Positive outlook from Palfinger

26 January 2010

Palfinger suffered losses during its 2009 financial year but remains positive following restructuring measures and investments.

Revenue at the Austrian loader crane manufacturer was €505 million (US$712 million) for the period, a 36% drop on the previous year. "Without taking into account inorganic growth generated through acquisitions, revenue would have gone down by about 45%, thus reflecting the weak economy more clearly," said a company spokesman.

In contrast, operating loss was €5 million ($7 million) in 2009, a direct result of cost cutting measures early in the year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) remained positive throughout the year, amounting to €16 million ($22.5 million), added the company.

Palfinger's management board will now make a proposal not to distribute a dividend for the 2009 financial year due to the loss incurred. In 2008 the dividend was €0.39.

"Last year was anything but pleasing. Still, under these circumstances, we can take quite some pride in what we have achieved at Palfinger. We did not manage to prevent the slump in revenue but successfully curbed its effects by taking targeted action. We are in a position to continue to act with a focus on future developments and advance our long-term strategy, and we will keep on doing so. Even in the year 2009 we stepped up the continuous regional and product-oriented establishment and expansion of our markets," said Herbert Ortner, CEO of Palfinger AG.

In 2009 Palfinger acquired US-based Automated Waste Equipment Co, as well as establishing a company in India and targeting Russia in cooperation with a long-standing partner.

"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," concluded the spokesman.

*The figures are indications from a projected calculation. The final results will be published on 24 February 2010.

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