The manufacturer named North America, the CIS countries and China as particular areas where they had seen growth. In the Asia and Pacific region the growth rate recorded in 2013 was 70%. Palfinger added that since the acquisition of Palfinger Dreggen in 2012, the Marine business area also recorded significant growth. The company also said that Europe had experienced a slight upward trend in the second half of 2013.
There was an 8.3% increase in the firm’s EBIT for the 2013 financial year to €74.1m from €68.5 million in 2012. The EBIT margin was up to 7.6% from 7.3%. Palfinger said that these improvements had been made possible on the basis of consistent increases in cost flexibility in the established areas in Europe. One-off effects from acquisitions also had a positive impact on earnings. The manufacturer’s net result was €44m, this was 9% higher than €40.4m recorded in 2012.
In terms of outlook for the next year Palfinger said that that 2014 would be a year of consolidation, in which the focus will be kept on individual strategic steps towards growth. The planned mutual interlinking of Palfinger and Sany would probably be completed within the next months. The company expected this to strengthen both groups and would serve as the basis for the further expansion and cooperation.
For 2014, the Austrian manufacturer still sees considerable growth potential in the areas outside Europe and the global Marine business area. The firm reported that since the second half of 2013 it had recorded an increase in demand, even in the European core markets. As a consequence, the management expected a double-digit increase in revenue for the 2014 financial year, taking revenues beyond the €1bn threshold for the first time in the company’s history.
Palfinger saw the potential to increase consolidated annual revenue to approximately €1.8bn by 2017. The company intends to reach this goal primarily by boosting the introduction of the entire product portfolio in the BRIC markets. It also believes that the marine business area harbours great potential as well. The management plans to reach this long-term revenue target through organic as well as inorganic growth
Herbert Ortner, CEO of Palfinger AG said: "In recent years, Palfinger has persistently pursued its internationalization strategy, which it has built on the cornerstones of its numerous initiatives, acquisitions and of course the partnership with Sany entered into in 2012. In 2013, this strategy enabled us to record significant growth in the regions outside Europe and in the Marine business area and also made it possible to compensate for the declining business in Europe."
