Palfinger AG — Earnings Release 2001

Nov 19, 2001

News Details

Ad-hoc | 19 November 2001 08:52

Palfinger AG english

Palfinger Group posts stable growth on a high level during first three quarters Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Palfinger Group posts stable growth on a high level during first three quarters Bergheim/Salzburg, 19 November 2001 Despite the harsh trading environment, Palfinger is well on the way to the second-best result in its history. Revenue rose by 10.3 percent to EUR 257.1m in the first three quarters of 2001. Revenue growth reflects the success of the truck crane, hydraulic systems and timber crane businesses. This growth is particularly encouraging in that it runs counter to trends in the building industry and to a sharp decline in truck registrations. Earnings before interest and tax (EBIT) registered a 1.2 percent year-on-year decrease to EUR 32.6m in the first three quarters of 2001. Profit before tax held at EUR 29.3m (Q1-Q3 2000: EUR 29.7m) and consolidated net profit at EUR 19.3m (Q1-Q3 2000: EUR 20.Om) – only slightly below the previous year’s levels. While the results are below the figures for the previous year to the third quarter, the fact that they are far above the levels for the like period of 1999 underlines the stability that Palfinger has achieved through its transformation into a multi-system provider. Free cash flow was again negative, to the tune of EUR 7.2m. Changes in corporation tax legislation in the summer of 2001 had a major effect on cash flow, with the tax payments for three periods falling due this year, due to the move to a “pay as you go” system. This figure does not include the proceeds from the capital increase amounting to EUR 28.4m. Following the acquisition of Madal S.A. in May 2001, the main highlight of the third quarter was the integration of the company which is the South American market leader in knuckle boom cranes. Madal contributed EUR 240,000 to the results for the period. Management expects 2001 to be the second-best year in the Company’s history. Contact: Hannes Roither, Palfinger AG Public & Investor Relations +43 (0)662 4684 2260 h.roither@palfinger.com http://www.palfinger.com end of ad-hoc-announcement (c)DGAP 19.11.2001 ——————————————————————————– WKN: 075830; Index: Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Düsseldof Frankfurt und Stuttgart 190852 Nov 01