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ots Ad hoc-Service: PALFINGER AG
Palfinger maintains rapid expansion and posts improved results Increased earnings due to strong demand and production cost savings
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Bergheim/Salzburg (ots Ad hoc-Service) -
in EUR mn according Q1-3 2000 +/- in Q1-3 1999
to IAS %
Revenue 233.0 38.9 167.7
EBIT 33.0 87.8 17.6
Profit before tax 29.7 102.1 14.7
Consolidated net 20.0 111.2 9.5
Earnings per share 2.39 117.3 1.10
Figures for the first three quarters of this year show that the Palfinger Group maintained the rapid rate of expansion witnessed in the first half. Consolidated revenue rose by 38.9 percent, from EUR 167.7 million (mn) to EUR 233.0 mn. This success was attributable to the sustained upturn in demand for truck cranes and container handling systems. The Group sold a worldwide total 12,435 cranes and systems. The gain in cash flow from operating activities outstripped that in revenue, climbing from EUR 16.3 mn to EUR 32.1 mn - an increase of 97.0 percent.
The earnings indicators recorded higher growth rates than in the first two quarters of this year. Earnings before interest and tax (EBIT) were up by 87.8 percent to EUR 33.0 mn, while the profit before tax surged by 102.1 percent to EUR 29.7 mn, and the consolidated net profit for the first three quarters of 2000 was EUR 20.0 mn compared with EUR 9.5 mn in the like period of the previous year - a leap of 111.2 percent. Earnings per share were EUR 2.39. The disproportionate gains in earnings relative to revenue, which have now persisted for more than four successive quarters, were the outcome of the increases in Palfinger's market shares in its main markets, and of the impact of ongoing rationalization programmes in the Company's procurement and production operations, as well as the success of its after-sales organization.
In order to ensure that the Company remains on course with its expansion strategy, investment in property, plant and equipment almost doubled in the first three quarters of this year, as compared with the same period of 1999. In the third quarter alone, EUR 7.4 mn were invested, resultingin cumulative capital expenditure of EUR 12.9 mn for the January-September period, or a year-on-year increase of 87.6 percent. Management expects the fourth quarter to see a slight upswing in business as compared to the third, accompanied by more good earnings figures. As of 30 September order backlog stood at EUR 62.8 mn, compared with EUR 63.5 mn at the end of the first half of 2000 and EUR 48.2 mn at the end of the third quarter of 1999. A continuation of the gratifying trends of the first three quarters over the year as a whole is anticipated. Contact: Johannes Kikinger, Palfinger AG, Financedirector phone +43-662-46 84, ext. 2274 email@example.com www.palfinger.com
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