Haulotte dives into the red
With the world market for powered access platforms falling in the region of 75% in 2009, French manufacturer has reported sales down 55% for the year, resulting in a pre-tax loss of €68.8 million.
Haulotte's net sales fell from 2008's € 450.8 million to €202.0 million in 2009. The €68.8 million.pre-tax loss for 2009 compares with a €39.0 million pre-tax profit in 2008.
The company reported that there was "almost no investment by European and American major rental companies during 2009, but Haulotte Group maintained its European market share, while increasing market share in Asia and America".
The company's results statement, released on 11 March, continued: "Current operating income was impacted by (i) the important negative effect of the volumes on the gross margin, (ii) the high level of change in provisions for inventories and trade receivables and (iii) cost of sub-activity of production units. Very important actions were initiated to decrease fixed costs (27 % lower than 2008 with the same activities), while maintaining effort in research and development."
Haulotte said it was bracing itself for a similarly tough 2010. "In the absence of any tangible sign of market upturn in the beginning of this year, Haulotte Group got ready to face 2010 in a similar environment of 2009. In this uncertain context, the priorities remain to reduce working capital (continue to decrease inventories), to contain fixed costs (new measures of reorganization of some sales subsidiaries) and to increase of the commercial efforts in zones with stronger potential."
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