Significant improvement in current operating margin
- Current operating margin at +8,2% of sales (excluding exchange gains and losses, excluding IFRS 16 & IAS 29)
| Revenue by business lines - excl.IAS 29 - in € millions | 2024 | 2023 | Var % |
|---|---|---|---|
| Equipment sales | 316 | 357 | -12% |
| Rental sales | 11 | 12 | -3% |
| Services | 36 | 35 | +3% |
| TOTAL | 363 | 404 | -10% |
The changes presented below are at constant exchange rates, excluding IAS 29 (hyperinflation in Argentina and Turkey).
In Europe, signs of a slowdown in investment observed since the second half of 2023 have been confirmed, particularly among the major rental companies. As a result, sales were down -21% over the period compared with 2023. In Asia Pacific, sales are also down -11% compared with 2023. North America, driven by an excellent second quarter, continues to post growth of +9% across all activities, and +14% in its aerial work platforms business. In Latin America, sales were stable compared with 2023.
At June 30, 2024, equipment sales were down -11%, rental business -3% and service business +3%.
| Income statement highlight - in € millions | 2024 | 2023 | Var. M€ | |
|---|---|---|---|---|
| Excl. IAS 29 & excl. IFRS 16 | Revenue | 363 | 404 | -41 |
| Current operating income excl. exchange gains & losses | 30 | 13 | +17 | |
| Operating income | 29 | 15 | +14 | |
| Net income | 15 | 1 | +14 | |
| IAS 29 & IFRS 16 impacts on net income | 1 | (1) | ||
| Consolidated net income | 16 | 0 | +16 |
The changes and figures presented below are excluding IAS 29 (hyperinflation in Argentina and Turkey) and IFRS 16 (leases) .
The group’s net income stands at €15 million, +4.1% of turnover, a significant growth compared to 2023, despite the increase in financial expenses (+€3.8 million) and the exchange rate effects that are still negative over the period, particularly in Latin America.
Net debt of the group (excluding guarantees and IFRS 16) is down -€30 million to €210 million in the period driven by good operational performance in the first half.
In this more uncertain than expected context, Haulotte forecasts a decline in sales of close to -10% in 2024. Bolstered by its excellent first Semester, Group should nevertheless post a yearly current operating margin of more than +5% of sales (excluding exchange gains and losses).
Quarter 3 Sales : October 22nd, 2024.
Annual Sales : February 11th, 2025.
