Palfinger AG — Earnings Release 1999

Nov 30, 1999

News Details

Ad-hoc | 30 November 1999 08:09

Ad hoc-Service: PALFINGER AG ad hoc informati

Ad-hoc Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist allein der Emittent verantwortlich. —————————————————————————— Palfinger AG 1 AD HOC-INFORMATION Results of the First Three Quarters Palfinger Group records strong growth during first three quarters – Significant increase in Truck Cranes Division results – Outstanding performance of French acquisition surpasses expectations – International success of railway applications business – Order backlog reaches all-time high – Attractive dividend expected Revenue +16.9% EBIT +14.2% Profit before tax +28.3% Consolidated retained profit +33.2% (excl. acquisition) (Salzburg – Vienna, November 30th, 1999) The Palfinger group recorded strong growth during the first three quarters of this year. Revenue in accordance with IAS rose by 16.9% to ATS 2,307 million (mn), from ATS 1,973 mn in the like period of the previous year, excluding the French acquisition Guima S.A. EBIT (including the cost of the initial public offering IPO) nevertheless posted a 14.2 percent year-on- year increase to ATS 242 mn (Q1-3 1998: ATS 212 mn) in the first three quarters. Profit before tax rose overproportionally by 28.3 percent to reach 202 mn (Q1-3 1998: ATS 158 mn), while consolidated retained profit was up by 33.2 percent to ATS 130 mn, from ATS 98 mn in the first three quarters of 1998. The highlight of the third quarter was the acquisition of the French Financiere Ghiretti Group whose core operating company Guima S.A. is the world’s second-largest manufacturer of container handling systems used e.g. for the recycling industry. Guima’s financial year came to a successful end in September, with turnover up by 19 percent to ATS 432 mn, and pre-tax earnings by 42 percent to ATS 84 mn. Palfinger is aiming for global leadership in the hook loader segment as well. Outlook On current information Palfinger Group anticipates turnover of some ATS 3,100 mn and profit before tax in the order of ATS 270 mn for the year as a whole. These expectations are based on order backlog of ATS 663 mn as of the end of the third quarter, compared with ATS 613 mn at the end of the first half, and ATS 520 mn at the end of 1998. The figures do not include the results of Guima S.A. which was acquired in August. For the year ahead management expects the Company to continue to grow, with the increase in earnings outstripping that in turnover. For further information, please contact: Klaus Reisinger, Palfinger AG Phone: +43-662-4684-2128 Fax: +43-662-4684-105 k.reisinger@palfinger.com A -5101 Bergheim-Salzburg F.-W.-Schererstraße 24 www.palfinger.com The complete report on the first three quarters will be available for download from November 30, 1999, 8:30 a.m. at www.palfinger.com . PALFINGER AG as per 30 September 1999 Profit and loss account Q1-3 99 Q1-3 99 Q1-3 98 Change In t EUR In ATS In ATS in % mn mn Turnover 167,685 2,307.4 1,973.2 +16.9% Earnings before interest 17,656 241.7 211.8 +14.2% and tax (EBIT) Profit before tax 14,709 202.4 157.8 +28.3% Retained profit for the 9,455 130.1 97.7 +33.2% year Balance sheet Balance sheet total 208,535 2,869.5 2,113.7 +35.7% Non-current assets 60,856 837.4 770.3 +8.7% Stockholders’ equity 61,220 842.4 418.3 +101.4 % Equity ratio 29.4% 29.4% 19.8% Capital stock 16,737 230.3 53.4 Cash flow and investment Cash flow from operating 16,315 224.5 194.1 +15.6% activities Investment (tangible 6,882 94.7 39.8 +137.9 assets) % Depreciation and 4,164 57.3 65.7 (12.8% amortization ) Payroll Average annual payroll 1,366 1,253 +9.0% Productivity (incl. loaned 2.2 2.0 +10.0% employees) Ende der Mitteilung