PALFINGER at a Glance

The PALFINGER Group, headquartered in Bergheim near Salzburg, Austria, comprises 86 companies in 34 countries and has a total workforce of 10,780. PALFINGER is regarded as the leader in technology and innovation in its sector.

PALFINGER is the global market leader for loader cranes, forestry and recycling cranes, hooklifts and skiploaders, wind cranes and railway systems. The Company is a leading specialist in tail lifts, marine cranes as well as maritime lifesaving equipment. PALFINGER is committed to providing its customers with optimum solutions and the best service structures worldwide.

Production takes place at 35 manufacturing and assembly sites in Europe, North and South America, CIS and Asia. In addition to its own sales and service locations, PALFINGER’s global sales and service network comprises more than 200 independent general importers with approx. 5,000 outlets in more than 130 countries on all continents.

After adapting its vision and strategy in 2017 to meet new challenges and opportunities, also in connection with the growing digital transformation, PALFINGER also adjusted its organization structures in the 2018 financial year to increase profitability and ensure further profitable growth.

Our Vision

Significant Events in 2018

ANDREAS KLAUSER BECOMES NEW CEO

At the beginning of June, Andreas Klauser was appointed the new CEO of PALFINGER AG, thus completing the management team.

SUCCESSFUL RESTRUCTURING IN NORTH AMERICA

After a two-year period of restructuring, the major restructuring costs in North America were recorded. Profitability is expected to increase.

NEW ORGANIZATIONAL STRUCTURE

The Executive Board presented the new GLOBAL PALFINGER ORGANIZATION (GPO) in September. Starting in 2019, this new organizational structure is designed to promote internal synergies through stronger global cooperation, also across areas, and thus facilitate long-term, profitable growth.

FINANCIAL TARGETS 2022

In connection with its new organizational structure, PALFINGER defined financial targets to be met by 2022: revenue growth to EUR 2 billion as well as an EBIT margin of 10 per cent and ROCE of 10 per cent over the economic cycle.

ISSUE OF PROMISSORY NOTE LOAN

In October, PALFINGER issued new promissory note loans of EUR 80 million and USD 25 million to optimize its financing structure.

RETROSPECTIVE IMPAIRMENT OF GOODWILL AS OF 2017

The Austrian Financial Reporting Enforcement Panel (AFREP) found a need for a material impairment of goodwill in the Marine business area in October. PALFINGER has corrected the respective amounts for 2017 and 2018 with retrospective effect.

DEFINITION OF ADDITIONAL ENVIRONMENTAL TARGETS

PALFINGER adopted additional long-term environmental targets to be met by 2030: the improvement of energy efficiency and the reduction of hazardous waste (index) by 30 percentage points each. In addition, 75 per cent of the Group's electricity is to be generated from renewable energy sources by 2022.

RESTRUCTURING MARINE

Restructuring in the marine business caused an improvement in EBIT; however, restructuring costs as well as significant one-time and follow-on effects continued to have a negative impact. Performance in relevant customer industries was still very restrained. Restructuring will therefore be continued in 2019.