Annual Report Rapport D’Activité08 Rapport D’Activité 0

report annual

8 Annual report rapport d’activité08 Rapport d’activité 0

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La Péronnière - B.P. 9 - 42152 L’Horme - France Tél. : +33 (0)4 77 29 24 24 - Fax : +33 (0)4 77 29 43 95 e-mail : [email protected] - web : www.haulotte.com WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Présentation générale /////////////////////////////////////////////////////////////////////////////// Presentation

Haulotte Group, spécialiste des matériels Haulotte Group, the specialist of people and material lifting d’élévation de personnes et de charges, construit et equipment, manufactures and distributes a wide range of commercialise, grâce à plus de 30 filiales de vente et products, through more than 30 sales and service subsidiaries. Haulotte Group recently acquired the US company, BilJax services, une gamme très large de produits. further expanding its offering of more than 60 models to respond Récemment Haulotte Group a fait l’acquisition to customers needs: aerial work platforms, telehandlers, earth de la Société américaine BilJax pour enrichir moving equipments, system and utility scaffolds, event staging sa gamme de produits dénombrant plus de and seating 60 modèles afin de répondre à toutes les spécificités de ses clients : nacelles élévatrices, chariots télescopiques, engins de terrassement, échafaudages fixes et mobiles, équipements d’évènementiels.

Plus de 120 ans d’expérience, et une seule exigence : satisfaire les clients en proposant des matériels innovants pour plus de sécurité, de confort, d’ergonomie, de productivité.

More than 120 years of experience, and a sole objective: satisfy customers by offering technically innovative equipment for improved safety, comfort, ergonomics, and productivity.

/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Notre stratégie : produire, vendre et servir dans toutes les zones du monde. Pour cela Haulotte Group investit dans des outils de production, assure un développement pérenne de son réseau de vente, amplifie ses efforts en R&D afin de toujours mieux répondre aux attentes des marchés.

Our strategy: produce, sell and service our products throughout the world. Haulotte Group achieves this by investing in production, developing a stable professional sales network and focussing R&D on meeting and exceeding the market expectations. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Deputy Managing Director Managing Deputy Directeur Général Adjoint Général Directeur MONFRONT José Represented by Jean-Pierre Gramet 4, avenue Hoche•75008 Paris Jean-Pierre by Represented Représenté parJean-Pierre Gramet Cabinet HocheAudit Guéguen 20, rueGaribaldi•69451Lyon cedex 06 Philippe by Represented Représenté parPhilippeGuéguen Pricewaterhousecoopers Audit auditors Statutory Commissaires auxcomptes / governance Corporate Gouvernement d’entreprises Directeur Général Adjoint/ Directeur Général Délégué/ Directeur Général / Président du Conseil d’Administration et directors of board the of Members Administrateurs / HadrienSaubot ElisaSaubot JoséMonfront MichelBouton Bertrand Badré Alexandre Saubot Pierre Saubot : Executive Committee Executive Comité exécutif / Chief Operating Officer Operating Chief Directeur Général Délégué Général Directeur Saubot Alexandre Chief Financal Officer Financal Chief Florence FLICHY Florence Directeur financier Directeur Chairman and CEO and Chairman Rapport d’activité -annual report 08 Deputy Managing Director Managing Deputy Chief Operating Officer Operating Chief Corporate Secretary Corporate Philippe NOBLET Philippe Secrétaire Général Secrétaire

Panorama 08 towards Group’s employees. Group’s towards Groupe. partenaires etcollaborateurs du comme en externe, vis-à-vis des déontologiques en interne visant à définir les pratiques ISO 14001. l’obtention de la certification company talent. company externally and internally practices ethical the . certification 14001 . development profitable and sustainable l’entreprise. dynamique destalents auseinde durable etrentable. dans un modèle de développement Poursuite de la gestion «Charte des comportements» Débutduprocess envuede continued proactive management of of management proactive continued define to conduct” professional of “Code ISO obtain to process the of Beginning of model a to commitment Continued Poursuite de l’engagement

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WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 1> 2 Interview ///////////////////////////////////////////////////////// ///////////////////////////////////////// Interview

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Quel bilan faites-vous de l’année 2008 ? Comment envisagez-vous 2009 ?

