EANS-Adhoc: PALFINGER reports continued growth in the third quarter of 2011
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9-month report
10.11.2011
- Revenue increased by 34 per cent in the first three quarters of 2011, EBIT
more than doubled
- Uncertainty noticeable in Europe, but stability at a good level in young
markets
- Flexibility and internationalization are to guarantee further growth
- Outlook for 2011 remains unchanged
|in million EUR |Q1-Q3 2011 | % |Q1-Q3 2010 |Q1-Q3 2009 |
|Revenue | 624.0 | + 34.2% | 464.9 | 387.9 |
|EBITDA* | 73.5 | + 82.3% | 40.3 | 12.3 |
|EBIT* | 52.4 | + 121.6% | 23.7 | (3.9) |
|EBIT margin | 8.4% | - | 5.1% | (1.0%) |
* incl. associated companies
Salzburg, 10 November 2011
The performance of the PALFINGER Group over the first three quarters of 2011
was extremely satisfactory. Despite the new bouts of uncertainty over the
further economic development of Europe, PALFINGER was able to achieve
significant organic growth as compared with 2010.
On the one hand, economic growth spurred demand in the period under review,
while, on the other hand, the measures implemented in previous years took
effect. By reducing costs and increasing flexibility, PALFINGER has prepared
itself to face volatile markets, which materially supports sustainable and
profitable growth both now and in the future.
At EUR 624.0 million, the revenue generated in the first three quarters of 2011
was 34.2 per cent above the figure reported for 2010, when revenue was
EUR 464.9 million. EBIT (incl. associated companies) came to EUR 52.4 million
as compared to EUR 23.7 million in the same period of 2010, corresponding to
more than a doubling of the earnings before interest and taxes. The
consolidated net result for the period almost tripled, rising from
EUR 11.7 million in the first three quarters of 2010 to EUR 32.7 million in the
period under review.
The positive development continued over the individual quarters of 2011. In the
third quarter, the company holiday at the European sites has to be taken into
account which is reflected primarily in the quarterly earnings. Nevertheless,
revenue (Q1: EUR 191.6 million; Q2: EUR 222.7 million; Q3: EUR 209.7 million)
and EBIT (Q1: EUR 15.1 million; Q2: EUR 20.9 million; Q3: EUR 16.5 million)
were again higher than in the first quarter.
In the third quarter of 2011, revenue amounted to EUR 209.7 million, which is
25.2 per cent higher than in the same period of 2010, when revenue was
EUR 167.5 million. EBIT rose from EUR 9.1 million in the third quarter of 2010
to EUR 16.5 million, corresponding to an 81.4 per cent increase.
On the whole, the Group´s performance in Europe was highly satisfactory. While
revenue in numerous markets significantly increased compared to the previous
year, some weak markets continued to show a modest performance. Growing
financial uncertainty over the third quarter was reflected in a lower order
intake in recent months, particularly in Europe.
The markets outside Europe have been characterized by growth and/or stability
at a satisfactory level. With approximately 3 per cent, the markets in Asia
currently still only account for a small share of PALFINGER´s business.
However, the sharp increase in revenue generated in the region demonstrates
that these markets are gaining in importance. With production sites in China,
Vietnam and - since the end of 2010 - also in India, PALFINGER is well prepared
for further growth.
The current developments in the financial markets in Europe are likely to have
an impact on the real economy as well and thus also on the markets that are of
relevance for PALFINGER. Nevertheless, PALFINGER is confident that a decline in
performance will not reach the same dimensions as in 2008: The optimized cost
structure, enhanced processes and above all the reduction of inventories at all
value-creation stages - from suppliers to dealers - enables PALFINGER to
flexibly respond to changes in market demand.
Against this backdrop, the management expects the defined target of 20 per cent
organic growth to be achieved in 2011. In addition, the areas North and South
America and the business units Access Platforms and Hookloaders are expected to
make even more substantial contributions to earnings.
Further inquiry note:
Hannes Roither, PALFINGER AG
Unternehmenssprecher
Tel.: +43 662 46 84-2260
mailto:h.roither@palfinger.com
www.palfinger.com
end of announcement euro adhoc
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issuer: Palfinger AG
F.-W.-Schererstraße 24
A-5020 Salzburg
phone: 0662/4684 2261
FAX: 0662/4684 2280
mail: c.rendl@palfinger.com
WWW: www.palfinger.com
sector: Machine Manufacturing
ISIN: AT0000758305
indexes: ATX Prime, Prime Market
stockmarkets: official market: Wien
language: English