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Palfinger

Palfinger's Cash & Cash Equivalents rose 3.83% yoy to EUR 21.6 mil in 2015

By Helgi Library - April 2, 2020

Palfinger's total assets reached EUR 1,212 mil at the end of 2015, up 8.01% compared to the previous year. Current...

Profit Statement 2013 2014 2015
Sales EUR mil 981 1,063 1,230
Gross Profit EUR mil 414 452 529
EBITDA EUR mil 106 105 145
EBIT EUR mil 74.1 66.1 104
Financing Cost EUR mil 13.0 11.9 11.4
Pre-Tax Profit EUR mil 61.1 54.2 93.0
Net Profit EUR mil 44.0 38.2 64.4
Dividends EUR mil 13.4 19.4 14.5
Balance Sheet 2013 2014 2015
Total Assets EUR mil 850 1,122 1,212
Non-Current Assets EUR mil 429 669 709
Current Assets EUR mil 420 454 503
Working Capital EUR mil 237 246 247
Shareholders' Equity EUR mil 386 455 511
Liabilities EUR mil 464 668 702
Total Debt EUR mil 236 412 406
Net Debt EUR mil 220 392 384
Ratios 2013 2014 2015
ROE % 11.7 9.08 13.3
ROCE % 6.15 4.83 6.88
Gross Margin % 42.2 42.5 43.0
EBITDA Margin % 10.8 9.84 11.8
EBIT Margin % 7.56 6.21 8.49
Net Margin % 4.49 3.59 5.23
Net Debt/EBITDA 2.08 3.74 2.64
Net Debt/Equity 0.570 0.861 0.752
Cost of Financing % 5.36 3.68 2.79
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,421 955 1,204
Enterprise Value (EV) USD mil 1,724 1,429 1,668
Number Of Shares mil 35.7 37.6 37.6
Share Price EUR 28.9 21.0 26.5
EV/EBITDA 12.3 10.6 8.91
EV/Sales 1.32 1.04 1.05
Price/Earnings (P/E) 23.4 20.7 15.4
Price/Book Value (P/BV) 2.67 1.74 1.95
Dividend Yield % 1.30 2.46 1.46

