Palfinger AG

EANS-Adhoc: PALFINGER recorded strong growth in the first quarter and further expanded its leading position in the global market


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3-month report

10.05.2012

* Revenue and EBIT increased by another 17 per cent
* Regions outside Europe gaining in importance
* China becomes second domestic market
* Continuing moderate increase expected in 2012 as a whole 



EUR million     Q1 2012       %       Q1 2011     Q1 2010
Revenue          223.9     + 16.9%     191.6       129.4
EBITDA            25.0     + 17.5%      21.3         8.5
EBIT              17.7     + 17.1%      15.1         3.6
EBIT margin        7.9%        -         7.9%        2.7%




In the first quarter of the 2012 financial year, the PALFINGER Group managed to
continue its positive performance of previous quarters. Despite economic
uncertainties prevailing especially in Europe, the Group again recorded
two-digit growth rates in revenue and earnings in the first quarter year on
year.

This was based, on the one hand, on stable demand in the core markets and growth
especially outside Europe. On the other hand, PALFINGER was able to capitalize
on internal projects focusing on sustainable fixed cost management and
management of capital employed and on increasing flexibility at all levels of
value creation. Moreover, a significant expansion of business operations may be
expected as a result of the partnership established with the Chinese Sany Group
in the period under review.

The revenue generated in the first quarter of 2012 reached a record level of
EUR223.9 million, which was 16.9per cent above the figure reported for the first
quarter of 2011, when revenue was EUR191.6 million. In the first three months of
2012, EBIT came to EUR17.7 million; after EUR15.1 million in the first quarter
of 2011, this corresponds to an increase of 17.1 per cent. The regions outside
Europe also made a major contribution to this improvement. At EUR10.7 million,
the consolidated net result for the period under review was below the EUR12.6
million recorded in the first quarter of 2011 due to a positive fiscal one-off
effect achieved during that period last year.

Cash flows from operating activities increased from EUR3.0 million in the same
period of the previous year to EUR7.5 million in the first quarter of 2012 due
to the higher result achieved. As a consequence of the investments made,
however, free cash flows were negative in the reporting period, at -EUR 5.5
million.

Outlook
After the period of enormous growth enjoyed by PALFINGER during the years 2010
and 2011, the renewed flare-up of the debt crisis in Europe slowed down growth
in some of PALFINGER's major European markets. PALFINGER's consistent strategy
of internationalization, especially outside Europe, is therefore being
continued. The Group's flexibility, which is becoming increasingly important in
view of the rapidly changing market environment, will be further developed in
all fields.

The partnership with the Chinese Sany Group will significantly contribute to
PALFINGER's being able to expand its leadership position in the global market.
China is seen as an important future market for truck bodies and will thus
become a second domestic market for PALFINGER in the long term. 

Despite the uncertain development of the economy and of demand, the management
expects a further moderate increase in revenue, increasingly coming from the
areas outside Europe, for the 2012 financial year. In addition, it is estimated
that the areas outside Europe will 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
 

 

 



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