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