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

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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]h.roither@palfinger.com 

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: ir@palfinger.com
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

References

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1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=6cb0c0bd8b59a94efb646c370f2a79b8&application_id=1852819&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
2. h.roither@palfinger.com

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