Haulotte reports ‘historic’ increase
20 March 2024
Despite an uncertain market that is “expected to continue the consolidation seen in the second half of 2023”, Haulotte reports an “historic” 28% increase in revenue over 2022 and forecasts stable revenues this year.
The company also saw significant improvements in operating income in 2023, although the final figures showed income stood at zero for the year.
In its 2023 financial year, Haulotte achieved sales of €767 million, compared to €610 million in 2022, resulting in the 28% increase between the two periods. This the company said was driven by strong growth in equipment sales, particularly in North America, and equipment prices.
Continuing the trend of the first half of the year, the second half saw an operating income of €31 million, before exchange gains and losses, or 4% of 2023 sales, up €36 million compared to 2022.
For the year, the group’s net income was zero, which it explained was impacted by a very unfavourable exchange rate environment, resulting in a loss of €17 million. The devaluation of the Argentinian Peso represented €10 million of that figure by end of the year, and there was a significant increase in the cost of debt, again €10 million.
Haulotte launched into low level access in 2022. (PHOTO: Haulotte
Nevertheless, group net debt decreases by €6 million, to €240 million in the year, with a sharp improvement in free cash flow, particularly in the second half of the year, said the company, as a result of the improvement in operating income compared to 2022, which stood at -€17 million, and a reduction in working capital requirement of 33 days.
Due to these conditions the group said it is unable to comply with its banking ratios in December 2023, and has submitted a waiver request, which was accepted by the banking consortium that provides the company’s loans.
The company said it in its financial statement, “In a market that is expected to continue the consolidation seen in the second half of 2023, Haulotte expects stable annual revenue for 2024, and a current operating margin, excluding foreign exchange gains and losses, close to 5% of sales.”
It will be propose at its Annual General Meeting on 23 May that no dividend be distributed to shareholders for 2023.
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