Slide 1: Publication of Results 1st Half Year 2023
PUBLICATION OF RESULTS 1ST HALF YEAR 2023 Vienna, July 28, 2023
Slide 2: Andreas Klauser, CEO
PALFINGCR yl ' ANDREAS KLAUSER | CEO
Slide 3: PALFINGER at a Glance
PALFINGER at a Glance NUMBER 1 IN THE WORLD 1 Global market leader with revenues of EUR 2.23 billion in 2022 Present in all regions with 31 production sites and around 5,000 service centers More than 12,500 employees (excluding contract workers) in the 1st HY/2023 Revenue distribution by region 1st
Slide 4: Resilience through industry diversity
The right solution for every challenge RESILIENCE THROUGH INDUSTRY DIVERSITY > 40% Construction ~ 15% Forestry & Agriculture > 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 <
Slide 5: Sustainability is a key driver for our strategy and daily operations
Sustainability SUSTAINABILITY IS A KEY DRIVER FOR OUR STRATEGY AND OUR DAILY OPERATIONS FOR THE LIVING PLANET WE FOR ALL THE PEOPLE FOR THE FUTURE-FORWARD ALL DEPEND ON WE TOUCH WAY OF DOING BUSINESS Fewer emissions Safe & healthy Our values on all levels obliges Positive impact on Qualified & diver
Slide 6: 1st HY/2023 at a Glance
1st 2021HY/2023 at a Glance at a Glance 1st HY/2023 AN OUTSTANDING PERFORMANCE HIGH INTEREST RATES AND POOR DELIVERY RELIABILITY FOR REVENUE AND EBIT AT INFLATION SLOW DOWN TRUCKS AND CAPACITY RECORD LEVELS ECONOMIC DEVELOPMENT BOTTLENECKS FOR BODIES CAUSE HIGH LEVEL OF FINISHED INVENTORY 6
Slide 7: Key events in 1st HY/2023: Investment in growth market NAM
Key events in 1st HY/2023 INVESTMENT IN GROWTH MARKET NAM Opening of the North American headquarters in Schaumburg, Illinois in the presence of local authorities, regional customers, dealers and partners, as well as the global PALFINGER management team. Investments totaling around USD 4 million. Sta
Slide 8: Key events in 1st HY/2023: Unique employee training
Key events in 1st HY/2023 UNIQUE EMPLOYEE TRAINING PALFINGER Campus: Opening of the state-of-the-art training and education center for apprentices and employees. Training of more than 140 apprentices from September in 18 different technical and commercial professions. PALFINGER World: extensive bran
Slide 9: Felix Strohbichler, CFO
FELIX STROHBICHLER CFO 9
Slide 10: Change in segment reporting
Segment change CHANGE IN SEGMENT REPORTING “Tail and Passenger Lifts” was spun off from the global PALFINGER organization (GPO) to be managed autonomously. The segment “Other non-reportable segments” includes Holding and Tail and Passenger Lifts. The change in organization and segmentation affects t
Slide 11: Segment Sales & Service
SEGMENT SALES & SERVICE Vision and Strategy 2030
Slide 12: Segment Sales & Service: positive development, declining order intake in EMEA
Segment Sales & Service POSITIVE DEVELOPMENT THANKS TO STRONG ORDER BOOK BUT DECLINING ORDER INTAKE IN EMEA NAM: Remains a strong growth market with high order intake for service cranes and high demand for truck-mounted forklifts. APAC: High order intake for loader cranes, only slow recovery on the
Slide 13: Segment Sales & Service: overproportionate increase in earnings
Segment Sales & Service OVERPROPORTIONATE INCREASE IN EARNINGS DUE TO THE FULL EFFECTIVENESS OF THE IMPLEMENTED PRICE INCREASES 1st 1st in EUR million 1st HY/2021 Δ% HY/20221) HY/2023 External revenue 823.9 905.3 1,096.3 +21.1% EBITDA 99.7 78.1 105.5 +35.1% EBIT 82.5 65.6 93.9 +43.1% EBIT margin 10.
