Haulotte looses 63 million
March 10, 2010 | Comments (0)
Haulotte has confirmed its 2009 revenues of 202 million and published its final result which shows a pre-tax loss of 63 million, compared to a profit of 50.6 million.
The news was not all bad though, the company has been cash positive and managed to reduce its net debt by 15 million to 239.7 million. The company has not published any further information so we will have to wait until April to see the annual report.
The company says that it expects 2010 to be similar to 2009 and that it will not pay a dividend for 2009.
As a reminder of the revenue break-downs for 2009:
Total full year revenues were 202 million, a fall of 55.2 percent compared to 2008. Equipment sales declined by 63.6 percent to 139.4 million, Service revenues, which include parts sales, fell by 11 percent and rental revenues by two percent -17 percent on a like for like basis which excludes the Access Rentals acquisition in the UK in mid 2009 and Horizon High Reach in Argentina in early 2008.
Geographically European sales fell by 63 percent to 139.9 million, North American revenues grew four percent to 33.8 million (of which 21.9 million came from BilJax), while Asia declined by 15 percent to 16.7 million or 8.3 percent of the total and South America fell 39 percent to 11.5 million or 5.7 percent of total revenues.
Vertikal Comment
Haulotte has adopted the habit of dribbling its financial information out in small bites, with revenues in February, profits in March and the rest on publication of the annual report in April, so it is quite challenging to do a proper analysis of the results at this stage.
The company appears to be doing no better and no worse than its top two competitors when it comes to the aerial lift and telehandler manufacturing and support business. It is hard to say much more at this stage.
The news was not all bad though, the company has been cash positive and managed to reduce its net debt by 15 million to 239.7 million. The company has not published any further information so we will have to wait until April to see the annual report.
The company says that it expects 2010 to be similar to 2009 and that it will not pay a dividend for 2009.
As a reminder of the revenue break-downs for 2009:
Total full year revenues were 202 million, a fall of 55.2 percent compared to 2008. Equipment sales declined by 63.6 percent to 139.4 million, Service revenues, which include parts sales, fell by 11 percent and rental revenues by two percent -17 percent on a like for like basis which excludes the Access Rentals acquisition in the UK in mid 2009 and Horizon High Reach in Argentina in early 2008.
Geographically European sales fell by 63 percent to 139.9 million, North American revenues grew four percent to 33.8 million (of which 21.9 million came from BilJax), while Asia declined by 15 percent to 16.7 million or 8.3 percent of the total and South America fell 39 percent to 11.5 million or 5.7 percent of total revenues.
Vertikal Comment
Haulotte has adopted the habit of dribbling its financial information out in small bites, with revenues in February, profits in March and the rest on publication of the annual report in April, so it is quite challenging to do a proper analysis of the results at this stage.
The company appears to be doing no better and no worse than its top two competitors when it comes to the aerial lift and telehandler manufacturing and support business. It is hard to say much more at this stage.
