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search Print Outlook conSolidated MANAGEMENT REPORT / Segments and Outlook Outlook After the global economic crisis of previous years, PALFINGER showed gratifying performance in 2010 and 2011 that was based, on the one hand, on implemented structural and growth initiatives and, on the other hand, on the recovery of important markets. The Group managed to grasp market opportunities and emerged from the crisis even stronger than before in all sectors, having obtained significant benefits from the incipient market growth. In the second half of 2011, however, uncertainty in the European markets increased once again due to the re-emergence of economic turmoil, causing the economic mood to take another negative turn. The consistent pursuit of internationalization, especially outside Europe, is thus being continued. In recent years, the strategic decision to grow towards the BRIC countries has already proven its worth: Some of the formerly large European markets still have not recovered from the global economic crisis of 2008/2009. In contrast, markets that are still young for PALFINGER are performing very well. Palfinger plans further growth for 2012. At the moment, the internationalization focus is on Asia and Russia, where, along with economic growth, the market potential of PALFINGER is on the rise as well. In Russia, PALFINGER has already taken a major step with the acquisition of INMAN. In China, another important future market, PALFINGER has been promoting target-oriented strategic development to increase local value creation. Flexibility is an essential competitive advantage for PALFINGER, particularly in connection with the increasing volatility of the markets. Switching to order-based procurement, manufacturing and assembly has enabled PALFINGER to respond to order fluctuations quickly without locking up excessive capital by increasing inventories. PALFINGER will therefore continue to pursue its flexibility course consistently in all fields. The growing diversity of the Group’s products, expansion through acquisition as well as the promotion of internationalization have proved to be significant competitive advantages for PALFINGER but, at the same time, require that the Group concentrate more on complexity management. Stepping up activities and increasing resources in this field should help the Group to utilize and expand these advantages in the future as well. The developments that have been observed in the financial markets in Europe from the second half of 2011 onwards will also have an impact on the real economy and thus on the markets that are of relevance for PALFINGER. Nevertheless, PALFINGER is confident that a decline in performance will not reach the same dimensions as in the crisis year 2009: The optimized cost structure, enhanced processes and above all the reduction of inventories at all value-creation stages – from suppliers to dealers – enable PALFINGER to respond flexibly to changes in market demand. Against the backdrop of the uncertain development of the economy and demand, the management expects a moderate increase in revenue, especially coming from the areas outside Europe, for the 2012 financial year. In addition, the areas North and South America and the business units Access Platforms and Marine Systems are expected to make even more substantial contributions to earnings. palfinger Annual Report 2011 99
www.palfinger.com Palfinger AG Franz-Wolfram-Scherer-StraSSe 24 5020 Salzburg Austria
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We are Prompt in Reacting to Change
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Governing Bodies Corporate Governan
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Remuneration Report Corporate Gover
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Economic Background Consolidated Ma
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Industry Review Consolidated Manage
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Companies of the PALFINGER Group >
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