EANS-Adhoc: PALFINGER achieved further growth in the first half of 2016
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Mid Year Results/6-month report
27.07.2016
- Revenue grew by 9.8 per cent to EUR 665.6 million
- Extraordinarily strong increase in EBIT to EUR 64.9 million
- Largest acquisition in PALFINGER's history doubles marine business
___________________________________________________________________________
|______________________________________| HY1 2014*| HY1 2015*|HY1 2016| %|
|Revenue(EUR million)__________________| 531.2| 606.2| 665.6| 9.8%|
|EBIT(EUR million)_____________________| 41.2| 53.5| 64.9|21.4%|
|EBIT margin in %______________________| 7.8%| 8.8%| 9.8%| -|
|Consolidated net result for the period| 24.5| 34.5| 39.7|15.2%|
|(EUR million)_________________________| | | | |
|Human resources**_____________________| 7,273| 8,765| 8,944| 2.0%|
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* Figures were adjusted with retrospective effect (see 2015 Annual Report
pp. 146-149).
** Consolidated Group companies excluding equity shareholdings as well as
excluding temporary workers.
Bergheim, 27 July 2016
Compared to the previous year, the PALFINGER Group's revenue in the first half
of 2016 rose by 9.8 per cent, coming to EUR 665.6 million as compared to
EUR 606.2 million in the same period of 2015, thus achieving a new record for a
half-year result. The EBIT of the PALFINGER Group showed an extraordinarily
strong increase of 21.4 per cent from EUR 53.5 million to EUR 64.9 million. The
consolidated net result for the first half of 2016 was EUR 39.7 million,
15.2 per cent higher than the previous year's figure of EUR 34.5 million. At
13.4 per cent, the increase in revenue in the EUROPEAN UNITS segment was higher
than that in the AREA UNITS segment of 2.1 per cent. As a consequence, the
portion of the Group's revenue contributed by the EUROPEAN UNITS segment
increased to 70.6 per cent (HY1 2015: 68.3 per cent).
In the first half of 2016, the EUROPEAN UNITS segment saw a year-on-year
increase in revenue of 13.4 per cent from EUR 414.3 million to EUR 469.7 million
(Q2 2015: EUR 213.6 million; Q2 2016: EUR 243.1 million). The segment's EBIT for
the first half of 2016 grew by 38.5 per cent to EUR 73.6 million, as compared to
EUR 53.1 million for the first half of 2015 (Q2 2015: EUR 26.9 million; Q2 2016:
EUR 39.6 million). This outstanding improvement was made possible by the
contributions of all European units as well as a favourable product mix. As a
consequence, the segment's EBIT margin rose from 12.8 per cent to 15.7 per cent
in the reporting period.
Following the pleasing growth achieved in the previous year, revenue of the AREA
UNITS segment once again increased slightly in the first half of 2016. After
EUR 191.9 million in the same period of the previous year, revenue in the
reporting period came to EUR 195.9 million (Q2 2015: EUR 100.2 million; Q2 2016:
EUR 103.7 million). The segment's EBIT, however, shrank from EUR 7.7 million to
EUR 0.9 million (Q2 2015: EUR 6.3 million; Q2 2016: EUR 0.4 million). This was
caused primarily by the necessary reorganization in the large North American
market, the continued market turbulences in Brazil and lower earnings in Asia.
The segment's EBIT margin decreased from 4.0 per cent to 0.4 per cent in the
first half of 2016.
The acquisition of the Harding Group and the planned takeover of the TTS Group
in the marine sector are milestones in the growth history of the PALFINGER
Group, resulting in a significant expansion of the business.
For the 2016 financial year, without taking into account the acquisitions made
and planned, the management expects organic revenue growth, and an increase in
earnings when adjusted for integration and reorganization expenses.
PALFINGER still sees the potential to increase the annual revenue generated by
the Group, including the joint venture companies in China and Russia, to approx.
EUR 1.8 billion by 2017. In connection with the large acquisitions carried out
in the marine sector, PALFINGER has come a step closer to this goal.
The Interim Report for The First Half of 2016 is available for download at
www.palfinger.ag/en/newsroom/financial-reports.
Both text and pictures are available for download in the press corner of our
website at www.palfinger.com.
Further inquiry note:
Hannes Roither, PALFINGER AG
Company spokesperson
Tel. +43 662 2281-81100
h.roither@palfinger.com
Both text and pictures are available for download in the press corner of our
website at www.palfinger.com.
end of announcement euro adhoc
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issuer: Palfinger AG
Lamprechtshausener Bundesstraße 8
A-5020 Salzburg
phone: 0662/2281-81101
FAX: 0662/2281-81070
mail: ir@palfinger.com
WWW: www.palfinger.ag
sector: Machine Manufacturing
ISIN: AT0000758305
indexes: Prime Market
stockmarkets: official market: Wien
language: English
