ORGANIC GROWTH ACHIEVED IN THE FIRST THREE QUARTERS OF 2018
If you’ve been reading the latest news bulletins, this will not come as a surprise: PALFINGER continued to grow in the first three quarters of 2018. “The level of incoming orders was again higher than in the previous year and clearly surpassed our expectations. We are also satisfied with the earnings generated to date: Despite the ongoing restructuring, operating profitability has almost reached the 10 per cent threshold. At present, we are not seeing any slowdown in demand,” said our CEO Andreas Klauser, summing up the developments.
The 8.2 per cent increase in revenue to EUR 1,182.6 million was primarily due to the good performance in Europe, North America and Russia
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. Our operating profitability, expressed as the EBITn margin, came to 9.8 per cent. This shows that we are well on the way to achieving our target soon.
OUTLOOK FOR 2018 AS A WHOLE
On the basis of an AFREP review, we will have to adjust the goodwill of the Marine business area as at 31 December 2017 with retrospective effect. This will lead to a substantial change in our equity and our results for 2017. The adjustments will not have any effect on the 2018 results, but will reduce the Group’s equity and equity ratio accordingly.
For the 2018 financial year we still expect growth of revenue and operating profitability; on the one hand, incoming orders have remained at a high level, and on the other hand, in the third quarter we managed to alleviate the existing delivery bottlenecks. We now hope that in the coming months we will be able to reduce the delivery backlog that has existed since the end of 2017.
GROWTH NEEDS STRUCTURES
Our organization has been undergoing change as well. Since September, we have been implementing a new GLOBAL PALFINGER ORGANIZATION. After many years of growth, this new GPO will decrease the complexity of our global Group. Direct global structures across areas will facilitate the utilization of existing synergies and potential – for us and for our customers. This will also support PALFINGER’s future profitable growth. Currently, the required internal changes are being made step by step and by 1 January 2019 the new organizational structure will have been implemented.
Click here for our full Interim Report for the First Three Quarters of 2018.
It has been prepared following the motto “The future is: reinventing yourself over and over again”.