Haulotte results hampered by Covid and Ukraine crisis

Haulotte’s full year results for 2022 were impacted by the war in Ukraine and the continuing consequences of Covid-19.

The France-base MEWP manufacturer experienced the rebound of the aerial platform sector in 2022, with record group sales of €609.7 million, up 18% on 2021.

Haulotte’s 15m working height HS15 E

However, net income dropped by 23.3% for the full year, by €17.5 million, compared to 2021. Apart from the effects of covid and the Ukraine crises, the year was also marked by unfavourable exchange rates in the second half, particularly the US$, said the company. The group recorded foreign exchange losses of €2.9 million for the year, compared with gains of €6.7 million in 2021.

The significant increase in the price of components, transport and energy costs of nearly €47.8 million, as well as the €14.7 million increase in fixed costs linked to the inflationary global environment, notably in China and the United States, weighed heavily on the company’s income.

At the same time, these increases were only partially offset by the growth in sale and were limited by component shortages and the impact of price increases from the already large orderbook.

Haulotte added that in the unprecedented environment of strong business growth combined with multiple operational disruptions, the company’s net debt increased by €105.1 million to €246 million, mainly driven by a €92.3 million increase in borrowing. This, said the company, was largely due to the decision taken by the group to increase inventory levels to support increased production rates and to to respond to the strong growth in the order book.

In June, 2022, Haulotte obtained a €96 million State Guaranteed Loan. In addition, a repayment waiver request was submitted to its lenders and accepted in December.

Looking ahead, the company said it was seeing a reduction in tensions in the supply chain and an increase in its equipment sale prices.

Therefore, Haulotte forecasts its sales to grow by more than 20% in 2023 and to return to a 3% - 4% current operating margin.