2017 First Half: Sales +10% - Current operating income +53%

2017 First Half: Sales increase of 10%

Current operating income (excl. exchange gains & losses) up 53%

A net result of 2.4% impacted by currency effects and provisions

 


First half revenue
 

Revenue by business line in € millions

H1 2017

H1 2016

change

Equipment sales

225.5

203.4

11%

Equipment rental

14.9

12.7

17%

Services

24.2

23.7

2%

Total

264.6

239.8

10%


Haulotte Group delivered a 9% sales increase (at constant exchange rates), reporting revenue of € 264.6 million in the first half of 2017, against € 239.8 million for the same period last year.

Excluding currency effects, the good performance from the European zone was confirmed (+ 19%), with sustained growth in its main markets.  The Asia-Pacific region (+ 7% excluding foreign exchange) continued to experience a contrasting situation across the area. The level of activity in Latin and North America were both down from last year (-3% and -13% at constant exchange rates); due to the significant decline in the Mexican market and a slowdown of US scaffolding sales due to a sharply drop in the market (conversely, sales of access equipment rose in the North America area).

Equipment sales increased by 9% (at constant exchange rates) over the first half, with Service and Rental activities increasing by 2% and 16% respectively (at constant exchange rates).


First half results
 

Income statement highlight
 

In € millions (IFRS)

H1 2017

H1 2016

Change 17/16

Revenue

264.6

239.8

10%

Current operating income

   

 

Excl. exchange grain & loss

22.8

14.9

53%

Operating Income

17.4

14.5

20%

Consolidated Net Income

6.4

9.9

-35%

 

Assisted by a well-oriented global market, current operating income (excluding exchange gains and losses) grew by 53% and stands at 8.6% of revenue.  This was largely due to the significant increase in volumes sold, improvement in the profitability of our Service and Rental activities, and control of fixed costs, despite a significant increase in raw material prices over the period.

Net income was 2.4% of sales, negatively impacted by exchange losses and an increase in the level of specific risk provisions.

The Group's net debt continues to decrease (€ -14.8 million excluding guarantees given), thanks to good profitability and good Working Capital control.


Outlook and recent events


Haulotte Group is expected to post growth in revenue close to 10% in 2017, allowing it to return to a level of current operating income close to 7.5%.

 

Upcoming events


Quarter 3 Sales: October, 17th 2017.