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales EUR mil                   505 652 846 935 981    
Gross Profit EUR mil ...                 243 315 387 437 414    
EBIT EUR mil                   -4.98 34.6 54.8 59.1 74.1    
Net Profit EUR mil                   -7.82 24.2 42.0 40.4 44.0    
ROE %                   -2.60 7.77 12.3 11.3 11.7    
EBIT Margin %                   -0.985 5.31 6.48 6.32 7.56    
Net Margin %                   -1.55 3.72 4.96 4.32 4.49    
Employees ... ... ...             4,517 4,671 5,600 6,175 6,490    
balance sheet                                
Total Assets EUR mil                   588 677 740 814 850    
Non-Current Assets EUR mil                   313 381 392 422 429    
Current Assets EUR mil                   275 297 348 392 420    
Shareholders' Equity EUR mil                   292 331 353 365 386    
Liabilities EUR mil                   296 346 387 449 464    
Non-Current Liabilities EUR mil                   163 184 161 269 253    
Current Liabilities EUR mil                   132 162 226 180 211    
Net Debt/EBITDA                   9.31 2.85 2.09 2.55 2.08    
Net Debt/Equity                   0.525 0.494 0.493 0.616 0.570    
Cost of Financing % ...                 6.29 5.95 6.06 7.08 5.36    
cash flow                                
Total Cash From Operations EUR mil ...                 50.0 49.1 37.7 55.4 62.5    
Total Cash From Investing EUR mil ...                 -15.9 -54.1 -34.6 -70.6 -39.7    
Total Cash From Financing EUR mil ...                 -10.2 -12.2 -3.79 24.5 -30.4    
Net Change In Cash EUR mil ...                 24.0 -17.2 -0.728 9.34 -7.56    
valuation                                
Market Capitalisation USD mil                   790 1,350 566 775 1,421    
Number Of Shares mil                   35.4 35.4 35.4 35.7 35.7    
Share Price EUR                   15.6 28.7 12.3 16.4 28.9    
Earnings Per Share (EPS) EUR                   -0.221 0.684 1.19 1.13 1.23    
Book Value Per Share EUR                   8.26 9.36 9.97 10.2 10.8    
Dividend Per Share EUR                   0 0.220 0.380 0.376 0.376    
Price/Earnings (P/E)                   -70.5 42.0 10.4 14.5 23.4    
Price/Book Value (P/BV)                   1.89 3.07 1.24 1.61 2.67    
Dividend Yield %                   0 0.765 3.08 2.29 1.30    
Earnings Per Share Growth % ...                 -118 -410 73.2 -4.57 8.98    
Book Value Per Share Growth % ...                 -5.76 13.3 6.47 2.47 5.77    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales EUR mil                   505 652 846 935 981    
Cost of Goods & Services EUR mil ...                 263 337 459 498 566    
Gross Profit EUR mil ...                 243 315 387 437 414    
Staff Cost EUR mil ...                 149 179 217 243 263    
Other Cost EUR mil ...                 77.1 78.4 86.6 106 45.7    
EBITDA EUR mil                   16.5 57.4 83.4 88.2 106    
Depreciation EUR mil                   21.5 22.7 28.6 29.0 31.7    
EBIT EUR mil                   -4.98 34.6 54.8 59.1 74.1    
Financing Cost EUR mil                   11.4 10.9 11.2 15.5 13.0    
Extraordinary Cost EUR mil                   -4.56 -6.11 -13.4 -10.1 0    
Pre-Tax Profit EUR mil                   -11.9 29.8 57.0 53.7 61.1    
Tax EUR mil                   -5.11 2.56 9.63 8.27 12.4    
Minorities EUR mil                   1.07 3.05 5.41 5.05 4.70    
Net Profit EUR mil                   -7.82 24.2 42.0 40.4 44.0    
Dividends EUR mil                   0 7.79 13.4 13.4 13.4    
growth rates                                
Total Revenue Growth % ...                 -36.4 29.0 29.7 10.6 4.86    
Operating Cost Growth % ... ...               -18.9 13.7 18.0 14.9 -11.5    
EBITDA Growth % ...                 -82.5 248 45.5 5.64 20.1    
EBIT Growth % ...                 -108 -795 58.3 7.91 25.3    
Pre-Tax Profit Growth % ...                 -119 -352 91.1 -5.75 13.8    
Net Profit Growth % ...                 -118 -410 73.2 -3.68 8.98    
ratios                                
ROE %                   -2.60 7.77 12.3 11.3 11.7    
ROCE % ...                 -1.36 4.26 6.42 5.47 6.15    
Gross Margin % ...                 48.0 48.3 45.8 46.7 42.2    
EBITDA Margin %                   3.26 8.80 9.87 9.43 10.8    
EBIT Margin %                   -0.985 5.31 6.48 6.32 7.56    
Net Margin %                   -1.55 3.72 4.96 4.32 4.49    
Payout Ratio %                   0 32.1 32.0 33.3 30.5    
Cost of Financing % ...                 6.29 5.95 6.06 7.08 5.36    
Net Debt/EBITDA                   9.31 2.85 2.09 2.55 2.08    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets EUR mil                   313 381 392 422 429    
Property, Plant & Equipment EUR mil                   192 200 197 209 218    
Intangible Assets EUR mil                   74.0 128 150 165 174    
Current Assets EUR mil                   275 297 348 392 420    
Inventories EUR mil                   149 160 199 203 215    
Receivables EUR mil                   80.2 111 121 141 164    
Cash & Cash Equivalents EUR mil                   33.1 15.8 15.1 24.5 16.0    
Total Assets EUR mil                   588 677 740 814 850    
Shareholders' Equity EUR mil                   292 331 353 365 386    
Of Which Minority Interest EUR mil                   3.89 14.0 6.17 6.47 11.2    
Liabilities EUR mil                   296 346 387 449 464    
Non-Current Liabilities EUR mil                   163 184 161 269 253    
Long-Term Debt EUR mil                   127 124 86.3 205 185    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 7.65    
