Palfinger AG

EANS-Adhoc: Palfinger AG
Preliminary results 2009

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Company Information


Preliminary results 2009:

PALFINGER Group back to positive results in the fourth quarter 2009, outlook for 2010 optimistic

° Continuation of adverse economic environment led to slump in
revenue by 36      percent  ° Measures taken proved increasingly
effective in the course of 2009  ° Earnings negative in 2009,
therefore no distribution of dividends planned  ° New PALFINGER
organisational structure effective from 2010 onwards

|in million EUR              |2009e    |%          |2008      |2007      |
|                                    |            |            |            |            |
|Revenue                         |505        |(36%)    |794.8    |695.6    |
|EBITDA                          |16         |(84%)    |97.8      |115.3    |
|EBIT                              |(5)        |-          |69.1      |99.6      |
|EBIT margin                  |(1.0%)  |-          |8.7%      |14.3%    |

2009 proved to be a  troublesome  year  for  the  PALFINGER  Group.   The  global economic meltdown was curbed in spring, however, the related market decline  was significant and it was doubtful whether the bottoming out of the  markets  would be sustainable. The CRANES   segment  was  hit  particularly  hard,  whereas  the pronounced drop in revenue recorded in the HYDRAULIC SYSTEMS & SERVICES  segment was not felt before the second half 2009. Revenue came to EUR 505 million, which is 36 percent below the  previous  year´s figure of EUR 794.8 million. Not taking into account inorganic growth   generated through acquisitions, revenue would have gone down by approximately  45 percent, thus reflecting the weak economy more clearly. Due to the cost-cutting  measures that were taken early on, the Company recorded an operating loss of  only  EUR 5 million in 2009. EBITDA remained positive throughout the year  and  amounted  to EUR 16 million in 2009. However, the development  of  EBIT  clearly   reflects  the  measures  that  were implemented quickly and efficiently: after having fallen  to  EUR - 3.2  million in the first quarter 2009, EBIT continuously picked up. While revenue  hit  rock bottom in the fourth quarter 2009, EBIT reached a slightly positive   level  once again. The Management Board will make a proposal not to distribute a dividend  for  the 2009 financial year (previous year: EUR 0.39) due to the loss incurred. The PALFINGER organisational structure was  revised  in  line  with  the  strong growth recorded in previous years and the challenges expected in  the  years  to come. In doing so, a  stronger  focus  has  been  placed  on  the   international character of the Group. Thus the  areas  and  product   units  will  become  more independent in the future and  be  better   suited  to  meet  the  various  local requirements of the respective markets. External segment reporting will thus  be adjusted from the first quarter 2010 onwards. Starting then it  will  be  broken down   according  to  region  and  the  strategic  future-oriented  projects of VENTURES. Management has worked out several different scenarios   for  2010.  From  today´s point of view revenues are likely to go up again. The strength of the  PALFINGER Group as well as the measures   that  are  becoming  increasingly  effective  are expected to  have   a  continuously  positive  effect  on  earnings.  PALFINGER´s unbroken presence as  a  global  player  will  further  consolidate   its  market position.

The above-mentioned figures are indications from a projected   calculation  based on IFRS. The final results will be published on 24 February 2010.

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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 Market
Börsen:  Wien / official market

Weitere Meldungen: Palfinger AG

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