Slide 14: Segment Operations
SEGMENT OPERATIONS Vision and Strategy 2030
Slide 15: Segment Operations: high capacity utilization in production plants
Segment Operations HIGH CAPACITY UTILIZATION IN PRODUCTION PLANTS Steady output, particularly in EMEA production plants. Production in the NAM region slowed down due to chassis availability. Decrease in costs for raw materials and freight. Steyr Automotive takes over assembly of North American truck
Slide 16: Segment Operations: lower revenue in manufacturing for third parties
Segment Operations LOWER REVENUE IN MANUFACTURING FOR THIRD PARTIES REFLECTS MORE DIFFICULT MARKET CONDITIONS 1st 1st in EUR million 1st HY/2021 Δ% HY/20221) HY/2023 External revenue 60.2 107.6 91.4 -15.1% EBITDA 44.8 48.1 66.8 +38.9% EBIT 27.6 29.2 45.9 +57.2% 1) Prior-year figures for the first ha
Slide 17: Segment Other Non-Reportable Segments
SEGMENT OTHER NON-REPORTABLE SEGMENTS Vision and Strategy 2030
Slide 18: Product line Tail and Passenger Lifts with new structure
Other non-reportable segments PRODUCT LINE TAIL AND PASSENGER LIFTS WITH NEW STRUCTURE Tail and Passenger Lifts product line spun-off from the global PALFINGER organization (GPO) due to the very specific market requirements and relatively low synergies with the other product lines. New organizationa
Slide 19: One-off effect of resegmentation, currency effects and holding costs impact EBIT
Other non-reportable segments ONE-OFF EFFECT OF RESEGMENTATION, CURRENCY EFFECTS AND HIGHER HOLDING COSTS IMPACT ON EBIT 1st 1st in EUR million 1st HY/2021 Δ% HY/20221) HY/2023 External revenue 0.0 26.1 27.2 +4.2% EBITDA -11.3 -6.7 -14.4 +114.9% EBIT -18.0 -14.5 -28.5 +96.6% 1) Prior-year figures fo
Slide 20: PALFINGER Group
PALFINGER GROUP Vision and Strategy 2030
Slide 21: All time high in revenue, EBIT and consolidated net result
PALFINGER Group ALL TIME HIGH IN REVENUE, EBIT AND CONSOLIDATED NET RESULT in EUR million 1st HY/2021 1st 1st Δ% HY/2022 HY/2023 Revenue 884.1 1,039.0 +16.9% 1,214.9 EBITDA 133.5 119.5 157.9 +32.1% EBIT (operating result) 92.1 80.2 111.3 +38.8% EBIT margin 10.4% 7.7% – 9.2% Consolidated net result 5
Slide 22: Strategy 2030 requires high level of investments
PALFINGER Group STRATEGY 2030 REQUIRES HIGH LEVEL OF INVESTMENTS 90 78,8 78.8 80 70 60 56,3 56.3 46.6 46,6 50 43.0 43,0 41.4 41,4 39,3 39.3 40 30 20 10 0 1st HY/2021 1st HY/2022 1st HY/2023 Net Investments Depreciation, amortization and impairment 22
Slide 23: Peak in inventory and net debt, inventory reduction has delayed effect
PALFINGER Group PEAK IN INVENTORY AND THUS IN NET DEBT, INVENTORY REDUCTION MEASURES HAVE ONLY A DELAYED EFFECT in EUR million 06/30/2021 06/30/2022 06/30/2023 Financial liabilities (FV) 1) 491.2 686.6 787.7 Avg. interest debt 2) 1.35 % 1.25 % 3.50% Avg. remaining term debt 3.55 years 3.02 years 3.4
Slide 24: ESG-linked promissory note of around EUR 155 million successfully issued
Promissory note loans ESG-LINKED PROMISSORY NOTE OF AROUND EUR 155 MILLION SUCCESSFULLY ISSUED Significant oversubscription due to high investor demand. The promissory note transaction comprises five tranches with terms of three, five and seven years, the majority with variable interest rates. Linke
Slide 25: Balance sheet figures reflect high net debt
PALFINGER Group BALANCE SHEET FIGURES REFLECT HIGH NET DEBT in EUR million 06/30/2021 06/30/2022 06/30/2023 Equity 669.2 684.6 674.7 Equity ratio 39.3 % 34.6 % 33.1% Gearing 57.7 % +88.2 % 107.2% Net debt/EBITDA 1.63 2.63 2.70 ROCE* 11.1 % 9.0 % 10.2% * ROCE = Ratio of NOPLAT and average capital emp
Slide 26: Free cash flow negative due to inventory build-up and high investment
PALFINGER Group FREE CASH FLOW NEGATIVE DUE TO FURTHER INVENTORY BUILD-UP AND HIGH INVESTMENT LEVELS PALFINGER Group 1st in EUR million 1st HY/2021 1st HY/2022 HY/2023 EBTDA 129.0 114.3 143.1 +/- non-cash income from at-equity -4.5 9.9 -2.1 companies +/- change in working capital -28.9 -110.5 -105.5
Slide 27: Outlook 2023
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Slide 28: On track for record revenue and EBIT
Outlook 2023 ON TRACK FOR RECORD REVENUE AND EBIT Geopolitical developments and the macroeconomic situation remain factors of uncertainty — the effects of the war in Ukraine remain difficult to assess. Construction industry in EMEA declining under the pressure of rising interest rates and higher cos
Slide 29: We remain committed to our ambitious financial targets for 2027
Guidance 2027 WE REMAIN COMMITTED TO OUR AMBITIOUS FINANCIAL TARGETS FOR 2027 #1 Market leader for crane and lifting solutions EUR 3.0 billion* Revenue from organic growth 10% 12% EBIT margin ROCE *Target for 2027 independent of business development in Russia
Slide 30: Q&A
Q&A
Slide 31: Investor Relations Contacts
INVESTOR RELATIONS CONTACTS ANDREAS KLAUSER FELIX STROHBICHLER HANNES ROITHER CEO CFO GROUP SPOKESPERSON +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 Diese Präsenta