Current Liabilities EUR mil                   132 162 226 180 211    
Short-Term Debt EUR mil                   59.1 55.9 103 44.5 51.2    
Trade Payables EUR mil                   0 55.9 0 0 142    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 12.4    
Equity And Liabilities EUR mil                   588 677 740 814 850    
growth rates                                
Total Asset Growth % ...                 -7.89 15.2 9.20 9.97 4.42    
Shareholders' Equity Growth % ...                 -5.67 13.4 6.46 3.43 5.77    
Net Debt Growth % ...                 -8.76 6.69 6.30 29.2 -2.15    
Total Debt Growth % ...                 5.21 -3.75 5.35 31.8 -5.35    
ratios                                
Total Debt EUR mil                   186 180 189 249 236    
Net Debt EUR mil                   153 164 174 225 220    
Working Capital EUR mil                   229 214 319 344 237    
Capital Employed EUR mil                   542 595 711 766 666    
Net Debt/Equity                   0.525 0.494 0.493 0.616 0.570    
Cost of Financing % ...                 6.29 5.95 6.06 7.08 5.36    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit EUR mil                   -7.82 24.2 42.0 40.4 44.0    
Depreciation EUR mil                   21.5 22.7 28.6 29.0 31.7    
Non-Cash Items EUR mil ...                 -40.0 -12.4 72.2 10.3 -120    
Change in Working Capital EUR mil ...                 76.4 14.6 -105 -24.3 107    
Total Cash From Operations EUR mil ...                 50.0 49.1 37.7 55.4 62.5    
Capital Expenditures EUR mil ...                 -14.3 -18.9 -24.4 -40.3 -38.5    
Other Investments EUR mil ...                 -1.60 -35.2 -10.2 -30.3 -1.26    
Total Cash From Investing EUR mil ...                 -15.9 -54.1 -34.6 -70.6 -39.7    
Dividends Paid EUR mil                   0 -7.79 -13.4 -13.4 -13.4    
Issuance Of Debt EUR mil ...                 9.24 -6.99 9.60 60.1 -13.3    
Total Cash From Financing EUR mil ...                 -10.2 -12.2 -3.79 24.5 -30.4    
Net Change In Cash EUR mil ...                 24.0 -17.2 -0.728 9.34 -7.56    
ratios                                
Days Sales Outstanding days                   57.9 61.9 52.2 55.1 61.0    
Days Sales Of Inventory days ...                 207 173 158 148 139    
Days Payable Outstanding days ...                 0 60.5 0 0 91.5    
Cash Conversion Cycle days ...                 265 174 210 203 108    
Cash Earnings EUR mil                   13.6 47.0 70.6 69.4 75.8    
Cash Earnings Per Share EUR                   0.386 1.33 1.99 1.94 2.12    
Price/Cash Earnings (P/CE)                   40.4 21.7 6.18 8.46 13.6    
Free Cash Flow EUR mil ...                 34.2 -4.97 3.06 -15.2 22.8    
Free Cash Flow Yield % ...                 6.02 -0.487 0.752 -2.52 2.13    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA %                   -1.28 3.83 5.92 5.20 5.30    
Gross Margin % ...                 48.0 48.3 45.8 46.7 42.2    
Employees ... ... ...             4,517 4,671 5,600 6,175 6,490    
Cost Per Employee USD per month ... ... ...             3,828 4,218 4,487 4,203 4,477    
Cost Per Employee (Local Currency) EUR per month ... ... ...             2,752 3,189 3,227 3,273 3,373    
Staff Cost (As % Of Total Cost) % ...                 29.2 29.0 27.4 27.7 29.0    
Effective Tax Rate %                   43.1 8.57 16.9 15.4 20.3    
Enterprise Value (EV) USD mil                   1,010 1,567 791 1,072 1,724    
EV/EBITDA                   44.1 20.7 6.82 9.47 12.3    
EV/Capital Employed                   1.30 1.98 0.858 1.06 1.88    
EV/Sales                   1.44 1.82 0.673 0.893 1.32    
EV/EBIT                   -146 34.2 10.4 14.1 17.5    
Capital Expenditures (As % of Sales) % ...                 2.82 2.90 2.89 4.31 3.92    
Sales in the EU EUR mil ... ... ... ... ... ... ... ... ... 369 419 541 502 498    
Sales in the Rest Of Europe EUR mil ... ... ... ... ... ... ... ... ... 18.0 27.0 59.0 85.0 42.0    
Sales in the North America EUR mil ... ... ... ... ... ... ... ... ... 60.0 105 141 193 199    
Sales in the Central & South America EUR mil ... ... ... ... ... ... ... ... ... 31.0 51.0 51.0 83.0 89.8    
Sales in the Far East EUR mil ... ... ... ... ... ... ... ... ... 6.00 10.0 27.0 38.0 71.5    
Sales in Oceania EUR mil ... ... ... ... ... ... ... ... ... 10.0 19.0 11.0 17.0 ... ... ...
Sales in Africa EUR mil ... ... ... ... ... ... ... ... ... 7.00 12.0 9.00 8.00 ... ... ...
Sales in the Middle East & Near East EUR mil ... ... ... ... ... ... ... ... ... 4.00 8.00 7.00 10.0 ... ... ...
Sales from European Units EUR mil ... ... ... ... ... ... ... ... ... 405 479 622 617 735    
Sales from Area Units EUR mil ... ... ... ... ... ... ... ... ... 100 173 224 318 330    
EBITDA from European Units EUR mil ... ... ... ... ... ... ... ... ... 26.0 67.0 103 97.0 108    
EBITDA from Area Units EUR mil ... ... ... ... ... ... ... ... ... -5.00 -2.00 5.00 17.0 18.2    
EBITDA from Ventures EUR mil ... ... ... ... ... ... ... ... ... -4.00 -8.00 -10.0 -15.0 -20.3    
EBIT from European Units EUR mil ... ... ... ... ... ... ... ... ... 9.00 50.0 80.0 74.0 83.5    
EBIT from Area Units EUR mil ... ... ... ... ... ... ... ... ... -10.0 -7.00 -1.00 11.0 11.4    
EBIT from Ventures EUR mil ... ... ... ... ... ... ... ... ... -4.00 -8.00 -10.0 -15.0 -20.3    
Employees - European Units ... ... ... ... ... ... ... ... ... 3,480 3,366 3,857 4,023 ... ... ...
Employees - Area Units ... ... ... ... ... ... ... ... ... 1,023 1,281 1,685 2,126 ... ... ...
Employees - Ventures ... ... ... ... ... ... ... ... ... 14.0 24.0 57.0 26.0 ... ... ...

