28.01.2006

Haulotte sales up 44%

The Haulotte group has issued its preliminary sales numbers for the year ending December 2005. Consolidated revenues are €385.1 million ($465 million) up from €265 million in 2004, an increase of over 44 percent.

The new numbers are based on the new International accounting rules, It is estimated that on a like for like basis the increase would most likely have been in the 35 to 40 percent range.

France represented 20 percent of the revenues with 69 percent of the export shipments coming from Europe. Rental income rose in line with the machine sales to just over €50 million, 13 percent of total revenue.

The group is projecting a net profit in the nine percent region, slightly lower than its 10 percent target.

The company says that 2006 is looking very positive, and forecasts a further increase in revenues of around 20 to 25 percent. The growth is expected to come from a continuing improvement in market conditions, contributions from new outlets in Poland and China and incremental sales from the expanded product range launched at APEX.

Vertikal Comment

Haulotte continues to grow moving firmly into third place worldwide behind JLG and Genie. It is entirely possible that the company will reach €500 million in 2006 making it a $600 million aerial business.

With €330 million available to spend on acquisitions, the group is on the lookout for a North American company. If it is to keep up with Genie and JLG it needs to establish a firm foothold in the American market, the acquisition of company such as Skyjack or Snorkel would go a long way towards doing that.

The Rental division, basically LEV and UK platforms, continues to keep pace with the growth in sales revenues and at €50 million is one of the larger European Access rental companies.

We forecast that Haulotte will once again Haulotte will comfortably exceed its forecasts delivering an increase in 2006 of at least 30 percent, with net profits in the 10 to 11 percent range.