Palfinger anticipates a record year
The Palfinger Group’s revenue climbed 10% year-on-year in the first three quarters of 2019, increasing from €1182.6 million to E€1300.6 million and reaching another record level in this reporting period.
EBITDA saw double-digit growth of 18.7%, rising from €147.6 million to €175.1 million. While this improvement is a reflection of the Group’s solid business performance, it also includes a positive effect of €8.2 million attributable to the change in the accounting requirements for leases (IFRS 16 Leases).
The consolidated net result for the period saw a year-on-year increase of 31.6%, climbing from €48.3 million to €63.6 million. In spite of the changes in accounting pursuant to IFRS 16, the balance sheet as of September 30, 2019 showed improvement: The equity ratio rose from 35.4% to 37.1%, while the gearing ratio decreased from 98.6% to 93.2% as of September 30, 2019.
Palfinger says that the outlook for 2019 as a whole remains positive. On the basis of current market trends Palfinger expects another record year: Management projects that revenue will increase to €1.7 billion and that the EBIT margin will be 9%. For the years to come, Palfinger sees continued growth potential. Revenue is expected to rise to €2 billion by 2022, accompanied by a further improvement in profitability.