30.07.2020,
5620 Zeichen
Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
Mid Year Results
Bergheim -
Group revenue reaches EUR 729.8 million in the first half of 2020 despite COVID-19\nPositive EBIT of EUR 7.4 million in a challenging second quarter\nCOVID-19 Task Force optimizes liquidity and takes measures to protect employees' health\nRevenue target for 2020: EUR 1.5 billion\n ______________________________________________________________________________
|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 [https://www.palfinger.ag/de/
news/publikationen]
+++
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, 36 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.
Texts and accompanying images are available in the "News" section of
www.palfinger.ag [http://www.palfinger.ag/], www.palfinger.com [http://
www.palfinger.com/].
end of announcement euro adhoc
issuer: Palfinger AG
Lamprechtshausener Bundesstraße 8
A-5020 Salzburg
phone: 0662/2281-81101
FAX: 0662/2281-81070
mail: ir@palfinger.com
WWW: www.palfinger.ag
ISIN: AT0000758305
indexes:
stockmarkets: Wien
language: English
Digital press kit: http://www.ots.at/pressemappe/1659/aom
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Akt. Indikation: 21.85 / 22.00
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