The COVID-19 health and economic crisis has left its mark on the balance sheet. The rapid actions taken addressing health, liquidity optimization and the securing of operations, together with the improved balance sheet ratios facilitates being able to take immediate advantage of the economic recovery in 2021.
In comparison to 2019’s record results, we recorded a drop in revenues of 12.5 percent to EUR 1.533.9 million and a reduced EBITDA of 15.6 percent, but despite COVID-19 an EBIT of EUR 100.3 million. Consolidated net result amounted to EUR 49.8 million. At the same time, we had the lowest net debt (taking the effect of IFRS 16 into account) since 2013 and a historically high free cashflow. This impressively demonstrates how well PALFINGER mastered the crisis year 2020.
The actions taken by the COVID-19 Task Force contributed significantly to the maintaining of production, operations and service during the first wave, and to being able to benefit from the market recovery in the second half of the year.
At the same time, we intensified communication and knowledge exchange with our customers and partners; we made their challenges ours and worked together with them to develop comprehensive solutions.
With the tagline “Challenge Accepted“ our 3-day PALFINGER World Tour event took place online in October with about 6,000 participants attending from Europe, Russia and Asia. Further such innovative digital events have been planned for 2021. In December, the most extensive investment package in PALFINGER’s history was launched. More than 100 million euro are being poured into digitalization, ecologization and site expansion. Our new PALFINGER Campus for training and continuing education is a perfect example of this.
On Course of Growth
PALFINGER is growing again. In Sweden, we have taken over HINZ AB, our second-largest sales partner worldwide, and in Catalonia, we have acquired EQUIPDRAULIC. Negotiations have also started with SANY concerning the planned reversal of our cross-holding, which will significantly increase scope for strategic acquisitions. In 2021, we will use the crisis to expand and strengthen our global position.
This is the PALFINGER approach; we combine our strengths with the lessons learned from 2020
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To access the “Publication of Results 2020” presentation, please click here.