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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
At the time of acquisition, the net assets acquired, on the basis of the estimated fair values, were broken down
as follows:
EUR thousand
Fair value
Non-current assets
intangible assets 7,206
property, plant and equipment 2,187
9,393
Current assets
Inventories 8,402
trade receivables 4,157
cash and cash equivalents 2,946
15,505
Non-current liabilities
non-current financial liabilities 124
deferred tax liabilities 1,204
1,328
Current liabilities
current financial liabilities 1,317
current provisions 205
tax liabilities 163
trade payables and other current liabilities 6,440
8,125
Net assets 15,445
Goodwill generated in the course of the acquisition primarily reflects the benefit expected from the market
expansion in Russia and Scotland.
Net cash flows from the acquisitions were as follows:
EUR thousand 2011
Cash flows from operating activities
transaction costs (431)
Cash flows from investing activities
purchase price paid in cash (14,441)
cash and cash equivalents 2,946
Net cash flows from the acquisitions (11,924)
PRO forma discLOsures
Since the time of initial consolidation, the aforementioned acquisitions have contributed EUR 7,807 thousand to
the consolidated revenue of PALFINGER AG and EUR 266 thousand to its consolidated net result for the period.
If the transactions had been made with effect from 1 January 2011, the consolidated net result for the period of
paLFINGER AG would have been as follows:
EUR thousand Jan–Dec 2011 stated Jan–Dec 2011 pro forma
Revenue 845,677 864,302
Consolidated net result for the period 41,955 43,901
Earnings per share in EUR 1.19 1.24
palfinger Annual Report 2011
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