2007 - Pinguely Haulotte

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2007 annual report # p131-132 Statutory accounts - Notes to the balance sheet Significant receivables, payables and commitments in foreign currency that are hedged Foreign exchange exposure Currency In thousands of euros AUD AED GBP USD DZD BALANCE SHEET Receivables (1) 15 054 of which Group receivables 15 054 of which non-Group receivables (1) Financial receivables, operating receivables Receivables in US dollars are hedged at an exchange rate of €1,12 25. INTEREST-RATE RISKS The company has purchased interest rate swaps maturing in more than five years. The market valuation of these financial instruments represented a negative position of K€2 275 at December 31st, 2007. 26. CASH FLOW STATEMENT 2007 Net income 51 139 Depreciation, amortisation and impairment 34 491 Proceeds from disposals, net of tax -2 620 Operating cash flow 83 010 Change in cash flow from operating activities -11 308 Net cash flow from operating activities 71 702 Purchase of property, plant and equipment -76 748 Proceeds from disposals of fixed assets, net of tax 5 344 Changes in payables on fixed assets -567 Net cash flow used in investing activities -71 971 Proceeds from borrowings 341 Repayment of borrowings -430 Proceeds from exercise of option 1 047 Dividends paid to shareholders -5 822 Net cash used in financing activities -4 864 Net change in cash and cash equivalents -5 133 Cash and cash equivalents at January 1st 11 192 Cash and cash equivalents at December 31st 6 059
Statutory auditors’ report on the financial statements For the year ended December 31st, 2007 To the shareholders Haulotte Group SA L'Horme Dear shareholders, In compliance with the assignment entrusted to us by your shareholders’ meeting, we hereby report to you, for the year ended December 31st, 2007, on: • the audit of the accompanying financial statements of Haulotte Group SA, • the justification of our assessments; • the specific verifications and information required by law. These financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statements based on our audit. I - Opinion on the financial statements We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 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 the management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the Company’s financial position and its assets and liabilities, as of December 31st, 2007, and of the results of its operations for the year then ended in accordance with the accounting rules and principles applicable in France. Although not to undermine the opinion expressed above, and in accordance with article L. 232-6 of the Commercial Code, we do draw your attention to the change in the accounting method for acquisition costs as described in paragraph B.1. 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 matter: Assessments of accounting principles: Investments and related receivables are valued in accordance with the method set out in paragraph B.4 to the Notes. Our work consisted of reviewing the approach adopted by the company. We have assessed the reasonableness of the estimates made by the company. The assessments were made in the context of our audit of the financial statements, taken as a whole, and therefore contributed to the formation of the opinion expressed in the first part of this report. Change in accounting method: We substantiated that the change in accounting method previously described was appropiate. III - Specific verifications and information We have also performed the specific verifications required by law in accordance with professional standards applicable in France. We have no matters to report regarding the fair presentation and the conformity with the financial statements of the information given in the management report of the Board of Directors, and in the documents addressed to the shareholders with respect to the financial position and the financial statements. In accordance with French law and regarding the requirements of article L.225-102-1 of the Commercial Code, we draw your attention to the fact that the management report does not provide the information required under this article relating to Directors’financial benefits for all Directors concerned. In accordance with the law, we have verified that the management report contains the appropriate disclosures as the cross shareholding, and together with the identity of the principal shareholders. Lyon and Paris, April 07th 2008 The statutory auditors PricewaterhouseCoopers Audit Jean-Pierre Gramet Philippe Guéguen ENGLISH
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La Péronnière - B.P.9 - 42152 L
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1964 : Grue mobile H50 ingénieuse
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Could you comment on 2007 results ?
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2007 - Pinguely Haulotte

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