Latest News

  • Garbe Industrial Real Estate develops logistics centre near Jena
  • Case Study: Rapid Racking Reaps Rewards with Jungheinrich 
  • racksack clear from Beaverswood for improved identification & segregation of waste materials in warehouses & distribution centres
  • The Smart Cube: Butter & Cheese prices set to fall during second half of 2022
  • Jungheinrich delivers 100,000th lithium-ion forklift: Efficiency & Sustainability for Amazon in Leipzig
  • Home
  • News
  • Materials Handling
  • Health & Safety
  • Notice Board
  • Multimedia
    • Audio
    • Book Review
    • T.V.
    • Video
  • Contact Us
  • About Us
  • follow
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • RSS Feed
    • Linked
    • Youtube

PALFINGER profited from its international position in the first half of 2012

Aug 10, 2012 Warehousing Ireland Materials Handling 0


  • Revenue increased by 12 per cent despite difficult environment in Europe
  • Strong growth in North America, South America and CIS
  • China operations will probably be commenced before the end of 2012
  • Moderate growth expected for 2012

EUR million    HY1 2012    %    HY1 2011    HY1 2010

Revenue    465.1    + 12.3 %    414.3    297.4
EBITDA    52.2    + 4.0 %    50.1    24.9
EBIT     37.2    + 3.3 %    36.0    14.5
EBIT margin    8.0 %    –    8.7 %    4.9 %

In the first half of 2012, despite the prevailing difficult economic situation, especially in Europe, the PALFINGER Group managed to continue its positive performance of previous quarters. Year on year, the Group continued to record a two-digit growth rate in revenue. This was based, on the one hand, on stable demand primarily in the core markets; on the other hand, the growth achieved in the areas North America, South America and CIS and in the globally operating business unit Marine Systems was a major contributor to this positive development. Earnings also increased slightly compared to the already satisfactory level achieved in the previous year.

Herbert Ortner, CEO of PALFINGER AG, sums up the position held by the Group as follows: “We have perceived an increasingly cautious mood in Europe, and the uncertainty of the markets has had a noticeable effect on demand. In the present situation, PALFINGER benefits in particular from its long-standing strategy of internationalization. In the growth markets of Brazil, Russia and India, we have been well-positioned for quite some time now. In the first half of 2012, we achieved this milestone for China as well. We have entered into a partnership with the Chinese Sany Group that is going to open this promising market for us.”

The revenue generated in the first half of 2012 reached another record figure, namely EUR 465.1 million, which is 12.3 per cent above the revenue of EUR 414.3 million reported for the first half of 2011. In the first six months of 2012, EBIT came to EUR 37.2 million; after EUR 36.0 million in the first half of 2011, this corresponds to an increase of 3.3 per cent. In the second quarter of 2012, both revenue and EBIT were above the levels recorded in the first quarter (revenue Q1: EUR 223.9 million; Q2: EUR 241.2 million; EBIT Q1: EUR 17.7 million; Q2: EUR 19.5 million).

The increasingly challenging situation on the European markets was more than compensated by the excellent growth in earnings achieved in the AREA UNITS segment. In the first half of 2012 the EBIT margin was kept at a stable level of 8.0 per cent as compared to the previous quarters, despite the necessity of stepping up resources in connection with the growth achieved in the areas outside Europe. At EUR 23.9 million, the consolidated net result for the period under review was higher than the EUR 22.6 million recorded in the first half of 2011.

All in all, business development in Europe in the first half of 2012 was a little weaker than in the previous year, but the individual countries showed a mixed picture. While Germany and France, the countries accounting for the largest revenue contributions, still recorded growth, Spain, Portugal, Greece and Italy remained at extremely low levels.

The development of demand in North America, South America and CIS has been positive for several quarters now, which is highly satisfactory. In comparison with the first half of 2011, revenue generated by the AREA UNITS segment thus rose by 55.1 per cent to EUR 149.0 million, which means that areas outside Europe now account for 32.0 per cent of consolidated revenue. Consequently, PALFINGER has also recorded a positive EBIT in the segment of the areas that are still being developed.

Business performance in Asia remained below expectations in the period under review. However, PALFINGER managed to score a huge success for the future. With the signing of joint venture agreements with Sany Heavy Industry, the foundation was laid for additional growth in these markets.

The strategic projects launched in recent years were continued in the period under review, with the aim of facilitating the implementation of further investment projects in support of the planned growth. The Group’s strategy will also continue to focus on internationalization, in order to obtain long-term balanced diversification in geographical terms.

Financial position, cash flows and result of operations
At 45.2 per cent, the equity ratio was still at a high level at the end of the first half of 2012 and slightly above the figure reported in the first quarter of 2012. The gearing ratio sank from 56.6 per cent to 53.9 per cent compared to the first quarter.

The average net working capital and the capital employed increased compared to 31 March 2012. This was, among other things, related to the stepping up of inventories that became necessary in the areas boasting positive development and in the growing business unit Marine Systems, which also caused cash flows from operating activities to decrease from EUR 15.1 million in the first half of 2011 to EUR 11.8 million. As a consequence of the investments made, free cash flows were negative in the reporting period, namely –EUR 8.1 million.

Outlook
In the first half of 2012, the expansion of the debt crisis in Europe had a weakening effect on the real economy in some of the European markets that are of importance to PALFINGER. The Group’s global orientation was one of the factors that enabled PALFINGER to record further growth nevertheless.

