palfinger at a glance

noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
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ROss & BOnnYMan LTD.
In 2010, the Scottish access platform manufacturer Ross & Bonnyman decided to cease manufacture of commercial
tail lifts. On 5 November 2010, Ratcliff Palfinger Ltd. and Ross & Bonnyman Ltd. signed a contract for the
acquisition of the latter’s spare parts and service business. After having obtained the approval of the anti-trust
authorities, the transaction was closed on 1 August 2011.
KRAFtinVest PALFingeR BeteiLIGUNGS-GMBH
paLFINGER used to hold 49 per cent of Kraftinvest Palfinger Beteiligungs-GmbH, a company included at equity.
The latter’s sole subsidiary, Palfinger Crane Rus LLC, is headquartered in St. Petersburg and is the largest dealer
and general importer of numerous PALFINGER products in Russia. Following the acquisition of an additional
31 per cent of the shares in Kraftinvest Palfinger Beteiligungs-GmbH from the previous majority shareholder on
19 December 2011, PALFINGER now holds 80 per cent and thus a controlling interest in Kraftinvest Palfinger
Beteiligungs-GmbH and Palfinger Crane Rus LLC. Regarding the remaining 20 per cent, the non-controlling
shareholder holds a put option to sell the remaining shares to PALFINGER. This obligation is being treated as a
part of the purchase price not yet due. In the course of the acquisition, Kraftinvest Palfinger Beteiligungs-GmbH
was renamed Palfinger Russland GmbH. Consequently, both companies were fully consolidated with effect from
19 December 2011. This acquisition has enabled PALFINGER to derive additional benefits from the strongly
growing Russian market.
At the time of acquisition, the accumulated purchase price for all acquisitions was allocated on the basis of the
preliminary estimated fair values as follows:
EUR thousand 2011
Purchase price paid in cash 14,441
Portion of purchase price not yet paid 2,900
Portion of purchase price not yet due 6,644
Fair value of interests held 6,682
Subtotal 30,667
Net assets (15,445)
Goodwill 15,222
The final valuation of the purchase price allocation will be completed within 12 months from the date of acquisition,
provided that all bases for determining the fair values, including, in particular, the customer bases and the
brand, have been analyzed in detail.
The goodwill generated cannot be used for tax purposes.
The valuation of the previously held interest of 49 per cent results in an income of EUR 3,969 thousand, which is
reported under income from associated companies.
The portions of the purchase price not yet fallen due will become payable in 2014 and 2015 and depend on the
revenue and the operating result after tax. The reported value results from the current medium-term corporate
planning and is subject to change in proportion to these two parameters (see Note 43).
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palfinger Annual Report 2011