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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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03.02.2012
- Further 30-per cent increase in revenue - historic record
- Exceptionally strong increase in earnings: EBIT + 83 per cent
- Internationalization and flexibility boost growth
- Revenue expected to remain at same high level in 2012
- Dividend of EUR 0.38 per share proposed
|EUR million |2011 |% |2010 |2009 |
|Revenue |845.7 |+ 29.7% |651.8 |505.4 |
|EBIT |67.9 |+ 82.8% |37.1 |(3.0) |
|EBIT margin |8.0% | - |5.7% |(0.6%) |
|Dividend per share (EUR)|0.38* |+ 72.7% |0.22 |0.00 |
* Proposal to the Annual General Meeting.
Salzburg, 3 February 2012
In the 2011 financial year, the PALFINGER Group continued the clear upward
trend of the previous year. After having increased revenue by approximately 30
per cent in 2010 compared to 2009, PALFINGER achieved another 30-per cent rise
in 2011, posting the highest revenue in the history of Group.
Revenue rose from EUR 651.8 million in 2010 to EUR 845.7 million. Apart from
the recovery of the markets, the main factor enabling PALFINGER to generate
this increase was the further expansion of both its markets and its sales
network.
EBIT (including associated companies) for the 2011 financial year came to EUR
67.9 million, after EUR 37.1 million in the previous year, which corresponds to
an increase of 82.8 per cent. As a consequence, the EBIT margin rose from 5.7
per cent in 2010 to 8.0 per cent. This achievement was made possible first and
foremost by the clear increase in demand, increased productivity and capacity
utilization at the plants and the enhancement of flexibility in all fields.
Substantial improvements in the product division Access Platforms also had a
positive effect. In the European business unit Hookloaders, turnaround was
achieved in 2011.
A look at the performance of the individual quarters of 2011 shows the upward
trend, even though the second half of the year was affected by the fact that
there were fewer working days due to the summer company holidays and the
Christmas holidays. Both revenue (Q1: EUR 191.6 million; Q2: EUR 222.7 million;
Q3: EUR 209.7 million; Q4: EUR 221.7 million) and EBIT (Q1: EUR 15.1 million;
Q2: EUR 20.9 million; Q3: EUR 16.5 million; Q4: EUR 15.5 million) reflect the
successes achieved.
In line with PALFINGER´s dividend policy which provides that approximately one
third of the annual profit is to be distributed to shareholders, the Management
Board is going to propose a dividend of EUR 0.38 per share be distributed for
2011 (previous year: EUR 0.22 per share), resulting in an increase of 72.7 per
cent in payments made to shareholders.
In the 2011 financial year, cash flows from operating activities amounted to
EUR 37.7 million, compared to EUR 49.1 million in the previous year, free cash
flows increased from EUR 4.2 million to EUR 11.7 million.
In the second half of 2011 uncertainty in the European markets increased due to
the re-emergence of economic turmoil, causing the economic mood to take a
negative turn. The pursuit of internationalization, especially outside Europe,
is thus being continued. At the moment, the focus is on Asia and Russia, where,
along with economic growth, the market potential of PALFINGER is on the rise as
well. In Russia, PALFINGER has already taken a major step with the acquisition
of INMAN. In China, another important future market, PALFINGER has been
promoting target-oriented strategic development to increase local value
creation.
Against the backdrop of the uncertain development of the economy and demand,
the management expects a moderate increase in revenue, especially coming from
the areas outside Europe, for the 2012 financial year. In addition, the areas
North and South America and the business units Access Platforms and Marine
Systems are expected to make even more substantial contributions to earnings.
The full Annual Report and the Annual Financial Report for 2011 will be
published on 16 February 2012.
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