A decline in revenue in the forestry business, a positive contribution by the former marine business, and a rapid, effective response by our COVID-19 task force were the defining topics of the first quarter of 2020
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Rapid and effective steps
Two examples clearly demonstrate the accuracy and importance of our structural adjustments over the past several years: Firstly, the marine business (formerly Segment SEA) made a positive contribution to results. Secondly, the successful implementation of the GLOBAL PALFINGER ORGANIZATION made it possible for us to take rapid and effective steps to limit the impacts of the corona virus.
Lowering costs and protecting liquidity
The PALFINGER COVID-19 task force implemented an extensive program for optimizing liquidity and reducing structural costs at the very onset of the crisis. Short-time work, which we introduced in Austria retroactively to March 23, is helping significantly reduce personnel costs. We are making use of similar models and support programs for our sites in other countries as well. At the same time, we have brought our workplaces into compliance with the latest health standards.
The second phase
Europe has the high point of the pandemic behind it. PALFINGER is now entering the phase of economic reconstruction. The order situation for the coming months is good. We have just successfully acquired two large orders worth EUR 13.0 million in India and Thailand. In late April, we will start to gradually ramp up the production again.
Mastering the challenge
The next several quarters will present a major challenge nonetheless. Disrupted supply chains and canceled orders are to be expected. We are navigating by sight. We must anticipate how the situation will evolve and be ready to respond quickly and flexibly. This will make PALFINGER even stronger in the end. That is our goal.
Click here for the presentation on the first quarter of 2020.