23.03.2023

Red ink at Haulotte

Haulotte has published its preliminary financial statement for 2022, reporting a loss for the 12 months to the end of December, in spite of 18 percent revenue growth.

Total revenues were close to that – reported in February - €608.25 million, however pre-tax profits plunged from a €16.1 million profit for 2021 to a loss in 2022 of €9.58 million. This was driven by €47.8 million of cost increases relating to components, energy and transport. The company also saw an additional €14.7 million of fixed costs and €2.9 million of exchange rate losses - mostly against the dollar.

The ability to pass on the cost increases was hampered by coming into the year with a very strong order book, caused by higher demand at the same time as deliveries were held back by supply chain issues. Towards the end of the year the company was able to benefit as 2023 orders with new higher prices began to ship.

Net debt increased by around 70 percent on the year to €246 million as the need for more working capital grew to fund inventories and work in progress etc. During the year Haulotte benefited from a €96 million state guaranteed loan from its lenders along with BPI France, with lenders also agreeing to waive compliance rations for 2022.

2023 Forecast

In spite of the red ink, Haulotte entered the new year in an optimistic mood, with a strong order book and easing supply chain issues. It is expecting revenues to increase by around 20 percent this year to around €730 million - a new record - while profits are expected to return to more normal levels.

Vertikal Comment

Haulotte is clearly seeing strong growth in terms of sales and is really getting its act together in markets where it has previously struggled, such as the USA. Its new models have been well accepted and are gaining a decent following, and the fact that it did not try to retroactively increase agreed prices for machines yet to be delivered, as some manufacturers did, will stand it in good stead going forward, especially with buyers who would rather place their business with a western manufacturer, but have issues with the 'big two'.

Barring any unforeseen market challenges Haulotte is well placed to meet or exceed its forecasts this year and move firmly back into the black.