Palfinger Group recorded steep growth in 2015, according to its latest financial statement.
Revenue rose by 15.7% from EUR1,063.4 million in 2014 (USD1,191.53 million) to EUR1,229.9 million (USD 1,378.10 million), a new record level. EBIT showed an extraordinary increase of 58%, while the consolidated net result for 2015 was 68.7% higher than the previous year's figure.
"The Palfinger Group achieved these record results in a difficult and volatile environment, which shows that the consistent implementation of our corporate strategy has borne fruit and put us in an excellent competitive position," says CEO Herbert Ortner. "We have adjusted our product range to the requirements of each market region, and we have become more flexible in production, which we are increasingly outsourcing to the market regions."
Palfinger attributes its positive performance to the huge gains achieved in the sale of loader cranes in Europe as well as the substantial progress made outside Europe. In the USA, the favourable economy, coupled with the stronger US dollar, facilitated a significant boost in revenue and earnings. In Russia/CIS, the strategic investments in local value creation proved their worth. In Asia, Palfinger's cooperation with SANY was fruitful.
In the marine business, the low oil price dampened customers' willingness to invest; nevertheless, Palfinger continued its growth, achieving an increase in revenue of around 26%.
On the negative side, Palfinger recorded further losses in revenue in South America as a result of the poor economy and reluctance to invest, even though its share in this declining market increased.
Looking ahead, Palfinger plans to continue its growth. By 2017, the group's revenue, including the joint venture companies, is intended to reach EUR1.8 billion (USD2.02 billion), through organic and inorganic growth.
For 2016, management expects a continuation of high volatilities, both in economic developments and on the currency markets. Sudden political tensions cannot be ruled out either, Ortner cautions.