ots Ad hoc-Service: PALFINGER AG <AT0000758305> Press conference to announce results
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Palfinger puts in another outstanding growth performance with second successive record-breaking year
. Turnover up 24.9 percent
. EBIT up 33.6 percent
. Pre-tax profits up 47.2 percent
. Retained profits up 57 percent
. Improvements due to sales success, cost reductions and
acquisitions
. Dividend 57 cents per share
. Continuing growth expectedSalzburg/Vienna , 28 March 2000 (according to 1998 +/- 1999 1999 IAS) EUR mn percentage EUR mn ATS mn Sales volume 10,392 +31.1 13,626 (number of systems Revenue 194.6 +24.9 243.2 3,347 EBIT 20.2 +33.6 27.0 371 Profit before tax 16.3 +47.2 24.0 331 Profit after tax 10.4 +52.9 15.9 219 Retained profits 10.6 +57.0 16.8 231 Employees 1,268 +12.3 1,424 (average)
Rapid growth
For Vienna listed Palfinger AG, 1999 was the second record-breaking year in succession. Marketing success lifted the volume of cranes and systems sold by 31.1 percent. Revenue grew by 24.9 percent to EUR 243.2 million(ATS 3,347 million). Profits have risen more than proportionally. Despite flotation expenses and the cost of acquisitions, EBIT climbed by 33.6 percent to EUR 27 million (ATS 371 million). The EBIT margin for 1999 was 11.1 percent, compared to 10.4 percent for the previous year. Net of exceptional items, percentage EBIT was 12 percent.
Dividend 57 cents per share, yield 2.7 percent
As a result of increased investment earnings, the share, yield following results rose even more markedly. The 2.7 percent IAS-based consolidated after-tax profits for 1999 amounted to EUR 16.8 million (ATS 231 million). Compared to 1998's EUR 10.6 million this was an improvement of 57 percent. A dividend of 15 eurocents per share is being distributed to shareholders. On the basis of the issue price of EUR 21 per Palfinger share, this represents a yield of 2.7 percent.
Further growth is expected in the year 2000. At the end of 1999, order backlog stood at a record EUR 58.6 million - 55 percent up on the previous Flotation and year-end level of EUR 37.8 million. As a result acquisition of this growth and of the acquisition of the open up new French Guima S.A. group, the payroll rose to 1,631.
Flotation and acquisition open up new perspectives for Palfinger
Last year marked two milestones in Palfinger's history. The stock exchange flotation strengthened Palfinger's capital base and put it on the international map, while the acquisition of the world's second largest producer of hook loaders, the French Guima S.A. group, created a second core business. It is Palfinger's declared aim to gain the world market leadership in this segment, too. With 251 employees, Guima last year posted some EUR 32 million in revenue and EBIT of EUR 6.1 million.
Innovations accompany growth
Further acquisitions were a distribution company accompany in Norway - an important market for Palfinger - growth and steel fabrication capacity in Bulgaria. Placing this capacity at the disposal of a longstanding supplier has made it possible to target further cost reductions in the component manufacture and procurement.
New container transfer system increases efficiency of multimodal transport
In 1999 Palfinger once again demonstrated its technological leadership by bringing two new system developments to market. The vibration suppression increases system originally developed for the world's largest bridge inspection system has been adapted for series production of truck cranes, and is available as a special feature for all types of crane. This system enhances operator friendliness and safety, and the range of uses to which cranes can be put.
The year's second significant innovation is in the field of multimodal transport. A truck- mounted container transfer system makes it possible to load a container from truck to rail, or vice versa, in only a few minutes and without additional equipment. This increases the efficiency of regional multimodal transport to such an extent that for the first time it can become competitive for distances of less than 500 kilometres.
Management is confident that it can keep the company on track for more strong growth this year.
Shareholder information:
EUR 1998 1999
Earnings per share 1.42 2.09
Dividend per share 0.21 0.57
Issue price 21
Market price on 13
March 2000 24
Relative performance
(ATX 50) +18.7
Market capitalization
on 13 March 2000 200,880,00
0
Security ID no. 075830Contact
Palfinger AG, F.-W.-Schererstrasse 24, A-5101 Salzburg-Bergheim Tel: (+43 662) 46 840 Fax: (+43 662)45 00 84 www.palfinger.com
Klaus Reisinger (Spokesman) ext. 2128 k.reisinger@palfinger.com
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Original-Content von: Palfinger Holding AG, übermittelt durch news aktuell