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Abonner Palfinger AG

Palfinger AG

EANS-Adhoc: Palfinger AG
Preliminary results 2009

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
Company Information
25.01.2010
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.
end of announcement                               euro adhoc

Further inquiry note:

Hannes Roither, PALFINGER AG
Company spokesperson
Phone +43 662 46 84-2260
h.roither@palfinger.com

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

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