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Thursday 25 October, 2018

Palfinger Ag

EANS-Adhoc: PALFINGER AG / Need for impairment of Business Area Marine’s goodwill as of December 31, 2017 following an audit in accordance with the Accounting Control Act

PR Newswire/euro adhoc/

EANS-Adhoc: PALFINGER AG / Need for impairment of Business Area Marine’s
goodwill as of December 31, 2017 following an audit in accordance with the
Accounting Control Act

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  Disclosed inside information pursuant to article 17 Market Abuse Regulation
  (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
  The issuer is responsible for the content of this announcement.
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Accounting and Audits
25.10.2018

Bergheim - 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.





Further inquiry note:
Hannes Roither, PALFINGER AG
Company Spokesperson
Tel.: +43 662 2281-81100
mailto: [email protected]
www.palfinger.ag


end of announcement                         euro adhoc
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issuer:       Palfinger AG
              Lamprechtshausener Bundesstraße 8
              A-5020 Salzburg
phone:        0662/2281-81101
FAX:          0662/2281-81070
mail:         [email protected]
WWW:          www.palfinger.ag
ISIN:         AT0000758305
indexes:      
stockmarkets: Wien
language:     English
                
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