, PALFINGER benefits from
   continued high demand. The company has also achieved market successes in
   the Marine sector: A framework agreement with Aker BP for the maintenance
   and delivery of remote-controlled offshore cranes has been concluded.

   Dynamic Pricing
   In view of the large order backlog and the deferred effectiveness of its
   own price increases, PALFINGER is switching to “dynamic pricing” with
   effect from January 2023. With the new, index-based and flexible pricing
   model, PALFINGER can react quickly to rising or falling costs. “In this
   way, we guarantee transparency, the immediate and direct transfer of
   costs, and consequently stabilized profitability,” says PALFINGER CEO
   Andreas Klauser, explaining the change.

   Investments in the Future
   As part of the investments in implementing the Strategy 2030, PALFINGER
   opens its global technology center in Köstendorf. Here, control and drive
   technologies are developed for all PALFINGER solutions worldwide at a
   central location and in standardized forms. The acquisition of the 35
   percent minority interest in the French Guima Palfinger S.A.S. and of the
   40 percent minority interest in the Portuguese Comercio e Aluguer de
   Maquinas, S.A. makes it possible to react even more quickly and
   efficiently to competitor and market developments in the EMEA region.

   Key Financials
   Revenue of PALFINGER AG amounted to EUR 1,039.0 million in the first half
   of 2022 against EUR 884.1 for the same period in the previous year. This
   represents an increase of EUR 154.9 million or 17.5 percent and reflects
   not only the high market demand for PALFINGER products, but also the
   increased sales prices and exchange rate effects.
   EBITDA fell by 10.5 percent compared to the 1st half year 2021 to EUR
   119.5 million. Earnings before interest and taxes (EBIT) fell from EUR
   92.1 million in the 1st half year 2021 to EUR 80.2 million due to cost
   increases and the deferred effect of price increases. The consolidated net
   result amounted to EUR 39.2 million as against EUR 55.7 million as of June
   30, 2021.
   The reversal of the cross-holding with SANY and the acquisition of
   minority interests reduced equity and influence the balance sheet
   structure accordingly. The high stock levels led to a sharp increase in
   financing volume. That said, the financing structure, with an average
   interest rate of 1.25%, is extremely attractive. The instability of the
   supply chains led to a huge rise in inventory levels, resulting in
   increased net debt of EUR 604.1 million compared to EUR 386.1 million in
   the corresponding period of the previous year.

   Outlook
   PALFINGER’s large order backlog extends into the second quarter of 2023.
   Further price increases will also take effect in the second half of this
   year and from today’s perspective cost increases for components and
   materials have peaked. Given the geopolitical situation, PALFINGER
   nevertheless expects exceptionally high volatility until the end of fiscal
   year 2022 and beyond. In this challenging environment, PALFINGER is aiming
   for revenue of EUR 2 billion in 2022.
   PALFINGER continues to pursue its mid- and long-term targets. Revenues of
   EUR 2.3 billion from organic growth, ROCE of 12 percent and an EBIT margin
   of 10 percent are targeted for 2024. Revenue is expected to hit the EUR
   3.0 billion mark in 2030 at the latest.

   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

   +++
   ABOUT PALFINGER AG
   PALFINGER is an international technology and mechanical engineering
   company and the world's leading producer and provider of innovative crane
   and lifting solutions. With over 12,000 employees, over 30 production
   sites and a worldwide sales and service network of around 5,000 service
   points, PALFINGER creates added value from the challenges of its
   customers. PALFINGER is consistently continuing on its course as a
   provider of innovative, complete solutions that deliver increased
   efficiency and better operability, while leveraging the potential of
   digitalization along the entire production and value chain.

   PALFINGER AG has been listed on the Vienna Stock Exchange since 1999 and
   achieved record revenue of EUR 1.84 billion in 2021. In 2022 PALFINGER is
   celebrating its 90th anniversary under the tagline “Celebrating the future
   since 1932.”

   Further inquiries:  
   Hannes Roither | Group spokesperson | PALFINGER AG  
   T +43 662 2281-81100 | [1]h.roither@palfinger.com 

   Text and accompanying images are available in the “News” section of
   [2]www.palfinger.ag, [3]www.palfinger.com.

    

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   29.07.2022 This Corporate News was distributed by EQS Group AG.
   www.eqs.com

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   Language:    English
   Company:     Palfinger AG
                Lamprechtshausener Bundesstraße 8
                5020 Salzburg
                Austria
   Phone:       +43 (0)662/2281-81101
   Fax:         +43 (0)662/2281-81070
   E-mail:      ir@palfinger.com
   Internet:    www.palfinger.ag
   ISIN:        AT0000758305
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1407701


    
   End of News EQS News Service


   1407701  29.07.2022 

References

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