Welcome to the detailed overview of Palfinger AG’s financial results for the first half of 2023, presented by Felix Strohbichler, the Chief Financial Officer. Palfinger AG, a global industry leader with diverse customer segments, has made history with its best-ever half-year results in 2023.
Palfinger reported impressive growth, with revenues reaching a record €1.215 billion, marking an increase of 17% from 2022. With 31 production sites and around 5000 service centres worldwide, Palfinger is positioned to provide exceptional customer service. The EBIT experienced a significant increase of 38.8% to €111 million, demonstrating robust operational profitability. Moreover, the consolidated net result has surged by an outstanding 61.5%, reaching €63.3 billion, which indicates a very profitable half-year for the company and its investors.
Despite global challenges such as high-interest rates, inflation, and supply chain disruptions, Palfinger made these achievements. North America, in particular, was emphasized as the fastest-growing region, contributing significantly to Palfinger’s revenues. With growth expected to exceed 25%, North America remains a focus for further expansion and investment.
The construction sector stands out in the customer segments, contributing over 40% of the company’s revenue. However, Palfinger’s diversity demonstrates its resilience, with significant revenue contributions from other sectors such as forestry, agriculture, waste management, transport, the public sector, oil and gas, railways, wind farms, and marine applications. This wide field of applications is a testament to Palfinger’s adaptability and reach in various industries.
Beyond the numbers, Palfinger demonstrates a deep commitment to sustainability, driven by a strategic focus on emission reduction, the health and safety of employees, and a strong emphasis on governance and transparency. These sustainability pillars are intertwined with Palfinger’s daily operations and are crucial to its long-term strategic direction.
The CFO also explains the segmentation services, emphasizing the strong growth potential in the North American market. Despite the slow recovery in China, the company has seen high order volumes in service cranes and truck-mounted forklifts. There’s also an overview of supply chain stabilizations, acknowledging the challenges still faced in truck availability and dealer installation capacities, which resulted in higher inventories of finished products.
Towards the end of the presentation, Felix Strohbichler outlines Palfinger’s ambitious financial targets for the full fiscal year 2023. Despite geopolitical and macroeconomic uncertainties, the company aims to reach a revenue target of €2.4 billion and an EBIT target of €200 million. Beyond 2023, the company remains committed to its Strategy 2030 targets, seeking to achieve a revenue of €3 billion by 2027.
This in-depth presentation offers a transparent look into Palfinger’s robust financial performance, strategic growth efforts, and plans in a rapidly evolving global economy. Through resilience, innovation, and strategic planning, Palfinger has demonstrated its ability to navigate challenges and achieve record-breaking financial results.