EQS-News: PALFINGER Achieves Historic Record Year 2023

EQS-News: Palfinger AG / Key word(s): Annual Results
   PALFINGER Achieves Historic Record Year 2023

   07.03.2024 / 06:56 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   PRESS RELEASE                         Bergheim, Austria on March 7, 2024

   PALFINGER Achieves Historic Record Year 2023
    

     • Despite difficult conditions, revenue of EUR 2.45 billion,
       EBIT of EUR 210.2 million and consolidated net result of EUR 107.7
       million
     • Best EBIT margin since 2008 and record dividend
     • North America, Asia and Marine are growth markets – profitability
       increases in all regions

   in EUR million          2021    2022    2023       %
   Revenue                 1,841.5 2,226.2 2,445.9    + 9.9 %
   EBITDA                  243.7   229.6   302.9      + 31.9 %
   EBIT                    155.0   150.4   210.2       + 39.8 %
   EBIT margin in %        8.4 %   6.8 %   8.6 %      –
   Consolidated net result 86.6    71.4    107.7      + 50.8 %
   Employees ^1)           11,733  12,210  12,728 ^1) –
   Dividend in EUR^2)      0.77    0.77    1.05 ^2)   –

   1) Reporting date figures of consolidated Group companies are indicated
   without equity investments and without contract workers.
   2) Proposal to the Annual General Meeting.

   A record year in terms of revenue, EBIT and consolidated net result:
   PALFINGER AG looks back on 2023 as the most successful fiscal year in the
   company's history. Despite ongoing geopolitical upheavals, rising interest
   rates and inflation, the global technology and mechanical engineering
   company achieved record revenue of EUR 2.45 billion, the highest ever
   operating result of EUR 210.2 million and a record consolidated net result
   of EUR 107.7 million. The economic environment is extremely challenging,
   particularly in Europe. “At PALFINGER, we know how to cope with volatile
   conditions. We have proved that in 2023 and we will also tackle the
   challenges in 2024, which are no less demanding” says Andreas Klauser, CEO
   of PALFINGER AG.

   Improved supply chain enables high output
   Thanks to improved supply chains and increased delivery reliability,
   output was significantly increased, and production backlogs reduced in the
   first half of 2023. Starting in September 2023, weakening demand in EMEA
   and LATAM had an impact on production, which meant that capacities had to
   be adjusted. On the other hand, delivery difficulties continued for truck
   chassis in the first three quarters, which, in combination with
   bottlenecks in the installation network, led to high finished stock
   levels.

   Growth drivers North America, Asia and Marine; order intake in Europe at a
   low level
   The PALFINGER growth regions NAM and APAC as well as the Marine sector
   recorded the highest profitability increases in 2023 — with revenue growth
   of around 17 percent, NAM remained the strongest growth driver. With the
   opening of its new regional headquarters in Schaumburg (Illinois) in June
   2023, PALFINGER once again shows its claim to market leadership in its
   second-largest region.

   The positive economic development in the APAC region, except for China,
   led to high order intake for loader cranes.
   The Marine sector was able to significantly increase revenue and
   profitability due to increases in cruise ship service orders as well as
   offshore and wind cranes.
   The EMEA region recorded a low order intake as a result of a weak
   construction sector. However, due to the fully effective price increases,
   significant growth in revenue and an improvement in profitability were
   achieved across all product lines.

   Strong partnerships for long-term success
   To meet the high demand in NAM, Steyr Automotive has been won as an
   installation partner for PALFINGER truck-mounted forklifts for the North
   American market from September 2023. By 2027, 1,700 truck-mounted
   forklifts are to be delivered to North America every year. PALFINGER
   achieved an important milestone in the digitalization of its product range
   through its partnership with Aker BP and Optilift. As part of the
   long-term cooperation, remote-controlled offshore cranes are being
   developed for the marine industry.

   Outlook 2024
   The economic environment is currently very challenging, especially in
   Europe. The order backlog gives visibility until the end of Q2/2024.
   For the first half of the year, PALFINGER expects a stable revenue
   compared to the previous year and good profitability. There is very
   limited visibility for the second half of 2024. PALFINGER is focusing on
   further increasing resilience through optimization of working capital,
   strict investment management and targeted cost reductions in 2024.
   The ambitious financial targets for 2027 remain unchanged: PALFINGER
   strives for a revenue of EUR 3.0 billion with an EBIT margin of 10 percent
   and a return on capital employed of 12 percent until 2027.

   Here you can find the PALFINGER AG annual report 2023:
   https://www.palfinger.ag/en/investors/publications/finance-publications

   Here is the magazine “&beyond” that accompanies the PALFINGER AG annual
   report 2023:
   [1]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 around 12,700 employees (without contract
   workers), 30 manufacturing 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
   in 2023 achieved record revenue of EUR 2.45 billion.

   For further information please contact:  
   Hannes Roither | Group spokesperson | PALFINGER AG  
   T +43 662 2281-81100 | [2][email protected] 

   Texts and their accompanying images are available in the “News” section of
   www.palfinger.ag and www.palfinger.com.
    

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   07.03.2024 CET/CEST 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:      [email protected]
   Internet:    www.palfinger.ag
   ISIN:        AT0000758305
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 1852819


    
   End of News EQS News Service


   1852819  07.03.2024 CET/CEST

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