2007 - Pinguely Haulotte

Consolidated financial statements of December 31st, 2007
Note 1
General information
Haulotte Group S.A. manufactures and
distributes through its subsidiaries
(forming the “Group”) people and material
lifting equipment.
Haulotte Group also operates in rental
market for this equipment.
Haulotte Group S.A. is a société anonyme
(a French limited liability company)
incorporated in Saint Etienne (France)
with its registered office in L’Horme. The
company is listed on Euronext Paris –
Eurolist Compartment B (Mid Caps).
The annual consolidated financial
statements for the period ended 31
December 2007 and the notes thereto
were approved by the Board of Directors
of Haulotte Group SA on 3 March 2008.
Figures are expressed as “K€”(thousands
of euros).
In December 2007, the Group initiated
divestments of certain equipment rental
subsidiaries (Lev, Royans Levage and Lev
Lux) that were finalized in January 2008.
The assets and liabilities relating to these
entities have been presented at 31
December 2007 according to the
principales defined in notes 3.14 and 8.
Note 2
Significant accounting policies
The main accounting policies applied to
prepare the consolidated financial
statements are described below. Except
where specifically specified otherwise,
these policies have been consistently
applied to all financial periods presented
herein.
2.1 Statement of compliance
Group consolidated financial statements
are prepared in accordance with the
International Financial Reporting
Standards (IFRS) as adopted by the
European Union. Consolidated financial
statements have been prepared
according to the historical cost principle
with the exception of financial assets and
derivatives recognized at fair value
through profit or loss.
Amendments to standards effective in
2007 : All new standards interpretations
or amendments published by IASB
whose application is mandatory in the
European Union starting 1 January 2007
have been applied. Two standards
concerning the Group (IFRS 7- IAS1) did
not result in any restatements of prior
years presented herein as they concern
only the nature of disclosures in the
financial statements, and have no impact
on the accounting policies applied.
IFRS 7 – Financial instruments: Disclosures.
This standard requires the disclosure of
information so that the reader of financial
statements can evaluate the importance
of financial instruments in the Group's
accounts as well as the nature and extent
of the risks arising from their use.
Amendment to IAS 1– Capital disclosures.
This amendment requires additional
disclosures on the Group ‘s objectives
and processes for managing capital.
Standards not yet effective and not
adopted in advance by the Group:
Standards and interpretations whose
application was optional in 2007 have
not been applied in advance on 31
December 2007.
IFRS 8 – Operating segments
This standard requires the publication of
segment information according to
indicators retained by management to
measure Group performance. The Group
will apply IFRS 8 from 2009, when it
becomes mandatory. Its impact is
currently being assessed.
IFRIC 11 - IFRS 2 - Group and treasury
share transactions
The mandatory application starting
with accounting periods beginning
on or after March 1st, 2007 IFRIC11
concerns transactions in which the
company directly grants its employees
rights to equity instruments. Application
of this standard will have no impact on
the Group financial statements.
2.2 Use of estimates, assumptions and
judgments
In preparing financial statements, the
Group has recourse to estimates and
assumptions about future events. Such
estimates are based on past experience
and other factors considered reasonable
in view of current circumstances.
Use of estimates and assumptions for
the measurement of certain assets and
liabilities, income, expenses and
commitments has an impact notably on
the following items:
- Depreciation and amortization periods
for fixed assets (cf. note 3.3);
- The valuation of provisions, notably for
manufacturer’s warranties (cf. 3.10) and
for pension obligations (cf. note 3.9);
- The valuation of share-based payment
plans (cf. 3.13);
- Provisions for impairment of current
assets: receivables (cf. 3.7) and inventories
(cf. 3.6);
- Revenue recognition (cf. 3.7);
- Impairment testing of intangible assets
(cf. 3.2);
- Estimation of the bargain purchase
option for guaranteed residual values
(cf. 3.7);
- Recognition of deferred tax assets
(cf. 3.11).
ENGLISH