Haulotte Group Financials Show Reason to be Optimistic

HaulotteThe French Comnpany, Haulotte Group, has published its financial results for 2014.    In the report, the company says that during 2014 the global market for aerial work platforms saw growth in all continents except Latin America. Against this background, Haulotte Group saw revenue growth of 20% between 2013 and 2014, due to Asia-Pacific area (+33%),Europe (+29%) and North America (+28%).

They go on to say that, excluding forex gains and losses, current operating income from continuing operations amounted to 7.7% of revenue against 5.2% for fiscal 2013. The increase is mainly due to:

  •  the impact of additional volumes on gross margin,
  •  improved performance of industrial operations,
  •  an increase in contribution from service activities.

Operating income from continuing operations increased sharply to €38 million benefiting from the significant appreciation of the US dollar against the euro, which started later in the year.

Net income from continuing operations reached its highest level since 2008 at €29 million.  The €32.5 million growth in net debt over the period, is explained, in a large part by the increase in Working Capital requirement.

Haulotte Group negotiated a new syndicated loan contract during the second half, and has complied with all bank commitments implied by it.
2015 outlook.

The company sid that despite continuing uncertainty in the economic and political environment, the beginning of 2015, supported by the euro/dollar FX rate favourable for European manufacturers, seems to confirm the positive trends observed in Asian, European and North American markets during the previous period. This should allow Haulotte Group to show close to 5% sales growth and current operating margin rates near those delivered in 2014.