Après trois années de forte croissance, le marché des L’absence de visibilité sur l’évolution de l’année 2009 rend matériels d’élévation de personnes et de charges a été difficile toutes prévisions. La flexibilité de notre modèle touché, au second semestre 2008, par une crise brutale qui économique nous a permis de nous adapter au niveau réel n’a épargné aucun acteur du secteur de la construction et de la demande, nous sommes ainsi en situation de résister affecte par ailleurs l’ensemble de l’économie mondiale. aux turbulences actuelles et à venir. Notre chiffre d’affaires a chuté de 30% sur l’année à Nous avons pris des mesures complémentaires à celles 450.8 Me, le résultat opérationnel courant a sensiblement déjà engagés fin 2008 visant à : baissé à 50.6 Me.La vente de matériels a été pénalisée par - réduire le niveau de nos stocks et de notre besoin en le ralentissement brutal de l’économie et par la restriction fonds de roulement du crédit liée à la crise financière. - réduire les dépenses commerciales et marketing ainsi Nous avons pris l’ensemble des mesures nécessaires, pour que nos dépenses de structures faire face à la forte dégradation de nos marchés. - limiter nos investissements en les focalisant sur des Bien que l’année 2008 ait été économiquement difficile, projets stratégiques pour le futur Haulotte Group a poursuivi la mise en œuvre de sa Ces mesures devraient permettre d’abaisser le point de stratégie en s’efforçant : rentabilité du Groupe et limiter le montant de la dette. - de limiter les conséquences externes de cet ajustement Pour autant, Haulotte Group n’entend aucunement remet- du marché tre en cause sa stratégie à long terme : nous comptons - de maintenir une politique active en matière de poursuivre le développement de notre réseau mondial de Recherches et Développement vente et nos efforts en R&D. Préparer l’avenir est plus que - d’accentuer les efforts de rigueur et d’exigence pour jamais notre priorité afin d’être au rendez-vous pour satis- répondre toujours mieux aux besoins de nos clients faire nos clients lorsque le marché reprendra des couleurs. Après une internationalisation réalisée essentiellement Dans cette période de crise, où aucun de nos clients, par une croissance interne (Moyen-Orient, Asie du Sud-Est, fournisseurs et concurrents n’est épargné, il est primordial Amérique du Sud, Russie) nous avons pris significativement de conserver toute sa vision stratégique pour préserver la pied aux Etats-Unis par l’acquisition de la société BilJax. compétence de nos équipes, la qualité de nos produits et Cette alliance, par les synergies qui s’en dégagent, conso- notre service client sur lesquels s’est bâtie au fil des ans lide notre présence commerciale internationale, diversifie notre réputation. Nous continuerons de proposer, cette notre gamme produits et nous donne une capacité de année aussi, des produits nouveaux à haute valeur ajoutée. production en zone dollar. Elle rend notre Groupe plus L’extension et le renouvellement de nos gammes nacelles compétitif encore et mieux à même de faire face à toute et chariots télescopiques, notre entrée sur le marché des évolution de son environnement. matériels d’échafaudages, des équipements d’évènemen- tiels, des modules d’étayage et des remorques, devraient élargir notre base de clientèle et renforcer notre position d’acteur mondial. Cette constance, dans la déclinaison, sur le long terme, d’une stratégie mettant le client au cœur de notre projet, est une garantie de notre capacité à continuer de grandir et toujours mieux servir. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Pierre Saubot Pierre Groupe. du Président Chairman Group Saubot Alexandre Délégué. Général Directeur Officer Operating Chief /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

What feedback can you offer on 2008 ? How do you envisage 2009? After three years of strong growth, the worldwide market for access The lack of visibility regarding 2009 makes forecasting difficult. The equipment was adversely affected in the second half of 2008 by a se- flexibility of our economic model enables us to adapt to the actual level of vere crisis that has spared none of the participants in the construction demand. As a result, we are in good shape to effectively navigate both the sector in addition to affecting the entire worldwide economy. current period of market turmoil and the challenges ahead. Over the year, consolidated revenue contracted 30% to €450.8 million We have implemented further measures in addition to those initiated at while current operating income declined significantly to€ 50.6 million. the end of 2008 to: Equipments sales were adversely affected by the severe economic - reduce inventory levels and working capital requirements; slowdown and tightening credit in response to the financial crisis. - reduce commercial and marketing and overhead expenses; We have taken necessary measures to respond to the strong deteriora- - limit investments to projects offering strategic potential for the future. tion in our markets. These measures should make it possible to reduce the Group’s breakeven Although 2008 was economically difficult, Haulotte Group has pursued point and limit the level of debt. the implementation of this strategy by seeking to : Despite this, Haulotte Group has no intention of modifying its long-term - limit the external consequences of this market adjustment; strategy. We intend to pursue the development of our worldwide sales - maintain an active Research and Development policy; network and efforts in R&D. Effectively preparing for the future is more - increase focus on rigor and high standards to meet the needs always than ever our priority to ensure we will be well-positioned to meet the better of our customers. needs of our customers as the market recovers. Following a phase of international expansion in recent years driven pri- In this period of crisis, in which none of our customers, suppliers and com- marily by internal growth (Middle-East, Southeast Asia, South America, petitors have been unaffected, it is essential to retain our strategic vision Russia), we recently acquired a significant foothold in the United States and focus on maintaining our expertise, the quality of our products and the through the acquisition of BilJax. customer service on which we have built our reputation over the years. The synergies from this partnership will strengthen our worldwide In the coming months, we will continue to propose new high added value commercial presence, diversify our product range and provide us with products. The extension and renewal of our product lines of aerial work production capacity in US dollar markets. The end result will be an platform and telehandlers, our expansion into the market of scaffolding, even more competitive Group better able to meet all challenges it may event staging, drywall equipment and escalate trailers, should further face. broaden our customer base and strengthen our position as a worldwide player. By remaining focused on a long-term strategy placing the customer at the heart of our business model, we will be able to pursue our expansion and provide constantly improved service.

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Chiffres clés ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Key figures

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2008 Location 2007 RentalLocation business Rental7% business Location 7% RentalLocation business Rental10% business Services* 10% Services*8% Services* 8% Services*4% 4%

Ventes / Sales Ventes / Sales Ventes85% / Sales Ventes / Sales 85% * notamment pièces de rechanges, 86% * notamment pièces de rechanges, *réparations notamment et pièces financement. de rechanges, 86% *réparations notamment et pièces financement. de rechanges, réparations* notably spare et financement.parts, réparations* notably spare et financement.parts, *repairs notably and spare financing. parts, *repairs notably and spare financing. parts, repairs and financing. repairs and financing.

