PALFINGER AT A GLANCE

PALFINGER is a company with global reach that is headquartered in Bergheim near Salzburg, Austria, and specializes in Lifting Solutions. PALFINGER offers its customers optimal solutions and the best service structures worldwide. The company's product lines include Loader, Marine, and Wind Cranes, Timber & Recycling Cranes, Hooklift & Skip Loaders, Aerial Work Platforms & Special Solutions, Self Propelled Lifting Solutions, Tail & Passenger Lifts, Boats & Davits, and Marine Handling Solutions.

Founded in 1932 as a family business, the PALFINGER Group employs 10,824 people in 82 companies and 32 countries and operates a total of 35 manufacturing and assembly plants in Europe, North and South America, the CIS states and Asia. PALFINGER is represented in 130 countries by a dealer and service network and more than 200 independent general importers with around 5,000 service centers.

PALFINGER has always been a technology leader and innovator.

The health and economic crisis in 2020 has left its mark on the balance sheet: In fiscal year 2020, revenue reached EUR 1,533.9 million, EBITDA was EUR 188.7 million, and EBIT fell to EUR 100.3 million. Thanks to rapid and targeted actions taken by the company's COVID-19 Task Force, PALFINGER implemented purpose-specific actions to drive the ongoing transformation process to the next level. As a result, PALFINGER has succeeded in generating the company's lowest net debt since 2013, historically the highest free cash flow and much-improved balance sheet KPIs.

Key events

COVID-19 Task Force

The COVID-19 task force set up at the end of February 2020 is implementing a total of 220 proactive management measures in three work packages: health and safety, production and operations management, and liquidity optimization.

SEA Segment

Following successful restructuring in Q1 of 2020, the Sea segment is integrated into the new GPO structure from April 1 to become the Marine division in the Sales & Service and Operations segments.

PALFINGER World Tour

In order to stay close to customers, partners and dealerships around the world despite the restrictions imposed by the pandemic, the PALFINGER World Tour takes place in October with the tagline “Challenge Accepted”. More events will follow as part of the PALFINGER World Tour.

Takeover of HINZ

In November the contract is signed sealing the takeover of PALFINGER’s second-largest sales partner worldwide, the Swedish company HINZ Försäljnings AB. PALFINGER therefore secures the company’s excellent sales and service structures as well as essential contacts with customers, partners and industry.

Go Live SAP S/4 HANA

In December, process optimization in EMEA was completed and updated by implementation of SAP S/4 HANA in the production and assembly plants in Lengau, Köstendorf, and Maribor. Roll-out at other sites is planned.

Reversal of cross-holding

In December, dissolution of the complex business relationship with SANY HEAVY INDUSTRIES is negotiated. Reversing the cross-holding established in 2014 generates additional funds for PALFINGER and creates new opportunities for investment.

PALFINGER Campus

In December work begins on building the new PALFINGER Campus in Lengau. This is the first step toward implementing an extensive investment program of site enhancement, greening, and digitalization totaling approximately EUR 40 million.