PALFINGER AG: PALFINGER continued its growth in 2013 - revenue approaches 1 billion euros

Salzburg (pta013/17.02.2014/10:10 UTC+1) * Record revenue of EUR 980.7 million (+ 4.9 per cent)
* Enormous growth outside Europe and in the Marine business area
* EBIT raised by 8.3 per cent despite start-up investments
* Proposed dividend of EUR 0.41 EUR per share
* PALFINGER expects to exceed 1-billion-euro threshold in 2014

EUR million	2013	%	2012	2011
Revenue	980.7	+ 4.9%	935.2	845.7
EBIT	74.1	+ 8.3%	68.5	67.9
EBIT margin	7.6%	-	7.3%	8.0%
Dividend per share (EUR)	0.41*	+ 7.9%	0.38	0.38
* Proposal to the Annual General Meeting.

In the 2013 financial year, the PALFINGER Group achieved another record year despite the heterogeneous economic environment. Revenue rose by 4.9 per cent, from EUR 935.2 million in the previous year to EUR 980.7 million. An increase was recorded in particular in North America, the CIS countries and China. As a result of the acquisition of PALFINGER DREGGEN in 2012, the Marine business area also recorded significant growth. In the second half of 2013, Europe experienced a slight upward trend as well.

EBIT for the 2013 financial year came to EUR 74.1 million, after EUR 68.5 million in 2012, which corresponds to an increase of 8.3 per cent. The EBIT margin rose from 7.3 per cent in 2012 to 7.6 per cent. This development was made possible primarily on the basis of consistent increases in cost flexibility in the established areas in Europe. One-off effects from acquisitions also had a positive impact on earnings.

The performance of the individual quarters shows the (partly seasonal) fluctuations of revenue (Q1: EUR 225.8 million; Q2: EUR 249.3 million; Q3: EUR 241.0 million; Q4: EUR 264.6 million) and earnings (Q1: EUR 18.1 million; Q2: EUR 21.1 million; Q3: EUR 16.9 million; Q4: EUR 18.1 million).

PALFINGER posted a consolidated net result of EUR 44.0 million, which is 9.0 per cent higher than the figure of EUR 40.4 million recorded in the previous year. 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 0.41 per share be distributed for 2013 (previous year: EUR 0.38 per share).

In the 2013 financial year, cash flows from operating activities amounted to EUR 62.5 million, compared to EUR 55.4 million in the previous year. Cash outflows from investing activities decreased considerably as compared to 2012 because the cash effect of the acquisitions made in the fourth quarter will not occur until these transactions are closed in 2014. As a consequence, free cash flows amounted to EUR 31.6 million in the 2013 financial year after -EUR 3.1 million in 2012.

In the period under review, the expansion of the PALFINGER Group was continued at a rapid pace. Therefore, 2014 will be a year of consolidation, in which the focus will be kept on individual strategic steps towards growth. The planned mutual interlinking of PALFINGER and SANY will probably be completed within the next months. It is expected to strengthen both groups and will serve as the basis for the further expansion of their proven cooperation.

For 2014, PALFINGER still sees considerable growth potential in the areas outside Europe and the global Marine business area. Since the second half of 2013, PALFINGER has recorded an increase in demand, also in the European core markets. As a consequence, the management expects a double-digit increase in revenue for the 2014 financial year. For the first time in the history of the Company, this would mean revenue beyond the 1-billion-euro threshold.

The full Integrated Annual Report and the Annual Financial Report for 2013 will be published on 19 February 2014.

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