Répartition des ventes par activité (en Me) Sales breakdown by activity, 2007 - 2008 (e million)

2008 2007

Europe occidentale Europe occidentale EuropeWestern occidentale Europe EuropeWestern occidentale Europe Western77% Europe Western89% Europe 77% 89%

Reste du monde Reste Reste ROWdu monde duReste monde ROW23% du ROWmonde 23% ROW11% 11%

Répartition des ventes par zones géographiques (en Me) Sales breakdown by geographical area (e million)

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08 450,8 SOLEM SOLEM 73,64%SOLEM SOLEM53,6% Public 73,64% 53,6%07 FreePublic float Public648,1 Free34,6% float FreePublic float 34,6% Free23,89% float 23,89% 06 519,3

387,8 Auto-contrôle05 Auto-contrôle Management, Management, Treasury shares Management, personnelManagement, et divers 9,9%Treasury shares personnel et100 divers 200 300 400 personnel 500 et divers 600 9,9% Management,personnel et divers employees Management, employees Management, employees Management,and others employees and others Évolution du chiffre d’affaires (en Me) and others 1,9%and others 2,47% 1,9% sales growth (e million) 2,47%

En M? / In ? million 2008 % CA 2007 % CA var. 06/07 Chiffre d’affaires 450,8 648,1 -30,4% Revenue Résultat opérationnel courant 50,6 11,2% 113,7 17,5% -55,5% Current operating income Résultat avant impôts 39,0 8,7% 108,1 16,7% -63,9% Compte de résultats résumé Income before taxes (en Me) Résultat net part du Groupe Income statement highlights 31,9 7,1% 71,0 11,0% -55,1% (e million) Net Income WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////// 9,9% Treasury shares Auto-contrôle SOLEM 53,6% Ventes /Sales Europe occidentale Western Europe 85% 77% 1,9% and others Management, employees personnel etdivers Management, Reste dumonde Free float Public 34,6% ROW 23% repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, Rental business Location Services* 7% 8% /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Management, employees 73,64% SOLEM Europe occidentale personnel etdivers Ventes /Sales Western Europe Management, and others 86% 89% 2,47% du monde Free float 23,89% Reste Public ROW 11% repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, Rental business Services* Location 4% 10% 05 05 06 08 06 08 07 07 TOTAL ASSETS TOTAL sale for held as classified Assets which Of dont assets Current which Of dont assets Non-current Actifs enM?/

TOTAL DESACTIFS Actifs noncourants Actifs destinés àêtre cédés Actifs courants

Cash and cash equivalents cash and Cash en trésorerie Trésorerie etéquivalents financing from Receivables de financement (<1an) Clients suropérations receivables Trade Clients Inventories Stocks financing from Receivables de financement (>1an) Clients suropérations Immo. corporelles Goodwill Ecarts d’acquisition year) 1 (< activities year) 1 (> activities Property, plant and equipment and plant Property, 0 0 0 0 0 0 0 0 0 100 90 80 70 60 50 40 30 20 10 100 90 80 70 60 50 40 30 20 10

? in Assets 2008 BALANCE SHEETS : ASSETS : SHEETS BALANCE 2008 Résultat opérationnel avant écarts d’acquisition(enMe e ( goodwill before income operating Current

Growth in cash flow operations (e operations flow cash in Growth BILAN ACTIF 2008 million

32,1 Evolution delaMBA(enMe ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

50,6 176,8 648,9 472,1 141,8 236,3 54,4 2008 53,2 88,7 20,1 22,8 28,5 Rapport d’activité -annual report 08 65,7 million) 126,4 657,6 489,3 252,3 130,3 2007 ) 41,9 47,1 62,5 47,7 33,4 2,6 million) 79,2 ) 93,0 ET CAPITAux PROPRES which Of which Of dont liabilities Non-current equity Shareholders’ million ? in equity and Liabilities Passifs etcapitaux propres enM equity shareholder’s sale for held as classified Liabilities dont liabilities Current Passifs noncourants TOTAL DES Capitaux propres (partdugroupe) Passifs destinés àêtre cédés Passifs courants 95,0 113,7 Short-term debt Short-term Emprunts court terme payables Other Autres créditeurs payables Trade debt Long-term Emprunts long terme Fournisseurs PASSIFS 2008 BALANCE SHEETS : LIABILITIES : SHEETS BALANCE 2008 (Group share) (Group and liabilities and BILAN PASSIF 2008

? / 159,5 202,4 286,3 648,9 192,2 2008 48,4 32,5 65,5 - 209,9 315,8 120,0 657,6 129,1 115,8 2007 11,2 32,5 40,0 ////////////////////////////

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 5> 6 Organisation du groupe /////////////////////////////////////////////////////////////////////////////// Group organization

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> 6 sites industriels - 6 manufacturing plants Acteur global, Site de L’Horme Haulotte Group (Loire - France) fonde son modèle Fabrication : Nacelles élévatrices économique sur de personnes télescopiques ou 3 principaux métiers : articulées inférieures à 20m. la conception, L’Horme plant (Loire, France) Manufacturing line: Articulating and teles- l’assemblage, et la copic booms for heights of less than 20m. commercialisation de ses gammes de produits. A global player, Haulotte Group’s Site Le Creusot business model covers (Saône et Loire - France) 3 main activities: Fabrication : Nacelles élévatrices the design, assembly and and de personnes télescopiques sale of its product ranges. ou articulées supérieures à 20 m,ciseaux thermiques et tout terrain, électriques, nacelles sur camion. Le Creusot plant (Saône et Loire, France) Manufacturing lines: Articulating and telescopic booms for heights greater than 20 m, diesel and rough terrain, electric, scissors, truck-mounted booms.

