euro adhoc: Financial Figures/Balance Sheet
PALFINGER Group - Preliminary
results 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information
22.01.2009
Preliminary results 2008 of the PALFINGER Group underline strong market position
o Growth in revenue continued despite market decline o EBIT decrease reflects market changes and necessary adjustments o Proposed dividend of EUR 0.39
|in million EUR |2008e |% |2007 |2006 | | | | | | | |Revenue |795 |14% |695.6 |585.2 | |EBIT |69 |- 31% |99.6 |77.0 | |EBIT margin |8.7% |- |14.3% |13.2% |
The PALFINGER Group was not spared the effects of the adverse economic environment in 2008, but managed to record a satisfactory business development against this background. In particular the strong crane business in Europe of the first half of 2008 and three acquisitions, which took effect in 2008, allowed the Group once again to report a double-digit growth in revenue from EUR 695.6 million in the 2007 financial year to EUR 795 million. The way earnings developed reflected the increasingly weaker market environment more clearly. EBIT went down from EUR 99.6 million to EUR 69 million, which was a sign of the greater weight given to hydraulic systems due to the declining crane business and the acquisitions carried out; revenue was also brought down by the accounting rules applying to acquisitions, the necessary depreciation and impairment, as well as the costs for the Group's social plan. Subject to the approval of the Supervisory Board, the Management Board will propose to the Annual General Meeting to distribute a dividend in the amount of EUR 0.39 per share for the 2008 financial year (previous year: EUR 0.70). The development of the overall economy will continue to have a significant influence on the Group's business performance in 2009. At present PALFINGER is feeling the consumers' reluctance to make investments, but government aid and economic support programmes are expected to reinvigorate infrastructure investments. Management deliberately has chosen not to counteract utilisation beyond capacity in the first months of 2009 in order to have sufficient flexibility in case of a recovery of the market. Moreover, PALFINGER launched a project to strengthen the Group's earnings and financial structure. This project is based on further savings in fixed costs, process improvements, revenue increases, and measures to reduce the capital employed. The growth generated in 2008 shows that in an uncertain environment PALFINGER is able to profit from its strong market position and make use of its opportunities. The above-mentioned figures are indications from a projected calculation based on IFRS. The final results will be published on 25 February 2009.
end of announcement euro adhoc
Further inquiry note:
Hannes Roither, PALFINGER AG
Company Spokesperson
Phone: +43 662 46 84-2260
mailto:h.roither@palfinger.com
www.palfinger.com
Branche: Machine Manufacturing
ISIN: AT0000758305
WKN: 919964
Index: ATX Prime, ATX
Börsen: Wiener Börse AG / official market