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2002 was a difficult year for the Palfinger Group. Due to difficult global business conditions, sales of systems fell about six percent. Nevertheless, projects with long-term future effects in production processes (RAP) and the optimization of plant location were introduced as scheduled. In 2002, revenue fell 7.6 percent to EUR 306.8m. This was mainly because of poor economic conditions, particularly in Germany, and because of the completion of inventory reductions. The Group's projected operating earnings (EBIT) stood at EUR 23.0m from EUR 38.1m in 2001, a drop of 39.6 percent. These figures reflect reduced production utilization, the unfavorable exchange rate between the Euro and the US Dollar and a shift in product mix toward less profitable products. [more]