Palfinger Ag · VIE:PAL
Palfinger — Q1 2024 Earnings Presentation
29 slides from Palfinger's earnings presentation, Apr 26, 2024
Slide 1: Publication of Results Q1/2024
PUBLICATION OF RESULTS Q1/2024 Bergheim, April 26, 2024
Slide 2: Andreas Klauser, CEO
PALFINGCR i peeoall) 4 ANDREAS KLAUSER ou CEO
Slide 3: Q1/2024 An Outstanding First Quarter
2021 auf at Q1/2024 einen Blick a glance Q1/2024 AN OUTSTANDING FIRST QUARTER RECORD EBIT AND CONTINUED LOW ORDER INTAKE INVENTORIES STILL ABOVE CONSOLIDATED NET RESULT IN EUROPEAN CORE MARKETS AVERAGE 26/04/2024 / PALFINGER Publication of Results Q1 2024 3
Slide 4: Significant Events in Q1/2024
Most important events Q1/2024 SIGNIFICANT EVENTS IN Q1/2024 PALFINGER’s P 280 CK eDrive access platform received the “Product of the Year” award in the “Vehicle/Trailer Mounted” category at the “International Awards for Powered Access”. Orders to equip offshore wind farms in Taiwan and Japan. Ad hoc
Slide 5: Number 1 in the World
PALFINGER at a glance NUMBER 1 IN THE WORLD Global market leader for crane and lifting solutions 1 with revenues of EUR 2.45 billion in 2023 Present in all regions with 30 production sites and around 5,000 service centers Around 12,800 employees (excluding contract workers) at the end of Q1/2024 Rev
Slide 6: Innovative and Powerful Product Portfolio
About PALFINGER INNOVATIVE AND POWERFUL PRODUCT PORTFOLIO LOADER TIMBER / MARINE DAVITS TAIL LIFTS CRANES CRANES RECYCLING PASSENGER ACCESS TURNKEY DIGITAL OFFSHORE BOATS SYSTEMS PLATFORMS SOLUTIONS SOLUTIONS CRANES HOOK LIFTS & TRUCK MOUNTED RAILWAY WIND WINCHES SKIPLOADERS FORKLIFTS SYSTEMS CRANES
Slide 7: Resilience Through Industry Diversity
The right solution for every challenge RESILIENCE THROUGH INDUSTRY DIVERSITY > 40% Construction > 10% Forestry > 10% Waste Mgmt & Recycling > 5% Transport & Logistics ~ 5% Public Sector ~ 5% Rental ~ 5 % Offshore / Oil and Gas < 5% Railway < 5% Offshore Wind < 5% Aquaculture & Fishing < 5% Passenger
Slide 8: Sustainability as the Key Driver of Strategic and Operational Activities
Sustainability SUSTAINABILITY AS THE KEY DRIVER OF STRATEGIC AND OPERATIONAL ACTIVITIES FOR THE LIVING PLANET FOR ALL THE FOR FUTURE-ORIENTED WE ALL DEPEND ON PEOPLE WE TOUCH ENTREPRENEURIAL CONDUCT Less emissions Safe & healthy Committed to at all levels our values Positive impact on Qualified and
Slide 9: Felix Strohbichler, CFO
FELIX STROHBICHLER CFO 9
Slide 10: Segment Sales & Service
SEGMENT SALES & SERVICE Vision and Strategy 2030
Slide 11: Positive Development in NAM, APAC and Marine
Sales & Service segment POSITIVE DEVELOPMENT IN NAM, APAC AND MARINE NAM: Service cranes and access platforms are showing high growth rates. Further improvement in earnings. APAC: High growth – strong demand for loader cranes in India, offshore wind farm projects in Japan. No improvement in China. M
Slide 12: High Profitability, but Declining Order Book
Sales & Service segment HIGH PROFITABILITY, BUT DECLINING ORDER BOOK in EUR million Q1/20221) Q1/20231) Q1/2024 Δ% External revenue 422.0 530.0 513.3 -3.2% EBITDA 24.9 50.4 64.6 +28.2% EBIT 19.2 44.6 59.6 +33.6% EBIT margin 4.6% 8.4% 11.6% – in EUR million Q1/20221) Q1/20231) Q1/2024 Δ% Order book 1
Slide 13: Segment Operations
SEGMENT OPERATIONS Vision and Strategy 2030
Slide 14: Economic Environment Results in Lower Output in EMEA
Operations segment ECONOMIC ENVIRONMENT RESULTS IN LOWER OUTPUT IN EMEA Lower production volume in EMEA due to market situation. Reduced external revenue in production for third parties due to the more difficult economic environment. Thanks to improved supply chains and increased delivery reliabilit
Slide 15: Lower Profitability Due to Reduced Capacity Utilization
Operations segment LOWER PROFITABILITY DUE TO REDUCED CAPACITY UTILIZATION in EUR million Q1/20221) Q1/20231) Q1/2024 Δ% External revenue 51.8 47.5 38.2 -19.6% EBITDA 27.3 27.5 23.3 -15.3% EBIT 18.0 17.1 11.5 -32.7% 1) 2022 and 2023 figures were adjusted retrospectively to the new segmentation. 26/0
