palfinger at a glance

Performance by Segment
conSolidated MANAGEMENT REPORT / Segments and Outlook
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Transportable Forklifts
The Transportable Forklifts business unit continued to display its strength in the key account business
and particularly in Germany. All in all, a satisfactory contribution to revenue and earnings was
generated on this basis in 2011. In Great Britain, PALFINGER expects to boost business by means
of a design customized for the local market. Moreover, PALFINGER plans to broaden the customer
base in order to be able to better compensate the volatility of the individual geographical markets.
A comprehensive marketing project has been devised to this end.
Railway Systems
In contrast to the other business units, the volatile order situation in the Railway Systems business
in 2010, in combination with the long lead times of projects, was reflected in weak earnings in the
2011 financial year. An increase in incoming orders has been recorded since the beginning of 2011,
but this will not be reflected in a return of the Railway Systems business unit to its usual contribution
to earnings until 2012. The development of this business unit in the reporting period was supported
by the focus on service strategy.
Production
The Production business unit achieved an exceptionally large increase in its contribution to earnings
during the reporting period. This was made possible, on the one hand, by improved capacity utilization
and, on the other hand, by optimized processes in connection with order-based manufacturing
and a good cost structure. PALFINGER has already established a reputation as a reliable partner with
top quality products in the field of third-party manufacturing for external customers. In Croatia, in
order to further optimize production flows, two companies were merged in the second quarter of
2011 and the Delnice site was expanded. An expansion of production capacities by 30 per cent at
the site in Tenevo, Bulgaria, was agreed upon with a view to ensuring supply with top-quality
cylinders even if demand should increase in the future.
Marine Systems
The Marine Systems business unit, which was set up in 2010, is composed of the four sub-units
Marine, Rescue, Wind and Service. The advancing integration of this business unit is well underway,
which is reflected in an increase in incoming orders and positive earnings. The result of this business
unit will still be impacted slightly by the effects of the purchase price allocation for a few quarters.
The product areas included in this unit lived up to the expectations, with highly satisfactory contributions
to earnings being generated by Ned-Deck Marine. In the offshore wind energy sector, two
important large-scale orders were won in the second half of the year. This sector will remain a priority,
enabling PALFINGER to derive optimal benefit from the future potential of this growth market.
Segment share in the consolidated net result for the period
in % of Group 2011 EUR thousand 2010 EUR thousand
External revenue 73.5% 621,739 479,180
EBITDA 106.2% 102,730 70,081
Depreciation, amortization and impairment 78.6% 22,672 17,371
EBIT 117.9% 80,058 52,710
Segment assets 75.0% 554,984 508,945
Segment liabilities 37.9% 146,495 135,846
Investment in property, plant and
equipment, intangible assets 74.7% 18,205 13,936
EBIT margin 12.9% 11.0%
Average payroll during reporting period * 68.9% 3,857 3,366
* Consolidated Group companies excluding equity shareholdings and temporary workers.
94 palfinger Annual Report 2011