Site de Reims (Marne - France) Fabrication : Ciseaux électriques et mâts verticaux. Reims plant (Marne, France) Manufacturing lines: Electric scissors and vertical masts.

Site de Santander L’Industrie : (Espagne) conception et Fabrication : Chariots télescopi- assemblage ques et chargeuses pelleteuses. Plus de 130 personnes Santander (Cantabria, Spain) travaillent Manufacturing lines: Telehandlers and quotidiennement à backhoe loaders. l’innovation produits, facteur clé de succès permettant d’anticiper Site de Arges (Roumanie) les exigences de nos Fabrication : Ciseaux clients à qui nous électriques et diesels. Arges plant (Muntenia, Romania) devons notre avantage Manufacturing lines: electric and concurrentiel. diesel scissor lifts. Manufacturing : design and assembly More than 130 people work daily on product innovation, a key Site de Archbold (uSA) success factor making it possible Fabrication : Nacelles to anticipate the requirements of automotrices et tractées, our customers and the basis of échafaudages fixes et mobiles, our competitive advantage. équipements d’évènementiel. Archbold plant (USA) Manufacturing line: Self-propelled booms, trailer-mounted booms, system and utility scaffolds, event staging and seating. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////// > RéseauCommercial - 23 filiales couvrant plusde 100pays,associant vente etservices associés, allantdufinancement àlamaintenance desmatériels,pour USA USA E.mail : [email protected] E.mail : [email protected] MÉXICO MÉXIQUE E.mail : [email protected] répondre efficacement à l’ensemble desclientsetutilisateurs. 50%deseffectifs duGroupe dédiéàlasatisfaction desclients. 23 subsidiaries covering more than 100 countries, associating the sales and service offering, from financing to equipment maintenance, maintenance, equipment to financing from offering, service and sales the associating countries, 100 than more covering subsidiaries 23 E.mail : [email protected] ARGENTINA ARGENTINE @haulotte.com haulotteargentina E.mail : @haulotte.com E.mail : haulotteportugal Le réseau commercial et l’offre deservices associés @haulotte.com E.mail : haulottefrance Commercial Network Commercial to effectively meet the needs of all customers and users.. and customers all of needs the meet effectively to haulotte.com E.mail : iberica@ Rapport d’activité -annual report 08 Commercial network and service offering service and network Commercial Training formation Spare parts Pièces derechange NETHERLANDS PAYS-BAS E.mail : [email protected] @haulotte.com E.mail : haulotteitalia se.haulotte.com E.mail : info@ [email protected] E.mail : haulottemiddle- ARAB EMIRATESARAB UNITED UNIS ARABES ÉMIRATS

de.haulotte.com E.mail : haulotte@ E.mail: [email protected] Service solutions Service solutions services Technical assistance a ssistance technique

E-mail : [email protected] E.mail : [email protected] CHINA CHINE E.mail : [email protected] @haulottevostok.ru E.mail : nkoval @haulotte.com E.mail: sales.newzealand NEW ZEALAND NEW NOUVELLE ZELANDE

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 7> 8 Gamme des produits ////////////////////////////////////////////////////////////////////////////////////// Products range

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Les matériels d’élévation de personnes demeurent le cœur de métier d’Haulotte Group, plus de 60 modèles, de 6m à 43m, sont disponibles. Répartis en 8 familles People lifting equipments remain Haulotte Group’s core business, more than 60 models, of 6m to 43m, are available. Dispatched in 8 families:

Ciseaux : tout terrain ou électriques de 6 à 18m Scissors lift : rough terrain or electric 6 to 18 m Nacelles télescopiques : de 14 à 43m / Telescopic booms : 14 to 43 m

Mâts verticaux de 6 à 10m /Vertical masts : 6 to 10m Nacelles tractées de 10.1m à 18.8 m /Trailers mounted booms : 10.1 to 18.8 m

Nacelles automotrices légères : de 13.4m à 15.6m Articulées : tout terrain ou électriques de 12 à 41m Lightweight self-propelled booms : 13.4 to 15.6 m Articulation booms : rough terrain or electric 12 to 41m

Nacelles sur camion /Truck mounted booms Push Around de 7 à 14 m /Push Around 7 to 14 m WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

Dans une logique de complémentarité, Haulotte Group a développé une gamme de chariots télescopiques et engin de terrassement afin de répondre aux besoins spécifiques des métiers de la construction. To provide a complimentary offering, Haulotte Group developed a range of telehandlers and earth-moving equipment to meet the specific needs of the building construction industry.

