2007 - Pinguely Haulotte

Statutory auditors report on the consolidated financial statements
For the year ended December 31st, 2007
To the shareholders
Haulotte Group SA
L'Horme
Dear shareholders,
In our capacity as statutory auditors of Haulotte Group SA, we have audited the accompanying consolidated financial statements of
Haulotte Group SA, for the year ended December 31st, 2007.
The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these
consolidated financial statements based on our audit.
I - Opinion on the consolidated financial statements
We performed our audit procedures in accordance with French professional standards. These standards require that we plan and
perform audit procedures in order to obtain reasonable assurance about whether the consolidated financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position
of the Group as at December 31st, 2007 and of the results of its operations for the year then ended in accordance with IFRS as
adopted by the EU.
II - Justification of our assessments
In accordance with the requirements of article L.823-9 of the Commercial Code relating to the justification of our assessments,
we bring to your attention the following matters:
• Note 3.7 (”Accounts receivables”) describes the accounting principles applicable in the case of sales with guarantees granted
by Haulotte Group to financial organizations in order to facilitate the financing of its customers.
We have ensured that the information provided in this note is adequate and have reviewed the appropriate application of
accounting principles. To this end, we have examined the procedures implemented by Haulotte Group to identify and follow-up
the related contractual commitments, obtained external confirmation from financial organizations and checked, on a test sample
basis, the proper accounting translation of these operations in accordance with the relevant accounting principles.
• In connection with our appraisal of the accounting principles applied by your company, we have reviewed the treatment of
development costs, concerning notably capitalization, depreciation method and substantiation of recoverable value. In addition,
we have ensured that note 3.2 provides appropriate information.
These assessments were made in the context of our audit of the consolidated financial statements taken as a whole, and therefore
contributed to the opinion we formed which is expressed in the first part of this report.
III - Specific verification
In accordance with professional standards applicable in France, we have also verified the information given in the Group’s
management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial
statements.
Lyon and Paris, April 7th 2008
The statutory auditors
PricewaterhouseCoopers Audit Jean-Pierre Gramet
Philippe Guéguen
ENGLISH