First half revenue
Revenue by business line in € millions H1 2016 H1 2015 change
Equipment sales 203.4 172.5 + 18 %
Equipment rental 12.7 12.5 + 2 %
Services 23.7 22.0 + 8 %
Haulotte Group has delivered a 17% sales increase (at constant exchange rates), reporting € 239.8 million in the first half of 2016, against € 207.0 million for the same period last year.
Excluding currency effects, the strong performance from Europe (+30%), driven by the recovery in investment expenditure of rental companies, and North America (+9%), offset a mixed picture in Asia Pacific (+1%) and a still difficult situation in Latin America (-6%). The Group's other activities are growing in the first half of the year, by +9% on Services activity, and +2% on Rental activity at constant exchange rates.
First half results
Income statement highlight
Revenue 239.8 207.0 + 16 %
Current operating income
Excl. exchange gain & loss 14.9 10.7 + 39 %
Operating income 14.5 17.9 - 19 %
Consolidated Net income 9.9 17.2 - 42 %
Current operating income, excluding exchange gains and losses, was up 39% and amounted to 6.2% of sales (+ 1 pt compared to first half of 2015). It is mainly due to a significant growth in volume, notably in Europe, despite an increasingly competitive market.
The decrease in operating income and net income was mainly the consequence of a less favorable foreign exchange rates environment in the period compared with 2015.
The Group's net debt continues to decrease (€ -6.2 million excluding guarantees given), thanks to good profitability and good Working Capital control.
Outlook and recent events
Haulotte Group confirms, for the year 2016, growth in revenue close to 5%, due to the particularly high level of activity in the last quarter of 2015, and an improvement of its current operating margin rate.
Quarter 3 Sales: 18 October 2016