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May 2016
Statistical Dossier
Mar 2014
Company Report
Mar 2014
Statistical Dossier

Palfinger AG is an Austria-based manufacturer of cranes, hydraulic lifting, loading and handling systems. Its core product is the truck-mounted knuckle boom crane, which is available in approximately 150 models. The Company's product portfolio includes telescopic cranes, timber and recycling cranes, container handling systems, transportable forklifts, tail lifts, high-tech railway applications and access platforms, as well as related services. The history of Palfinger dates back to 1932, with the founding of a reparation and metalworking shop for agricultural trailers, tippers and vehicle bodies by Richard Palfinger. In 1999, the Company went public, and in 2004 acquired German crane company BISON. As of 2012, Palfinger had 30 manufacturing and assembly sites, and around 4,500 outlets in over 130 countries. In 2012, the group started to implement production in China.

Finance

Palfinger has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 20.4% a year during that time to total of EUR 145 mil in 2015, or 11.8% of sales. That’s compared to 10.3% average margin seen in last five years.

The company netted EUR 64.4 mil in 2015 implying ROE of 13.3% and ROCE of 6.88%. Again, the average figures were 11.5% and 5.95%, respectively when looking at the previous 5 years.

Palfinger’s net debt amounted to EUR 384 mil at the end of 2015, or 0.752 of equity. When compared to EBITDA, net debt was 2.64x, up when compared to average of 2.62x seen in the last 5 years.

Valuation

Palfinger stock traded at EUR 26.5 per share at the end of 2015 resulting in a market capitalization of USD 1,204 mil. Over the previous five years, stock price fell by 7.98% or -1.65% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.91x and price to earnings (PE) of 15.4x as of 2015.