EANS-News

PALFINGER AG / PALFINGER Results 2020: A Landmark Year - Seite 2

2020.
Consolidated net result in 2020 decreased by 37.8 percent to EUR 49.8 million,
compared to EUR 80.0 million in record year 2019. As a result, earnings per
share decreased from EUR 2.13 in the previous year to EUR 1.32.

Net debt in 2020 was EUR 397.1 million (2019: EUR 525.6 million), which -
excluding the effect of IFRS 16 - is the lowest level since 2013. Non-current
liabilities fell from EUR 609.0 million in 2019 to EUR 536.1 million in 2020.
Compared to the previous year's period, current liabilities remained at the
level of EUR 404.4 million (2019: EUR 403.5 million). The equity ratio increased
from 38.3 percent in fiscal year 2019 to 39.6 percent in 2020.

Dividend
The Supervisory Board and the Executive Board of PALFINGER AG resolved in its
meeting on February 25, 2021, to propose a dividend of EUR 0.45 per share to the
Annual General Meeting on April 7, 2021.

Segment Progress
Due to the impact of the pandemic on all product lines, the segment Sales &
Service recorded external revenues of EUR 1,443.4 million in 2020, down 12.1
percent from EUR 1,641.5 million in 2019. The EBIT margin remained largely
stable at 8.2 percent in 2020 compared to 9.0 percent in 2019.
In the segment Operations, production plants recorded stronger utilization in
the second half of 2020 due to higher order backlogs following lower capacity
utilization due to lockdowns in the wake of the COVID-19 pandemic. External
revenues in the segment Operations nevertheless decreased by 19.4 percent from
EUR 112.3 million in 2019 to EUR 90.5 million in 2020.

Outlook
"The economic consequences of the crisis will also affect 2021," says Klauser,
"unpredictable change and the market risk from COVID-19 continue to exist. We
were able to successfully overcome the cyberattack which took place at the end
of January, although one-off impacts will still be felt in this respect
especially during the first quarter. "Thanks to full order books, PALFINGER has
good coverage in the first half of 2021. "All markets are expected to recover
and further stabilize and we will start seeing this from summer onwards," adds
Klauser.
The planned reversal of the cross-holding with SANY HEAVY INDUSTRIES increases
PALFINGER's ability to generate additional financial resources for strategic
acquisitions. "Additionally, in 2021 we are investing more than EUR 100 million
in our future, primarily in modernization and digitalization," says Klauser.
Moreover, further synergy potential within the PALFINGER Group will be leveraged