PALFINGER AG: Palfinger: Markets outside Europe facilitated record revenue in 2012

Salzburg (pta007/11.02.2013/10:05 UTC+1) * Record revenue of EUR 935.2 million (+ 10.6 per cent)
* AREA UNITS segment posted 42 per cent revenue growth and positive contribution to earnings
* Group EBIT slightly increased, despite stepping up of resources outside Europe
* Milestones reached in consolidation of leading position
* Proposed dividend of EUR 0.38 EUR per share

EUR million	2012	%	2011	2010
Revenue	935.2	+ 10.6%	845.7	651.8
EBIT	68.5	+ 0.8%	67.9	37.1
EBIT margin	7.3%	-	8.0%	5.7%
Dividend per share (EUR)	0.38*	+ 0.0%	0.38	0.22
* Proposal to the Annual General Meeting.

In the 2012 financial year, PALFINGER recorded the highest revenue in the Group's history and thus, in time for its 80th anniversary, another record year. This was made possible by the consistent internationalization policy pursued in recent years, which has been a major pillar of PALFINGER's corporate strategy.

Moreover, PALFINGER achieved a milestone in its strategy that is also going to influence the further development of the Group, namely the agreement on two joint ventures with the Sany Group, one of China's industrial giants. Operations were started in the third quarter and will have a positive effect on the Group's development in the future.

Revenue increased by 10.6 per cent, from EUR 845.7 in the previous year to EUR 935.2 million. This increase was supported primarily by the business areas North America, South America, CIS and the globally operating Marine business area.

EBIT for the 2012 financial year came to EUR 68.5 million, after EUR 67.9 million in the previous year. However, the EBIT margin decreased from 8.0 per cent in 2011 to 7.3 per cent. The reasons for this development included primarily the regional shift in revenue and the lower margins in the non-European areas, which are still at the development stage.

The performance of the individual quarters shows the (partly seasonal) fluctuations of revenue (Q1: EUR 223.9 million; Q2: EUR 241.2 million; Q3: EUR 223.1 million; Q4: EUR 247.0 million) and earnings (Q1: EUR 17.7 million; Q2: EUR 19.5 million; Q3: EUR 14.8 million; Q4: EUR 16.5 million).

In line with PALFINGER's dividend policy, which provides that approximately one third of the annual profit is to be distributed to shareholders, the Management Board has proposed that a dividend of EUR 0.38 per share be distributed this year.

In the 2012 financial year, cash flows from operating activities amounted to EUR 55.4 million, compared to EUR 37.7 million in the previous year. Free cash flows were reduced from EUR 11.7 million in the previous year to -EUR 3.1 million in 2012.

At the end of October 2012, PALFINGER reached another milestone, this time for the globally operating Marine business area. The acquisition of the Norwegian Bergen Group Dreggen AS (Dreggen), a renowned manufacturer of marine and offshore cranes, is an important growth step.

It was the PALFINGER Group's global orientation that enabled the growth recorded in 2012. The management considers this a confirmation of its strategic decision to grow not only in North America but also towards the BRIC countries. PALFINGER's consistent strategy of internationalization, especially outside Europe, is therefore being continued.

Against the backdrop of the uncertain development of the economy and of demand, the visibility of the business was reduced in 2012. Under the current economic conditions, the management expects a moderate increase in revenue, coming primarily from the business areas outside Europe and the Marine business area, for the 2013 financial year.

The full Annual Report and the Annual Financial Report for 2012 will be published on 13 February 2013.

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