EANS-Adhoc: PALFINGER recorded strong growth in the first quarter and further expanded its leading position in the global market

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3-month report

10.05.2012

* Revenue and EBIT increased by another 17 per cent
* Regions outside Europe gaining in importance
* China becomes second domestic market
* Continuing moderate increase expected in 2012 as a whole

EUR million Q1 2012 % Q1 2011 Q1 2010
Revenue 223.9 + 16.9% 191.6 129.4
EBITDA 25.0 + 17.5% 21.3 8.5
EBIT 17.7 + 17.1% 15.1 3.6
EBIT margin 7.9% - 7.9% 2.7%

In the first quarter of the 2012 financial year, the PALFINGER Group
managed to continue its positive performance of previous quarters.
Despite economic uncertainties prevailing especially in Europe, the
Group again recorded two-digit growth rates in revenue and earnings
in the first quarter year on year.

This was based, on the one hand, on stable demand in the core markets
and growth especially outside Europe. On the other hand, PALFINGER
was able to capitalize on internal projects focusing on sustainable
fixed cost management and management of capital employed and on
increasing flexibility at all levels of value creation. Moreover, a
significant expansion of business operations may be expected as a
result of the partnership established with the Chinese Sany Group in
the period under review.

The revenue generated in the first quarter of 2012 reached a record
level of EUR223.9 million, which was 16.9per cent above the figure
reported for the first quarter of 2011, when revenue was EUR191.6
million. In the first three months of 2012, EBIT came to EUR17.7
million; after EUR15.1 million in the first quarter of 2011, this
corresponds to an increase of 17.1 per cent. The regions outside
Europe also made a major contribution to this improvement. At EUR10.7
million, the consolidated net result for the period under review was
below the EUR12.6 million recorded in the first quarter of 2011 due
to a positive fiscal one-off effect achieved during that period last
year.

Cash flows from operating activities increased from EUR3.0 million in
the same period of the previous year to EUR7.5 million in the first
quarter of 2012 due to the higher result achieved. As a consequence
of the investments made, however, free cash flows were negative in
the reporting period, at -EUR 5.5 million.

Outlook After the period of enormous growth enjoyed by PALFINGER
during the years 2010 and 2011, the renewed flare-up of the debt
crisis in Europe slowed down growth in some of PALFINGER's major
European markets. PALFINGER's consistent strategy of
internationalization, especially outside Europe, is therefore being
continued. The Group's flexibility, which is becoming increasingly
important in view of the rapidly changing market environment, will be
further developed in all fields.

The partnership with the Chinese Sany Group will significantly
contribute to PALFINGER's being able to expand its leadership
position in the global market. China is seen as an important future
market for truck bodies and will thus become a second domestic market
for PALFINGER in the long term.

Despite the uncertain development of the economy and of demand, the
management expects a further moderate increase in revenue,
increasingly coming from the areas outside Europe, for the 2012
financial year. In addition, it is estimated that the areas outside
Europe will make even more substantial contributions to earnings.

Further inquiry note:
Hannes Roither, PALFINGER AG
Unternehmenssprecher
Tel.: +43 662 46 84-2260
mailto: h.roither@palfinger.com
www.palfinger.com

end of announcement euro adhoc
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issuer: Palfinger AG
F.-W.-Schererstraße 24
A-5020 Salzburg
phone: 0662/4684 2261
FAX: 0662/4684 2280
mail: c.rendl@palfinger.com
WWW: www.palfinger.com
sector: Machine Manufacturing
ISIN: AT0000758305
indexes: ATX Prime, Prime Market
stockmarkets: official market: Wien
language: English