06.03.2013

Haulotte comes close to break even

Access and telehandler manufacturer Haulotte has published its final 2012 numbers, showing a profit at the operating level and a modest net loss.

The company confirmed revenues at €355.7 million, up 16 percent on 2011, while its net loss improved 17 percent to -€7.5 million. Click here to see original report ‘Haulotte up 16% in 2012

At the operating income level the company made a profit of €800,000, however this would have been €11.5 million without currency gains or losses. The improvements came from the positive impact of additional volume on gross margin, improving sales prices and a better margin on rental and services.

Fixed costs, excluding any debtor write offs or allowances, increased by four percent, mainly reflecting investments in what the company refers to as areas with high potential development. The group’s net debt was reduced significantly in the period to €102 million as of the end of December 2012. However discussions with its lenders have commenced due to non-compliance with certain banking ratios.

The company expects a 10 percent improvement in 2013, which should take it back into overall profit.

Vertikal Comment

Haulotte has done exactly what it said it would and made good progress back into the black. It geographic strengths for many years are currently working against it, but it is making steady progress now in North America and seeing dramatic improvements in several developing markets.

It has clearly fallen well behind the two market leaders in the past year or two, and has Skyjack coming up fast behind. However it has plenty of opportunities to improve its situation at an even faster pace that it is currently suggesting. It just needs to make sure that those opportunities are exploited.