2007 - Pinguely Haulotte

2007
annual report # p111-112
Consolidated financial statements of December 31st, 2007
Secondary segment information: assets by geographical area
Segment information presented under “Europe”includes assets and liabilities held for sale.
Decembre 31st, 2007
Europe Rest of the world Other* Total
Fixed assets 96 108 2 208 98 316
of which intangible assets 5 360 12 5 372
of which property, plant and equipment 90 064 1 889 91 953
of which financial assets 684 307 991
Trade receivables from financing activities 80 514 80 514
Inventories 104 481 25 993 130 474
Trade notes and accounts receivable 262 923 28 008 (28 033) 262 898
Decembre 31st, 2006
Europe Rest of the world Other* Total
Fixed assets 91 080 2 659 93 739
of which intangible assets 5 122 17 5 139
of which property, plant and equipment 85 522 1 605 87 127
of which financial assets 437 1 036 1 473
Trade receivables from financing activities 103 218 103 218
Inventories 60 369 19 019 79 388
Trade notes and accounts receivable 221 181 19 285 (16 208) 224 258
Notes 43 to 45 provide information concerning the cash flow statement. Cash flow includes assets and liabilities held for sale.
Note 43 - Analysis of change in working capital
31/12/2007 31/12/2006
Change in inventories 53 210 3 004
Change in trade receivables 40 720 59 926
Change in trade payables (34 690) (12 468)
Change in other payables and receivables 10 512 (3 970)
Change in operating working capital 69 752 46 491
Note 44 - Analysis of changes in receivables from financing activities
31/12/2007 31/12/2006
Change in gross trade receivables (19 142) (24 125)
Change in provisions for uncollectible trade receivables 836 2 542
Change in receivables from financing activities (18 306) (21 583)
Revenue from financing activities includes back-to-back arrangements, direct financing leases, lease payment obligations and risk pool
commitments.
Transactions involving risk pool commitments and lease payment obligations by Haulotte Group SA represent transactions for which
receivables and payables are fully offset. In consequence, they do not generate cash flow. The receivables and payables (for the same
amount) are discharged as customers make lease payments to their financial institution. In consequence, these transactions are
eliminated in the cash flow statement because they have no impact on net cash.
Changes in back-to-back lease arrangements are presented as a cash component of the above business. In contrast, changes in the
corresponding payable (fully matched by the receivable or resulting from a comprehensive financing arrangement after the back-to-back
lease agreements were repurchased through a syndicated loan) are presented under cash flows from financing activities.