Corporate governance


Pierre SAUBOT Chairman and CEO	Alexandre SAUBOT Chief Operating Officer


Philippe NOBLET Corporate Secretary	José MONFRONT Deputy Managing Director	Florence FLICHY Chief financial Officer

The interview:

What feedback can you offer on 2008?

After three years of strong growth, the worldwide market for access equipment was adversely affected in the second half of 2008 by a severe crisis that has spared none of the participants in the construction sector in addition to affecting the entire worldwide economy.

Over the year, consolidated revenue contracted 30% to €450.8 million while current operating income declined significantly to €50.6 million. Equipments sales were adversely affected by the severe economic slowdown and tightening credit in response to the financial crisis.

We have taken measures necessary to respond to the strong deterioration in our markets.

Although 2008 was economically difficult, Haulotte Group has pursued the implementation of this strategy by seeking to

- limit the external consequences of this market adjustment
- maintain an active Research and Development policy;

- increase focus on rigor and high standards to meet the needs always better of our customers.

Following a phase of international expansion in recent years driven primarily by internal growth (Middle-East, Southeast Asia, South America, Russia), we recently acquired a significant foothold in the United States through the acquisition of BilJax.

The synergies from this partnership will strengthen our worldwide commercial presence, diversify our product range and provide us with production capacity in US dollar markets. The end result will be an even more competitive Group better able to meet all challenges it may face.

How do you envisage 2009?

The lack of visibility regarding 2009 makes forecasting difficult. The flexibility of our economic model enables us to adapt to the actual level of demand. As a result, we are in good shape to effectively navigate both the current period of market turmoil and the challenges ahead.

We have implemented further measures in addition to those initiated at the end of 2008 to:

- reduce inventory levels and working capital requirements;

- reduce commercial and marketing and overhead expenses;

- limit investments to projects offering strategic potential for the future.

These measures should make it possible to reduce the Group’s breakeven point and limit the level of debt.

Despite this, Haulotte Group has no intention of modifying its long-term strategy. We intend to pursue the development of our worldwide sales network and efforts in R&D.

Effectively preparing for the future is more than ever our priority to ensure we will be well-positioned to meet the needs of our customers as the market recovers.

In this period of crisis, in which none of our customers, suppliers and competitors have been unaffected, it is essential to retain our strategic vision and focus on maintaining our expertise, the quality of our products and the customer service on which we have built our reputation over the years.

In the coming months, we will continue to propose new high added value products. The extension and renewal of our product lines of aerial work platform and telehandlers, our expansion into the market of scaffolding, event staging and drywall equipment and escalate trailers, should further broaden our customer base and strengthen our position as a worldwide player.

By remaining focused on a long-term strategy placing the customer at the heart of our business model, we will be able to pursue our expansion and provide constantly improved service.

Pierre Saubot
Chairman

Alexandre Saubot
Chief Operating Officer