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Report of the Supervisory Board
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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