PALFINGER AG: PALFINGER recorded excellent growth outside Europe

Salzburg, Austria (pta008/09.11.2012/08:00 UTC+1) * Consolidated net result for the first three quarters of 2012 rose to EUR 688.2 million
* Revenue in non-European areas increased by 43 per cent
* Stable result despite decline in demand in European core markets
* Continued growth expected due to substantial expansion of business in Asia and acquisition in the Marine Systems business area

EUR million	Q1-Q3 2012	%	Q1-Q3 2011	Q1-Q3 2010
Revenue	688.2	+ 10.3%	624.0	464.9
EBITDA	74.4	+ 1.2%	73.5	40.3
EBIT	52.0	(0.9%)	52.4	23.7
EBIT margin	7.5%	-	8.4%	5.1%

In the first three quarters of 2012, the performance of the PALFINGER Group was highly satisfactory, given the difficult economic framework. Its internationalization - primarily outside Europe - enabled the Group to continue on its growth path despite the increasing weakness of Europe's economy, and hence to consolidate its global leading position.

The revenue generated in the first three quarters of 2012 came to EUR 688.2 million, which is 10.3 per cent above the revenue of EUR 624.0 million reported for the first three quarters of 2011. Organic growth was achieved in the business areas North America and South America and in the globally operating business area Marine Systems. The acquisitions made in the CIS business area in 2011 accounted for more than one third of the increase in revenue.

At EUR 52.0 million, EBIT for the first three quarters of 2012 was kept at a steady level, comparable to the outstanding figure of EUR 52.4 million recorded for the same period in 2011. The restructuring of the previously weak business units had a positive effect on the development of earnings, and the increasingly difficult situation in Europe was compensated by extraordinarily high increases in earnings in the AREA UNITS segment. Despite the necessity of stepping up resources in connection with the strong growth achieved in the business areas outside Europe, the average EBIT margin for the period remained at a high level, amounting to 7.5 per cent. At EUR 31.7 million, the consolidated net result was generally of the same magnitude as in the previous year, when it came to EUR 32.7 million.

In the third quarter of 2012, the Group's two joint ventures with the Chinese Sany Group were approved by the authorities and immediately started operations. This marked an important step towards further growth, particularly in China. The first crane models have already been sold.

In September, PALFINGER agreed to take over the Brazilian company Tercek Usinagem de Precisão Ltda., thereby strengthening PALFINGER's market presence in South America. Tercek develops electric-powered bus lifts under the brand name Líbero.

At the end of October, PALFINGER achieved another milestone for its globally operating business area Marine Systems. The acquisition of the Norwegian Bergen Group Dreggen AS (Dreggen), a renowned manufacturer of marine and offshore cranes, is a major step towards growth and will open up additional opportunities and new markets to the PALFINGER Group in these areas.

Despite the uncertain development of the economy and of demand, particularly in Europe, the management expects a moderate increase in revenue for the 2012 financial year as a whole, resulting from the satisfactory performance in the business areas outside Europe. In addition, it is estimated that the non-European business areas will make higher contributions to earnings.

The interim report for the first three quarters of 2012 is available for download at
http://www.palfinger.ag/en/newsroom/financial-reports.

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