2007 - Pinguely Haulotte

2007
annual report # p97-98
Consolidated financial statements of December 31st, 2007
Note 10 - Intangible assets
31/12/2006 Increase Decrease Transfert Assets 31/12/2007
and other held for
changes sale
- Development expenditure 7 405 533 7 938
- Concessions, patents, licenses 4 334 2 319 (1) (51) 6 601
- Other intangible assets 279 97 (184) (20) 171
Gross value 12 018 2 949 (185) (20) (51) 14 710
- Amortization/impairment of
development expenditure 4 157 1 682 5 839
- Amortization of concessions, patents, licenses, etc. 2 604 862 (1) (33) 3 432
- Amortization of other intangible assets 118 15 (43) (4) 86
Accumulated depreciation and impairment 6 879 2 559 (44) (4) (33) 9 356
Net value 5 139 390 (141) (16) (18) 5 354
The €2.3 million increase in "concessions, patents, licenses" concerns primarily IT investments.
The amortization of development expenditures is included under the cost of goods sold in the income statement. The impairment of
development expenditures of K€511 has been recognized in the income statement under "other operating income and expenses"
(see note 3.2).
Note 11 - Property, plant and equipment
31/12/2006 Increase Decrease Transfert Translation Assets 31/12/2007
and other adjustments held for
changes * sale
- Land 1 776 3 983 (90) (147) 5 522
- Buildings 14 930 2 051 (11) 551 (2) (970) 16 549
- Plant machinery 13 177 3 206 (410) 2 967 (56) (504) 18 380
- Equipment for rental 87 890 16 241 (5 818) 1 406 (2 188) (47 238) 50 293
- Other PPE 4 995 3 435 227 7 (152) (69) 8 443
- Fixed assets in progress 4 684 727 (3 117) (88) (791) 1 415
Gross value 127 452 29 642 (6 012) 1 814 (2 576) (49 719) 100 602
- Accumulative depreciation / Land 6 13 45 (63)
- Impairment/buildings 5 500 1 009 (8) 173 (365) 6 309
- Impairment/plant machinery 7 156 1 204 (324) (78) (6) (332) 7 620
- Impairment/rental equipment 25 446 16 020 (2 420) 2 400 (745) (19 457) 21 244
- Impairment/other PPE
Accumulative depreciation
2 217 1 057 (277) 25 (47) (23) 2 954
and impairment 40 325 19 303 (3 029) 2 565 (797) (20 240) 38 127
Net value 87 127 10 339 (2 983) (750) (1 779) (29 479) 62 475
* Amounts under "transfers and other changes" concern principally the reclassification of fixed assets in progress of the prior year as fixed assets.
The €4.0 million increase in "Land" includes €2.8 million for the acquisition of land in Madrid for the construction of a new building for
the optimization of Haulotte Iberica installations and its further expansion.
The increase in "equipment for rental" of €16.2 million concerns primarily the acquisition of aerial work platforms by rental companies:
€6.5 million by the subsidiary LEV S.A.S, €2.9 million by UK Platforms, €0.3 million by L.M.E. €5.7 million by Nove and €0.8 million by
Royans Levage.
In addition, significant disposals were carried out by rental companies: a gross amount of €2 million or a net amount of €1.1 million for LEV
S.A.S and a gross amount of €2.2 million or a net amount of €1 million for UK Platforms. These disposals generated a capital gain of €1 million.
Fixed assets in progress include a €1 million investment for the new manufacturing subsidiary Haulotte Arges in operation since the
first quarter of 2007.