The COVID-19 pandemic with its impact on the economy and health dominates the first half of 2020. PALFINGER responds with successful actions for liquidity optimization, operational security and health. Now we see the markets recovering.
Compared with our record result in the first half of 2019, revenue fell by 18.3 percent to EUR 729.8 million. An EBITDA decrease of 29.3 percent and a 53.5 percent fall in EBIT clearly show the effects of the crisis. Despite that we achieve a consolidated net result of EUR 15.1 million and increase the equity ratio to 38.8 percent. All in all that is a solid basis for the second half-year of 2020.
220 strategic actions
Another stabilizing factor is the COVID-19 Task Force, which promptly and systematically implemented 220 actions. This greatly helped management to take proactive steps. The liquidity was optimized early on, while production, sales and service were maintained at a high level. In addition, every effort was made to safeguard our employees’ health by raising hygiene standards.
The crisis provides a boost
Thanks to all these actions, we were able to return to full-time work and full-scale production at most Austrian locations in late June. Some changes in our everyday work will stay with us. Apart from our strict hygiene regulations, opportunities for regular remote working and replacing business trips with virtual meetings are chief among these. In this respect, the crisis can be seen as driving a valuable trend that helps save time, money, and emissions.
A positive outlook
Now, especially in Europe, the economy is recovering. At PALFINGER, this is reflected by the good order book. The order book until year-end is currently as it was last year. This fact, along with the sound half-year figures and the successful actions taken by the COVID-19 Task Force, makes us cautiously optimistic about ending the next two quarters with positive results. Together we laid the foundation for managing the crisis successfully and emerging from it stronger. Let us make the most of this opportunity.
Click here to view the presentation on the first half of 2020.