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: 17 October 2017