The two joint ventures with Sany Heavy Industry, one of China’s industrial giants, will probably start operations before the end of the third quarter of 2012, after the approval of the competent authorities has been obtained. The foundation for a successful entry into the Chinese market has thus been laid in time to celebrate the 80th anniversary of the PALFINGER Group in 2012, and it is assumed that the Group’s leading position worldwide has been sustainably safeguarded through this step.

Despite the uncertain development of the economy and of demand, particularly in Europe, the management expects a moderate increase in revenue, coming from the areas outside Europe, for the 2012 financial year. In addition, it is estimated that the areas outside Europe will make even more substantial contributions to earnings.

Tweet

  • tweet
Jungheinrich maintains course for growth Is your warehouse ready to adapt to change?

Warehousing Ireland

Related articles
  • Garbe Industrial Real Estate develops logistics centre near Jena
    Garbe Industrial Real Estate develops...

    Aug 13, 2022 Comments Off on Garbe Industrial Real Estate develops logistics centre near Jena

  • Case Study: Rapid Racking Reaps Rewards with Jungheinrich 
    Case Study: Rapid Racking Reaps Rewards...

    Aug 13, 2022 Comments Off on Case Study: Rapid Racking Reaps Rewards with Jungheinrich 

  • racksack clear from Beaverswood for improved identification & segregation of waste materials in warehouses & distribution centres
    racksack clear from Beaverswood for...

    Aug 13, 2022 Comments Off on racksack clear from Beaverswood for improved identification & segregation of waste materials in warehouses & distribution centres

More in this category
  • Yale Europe Materials Handling expands tow tractor range
    Yale Europe Materials Handling expands...

    May 13, 2018 Comments Off on Yale Europe Materials Handling expands tow tractor range

  • How will Brexit affect the Supply Chain & Logistics Industries?
    How will Brexit affect the Supply Chain...

    May 11, 2018 Comments Off on How will Brexit affect the Supply Chain & Logistics Industries?

  • Combilift sets benchmark for mass customisation with new €50m production plant
    Combilift sets benchmark for mass...

    May 07, 2018 Comments Off on Combilift sets benchmark for mass customisation with new €50m production plant


Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tweets by @warehousingIrl

Recent Posts

Forklift market rebound causes gap between order intakes and shipments

Forklift market rebound causes gap between order intakes and shipments

Nov 24, 2021 Comments Off on Forklift market rebound causes gap between order intakes and shipments

Long-term forecast of global market in 2028 raised by 40% APAC accounts for 54% of 2021 forklift shipments E-commerce, digitalization, and electrification will drive the market  Updated...
The new Visuclean vinyl from Beaverswood

The new Visuclean vinyl from Beaverswood

May 01, 2021 Comments Off on The new Visuclean vinyl from Beaverswood

New Modulean Lite shadow boards from Beaverswood

New Modulean Lite shadow boards from Beaverswood

Nov 14, 2020 Comments Off on New Modulean Lite shadow boards from Beaverswood

Hyster Europe expands its range of electric counterbalance lift trucks

Hyster Europe expands its range of electric...

Sep 13, 2020 Comments Off on Hyster Europe expands its range of electric counterbalance lift trucks

Linde Training Solutions – Well Trained Without Fail

Linde Training Solutions – Well Trained...

Aug 09, 2020 Comments Off on Linde Training Solutions – Well Trained Without Fail

Recent Posts

RHA launches tail lift safety guidance

RHA launches tail lift safety guidance

May 15, 2021 Comments Off on RHA launches tail lift safety guidance

The Road Haulage Association in the UK has published long-awaited guidance to improve safety around the use of tail lifts. The Tail Lift and Pallet Truck Guidance Document released aims to...
Axial Properties Ltd fined €80,000 following serious incident in Clonee warehouse

Axial Properties Ltd fined €80,000 following...

Nov 22, 2020 Comments Off on Axial Properties Ltd fined €80,000 following serious incident in Clonee warehouse

New Modulean Lite shadow boards from Beaverswood

New Modulean Lite shadow boards from Beaverswood

Nov 14, 2020 Comments Off on New Modulean Lite shadow boards from Beaverswood

How to safely buy a used ATEX forklift

How to safely buy a used ATEX forklift

Jul 12, 2020 Comments Off on How to safely buy a used ATEX forklift

A-SAFE launches new hygiene partition for industrial facilities

A-SAFE launches new hygiene partition for...

May 31, 2020 Comments Off on A-SAFE launches new hygiene partition for industrial facilities

Newsletter

Recent Posts

  • Garbe Industrial Real Estate develops logistics centre near Jena
  • Case Study: Rapid Racking Reaps Rewards with Jungheinrich 
  • racksack clear from Beaverswood for improved identification & segregation of waste materials in warehouses & distribution centres
  • The Smart Cube: Butter & Cheese prices set to fall during second half of 2022
  • Jungheinrich delivers 100,000th lithium-ion forklift: Efficiency & Sustainability for Amazon in Leipzig
  • BITO is ready to welcome you at IMHX 2022
  • See the new Flexi VNA truck ranges at IMHX 2022
  • iFollow at IMHX 2022
  • Beaverswood has appointed Lizzie Allen as Marketing Manager
  • 2021 was the most successful year so far for BITO-Lagertechnik
  • €21.7 million order for MOFFETT truck mounted forklifts by Poland’s Eko-Okna
  •  Garbe Industrial Real Estate leases to online furniture retailer 
  • Modular goalpost solutions available now from impact protection equipment specialist, Brandsafe
  • DHL eCommerce solutions invests €560m in UK e-commerce operation to support ambitious growth plans
  • The importance of the unboxing experience
Copyright 2020 Warehousing Ireland / All rights reserved