palfinger at a glance

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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
Controlling
company 1)
Direct
interest 2)
Company, registered office in per cent in per cent
Companies consolidated using the equity method
Indirect
interest 3) Curr. 4)
Nimet Srl, Lazuri (RO) PPT 40.00 40.00 RON
Palfinger Argentina S.A., Buenos Aires (AR) MP 100.00 99.14 ARS *
Palfinger France S.A., Étoile sur Rhône (FR) PEU 49.00 49.00 EUR
stepa Farmkran GmbH, Elsbethen (AT) PEU 45.00 45.00 EUR
* Company not fully consolidated due to negligible importance.
Newly founded companies
By articles of association dated 30 May 2011, Palfinger Marine- und Beteiligungs-GmbH, Salzburg, founded the
wholly-owned subsidiary Palfinger CIS GmbH, Salzburg. The subsidiary was entered into the commercial register
held at the Provincial Court of Salzburg Acting as the Commercial Court on 17 June 2011. The company was
founded to provide an optimized corporate-law base for the progressing expansion in the CIS countries.
Furthermore, PALFINGER AG, Salzburg, founded the two holding companies Palfinger European Units GmbH,
Salzburg, and Palfinger Area Units GmbH, Salzburg, as wholly-owned subsidiaries. The companies Palfinger
North America GmbH, Salzburg, and Palfinger South America GmbH, Salzburg, were established as whollyowned
subsidiaries of Palfinger Area Units GmbH. The companies were entered in the commercial register at the
Provincial Court of Salzburg Acting as the Commercial Court on 15 December 2011. The holding companies were
founded in preparation for a project to optimize the Group’s structure, to adjust the corporate-law structure to
the current management structure and to achieve a division into investment companies and operating companies.
The project will be implemented in 2012.
On 10 October 2011, Palfinger Marine Services AS, Rosendal, Norway, was established as a wholly-owned
subsidiary of Palfinger Marine- und Beteiligungs-GmbH, Salzburg. The company was entered in the commercial
register at the Commercial Court on 19 October 2011. The purpose of founding this company was to promote
the expansion of the service business in the business unit Marine Systems.
Mergers
Palfinger Marine d.o.o., Skrljevo, Croatia, was merged into Palfinger Proizvodna Tehnologija Hrvatska d.o.o.,
Delnice, Croatia, as the absorbing company, with effect from 3 May 2011 in order to simplify the Group’s structure.
In addition, Palfinger Finanzierungs-GmbH, Ainring, Germany, was merged into the parent company
paLFINGER AG, Salzburg, Austria, as the absorbing company, with retrospective effect from 31 March 2011.
Acquisitions made in 2011
INMan
On 4 July 2011, PALFINGER signed the contract for the takeover of the leading Russian crane producer
INMAN (Ischimbajskie Neftianiye Manipuliatory, JSC). The acquisition of 100 per cent of the shares in this
company was closed on 26 August 2011.
With this acquisition, PALFINGER AG is further expanding its business in Russia. The company, which has its
registered office in Ishimbay in the Republic of Bashkortostan (Volga region), has been a producer and distributor
of hydraulic lifting and loading systems, in particular knuckle boom cranes, since 1992.
palfinger Annual Report 2011
117