2018 Half-year results Outlook

Transcription

1 2018 Half-year results Outlook September 12th, 2018

2 Index I. Change in scope of consolidation II half-year: sales and results III. Recent activity and outlook 2

3 I. Change in scope of consolidation (Period from to ) 3

4 Global income statement Full perimeter Continuing operations in M H H Var. H H Var. Net Sales 289,9 264,6 +10% 285,4 259,6 +10% Current operating excl. FX gains & losses 20,3 22,8-11% 20,2 22,8-11% 7,0% 8,6% 7,1% 8,8% Operating Income Income before tax 26,7 17,4 +53% 20,0 17,5 +14% 9,2% 6,6% 7,0% 6,7% 24,1 7,7 +213% 17,4 7,9 +120% 8,3% 2,9% 6,1% 3,0% Consolidated Net Result 19,1 6,4 +198% 13,2 6,5 +103% 6,6% 2,4% 4,6% 2,5% 4

5 II half-year: sales and results (Period from to ) 5

6 Main facts 2018 H1 The global AWP market continued to grow in H The European market remains very dynamic in all countries except the UK, which does however remain at a high level. North American market confirms the strong recovery observed during H Asia-Pacific is dynamic except for South Korea and Middle-East. Latin America has seen a return of activity in all countries, except Argentina. There has been an increase in all segments of the AWP market, but the market remains driven by demand for small electric equipment. 6

7 Main facts 2018 H1 Presentation of the new strategic plan «Let s Dare together» at Intermat. Group s vision : To become the most valuable and safest working at height solution maker and creating the most serene customer experience. Our Ambition become a BLUE COMPANY become a FULL SOLUTIONS PROVIDER become the BEST-IN- CLASS Service Level Agreement provider With a cross-company guideline to achieve this ambition: digital transformation, a key factor in our future success 7

8 Main facts 2018 H1 Presentation of the PULSEO range (100% electric machines) at Intermat and the launch of the HA20LE, our first 100% electric 20m articulated boom; a world premiere. All models of the PULSEO generation will benefit from a 5- year warranty Launch of 2 apps: Haulotte Diag and Quick Positioning. The app to manage your daily machine maintenance : parameters & diagnostic tools are directly available from your mobile. In a few seconds, select the right Haulotte machine according to the work applications you plan to handle. Sale of our Italian rental company to Loxam. 8

9 Main facts 2018 H1 More favourable exchange rate environment for the Group, particularly with the USD. Continued heavy pressure on raw material prices and component availability. Current operating income (excluding exchange gain and losses) decreased by -11%, main impacts from: customer and geographic mix, less favourable than the previous period an increase in component prices an increase in fixed costs linked with the execution of the new Group strategic plan Significant increase in the net result at M 19.1 due to the sale of the Italian rental activity, reduced forex losses compared with H and a lower level of risk provisions than were recorded last year. Group net debt (excluding guarantees) increased by M 5.4 mainly driven by increased working capital requirements linked with the growth in activity. 9

10 Sales breakdown by activity in Million (continuing operations) H H Var. Var. at constant exchange rate Equipment sales 252,3 225,3 + 12% 88,4% 86,8% + 16% Rental sales 8,4 10,1-17% 2,9% 3,9% - 9% Services 24,7 24,2 + 2% 8,7% 9,3% + 6% Total 285,4 259,6 + 10% + 14% 10

11 Sales breakdown by zone of activity in Million (continuing operations) H H Var. Var. at constant exchange rate Europe 181,8 158,1 + 15% 63,7% 60,9% + 15% North America 41,2 42,0-2% 14,4% 16,2% + 10% Latin America 18,1 17,2 + 5% 6,3% 6,6% + 17% Asia and Pacific 44,3 42,3 + 5% 15,6% 16,3% + 12% Total 285,4 259,6 + 10% + 14% 11

12 Net result from continuing operations has doubled compared to H in M (Continuing operations) H H Var. Net Sales 285,4 259,6 +10% Current operating excl. FX gains & losses Operating Income Income before tax Consolidated Net Result 20,2 22,8 7,1% 8,8% 20,0 17,5 7,0% 6,7% 17,4 7,9 6,1% 3,0% 13,2 6,5 4,6% 2,5% -11% +14% +120% +103% 12

13 Operating income increased by 14% Continuing operations EBIT H ,5 M Change in gross margin 0,5 M Fixed costs -2,7 M Bad debts -0,3 M Exchange gains and losses -1,1 M Other non recurring items 6,1 M EBIT H ,0 M 13

14 Slight increase in gross margin (up 0.5 M ) compared to H Gross Margin H (Continuing operations) 68,4 M Impact of volume and mix on new machines sales + 10,1 Impact of price and FX on new machines sales - 4,0 Margin on 2nd hand machines sales - 0,3 Impact of manufacturing performance + 2,0 Impact of raw materials - 3,2 Margin on Service & Rental activity - 1,7 Inventory provision, warranty & others - 2,4 Gross Margin H (Continuing operations) 68,9 M Gross margin rate is 24,1% compared to 26,3% last year. 14

15 Fixed costs grew by 5,9 % (excluding bad debt provisions) in Million (continuing operations) H H Var. Commercial costs 16,5 14,9 1,6 SG & A 27,4 25,7 1,7 R & D 4,5 5,1 (0,6) Total (excl. depreciations) 48,4 45,7 2,7 Bad debt provisions 0,3-0,3 Total fixed costs 48,7 45,7 3,0 Positive FOREX impact valued at +2,4 M excluding bad debt provisions, which represents an increase of +11% at constant exchange rate. 15

