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search Print AUDITOR’S REPORT Opinion Our audit did not give rise to any objections. Based on the results of our audit in our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2011 and its financial performance and its cash flows for the financial year from 1 January to 31 December 2011 in accordance with International Financial Reporting Standards as adopted by the EU. REPORT ON THE CONSolidated MANAGEMENT REPORT Laws and regulations applicable in Austria require us to perform audit procedures whether the consolidated management report is consistent with the consolidated financial statements and whether the other disclosures made in the consolidated management report do not give rise to misconception of the position of the Group. Furthermore, the auditor’s report needs to include a statement as to whether the consolidated management report is consistent with the consolidated financial statements and whether the information disclosed according to sec. 243a UGB is correct. In our opinion, the consolidated management report for the Group is consistent with the consolidated financial statements. The information according to sec. 243a UGB is correct. Salzburg, 24 January 2012 Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. Anna Flotzinger m.p. Certified public accountant Christoph Fröhlich m.p. certified public accountant palfinger Annual Report 2011 175
Report of the Supervisory Board > search Print Report of the Supervisory Board In 2011, the PALFINGER Group managed to further expand its global market position thanks to numerous initiatives that were taken and implemented in a targeted manner. The members of the Supervisory Board would like to express their thanks and recognition to the members of the Management Board and in particular all staff members of the PALFINGER Group for their outstanding commitment and achievements in the 2011 financial year. In the 2011 financial year, the Supervisory Board performed all duties assigned to it by law and by the Company’s Articles of Association. Four Supervisory Board meetings were held, on 22 February, 6 June, 26 September and 15 December, and attended by the Management Board. The Management Board informed the Supervisory Board regularly, both in writing and verbally, about the course of business and the position of the Company and of the Group companies. The Chairman of the Supervisory Board communicated regularly with the Chairman of the Management Board, also outside the scope of the Supervisory Board meetings, in order to confer with him concerning the Company’s strategy, business development and risk situation. Besides current developments, the Supervisory Board focused primarily on strategy in the individual areas and business units and with regard to acquisition projects and major investment decisions. The Audit Committee, the Nomination Committee and the Remuneration Committee met at regular intervals during the reporting year. The strategic orientation and further development of the Group were the focus of discussions. paLFINGER AG’s financial statements for the year ended 31 December 2011 and the management report including the Company’s accounting records were audited by Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H., Salzburg. The audit revealed that the accounting records, the financial statements and the management report comply with the applicable legal regulations and the provisions of the Articles of Association. The final findings of the audit did not give rise to any objections, thus allowing an unqualified auditor’s opinion to be issued for 2011. This also applies to the consolidated financial statements. The consolidated financial statements prepared in accordance with IFRS (as adopted by the European Union) were supplemented by the consolidated management report and additional information in accordance with sec. 245a of the Business Code. The Supervisory Board has approved the financial statements for the year ended 31 December 2011 and the management report for the 2011 financial year, thereby adopting the 2011 financial statements of PALFINGER AG according to sec. 96 para. 4 of the Companies Act. The Supervisory Board has approved the consolidated financial statements of the Company and the consolidated management report prepared according to sec. 244 et seq. of the Business Code. The Supervisory Board has evaluated and approved the proposal of the Management Board with respect to the distribution of profits for the 2011 financial year. Salzburg, 3 February 2012 Alexander Doujak m.p. Chairman of the Supervisory Board 176 palfinger Annual Report 2011
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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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PALFINGER and its Competitors Conso
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Financial Position, Cash Flows and
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Financial Position, Cash Flows and
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Key Events After the Balance Sheet
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