Palfinger AG

EANS-Adhoc: PALFINGER capitalised on upward trend in the first three quarters 2010

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9-month report


- Revenue grew by 19.9 percent to EUR 464.9 million - Market recovery
and savings measures allowed for above-average increase in      
earnings - Revenue growth of more than 20 percent expected for the
entire year 2010

@@start.t2@@|million EUR                      |Q1-Q3 2010 |          % |Q1-Q3 2009 |Q1-Q3 2008 |
|Revenue                            |        464.9 | + 19.9% |        387.9 |        607.2 |
|EBITDA                              |         39.0 |+ 283.3% |         10.2 |         90.3 |
|EBIT                                 |         22.4 |      -      |        (6.1) |         74.7 |
|EBIT margin                      |         4.8% |      -      |      (1.6%) |        12.3% |@@end@@

The PALFINGER Group recorded a highly satisfying  business   performance  in  the first nine months of 2010.

The recovery of the markets was reflected in steady organic growth   and  results that were clearly positive. Moreover, the Group´s entry into the North  American market of access platforms through the acquisition of a majority  stake  in  ETI in March 2010 as well as the integration of the marine customer segment  through the acquisition of a majority stake in NDM in July brought  about  a   favourable inorganic growth of revenue and earnings. The measures that were implemented  in 2009 in order to cut  costs  and  make  the value-creation  process  even  more flexible as well as the focus placed on increasing  earnings  in  North  and  in particular  in   South  America  were  additional  factors  contributing  to  the increase in margins. The positive trend of previous quarters was thus continued even though revenue recorded in the third quarter 2010 fell short of the second- quarter level due to the three-week company holiday during  the  summer  months, when earnings are traditionally low.

At EUR 464.9 million, revenue in the first three quarters 2010 was 19.9  percent higher than in the same period of 2009, when revenue was EUR 387.9  million.  In the period under review EBIT came to EUR 22.4  million  and,  after  EUR  -  6.1 million in the same period of 2009,  showed  a  significantly  larger  increase relative to revenues.

The business performance  over  the  first  three  quarters  2010   reflects  the expected decline as a result of the company holiday in the summer. Revenue  (Q1: EUR 129.4 million; Q2: EUR 168.0 million; Q3: EUR 167.5 million)  in  the  third quarter 2010 still exceeded the level recorded in the same  period  of  2009  by 41.1 percent. EBIT has turned sustainably positive again (Q1: EUR  3.4  million; Q2: EUR 10.1 million; Q3: EUR 8.8 million).

In the first nine months of 2010 cash flows from operating   activities  came  to EUR 32.9 million, thus almost attaining the previous year´s level  of  EUR  33.6 million while, on the basis of the acquisitions made, cash flows from  investing activities increased to EUR - 30.8 million. Free cash flow amounted to  EUR  6.8 million, underlining PALFINGER´s equity financing capability.

In  early  November  2010  PALFINGER  reached  an  agreement  with   its    former competitor Ross & Bonnyman Limited in Great Britain regarding  the  takeover  of its service business for commercial tail lifts.

Hence, the satisfactory business performance was continued in the third  quarter 2010, even though revenue and earnings remained  below the  previous  quarter´s levels due to the company holiday.  A   continuation  of  the  underlying  slight upward trend is expected for the fourth quarter. For the entire  2010  financial year management therefore reckons with a plus in organic  and  inorganic   growth of more than 20 percent, assuming that the  very  strong   increase  in  earnings will continue and that total earnings will be clearly positive.

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Further inquiry note: Hannes Roither, PALFINGER AG Konzernsprecher Tel.: +43 662 46 84-2260

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

Weitere Meldungen: Palfinger AG

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