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Vienna. Salzburg-based crane manufacturer Palfinger increased sales and operating income in the first half of the year, but the market reacted disappointingly to the balance sheet data presented on Monday. For a time, the stock was the weakest on the main market in Vienna. One reason might be the prospects. The company aims to achieve a consolidated result above the level of the previous year this year, but not above the 2015 and 2016 highs.
It is true that Palfinger has received more orders at first semester. However, the manufacturer of auxiliary cranes and lifting solutions for trucks and ships has to deal with bottlenecks (suppliers do not hear much about the supply of components), so that it is more difficult for them. part of the backlog can not be offset in the second half of the year. These orders will not be reflected in the results until 2019.
Business with the oil industry flau
First-half sales rose 6.4 percent to 801.9 million dollars. Euros, operating profit (EBIT) increased by 6, 3 percent to 71 million euros. However, the consolidated result decreased by 8.8% to 35.2 million. Euro. The reasons were a higher tax rate and higher profit shares of minority owners. The bulk of Palfinger's business is attributable to the Terrestrial Segment (687 million euros in turnover), which also generates higher margins (Adjusted EBITDA margin of 17%). , 1%). The Sea segment generated 114.9 million euros. That means a drop of 11%, and the margin fell from 4.6 to 2.5%. While business with cruise ships and the fishing industry are doing well, oil and gas activities are still suffering from long low oil prices, although they are already recovering. Palfinger's boss, Andreas Klausner (he has been in power since June 1), explains this by cycle effects: when the price of oil rises, companies first turn on disused conveyor systems. It's only then that the new business begins to help Palfinger. Klausner now wants to further restructure the lake region (closures of factories are possible, but Austria should not be affected) and synergy effects. Major acquisitions are not planned over the next two years. Palfinger currently has 39 production sites in 20 countries and employs 10,500 people, including 2,200 in Austria. (b.1)
("Die Presse", printed edition, 31.07.2018)
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