EANS-News: PALFINGER AG / Half-Year Net Result in 2021 Clearly Exceeds the Net Result of Record Year 2019 CNE

Friday, 30. July 2021 07:28
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Mid Year Results

Bergheim -

* Group revenue grows by 21.1 percent compared to the previous year
* Extremely solid balance sheet - net debt/EBITDA at lowest level since 2007
* Annual revenue targeted for 2021: over EUR 1.75 billion

 ______________________________________________________________________________
|in_EUR_million|____1st_HY/2019|____1st_HY/2020|____1st_HY/2021|____________%1)|
|Revenue_______|__________893.4|__________729.8|__________884.1|_________+21.1%|
|EBITDA________|__________120.1|___________84.9|__________133.5|_________+57.2%|
|EBITDA margin |          13.4%|          11.6%|          15.1%|              -|
|in_%__________|_______________|_______________|_______________|_______________|
|EBIT__________|___________83.3|___________38.7|___________92.1|________+137.8%|
|EBIT margin in|           9.3%|           5.3%|          10.4%|              -|
|%_____________|_______________|_______________|_______________|_______________|
|Consolidated  |           43.6|           15.1|           56.1|        +271.1%|
|net_result____|_______________|_______________|_______________|_______________|
|Employees_____|_________11_075|_________11_078|_________11_653|______________-|


1) Comparison of 2020/21

The worldwide economic upswing following pandemic year 2020 had a significantly
positive impact on the revenue and results of PALFINGER AG in the 1st half of
2021. Revenue in the first six months rose by 21.1 percent to EUR 884.1 million.
Despite the cyberattack in January, EBIT increased by 137.8 percent to EUR 92.1
million and net debt/EBITDA is now at 1.63, the lowest level since 2007. The
results of both the 2nd quarter and the first half of 2021 represent new records
in the history of PALFINGER.

Challenges and Solutions
The cyberattack caused a two-week interruption to operations, the consequences
of which were compensated for to a large extent over the past few months. Faced
with rising raw material prices, PALFINGER adjusted its market prices. "Demand
for our products nevertheless remains high," says PALFINGER CEO Andreas Klauser.
"To counter global material bottlenecks, multiple sourcing, proactive
warehousing and strategic partnerships with long-term supply contracts are
proving to be the best instruments."

Growth in all Product Areas
PALFINGER is benefiting from the high worldwide demand, a result of the economic
growth in the important markets China (+8.7 percent), USA (+6.7 percent) and EU
(+5.2 percent). The main drivers of PALFINGER's success are the construction and
timber industries. PALFINGER is posting good in all product areas and regions.
PALFINGER Marine secured major orders for equipping British and French offshore
wind farms. In the USA, PALFINGER won an order for supplying 150 Truck Mounted
Forklifts (TMF).

Key Financials
Revenue of PALFINGER AG amounted to EUR 884.1 million in the first half of 2021
compared with EUR 729.8 million for the same period in the previous year. This
represents an increase of EUR 154.3 million, or 21.1 percent.
EBITDA increased by 57.2 percent compared with the first half of 2020, to EUR
133.5 million. The operating result (EBIT) rose from EUR 38.7 million at the end
of the 1st HY 2020 to EUR 92.1 million, and the consolidated net result was EUR
56.1 million after EUR 15.1 million as of June 30, 2020.
The sustained optimization of working capital management resulted in a
substantial reduction of net debt to EUR 386.1 million.

The equity ratio of 39.3 percent (38.8 percent in the corresponding period in
2020) and the net debt/EBITDA ratio of 1.63 percent (2.62 in the previous half
year) are evidence of the stability and strength of PALFINGER's balance sheet
structure.

Outlook
In 2021, investments will reach historic levels of over EUR 100 million in order
to secure the capacities necessary for continued growth. Additionally, PALFINGER
acquires the Group headquarters in Bergheim. "Our order books ensure good
visibility and strong utilization for the rest of the year," says Andreas
Klauser.
For the full fiscal year 2021, revenues in excess of EUR 1.75 billion and an
EBIT of more than EUR 150 million are targeted. The mid-term financial targets -
EUR 2.0 billion revenue through organic growth, 10 percent average EBIT margin
and 10 percent average ROCE over the economic cycle - should be reached by 2024
at the latest.

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ABOUT PALFINGER AG
The international mechanical engineering firm of PALFINGER is the global leader
for innovative crane and lifting solutions. With a workforce of over 11,600, 34
manufacturing sites and a worldwide network of dealerships and maintenance
centers at over 5,000 locations, PALFINGER is always close to the customer.

As the leader in its engineering field, the company aims to ensure its partners'
business success in the long term by providing solutions and products that
remain economically and ecologically viable in the future. Its broad product and
model portfolio allows PALFINGER to take digitalization and the deployment of
artificial intelligence to new levels.

As a global company with strong roots in its home region, PALFINGER is convinced
that thinking and acting in the interests of sustainability plays a vital role
in successful business operations. This is why the company assumes social,
ecological and economic responsibility along the entire value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2020
achieved a revenue of EUR 1.53 billion.

Texts and accompanying images are available in the "News" section of
www.palfinger.ag [],www.palfinger.com [].

Further inquiry note:
Hannes Roither | Company Spokesperson | PALFINGER AG 
T +43 662 2281-81100 | h.roither@palfinger.com

end of announcement                         euro adhoc
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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

EAX0004    2021-07-30/07:28

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