Chariots télescopiques /Telehandlers Engin de chantier multifonctions : Multijob MJX / Earth moving equipement

En cohérence avec sa stratégie de développement, Haulotte Group, a acquis la société américaine BilJax Inc, en juillet 2008, élargissant ainsi son offre produit In line with its development strategy, Haulotte Group acquired the uS company, BilJax Inc, in July, 2008, expanding its product offering

Echafaudages : Fixes et mobiles /Scaffolding equipments Equipements d’évènementiels : Scènes, gradins /Event staging and seating

Modules d’étayage /Drywall equipment Remorque de transport / Escalate equipment trailers 9> 10

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Actionnaires /////////////////////////////////////////////////////////////////////////////// Shareholders

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Carte d’identité boursière : Calendrier des publications financières Share trading information Investor Calendar

Euronext Paris compartiment 22 • 04 • 2009 B de NYSE Euronext CA 1er trimestre 2009 / 2009 first-quarter sales Euronext Paris Compartment B 02 • 06 • 2009 (Mid-Caps) of the NYSE Euronext Assemblée Générale / Annual General Meeting Indice SBF 120 16 • 07 • 2009 Index: SBF 120 Versement du dividende / Dividend Payment ISIN FR 0000066755 30 • 07 • 2009 ISIN: FR 0000066755 CA et résultats 1er semestre 2009 / Mnémo PIG 2009 First-half year and results Ticker symbol: PIG 28 • 10 • 2009 Reuters PYHE.PA CA 3ème trimestre 2009 / 2009 third-quarter sales Reuters: PYHE.PA 31 • 12 • 2009 Bloomberg PIG FP Clôture de l’exercice / End of financial year Bloomberg: PIG FP 17 • 02 • 2010 www.haulotte.com Chiffre d’affaires annuel 2009 / 2009 annual sales Vous pouvez retrouver nos publications dans la presse Les bureaux d’analyse ayant publié sur la valeur en 2008 économique, sur le site The company’s stock was covered by the following analysts in 2008 internet Euronext et sur notre site internet • Berenberg Bank • Kepler Capital Markets www.haulotte.com rubrique « Finance » • CA Cheuvreux • Morgan Stanley

www.haulotte.com Financial press releases can • CM CIC Securities • Natixis Securities be consulted at the websites of Euronext and Haulotte • Exane BNP Paribas • Oddo Securities www.haulotte.com in the «Investor Relations» section • Financière d’Uzès • Portzamparc

• Fortis Bank • Société Générale

• Gilbert Dupont

08 1,09 08 0,22

07 2,11 07 0,22

06 1,77 06 0,17

05 1,35 05 0,13

0,50 1 1,50 2 2,50 0,05 0,10 0,15 0,20 0,25

Résultat net par action (en e) Évolution du dividende net par action (en e) Net earnings per share (in e) Growth in net dividends per share (in e) WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////// /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// /////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 9,9% Treasury shares Auto-contrôle Rapport d’activité -annual report 08 SOLEM 53,6% Ventes /Sales Europe occidentale Western Europe 85% 77% 1,9% and others Management, employees personnel etdivers Management, Reste dumonde Free float Public 34,6% ROW 23% repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, Rental business Location Services* 7% 8% Breakdown of voting rights on December 31st, 2008 31st, December on rights voting of Breakdown Répartition desdroits devote au31décembre 2008 9,9% Treasury shares Auto-contrôle Breakdown of capital on December 31st, 2008 31st, December on capital of Breakdown Répartition ducapital au31décembre 2008 Management, employees SOLEM 73,64% SOLEM 53,6% Europe occidentale personnel etdivers Ventes /Sales Europe occidentale Ventes /Sales Western Europe Western Europe Management, and others 85% 86% 89% 2,47% 77% 1,9% and others Management, employees personnel etdivers Management, Reste dumonde du monde Free float Free float 23,89% Reste Public Public 34,6% ROW 11% ROW 23% repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, Rental business Rental business Location Services* Location Services* 7% 4% 10% 8% WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 11> 12 Management, employees 73,64% SOLEM Europe occidentale personnel etdivers Ventes /Sales Western Europe Management, and others 86% 89% 2,47% du monde Free float 23,89% Reste Public ROW 11% repairs andfinancing. * notably spare parts, réparations etfinancement. * notamment pièces derechanges, Rental business Services* Location 4% 10% WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Index ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

3 Excerpt of the management report presented

17 Five-year financial summary

18 Consolidated financial statements for the year ended December 31st, 2008

19 Consolidated balance sheet - assets

20 Consolidated balance sheet - liabilities & equity

21 Income statement

22 Consolidated cash flow statement

23 Statement of changes in equity

24 Notes to the consolidated financial statements

68 Statutory Auditors' report on the consolidated financial statements

70 Statutory accounts - Year ended December 31st, 2008

71 Balance sheet - assets

72 Balance sheet - shareholder's aquity and liabilities

73 Income statement

74 Notes to the statutory accounts

77 Statutory accounts - Notes to the balance sheet

92 Statutory Auditor's report on the financial statements 1> 2

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Excerpt of the management report presented to the annual Ordinary General Meeting of June 2nd, 2009 ////////////////////////////////////////////

