10.03.2011

Haulotte posts €52.6 million loss

Haulotte has revealed its top line results which confirm revenues up 23 percent to €250 million and show a pre-tax loss of €52.6 million, compared with a loss of €68.8 million in 2009.
Click here to see preliminary results
The results confirm the statement by chief executive Alexandre Saubot that the group’s current break-even point is running around €300 million in terms of revenues.

The company said that operating income was hit by the low volumes, the cost of its production units running at uneconomic levels, high trade debtors and inventory clearance and resulting provisions.

There was some offset in that it saw a reduction in raw material prices and a better contribution from its rental activities. Fixed overhead costs were reduced by seven percent over 2009, and net debt was reduced by €50 million, thanks to the decrease in inventories and to the reduction in its debtor days of 27 days.

“The significant increase in backlog in recent months and the renewed dynamism of certain markets allow us to envisage a growth in 2011 comparable to 2010. The prospect of growth should enable us to return to operational balance. Priority is given in 2011 in maintaining our margins, the rise in production plans and the end of our plan to reduce working capital,” said Saubot.