01.04.2006

Haulotte confirms 2005 numbers

Haulotte has confirmed its results for 2005. Revenues were €388 million, a 45 percent improvement on 2004.

Operating profits were €66.6 million, or 17 percent of sales, a huge improvement on 2004, when its operating income was just over €20 million, or 7.5 percent of sales.

Net profits came in well above the company’s January predictions at nearly €46 million, more than five times that of 2004 and a very respectable 11.8 percent of sales, compared to 3.3 percent last year.

Outlook

Haulotte says that 2006 has started well and is holding to its prediction for growth in 2006 to be in the region of 20 to 25 percent. It anticipates that net profits will remain above 11 percent.

The company has already opened it Polish and Russian sales operations and is currently working on adding operations in China and Mexico. It has also given a few clues as to further expansions in its manufacturing capacity with an operation in Eastern Europe and a further operation in “Western Europe” to produce “diversification products”.

Vertikal Comment

No matter which way you look at it these are excellent numbers, a net profit of close to 12 percent remarkable, even in these buoyant times. The company clearly expects to see its 2006 revenues to approach €500 million with net profits of over 55 million.

Its statement on expanding production capacity is interesting, certainly adding a venture in Eastern Europe will help it not only drive down costs, but also cement its efforts in the region. The facility or operation for diversification products could relate to its efforts in the specialist earthmoving market or telehandlers?

Last weeks statement contained no further mention of an acquisition in North America, this means nothing, on the one hand the company could be close to announcing something, and certainly Intermat would be an ideal opportunity or it may have decided that the timing is not right for such a move?

We are holding our previous forecasts for Haulotte in 2006 of revenues in the region o f €500 million and net profits of €55 to €60 million.
see Haulotte up 44%-Jan 28th