MANAGEMENT DISCUSSION Review of operations and results in currency losses or provisions for AND ANALYSIS : for the year under review: foreign exchange rate risks of €19 million for the period and provisions Business sectors The fiscal year ended December 31st, for treasury shares in connection Product offering – Market : 2008 submitted for approval to the with the decline in the Company's Ordinary General Meeting is the share price of €18 million, and fi- Haulotte Group is one of the three company’s twenty-fourth year of nally the debt waiver granted to the worldwide leaders in the market for operations since its creation. subsidiary Haulotte US representing self-propelled aerial work platforms a financial expense of € 19 million both as a manufacturer of the main In this period the company had equipment categories (telescopic sales of € 359 million, a significant The extraordinary profit of € 43.1 booms, articulating booms, scissor decrease on the prior year (€ 528.2 million reflects notably the disposal lifts, vertical masts) and as a global million) with export sales accoun- of the French rental companies (LEV distributor. The Company's offering ting for 83% of this total. and Royans Levage). was completed in spring 2007 with the launch of the telehandler. Presentation of statutory accounts: Progress made or difficulties en- countered: According to its estimates, the Com- Highlights of the statutory accounts pany maintained its market share of Haulotte Group SA for 2008 are Fiscal 2008 was characterized by a in 2008 in a worldwide market that presented below: sharp reversal of business trends contracted beginning in the second between the first and second half. half. In Western Europe, Spain and FINANCIAL Fiscal Fiscal After remaining sustained throu- the United Kingdom in particular felt HIGHLIGHTS 2008 2007 ghout the first six months, sales the full repercussions of the econo- registered a significant downturn REVENUES 358 965 528 156 mic downturn. This in turn has a si- in the second half of the year (-40% OPERATING gnificant impact on sales subsidiaries 31 272 81 479 on 2007) that was accompanied by in these markets. The distribution PROFIT measures to adjust production at NET FINANCIAL network was reinforced by the addi- (61 914) (6 535) all manufacturing plants. Reduced tion of subsidiaries in Argentina and INCOME (EXPENSE) manufacturing output led to adjust- Dubai, as the company focuses ef- EXTRAORDINARY ments in staff levels and the adop- 43 089 1 102 forts on developing growth markets PROFIT (LOSS) tion of action plans to reduce com- outside of Europe. The service offe- NET PROFIT mitted fixed costs. 20 704 51 139 ring has continued to expand, contri- (LOSS) buting to building stronger relations Haulotte Group acquired an aerial with customers. Analysis of statutory results: access rental company in Argentina and also opened sales subsidiaries Haulotte Group has also pursued Sales in 2008 of Haulotte Group SA in Argentina and Dubai. The per- measures to optimize its manufactu- declined 30% to € 359 million. Si- centage of the contribution to sales ring lines. It invested significantly in gnificantly impacted by the world- from Asia and Latin America has in- the new manufacturing plant in Ro- wide economic slowdown that creased in consequence over 2007. mania and acquired a company in the began following the summer and ti- United States (BilJax) through its US ghtening credit conditions following On January 8th, 2008, Haulotte subsidiary (Haulotte US). This acqui- the financial crisis, equipment sales Group sold LEV, LEV Luxembourg sition has provided the Group with a declined sharply. and Royans Levage. A capital gain of manufacturing plant in the US mar- € 45 from the disposal was recogni- ket and strengthened our position Operating profit retreated 62% lar- zed in 2008. vis-à-vis our local competitors. This gely from the drop in sales volume Efforts in research and development access to an expanded distribution and rising raw material prices that have remained focused on expan- network will also provide a significant increased production costs. ding the product range and deve- growth driver to accelerate expansion loping technical solutions to reduce in North America.. Net financial expense of €61.9 mil- production costs. lion reflected in highly volatile fo- The services activity has also conti- reign exchange trends that resulted nued to expand contributing to im- WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Excerpt of the management report presented

to the annual Ordinary General Meeting of June 2nd, 2009 ///////////////////////////