16 Change in working capital in Million (continuing operations) Change in inventories 37,6 4,0 Change in trade receivables 18,3 13,2 Change in trade payables (28,6) (11,1) Change in other receivables and payables 7,5 (1,7) Change in operating WC 34,9 4,4 Change in WC linked to discontinued operations (1,6) 0,2 Other changes (FX effect ) (10,3) (14,9) Working capital * 187,3 164,4 Working capital is at 113 days of sales compared to 109 at the end of December Excluding rental activity in Italy, gross DSO increased to 79 days of sales from 72 at the end of December * including non current other assets and other liabilities 16

17 Consolidated cash flow statement in Million Gross cash flows from continuing operations 22,1 22,8 Change in operating working capital from continuing operations (34,9) (4,7) Change in receivables from financing activities (1,0) 2,1 Cash flows from operating activities of discountinued operations 0,2 1,5 Cash flows from investment activities of continuing operations (7,3) (4,6) Cash flows from investment activities of discountinued operations 16,1 (1,5) Cash flows from financing activities of continuing operations (3,0) (0,2) Net change in cash and cash equivalents (7,8) 15,4 17

18 Financial debt up by 5,4 M (excluding guarantees) in Million (Continuing operations) Jun-18 Dec-17 Jun-17 Dec-16 Dec-15 Long term debt 63,2 68,0 76,8 74,6 61,2 Short term debt 24,2 14,3 17,7 24,8 33,8 Total financial debts 87,4 82,3 94,5 99,4 95,0 Cash 27,6 24,5 34,8 24,6 26,7 Net debt 59,8 57,8 59,7 74,8 68,3 Of which guarantees 20,4 23,8 23,1 23,4 13,0 Net debt excl. Guarantees 39,4 34,0 36,6 51,4 55,3 18

19 Level of financed sales downward in H in Million (Continuing operations) H H H Financed sales 56,2 107,5 75,9 52,5 48,8 Equipment sales 374,9 382,9 225,5 206,3 252,6 % of equipment sales 15,0% 28,1% 33,7% 25,5% 19,3% Receivables on financed sales 25,4 37,8 34,4 32,7 29,2 19

20 Financing and Group cash reserves The syndicated loan contract, for 90 M, matures on September 30 th At end of June 2018, 42 M of the syndicated loan facility was being used. All bank ratios were respected at the end of June

21 III. Recent activity and outlook 21

22 Market context for 2018 The Global market is expected to continue to grow over the rest of The European market is still growing strongly. Asia Pacific is expected to continue its strategic growth, mainly driven by China. The Middle East market remains weak. Dynamism is expected to be maintained in North America. Despite the confirmed return of activity in Latin America, the market remains weak. Exchange rate environment is expected to remain favourable for the Group. Pressure on raw material prices and component availability is expected to continue. 22

23 Main trend for each zone at worldwide scale Latin America ++ Asia Middle East + North America ++ Europe ++ 23

24 Perspectives 2018 Haulotte Group confirms its outlook for 2018 and expects to post revenue growth above 10%. The Group plans to maintain its current operating income. The main focus for 2018 are : Execution of the new strategic plan of the Group. Strengthening the Group s commercial position: o Reinforcing our leadership in Europe o Continue to penetrate the North American market o Adapting our offer for the Asian market o Successfully launching our new electric machine Optimisation of product costs Optimisation of working capital 24

25 Appendices 25

26 Balance sheet assets at 30 June 2018 Assets in million Non Currrent Assets 142,1 142,8 Goodwill 13,3 15,7 Intangible assets 21,8 20,4 Property, plant and equipment 48,0 57,2 Investment in affiliates 8,0 8,7 Financial assests 3,5 3,7 Deffered tax assets 16,4 16,9 Trade receivables from financing activities (> one year) 18,3 20,2 Other non current assets 12,8 - Current Assets 331,8 292,3 Inventory 145,6 108,7 Trade receivables 120,0 115,1 Trade receivables from financing activities (< one year) 10,3 10,0 Other assets 28,3 34,0 Cash and Cash equivalents 27,6 24,5 Financial derivate instruments - - Total Assets 473,9 435,1 26

27 Balance sheet liabilities & equity at 30 June 2018 Liabilities and Shareholders' equity in million Shareholders' equity before minority interests 247,1 238,7 Minority interests (0,4) (0,4) Non current liabilities 73,9 77,9 Long-term borrowings 63,2 68,0 Deferred tax liabilities 6,0 4,3 Provisions 4,7 5,6 Current liabilities 153,3 118,9 Trade payables 89,6 62,4 Other current liabilities 29,9 31,1 Current borrowings 24,2 14,3 Provisions 9,5 11,1 Financial derivate instruments 0,1 - Liabilities and Shareholders' equity 473,9 435,1 27

28 Upcoming events Quarter 3 sales: October 16th, 2018 Annual sales: February 12th,

29 Stock exchange ID Euronext Paris ISIN Mnémo Reuters Bloomberg B Compartment FR PIG PYHE.PA PIG FP CACS 29

30 Shareholders at 30 June 2018 Public 38,94% SOLEM 54,40% Management, employees and others 0,94% Treasury shares 5,72% 30