palfinger at a glance

Financial Position, Cash Flows and Result of Operations
conSoliDateD MANAGEMENT REPORT / PERFORMANCE OF PALFINGER
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Financial Position, Cash Flows and Result
of Operations
Financial position
Total assets increased by 9.2 per cent as compared to the previous year and amounted to
EUR 739.8 million (previous year: EUR 677.4 million) as at 31 December 2011. This was due
primarily to the expansion of business volume and the acquisitions made.
2009 2010 2011
This increase reflected, for one thing, the revenue-related rise in net working capital by EUR 31.3 million
or 30.5 per cent to EUR 133.9 million (previous year: EUR 102.6 million). Another conducive factor
was that non-current assets were stepped up by EUR 10.9 million or 2.9 per cent to EUR 391.8 million
(previous year: EUR 380.9 million), which was caused primarily by the tangible and intangible assets
from the acquisitions made in 2011 being reported. The satisfactory expansion of business volume
(share contributed by acquisitions: EUR 15.5 million) was also reflected in the rise in current assets
by EUR 51.4 million or 17.3 per cent, from EUR 296.5 million to EUR 348.0 million.
375
300
225
150
292.3
52.0%
151.9
319.9
50.3%
160.9
352.8
47.3%
166.9
60%
50%
40%
30%
20%
It was due to the continuation of the Group-wide CC-Top project, which pays special attention to
inventories, accounts receivable and accounts payable, that average net working capital was
lowered again in 2011 from 18.0 per cent to 14.0 per cent relative to revenue.
Due to the presentation of the contractually defined put options of the non-controlling shareholders
from the acquisition of the companies ETI and Ned-Deck Marine as a separate item under liabilities
in the balance sheet as at 31 December 2010, equity was reduced by EUR 11.5 million and, as at
31 December 2011, by EUR 11.8 million. The year-on-year increase in equity by 10.3 per cent, from
EUR 319.9 million to EUR 352.8 million – despite the payment of a dividend in 2011 – was primarily
due to the positive consolidated result after income tax of EUR 47.4 million.
75
0
Equity and
net debt
(EUR million)
Equity
Net debt
Gearing (in per cent)
2009 2010 2011
10%
0%
Non-current liabilities decreased from EUR 195.3 million to EUR 161.0 million. The main reasons
for this drop were the reclassification of the tranches of the promissory note loan due in 2012,
amounting to EUR 43.0 million, from non-current financial liabilities to current financial liabilities and
the taking up of additional long-term funding in the course of the acquisitions made. 84.5 per cent of
PALFINGER’s total capital employed has been secured on a long-term basis. Current liabilities reflect
not only the effect of the reclassification but also the augmentation of the operating performance
within the Group. While equity increased (taking into account the adjustment described above), net
debt rose only slightly as compared to the previous year, which led to a reduction of the gearing
ratio from 50.3 per cent at the end of 2010 to 47.3 per cent as at 31 December 2011.
25,000
20,000
15,000
10,000
5,000
7,992
14,582
18,615
Abbreviated consolidated balance sheet
EUR million 31 Dec 2011 31 Dec 2010 31 Dec 2009
Non-current assets 391.8 380.9 312.8
Current assets 348.0 296.5 275.2
Total assets 739.8 677.4 588.0
0
Investment in
property, plant
and equiPMent
(EUR thousand)
Equity 352.8 319.9 292.3
Non-current liabilities 161.0 195.3 163.3
Current liabilities 226.0 162.2 132.4
Total equity and liabilities 739.8 677.4 588.0
66 palfinger Annual Report 2011