proved performances in terms of Key risks and uncertainties: - Company financial risk manage- quality and local service. ment objectives and policy: Because the company outsources Impact of foreign exchange fluctua- a significant share of its produc- The company does not systemati- tions: The pound sterling’s decline tion, the sourcing capacities of its cally hedge interest rate and foreign had a significant impact on net fi- suppliers constitute a primary risk. exchange risk. nancial income (notably because of To prevent risks of supply chain a current account receivable from disruptions, the strategy of diversi- However, transactions are under- the UK subsidiary) as well as the fying suppliers of key components taken according to market oppor- depreciation of the currencies in must be pursued. Measures were tunities. In such cases, they are certain Eastern European countries implemented at the end of 2008 to destined to cover existing assets or (Russia and Poland) and Latin Ame- monitor suppliers considered to re- liabilities rather than for speculative rica (Brazil and Mexico). present a higher risk in order to an- purposes. ticipate the potential consequences Foreseeable changes in the com- of the current economic crisis. - The company’s exposure to risks pany's situation and outlook: concerning price, credit, liquidity The acquisition of BilJax in the and capital resources: The level of activity at the start of the United States will enable Haulotte 2009 remained low, with a decline of Group to produce a portion of its Most of the company’s sales are approximately 40% in relation the product line with costs in US dol- through its distribution subsidiaries. equivalent prior-year period. Uncer- lars, increasing its competitiveness Despite significant competition, tainties concerning the outlook for in relation to its two major competi- these subsidiaries have success- worldwide economic growth and tors that are US companies fully maintained sales price. tightening credit from banks do not permit our customers to invest in Another significant risk is the sen- The level of cash declined throu- their fleet of aerial work platforms. sitivity of our sales to credit restric- ghout 2008 in response to the exten- Haulotte Group has implemented tions that may be imposed on our sion of settlement periods of final additional measures to reduce its customers by financing companies. customers, inventory levels that production capacity and lower its The current economic crisis had an increased and capital expenditures breakeven point. impact on the 2008 second half and in the period. The structured loan will continue to represent a drag on was used in the period to finance The Group's liquidity is provided no- sales in 2009. For strategic custo- the acquisition of BilJax ($ 31 mil- tably by short-term and medium- mers, Haulotte Group will provide fi- lion) and capital investments (with term credit lines through a syndi- nancing for a portion of sales, while € 60 million drawn on the CAPEX cated loan. The covenants provided maintaining trade receivable risks credit line). All loan covenants by this loan agreement were met on at reasonable levels. were met at the end of 2008 and December 31st, 2008 and discus- discussions were initiated with the sions were initiated with the banking Finally, a risk specific to our business banking syndicate to anticipate po- syndicate to anticipate the conse- is the absence of long-term commit- tential consequences of reduced quences of potentially weaker sales ments by our customers. This was sales in 2009 on obligations under in 2009 on the Group's compliance confirmed in the second half of 2008 the contractual loan commitments. with its contractual commitments, by the cancellation of a certain num- Debt repayment obligations for 2009 notably through a possible amend- ber of orders. With visibility remai- remained low for 2009 with only one ment to the loan agreement. ning reduced for 2009, it is important due date in July 2009 for € 8.8 mil- to increase our flexibility. lion. Important post-closing events: Use of financial instruments: Research and development: Pursuant to the authority granted to it by the extraordinary shareholders' The company has recourse to The company's engineering depart- meeting of April 22nd, 2008, the interest rate and currency deriva- ments have focused on expanding Board of Directors’ March 11th, 2009 tives such as interest rate swaps, the offering of aerial work platforms cancelled 1,401,595 treasury shares. collars, forward currency sales and developing technical solutions (mainly in USD). to optimize production costs. 3> 4

Disallowed deductions under 39-4 of the French general tax code concerning sumptuary and amortization expenses:

In compliance with the provisions of article 223 quater of the French general tax code, accounts of the period ended include non-deductible expenses of € 37,670, with a corresponding tax of € 12,555.

PROPOSED APPROPRIATION OF INCOME FOR THE YEAR Based on the profit for the year shown in the annual accounts of € 20,704,385.20 increased by retained earnings of € 111,665,634, resulting in a distributable profit of € 132,370,019 we propose the following appropriation of net income for the year:

- To the legal reserve € 0 increased accordingly to € 447,670.42 to be fully allocated

- To the distribution of a dividend of € 0.22 per share, appropriated from net income of the period representing a total amount of € 6,457,516.12 in favour of 31,190,169 shares comprising the share capital at March 11th, 2009, after excluding the 1,837,823 treasury shares held by the company (1). (1) Subject to the stock options under the plans of 2002 and 2003 that are currently in force that may be exercised until the date of the meeting.

- the balance to "retained earnings" of € 111,665,634

The total number of new shares that may be created up to the dividend payment date, from the exercise of stock options under the plans of 2002 and 2003 may evolve up until the dividend payment date. Based on the maximum number of 3,760 stock options under the 2002 plan and 33 050 stock options under the 2003 plan that remain exercisable after December 31st, 2008, it is requested that you to take into account the number of shares existing on this date to determine the amount of dividends to be appropriated from the profit of the year and the balance to be allocated to retained earnings for the payment of dividends to shareholders of € 0.22 per share.

The dividend will be payable on July 15th, 2009 it being specified that at the time of payment, the number of own shares held by the company will be taken into account, with amounts corresponding to dividends attached to these shares not paid allocated to retained earnings.

Shareholders who are natural persons who have not opted for the 18% flat-rate withholding tax excluding applicable social charges qualify for a 40% tax allowance for dividends based on the total amount.

DividendS paid for the last three fiscal years

In accordance with article 243 bis of the French General Tax Code, information on dividends paid for the last three fiscal years is disclosed below:

Fiscal year Income eligible for tax credit Income not Tax rebate Dividends Other distributions eligible for tax credit 40% rate 2005 0.13 0.052 40% rate 2006 0.17 0.068 40% rate 2007 0.22 0.088 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Excerpt of the management report presented

to the annual Ordinary General Meeting of June 2nd, 2009 ///////////////////////////

SUBSIDIARIES AND ASSOCIATES

Acquisitions of shareholdings or controlling interests

On January 15th, 2008 Haulotte Group acquired an aerial access equipment rental company in Argentina for € 5.1 million

On July 24th, 2008 through its subsidiary Haulotte US, Haulotte Group acquired the US company, BilJax, specialized in the manufacture of aerial access equipment and scaffolding. This acquisition for an amount of US $ 31 million will enable the Group to accelerate its development in the North American market.

Disposals of shareholdings related to adjustments of cross-shareholdings: In the period ended, no cross-shareholdings have been noted.

Other disposals: On January 8th, 2008, Haulotte Group sold the companies LEV, LEV Luxembourg and Royans Levage that in 2007 contributed € 33.3 million to consolidated sales. These disposals generated a € 31.3 million capital gain.

