Haulotte Group Sales Increase 13 Percent in Q4 2011

Haulotte Group generated quarter four 2011 consolidated sales of € 82.2 million ($113.75 million) compared with € 72.5 million ($100.32 million) in the same period last year, an increase of 13 percent. Overall, the second half of the year was 17 percent over 2010. The business remained relatively strong at the end of the year, despite uncertainties in the macroeconomic environment, the company said.

Consolidated revenue for 2011 is € 307 million ($424.83 million) compared to € 250 million ($345.96 million) in 2010, an increase of 23 percent. All sectors were up, reflecting the strong momentum from the rental business.

Sales grew in all geographic areas between 2010 and 2011. Latin America experienced sales growth of 77 percent, and Asia was up 48 percent. Europe, which accounts for two thirds of sales, increased by 19 percent. In the United States, activity grew by only 5 percent in a market where the key players have reinvested significantly in 2011. The company said that the activity level over the second half of 2011 should allow the Haulotte Group to be above the operating break-even point over this period.

Despite European key players waiting since summer 2011 to place major orders, the need for fleet renewal in Europe and the positive sign of emerging markets, support the business outlook for 2012 and allow Haulotte Group to forecast double digit growth in 2012.

Haulotte Group has reached agreement with its bankers to extend the holiday period of certain covenants until June 30, 2012 and, in early next spring, will open discussions with its banking partners to renew the credit facility that expires in July 2013.