Contact:
Hannes Roither
Phone: (+43 662) 4684 2260
E-Mail: h.roither@palfinger.com
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Bergheim, Salzburg (pts024/24.03.2003/12:05) - After the very good years of 1999, 2000 and 2001, the year 2002 showed a consolidation in business volumes and, at the same time, an overproportional burden on earnings from volume-related reductions in utilization on the one hand and from internal costs relating to future-oriented projects on the other, the implementation of which will have a positive impact on earnings in the coming years.
In total, 16,671 cranes and systems were sold, a decline of 5.8 percent compared with the previous year. Revenue was at EUR 306.5m from EUR 332.1m in 2001. Profit from operations (EBIT) dropped from EUR 38.1m to EUR 23.4m, a decline of 38.6 percent. Profit before tax was EUR 19.7m from EUR 34.6m in 2001 and consolidated net profit for the year fell to EUR 13.2m, 39.4 percent below the EUR 22.3m recorded in the prior year. Even so, cash flows from operating activities rose from EUR 10.7m to EUR 31.7m and free cash flow rose from EUR 23.9m to EUR 33.7m.
The EBIT margin dropped to 7.6 percent, but, even so, illustrates the strength of the Palfinger Group. In comparison with its peer group, Palfinger is still on top. The equity ratio reached a historic high of 48.0 percent.
Earnings per share are EUR 1.45 and a dividend of EUR 0.60 will be recommended to the Annual General Meeting.
The year 2003 will be a year of consolidation and market orientation. In the future the Group will aim even more for market and customer proximity of individual products. The main focus will be on profitability of all of Palfinger's products, also on Palfinger's "new" products. The implementation of the location optimization program and the expansion of RAP will support these developments. Based on these foundations, the management expects a slight improvement in earnings and margins in 2003. Controlled growth under the principle of "earnings before revenue" remains the most important principle.
In the first quarter of 2003, the management expects revenue of about EUR 79.3m and EBIT of about EUR 7.2m. http://www.palfinger.com
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