PALFINGER news

Need for impairment of Business Area Marine’s goodwill as of December 31, 2017 following an audit in accordance with the Accounting Control Act

25.10.2018

The Austrian Financial Reporting Enforcement Panel (OePR) has completed its audit of the consolidated financial statement of PALFINGER AG as of December 31, 2017 and the half year financial statement of PALFINGER AG as of June, 30 2018 in accordance with the Austrian Accounting Control Act. PALFINGER AG expects the final audit report within the next weeks.

Based on today’s notification by the Panel (OePR), there is a need for a material impairment of the goodwill of the Cash Generating Unit (CGU) Business Area Marine as of December 31, 2017. The goodwill mainly results from the acquisition of Harding. The goodwill of the entire CGU Business Area Marine as of December 31, 2017 amounted to EUR 156.5 million. The Management Board estimates that the extent of the possible restatement could amount to approximately half of this goodwill.

Without the adjustment, Group-equity amounted to EUR 575.7 million and the equity ratio to 37.3% as of December 31, 2017.

PALFINGER AG will make the necessary corrections on the basis of the final audit report and publish it.

The correction to the 2017 financial statements will have no impact on the 2018 results, but will reduce the Group-equity and the equity ratio accordingly.

 


ABOUT PALFINGER AG

The international mechanical engineering firm of PALFINGER is the world’s leading producer of innovative crane and lifting solutions. With over 12,600 employees, more than 30 manufacturing sites and a worldwide network of dealerships and service centers at over 5,000 locations, PALFINGER takes on its customers’ challenges and creates added value. PALFINGER is consistently continuing on its course as a provider of innovative, complete solutions that deliver increased efficiency and better operability, while leveraging the potential of digitization along the entire production and value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2021 achieved record revenue of EUR 1.84 billion. In 2022, PALFINGER celebrates its 90th anniversary under the tagline “Celebrating the future since 1932.”

 

For further information please contact:

Hannes Roither | Group Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.