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PALFINGER boosts efficiency and results – Revenue up 10.0%, EBIT up 17.3%, consolidated net result up 31.6%

  • EBIT margin lifted to 9.2 percent

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    New organizational structure GPO is generating synergy effects

  • Segment SEA breaks even in Q3 2019

  • Record revenue of EUR 1.7 billion with EBIT margin of 9% expected for full-year 2019

The figures speak for themselves: A 10.0 percent increase in revenue, a 31.6 percent rise in the consolidated net result for the period, and an EBIT margin of 9.2 percent as of September 30, 2019. PALFINGER’s profitable growth continued unabated in the third quarter of 2019.

This strong performance is driven by the new organizational structure GLOBAL PALFINGER ORGANIZATION (GPO) and the restructuring of the Segment SEA. The GPO is perceptibly strengthening the global structures and cooperation across corporate units. “This is helping us to unlock synergies within the Group and achieve efficiency gains,” said Andreas Klauser, CEO of Palfinger AG.
In the Segment SEA, PALFINGER substantially reduced its dependence on the oil and gas business by extending its focus to other segments such as cruise lifesaving equipment and drove down its structural costs. The successful turnaround enabled this segment to break even in the third quarter of 2019.
The joint venture with the Chinese life and rescue boat manufacturer Neptune is opening up further opportunities. With this partnership, PALFINGER has established itself as the leading supplier in the Chinese market for lifesaving equipment.
The successful trend of the Segment SEA, the GPO synergy effects, and the solid order situation in the Segment Sales & Service LAND provide the flexibility to counteract a possible downturn in the business. “In spite of the recession fears, we are confident that we will be able to achieve our growth targets for 2022,” Andreas Klauser stressed. PALFINGER expects to generate revenue of EUR 1.7 billion in 2019 and EUR 2 billion in 2022.

Key financials


The PALFINGER Group’s revenue climbed 10.0 percent year-on-year in the first three quarters of 2019, increasing from EUR 1,182.6 million to EUR 1,300.6 million and reaching yet another record level in this reporting period.
EBITDA saw a double-digit growth of 18.7 percent, rising from EUR 147.6 million to EUR 175.1 million. While this improvement is a reflection of the Group’s solid business performance, it also includes a positive effect of EUR 8.2 million attributable to the change in the accounting requirements for leases (IFRS 16 Leases). The EBITDA margin stood at 13.5 percent, up from 12.5 percent in the prior-year reporting period. EBIT grew by 17.3 percent from EUR 101.7 million to EUR 119.3 million in the first three quarters of 2019, giving an EBIT margin of 9.2 percent, upon the previous year’s figure of 8.6 percent.
Performance over the individual three quarters of 2019 shows the steady revenue trend (Q1: EUR 440.9 million; Q2: EUR 452.5 million; Q3: EUR 407.2 million)—with the third quarter being traditionally weaker at PALFINGER as there are fewer working days—in addition to consistently solid EBITDA (Q1: EUR 61.2 million; Q2: EUR 58.9 million; Q3: EUR 55.0 million) and EBIT (Q1: EUR 42.7 million; Q2: EUR 40.6 million; Q3: EUR 36.0 million).
The consolidated net result for the period saw a year-on-year increase of 31.6 percent, climbing from EUR 48.3 million to EUR 63.6 million. Earnings per share rose from EUR 1.28 in the first three quarters of 2018 to EUR 1.69 in the reporting period.
In spite of the changes in accounting pursuant to IFRS 16, the balance sheet as of September 30, 2019, showed improvement: The equity ratio rose from 35.4 percent to 37.1 percent, while the gearing ratio decreased from 98.6 percent to 93.2 percent as of September 30, 2019.


The outlook for 2019 as a whole remains positive. On the basis of current market trends, PALFINGER expects another record year: Management projects that revenue will increase to EUR 1.7 billion and that the EBIT margin will be 9 percent. For the years to come, PALFINGER sees continued growth potential. Revenue is expected to rise to EUR 2 billion by 2022, accompanied by a further improvement in profitability.