Slide 16: Segment Other Non-Reportable Segments
SEGMENT OTHER NON-REPORTABLE SEGMENTS Vision and Strategy 2030
Slide 17: Increase in External Revenue Following Integration of Tail Lifts NAM
Other non-reportable segments INCREASE IN EXTERNAL REVENUE FOLLOWING INTEGRATION OF TAIL LIFTS NAM, POSITIVE EARNINGS CONTRIBUTION FROM TAIL LIFTS, ONE-TIME EFFECTS IN THE HOLDING in EUR million Q1/20221) Q1/20231) Q1/2024 Δ% External revenue 11.8 14.1 27.1 +92.2% EBITDA -3.0 -8.3 -11.3 +36.1% EBIT
Slide 18: PALFINGER Group
PALFINGER GROUP Vision and Strategy 2030
Slide 19: Significant Improvement in Earnings Lead to Record EBIT
PALFINGER Group SIGNIFICANT IMPROVEMENT IN EARNINGS IN NAM, MARINE AND TAIL LIFTS LEAD TO RECORD EBIT IN Q1 in EUR million Q1/2022 Q1/2023 Q1/2024 Δ% Revenue 485.6 591.6 578.5 -2.2% EBITDA 49.1 69.6 76.6 +10.1% EBIT (operating result) 30.4 48.9 54.7 +11.9% EBIT margin 6.3% 8.3% 9.5% - Consolidated n
Slide 20: Reduction in Investment Volume – 2024 Capex Significantly Below Previous Year
PALFINGER Group REDUCTION IN INVESTMENT VOLUME – 2024 CAPEX SIGNIFICANTLY BELOW PREVIOUS YEAR’S LEVEL 50 45,1 45.1 45 40.3 40,0 40 35 30 27.6 27,6 25 21,9 21.9 18,7 18.7 20,6 20.6 20 15 10 5 0 Q1/2022 Q1/2023 Q1/2024 Net investments Depreciation, amortization and impairment 26/04/2024 / PALFINGER Pu
Slide 21: Financial Debt at a High Level with Improved Average Remaining Term
PALFINGER Group FINANCIAL DEBT AT A HIGH LEVEL WITH SIGNIFICANTLY IMPROVED AVERAGE REMAINING TERM in EUR million 31.03.2022 31.03.2023 31.03.2024 Financial liabilities (FV) 1) 614.8 730.3 806.7 Av. interest debt 2) 1.23% 2.97% 4.20% Av. remaining term debt 3.34 years 2.81 years 4.07 years Net debt 5
Slide 22: ESG-Linked Promissory Note Loan of EUR 160 Million Successfully Placed
Promissory note loan ESG-LINKED PROMISSORY NOTE LOAN OF EUR 160 MILLION SUCCESSFULLY PLACED Significant oversubscription due to high investor demand. The promissory note transaction comprises four tranches with terms of five and seven years, with variable and fixed interest rates at attractive condi
Slide 23: Net Debt/EBITDA Ratio and ROCE Significantly Improved
PALFINGER Group NET DEBT/EBITDA RATIO AND ROCE SIGNIFICANTLY IMPROVED in EUR million 31.03.2022 31.03.2023 31.03.2024 Equity 608.4 675.6 739.2 Equity ratio 33.3% 33.6% 33.9% Gearing 89.1% 94.9% 94.5% Net debt/EBITDA 2.31 2.57 2.25 ROCE 9.8% 9.6% 11.5% *) ROCE = Ratio of NOPLAT and average capital em
Slide 24: Free Cash Flow Impacted by Seasonal Increase in Working Capital
PALFINGER Group FREE CASH FLOW IMPACTED BY SEASONAL INCREASE IN WORKING CAPITAL Q1/2024 PALFINGER Group in EUR million Q1/2022 Q1/2023 EBTDA 48.1 63.8 66.7 +/- non-cash income from at-equity 3.0 2.5 1.0 companies +/- change in working capital -49.9 -29.9 -44.3 +/- cash flow from tax payments -10.1 -
Slide 25: Outlook 2024
OUTLOOK 2024
Slide 26: Solid Result Expected in 2024 Despite Difficult Market Conditions
Outlook 2024 SOLID RESULT EXPECTED IN 2024 DESPITE DIFFICULT MARKET CONDITIONS Positive development in NAM and the Marine Sector expected. Continued weak economic environment in EMEA core markets. Due to the continued low order entry in EMEA, production was adjusted, resulting in slightly declined r
Slide 27: Ambitious Financial Goals for 2027 Remain Unchanged
Guidance 2027 AMBITIOUS FINANCIAL GOALS FOR 2027 REMAIN UNCHANGED #1 Market leader in crane and lifting solutions €3.0 billion *) Revenue from organic growth 10% 12% EBIT margin ROCE *) Target for 2027 independent of business development in Russia 26/04/2024 / PALFINGER Publication of Results Q1 202
Slide 28: Q&A
Q&A
Slide 29: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS ANDREAS KLAUSER FELIX STROHBICHLER HANNES ROITHER CEO CFO VP IR +43 662 2281-81008 +43 662 2281-81006 +43 662 2281-81100 a.klauser@palfinger.com f.strohbichler@palfinger.com h.roither@palfinger.com PALFINGER AG Lamprechtshausener Bundesstraße 8 This presentation contains