Palfinger AG

EANS-Adhoc: Palfinger AG
Revenues and Earnings 2009

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Company Information


PALFINGER successfully controlled the effects of the downturn in 2009

* Collapse in revenue of 36 percent, but decline in earnings
controlled  * Structural adjustments showed first effects in 2009 -
fourth quarter      positive again  * Optimistic outlook for 2010

@@start.t2@@|million EUR                  |2009      |%          |2008      |2007      |
|                                    |            |            |            |            |
|Revenue                         |505.4    |(36.4%) |794.8    |695.6    |
|EBITDA                          |16.4      |(83.2%) |97.8      |115.3    |
|EBIT                              |(5.0)    |-          |69.1      |99.6      |
|EBIT margin                  |(1.0%)  |-          |8.7%      |14.3%    |
|Consolidated net result|(7.8)    |-          |43.9      |74.0      |
|for the period              |            |            |            |            |
|Earnings per share in  |(0.22)  |-          |1.24      |2.09      |
|EUR                                |            |            |            |            |
|Dividend per share in  |    1)    |-          |0.39      |0.70      |
|EUR                                |            |            |            |            |

    1) Proposal to the Annual General Meeting

In the 2009 financial year the PALFINGER Group achieved revenues in  the  amount of EUR 505.4 million, which corresponds to a decline  of  36.4 percent  compared to the previous year´s figure of EUR 794.8 million.

The cost reduction measures implemented at an early stage could  not  prevent  a loss in the reporting period, as revenue was clearly below the  level  of  2005. After EBIT of EUR 69.1 million in 2008, EBIT came to EUR - 5.0  million  in  the period  under  review.  EBITDA  was  kept  at  a  positive  level    continuously throughout 2009 and amounted to EUR 16.4 million for the entire year.

A look at  the  performance  of  the  individual  quarters  clearly  shows  that PALFINGER has been able to optimise costs in the course of the year by means  of strict packages of measures. While revenue hit  a  low  in  the  fourth  quarter 2009, EBIT improved steadily from quarter to quarter (Q1:  EUR  -  3.3  million; Q2: EUR - 2.6 million; Q3: EUR - 0.2 million; Q4: EUR 1.0 million).

The equity ratio increased slightly  as  compared  to  2008  and  came  to  49.7 percent. The gearing ratio was lowered to 52.0 percent due to the  reduction  of@@end@@

net debt.

In the 2009 financial year cash flows from operating activities amounted to  EUR 50.0 million, compared to EUR 32.6 million in the previous year.  This  increase was mainly due to the intensified cutback on working capital assets.  Free  cash flow amounted to EUR 42.0 million in 2009 as compared to EUR - 39.5  million  in the 2008 financial year.

In line with PALFINGER´s long-term dividend policy  and  on  the   basis  of  the current earnings situation the Management Board  is   going  to  propose  to  the Annual General Meeting not to distribute any dividend.

Outlook PALFINGER´s outlook for 2010 is cautiously optimistic.  From today´s  point  of view it is estimated that revenues will go up  by more  than  10  percent.  The measures taken are expected to have a continuously positive impact on  earnings. It is against this backdrop  that  PALFINGER  will  benefit  over-proportionally from a recovery of the economy.

Management´s focus will continue to be  on  establishing  and/or   expanding  the Group´s market position on the basis of its long-term corporate  strategy.  The further internationalisation process and the  use  of  local  products  will  be helpful in this endeavour, allowing PALFINGER to meet the diverse needs  of  the Group´s customers even more effectively.

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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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