HAULOTTE GROUP (EPA:PIG) - Haulotte: 2020 Annual Results
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10/03/2021 17:40
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HAULOTTE : ANNUAL RESULTS
Financial Information Lorette, March 10, 2021
Annual results strongly impacted by the Covid 19 pandemic (*):
- Sales down -27% (at constant exchange rates, excluding IAS 29)
- A current operating income of EUR +11.9 million or +2.7% of sales (excluding
foreign exchange gains and losses, excluding IFRS 16 & IAS 29)
- Net result of EUR -27.4 million, heavily penalized by FOREX impact
2020 Results:
Income statement highlight - in EUR millions 2020 2019 Change
Excl. IAS 29 & excl. IFRS 16
Revenue 439.6 610.8 -28%
Current operating income excl. gain & loss 11.9 36.1 -67%
Operating income 3.2 29.0 -89%
Net result (27 .4) 17.7 -255%
IAS 29 & IFRS 16 impacts on net result 1.4 1.8
Consolidated net result (26 .0) 19.5 -233%
Audit procedures on the financial statements have been completed; the
certification report will be issued after verification of all legal
documents.
(*) The changes and figures presented below are excluding IAS 29
(hyperinflation in Argentina) and IFRS 16 (leases)
In a global market strongly impacted by the health crisis, where only China is
showing growth compared to 2019, Haulotte's cumulative 2020 sales amounted to
EUR 439.6 million compared to EUR 610.8 million in 2019, a decrease of -27% (at
constant exchange rates) between the two periods.
Over the year, the Group finally posted a current operating income of EUR +11.9
million (excluding foreign exchange gains and losses) or +2.7% of revenue, down
-67% compared with 2019. The improvement observed during the second semester is
mainly explained by a better control of the fixed costs, without any
restructuring or impact on the Group's strategic projects.
Despite this, in line with the results published in the first half of the year,
net profit was EUR -27.4 million, significantly impacted by cumulative foreign
exchange losses of EUR -17.8 million (including EUR -14.1 million of unrealized
losses) due to the continued strengthening of the Euro against the vast
majority of currencies, in particular the US dollar and Latin American
currencies, as well as an additional EUR -4.3 million impairment on North
American CGU goodwill .
Against this unprecedented backdrop, Haulotte took the necessary adjustments to
reduce its working capital requirement over the year by EUR -35.3 million,
driven by a sharp drop in inventories (EUR -49.2 million). Despite this, the
Group's net debt (excluding guarantees and IFRS16) increased by EUR +11.6
million in 2020 in a context of continued strategic investments.
As a reminder, Haulotte had obtained a waiver from all the lenders of the
syndicated loan, unanimously and unreservedly, on June 30, 2020, concerning
compliance with the ratios for two periods (June and December 2020), and a
one-year extension of the syndicated loan contract, extending its maturity to
July 17th, 2025.
2021 Outlook:
Since the beginning of winter and the mitigation of risks related to the health
crisis, a sustained rebound of the business activity is observed, accompanied
by a tension on raw material prices and the availability of certain components.
Against this backdrop, Haulotte should be able to post sales growth of around
+10% in 2021 and achieve a current operating margin (excluding foreign exchange
gains and losses) of between 3% and 4%.
Dividend:
It will proposed at the Annual General Meeting on May 25, 2021 that no dividend
be paid for 2020.
Download the Consolidated financial statements extract
Upcoming events :
First Quarter Sales: April 20, 2021
General Meeting: May 25, 2021
CONTACTS
Alexandre SAUBOT Carine Ploton
Tél. : +33 (0)6 81 44 35 66 Tél. : +33 (0)6 81 44 35 66
relation-investisseurs@haulotte.com relation-investisseurs@haulotte.com
haulotte.com
Codes : ISIN : FR0000066755- BLOOMBERG : PIG FP - REUTER : PYHE.PA
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