Palfinger AG

EANS-Adhoc: Palfinger AG
HY1 2009

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quarterly report


PALFINGER used the first half 2009 to further strengthen the Group

o Markets still weak in the first half 2009, but already stable  o Measures implemented at an early stage are becoming increasingly effective  o Continued market expansion in line with the Group's long-term strategy

|in million EUR                 |HY1 2009 |%          |HY1 2008 |HY1 2007  |
|Revenue                            |269.2      |(36.4%) |423.5      |340.6        |
|EBITDA                              |4.9         |(92.9%) |69.2        |58.0         |
|EBIT                                 |(5.9)      |-          |59.3        |53.1         |
|EBIT margin                      |(2.2%)    |-          |14.0%      |15.0%        |

Bergheim, Salzburg, 5 August 2009

The performance of the PALFINGER  Group  during  the  first  half   2009  clearly reflected the weak economy, especially  in  Europe,   even  though  order  intake stabilised on this low level in recent months. Order intake in the US  and  Asia is even slightly on the rise again.

Compared to the record results achieved in the first half 2008 the Group  posted a massive decline in revenues and earnings in the first half 2009. At  EUR 269.2 million, revenue was 36.4 percent lower   than  the  previous  year's  figure  of EUR 423.5 million. Despite this slump in revenue a positive  EBITDA  of  EUR 4.9 million (Jan-June 2008: EUR 69.2 million) was  achieved  thanks  to   PALFINGER's early cost-savings policies. However, at EUR - 5.9 million EBIT  for  the  first half 2009 was negative.

The first half 2009  was  characterised  by  the  implementation  of additional measures to reduce costs and by process optimisation   projects.  Utilisation  of the production capacities was supported by means  of  targeted  insourcing  and manufacturing for third parties. Other priority issues  included  the  reduction of the capital employed and financing structure management.

The performance during the first  two  quarters  2009  clearly  shows that  the measures taken have been effective, which has  been   increasingly  reflected  in the results. While revenue in the second quarter  2009  amounted  to  EUR 128.8 million, which is EUR 11.6 million lower  than  the  previous  quarter's  figure (Q1:  EUR 140.4 million),    EBITDA    went    up    to    EUR 2.9    million    (Q1: EUR 2.0 million). EBIT in the second quarter 2009 was at EUR - 2.7 million  (Q1: EUR - 3.2 million).

The  North  American  area  has  recently  been  strengthened   considerably    by acquiring Automated Waste Equipment, Inc., a leading US  producer  of  container handling systems. With Palfinger Cranes India  Pvt.  Ltd.,  a  company  for  the Indian area, the Group took another consistent  step  in  further  pursuing  its strategic focus on the Asian market.

Management still sees various scenarios for the Group's  future   development  in 2009. From today's point of view, in spite of declines in revenue of  up  to  40 percent, a clearly positive EBITDA is expected for the entire year  2009.  While performance is going to be slow in the third  quarter  2009  due  to  the  small volume of orders on hand and the low level of  output  in  connection  with   the upcoming company holidays, PALFINGER is cautiously  optimistic   for  the  fourth quarter.

The PALFINGER Group started off into this difficult  year  2009  from a  strong market position. Moreover, PALFINGER has been taking   advantage  of  the  crisis not only to seize market opportunities as they open up  but  also  to  implement structural improvements, the results of which will become  increasingly  visible over the course of this year. For all of these  reasons,  the  Group's  earnings will benefit over-proportionally from any economic recovery.

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ots Originaltext: Palfinger AG
Im Internet recherchierbar:

Further inquiry note:
Hannes Roither, PALFINGER AG
Company Spokesperson
Phone +43 662 46 84-2260

Branche: Machine Manufacturing
ISIN:      AT0000758305
WKN:        919964
Index:    ATX Prime, ATX
Börsen:  Wien / official market

Weitere Meldungen: Palfinger AG

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