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Palfinger Holding AG

EANS-News: PALFINGER AG
PALFINGER Results 2020: A Landmark Year

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Financial Figures/Balance Sheet

Bergheim -

* EBIT EUR 100.3 million, despite COVID-19
* Net debt at lowest since 2013 (taking the effect of IFRS 16 into account)
* Highest free cashflow in company history
* 2021 annual revenue target: over EUR 1.7 billion



 ______________________________________________________________________________
|In_EUR_million|___________2018|___________2019|___________2020|______________%|
|Revenue_______|________1,615.6|________1,753.8|________1,533.9|_________-12.5%|
|EBITDA________|__________196.7|__________223.6|__________188.7|_________-15.6%|
|EBITDA margin |          12.2%|          12.8%|          12.3%|              -|
|in_%__________|_______________|_______________|_______________|_______________|
|EBIT__________|__________127.0|__________149.0|__________100.3|_________-32.7%|
|EBIT margin in|           7.9%|           8.5%|           6.5%|              -|
|%_____________|_______________|_______________|_______________|_______________|
|Consolidated  |           58.0|           80.0|           49.8|         -37.8%|
|net_result____|_______________|_______________|_______________|_______________|
|Employees1)___|_________10,780|_________11,126|_________10,824|______________-|

1) Reporting-date figures for consolidated Group companies exclude equity
investment and contingent workers.


With the lowest net debt since 2013 taking the effect of IFRS 16 into account,
significantly improved balance sheet ratios and a historically high free
cashflow - PALFINGER successfully mastered the challenges of the global
healthcare and economic crisis in fiscal year 2020. "We were unable to escape
the effects of the crisis," said PALFINGER CEO Andreas Klauser, "through swift,
targeted actions, we were able to actively counteract and further drive the
ongoing transformation process". He emphasizes that 2020 was a landmark year for
PALFINGER.

Key Financials
The early actions taken in the crisis year secured good profitability for the
Group. PALFINGER AG Group revenue amounted to EUR 1,533.9 million in fiscal year
2020 compared to EUR 1,753.8 million in 2019. This corresponds to a decline of
EUR 219.9 million, or 12.5 percent.

In comparison to 2019, EBITDA decreased by 15.6 percent to EUR 188.7 million,
while the EBITDA margin was 12.3 percent, down from 12.8 percent in 2019.
Operating income (EBIT) went down from EUR 149.0 million in 2019 to EUR 100.3
million. The EBIT margin decreased from 8.5 percent in 2019 to 6.5 percent in
2020.
Consolidated net result in 2020 decreased by 37.8 percent to EUR 49.8 million,
compared to EUR 80.0 million in record year 2019. As a result, earnings per
share decreased from EUR 2.13 in the previous year to EUR 1.32.

Net debt in 2020 was EUR 397.1 million (2019: EUR 525.6 million), which -
excluding the effect of IFRS 16 - is the lowest level since 2013. Non-current
liabilities fell from EUR 609.0 million in 2019 to EUR 536.1 million in 2020.
Compared to the previous year's period, current liabilities remained at the
level of EUR 404.4 million (2019: EUR 403.5 million). The equity ratio increased
from 38.3 percent in fiscal year 2019 to 39.6 percent in 2020.

Dividend
The Supervisory Board and the Executive Board of PALFINGER AG resolved in its
meeting on February 25, 2021, to propose a dividend of EUR 0.45 per share to the
Annual General Meeting on April 7, 2021.

Segment Progress
Due to the impact of the pandemic on all product lines, the segment Sales &
Service recorded external revenues of EUR 1,443.4 million in 2020, down 12.1
percent from EUR 1,641.5 million in 2019. The EBIT margin remained largely
stable at 8.2 percent in 2020 compared to 9.0 percent in 2019.
In the segment Operations, production plants recorded stronger utilization in
the second half of 2020 due to higher order backlogs following lower capacity
utilization due to lockdowns in the wake of the COVID-19 pandemic. External
revenues in the segment Operations nevertheless decreased by 19.4 percent from
EUR 112.3 million in 2019 to EUR 90.5 million in 2020.

Outlook
"The economic consequences of the crisis will also affect 2021," says Klauser,
"unpredictable change and the market risk from COVID-19 continue to exist. We
were able to successfully overcome the cyberattack which took place at the end
of January, although one-off impacts will still be felt in this respect
especially during the first quarter. "Thanks to full order books, PALFINGER has
good coverage in the first half of 2021. "All markets are expected to recover
and further stabilize and we will start seeing this from summer onwards," adds
Klauser.
The planned reversal of the cross-holding with SANY HEAVY INDUSTRIES increases
PALFINGER's ability to generate additional financial resources for strategic
acquisitions. "Additionally, in 2021 we are investing more than EUR 100 million
in our future, primarily in modernization and digitalization," says Klauser.
Moreover, further synergy potential within the PALFINGER Group will be leveraged
through integration and system standardization.

In 2021, PALFINGER strives to achieve annual revenue of over EUR 1.7 billion and
an EBIT margin of 8 percent. The financial targets for 2024 are EUR 2.0 billion
in revenue from organic growth, a 10 percent average EBIT margin and a 10
percent average ROCE over the business cycle.



To access the online version of PALFINGER AG's Integrated Annual Report 2020,
please click on this link: https://www.palfinger.ag/en/news/publications




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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 approximately
10,800, 35 manufacturing sites and a worldwide network of dealerships and
service 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 allow 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 interest of sustainability plays a vital role in
successful business operations. That 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.







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

Texts and their accompanying images are available in the "News? section of:
www.palfinger.ag and www.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

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