PALFINGER Announces Record Year in 90 Year History
[By: PALFINGER]
For the company’s 90th anniversary, PALFINGER AG looks back on an outstanding fiscal year 2021. Thanks to strong demand worldwide, the Bergheim/Austria-based group has raised the bar in terms of order intake and order book and achieved a record revenue of EUR 1.84 billion and a record consolidated result of EUR 86.6 million.
With net investments of around EUR 122 million, PALFINGER drives the expansion of forward-looking infrastructure and creates the capacity for further growth.
Strong in Construction, Timber and Recycling
Despite the pandemic flaring up again, the global economy continued to recover in 2021. Almost all regions and product lines recorded new order intake records. The strong demand was mainly due to the positive development of the construction, forestry and recycling industries. Long-term infrastructure packages and increasing investments in housing projects are driving the positive trend in the construction industry.
Recognize the Opportunities, Capitalize the Advantages
“This result shows how quickly PALFINGER reacts to a volatile and challenging environment with the GLOBAL PALFINGER ORGANIZATION (GPO) and uses it to its advantage,” emphasizes PALFINGER CEO Andreas Klauser. The greatest challenges in 2021 included the extreme cost increases for raw materials, transport and personnel. Despite limited material availability, PALFINGER was able to maintain its delivery reliability at a relatively high level.
Celebrating the Future Since 1932 - New Strategy 2030
PALFINGER started out as a small workshop in Austria 90 years ago and since then has grown and grown. Today, PALFINGER is a global company that sets standards in the industry worldwide. With the Strategy & Vision 2030, PALFINGER reacts not only to the megatrends (digitization, sustainability and social change), but the company also creates the conditions for supporting customers and partners even more holistically and efficiently in the future with its strategic pillars “Go for Solutions” and “Go Digital.” PALFINGER is therefore consistently following its course as a provider of highly innovative, smart solutions with increased efficiency, enhanced safety and improved operability, complementing them with digital systems and new business models that create more value for customers and users.
Focus on Sustainability
To drive forward the topic of sustainability even better, a separate Sustainability Council was implemented in 2021. It consists of central management functions and has the responsibility of considering environmental, social and governance issues in addition to economic aspects in all business processes. Together, these form PALFINGER’s three strategic pillars of sustainability.
Outlook: EUR 2.0 Billion Revenue Target for 2022
PALFINGER is aiming for revenues of EUR 2.0 billion for the 2022 fiscal year. The asynchrony between cost increases - especially for raw materials, transport and personnel - and price increases significantly reduces profitability in the first half of 2022. PALFINGER expects more positive effects from price increases in the second half of 2022 as compensation for the EBIT decline in the first half of 2022.
In the mid-term, the Group has set itself the goal of achieving revenues of EUR 2.3 billion from organic growth, ROCE of 12 percent and an EBIT margin of 10 percent by 2024. The EUR 3.0 billion revenue mark is to be reached in 2030.