Results of subsidiaries:

At year-end, the company exercised controlling interests in 28 subsidiaries. The results of these subsidiaries are sum- marized below (millions of euros):

Ownership 2008 2008 Sales 2008 profit 2008 Net income Subsidiary interest (%) sales vs. 2007 (%) or loss vs. 2007 (%) HAULOTTE FRANCE. S.A.R.L. 99.99% 69.4 -2.26 0.24 -1.17 ABM INDUSTRIES S.A.S 100% 0.48 -0.1 0.05 -0.05 TELESCOPELLE S.A.S 100% 0.16 -0.04 0.18 0.04 LEVANOR 100% 5.36 -0.41 0.75 0.29 NOVE 100% 10.99 -0.95 0.03 -0.08 HAULOTTE ARGES 100% 19.28 -5.12 1.6 -3.44 HAULOTTE CANTABRIA 99.96% 39.44 31.87 -1.5 2.13 HAULOTTE HUBARBEITSBUHNEN Gmbh 100% 53.32 6.28 2.96 0.52 HAULOTTE UK LTD 100% 11.76 -50.13 -3.46 -4.94 HAULOTTE ITALIA S.R.L. 99.00% 45.14 -3.4 1.89 -1.1 HAULOTTE AUSTRALIA PTY LTD 100% 11.1 -6.63 -3.82 -3.92 HAULOTTE IBERICA S.L 98.71% 75.45 -108.58 -2.4 -13.15 HAULOTTE NETHERLANDS B.V 100% 10.35 -4.08 -0.86 -0.62 HAULOTTE US INC 100% 11.34 -0.85 -7.83 -2.98 BILJAX INC (US) * 100% 21.8 21.8 0.13 0.13 HAULOTTE SCANDINAVIA AB 100% 24.02 -11.17 2.7 -3.14 HAULOTTE DO BRAZIL LTDA 99.98% 13.04 5.57 -4.17 -4.86 HAULOTTE VOSTOK OOO 100% 8.43 0.45 -0.6 -0.94 HAULOTTE POLSKA ZOO 100% 25.8 6.72 1.45 -0.12 HAULOTTE SINGAPORE 100% 8.13 0.25 0.04 -0.33 5>6

Ownership 2008 2008 Sales 2008 profit 2008 Net income Subsidiary interest (%) sales vs. 2007 (%) or loss vs. 2007 (%) HAULOTTE SHANGHAI 100% 1.82 1.39 -0.24 -0.18 HAULOTTE ARGENTINE 100% 0,6 0.6 -0.04 -0.04 HAULOTTE MEXICO 95% 3.13 2.28 -0.55 -0.38 HAULOTTE MIDDLE EAST 100% 18.96 18.96 1.38 1.5 MUNDIELEVACAO 90% 4.17 0.27 0.01 0.07 UK PLATFORMS 100% 13.87 -1.18 -2.94 -2.63 UK TRAINING 100% 0 -0.16 0 0.01 HORIZON HIGH REACH (Argentina) * 100% 2.91 2.91 0.73 0.73 * Subsidiary acquired in 2008.

Environmental impact of subsidiaries:

Overall, consolidated subsidiaries do not engage in any industrial activities with a potentially harmful impact on the environment.

As primarily trading companies, their activity is limited to the temporary storage of machines and spare parts. The rare cases involving the handling of fuels, hydraulic oils and storage batteries during loading and unloading operations is always carried out under safe conditions. The recycling of these items is systematically entrusted to authorized organisations.

Policies of subsidiaries concerning the impact of their activities on regional development and local population:

Almost all employees of consolidated foreign subsidiaries have been recruited locally. The terms of employment are generally better than those under local collective bargaining agreements. The company seeks to provide opportunities to enable deserving employees to benefit from its growth. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Excerpt of the management report presented

to the annual Ordinary General Meeting of June 2nd, 2009 ///////////////////////////

INFORMATION ON COMMON - On october 27th, 2008, Kempen Ca- - Execution costs in 2008: € 101,527. STOCK pital issued a press release indicating that it had crossed the 5% threshold in - Nominal value per share: € 0.13. On April 18th, 2008, the Board of the share capital (ownership interest of Directors’ meeting of Haulotte Group 5.0007% of the share capital and 3.23% - Allocation of treasury stock held on cancelled 1,856,186 shares and redu- of the voting rights). December 31st, 2008: ced the share capital in consequence • 139,418 shares: in connection with a by € 241,304.18 from € 4,476,420 to At the same time, pursuant to the in- liquidity agreement accordance with € 4,235,115.82 divided by 32,577,814 crease in the share capital from the the French Association of Invest- shares. exercise of stock options by employees ment Firms’ (AFEI) code of conduct throughout the year, the reduction of of March 14th, 2005 and approved We furthermore inform you that the share capital through the cancellation by the AMF (Autorité des Marchés Company’s share capital increased of shares carried out by the Board of Di- Financiers) on March 22nd, 2005 for in 2008 in response to the successive rectors in the period, and the number of the purpose of assuring an orderly exercise of stock options from the 2002 treasury shares held, Solem's stake in- market in the company's share, and 2003 plans (refer to paragraph creased from 50.78% share capital and "Employee stock ownership"), from more than 50% of the voting rights on • 1,629,558 shares: for the purpose of € 4,235,115.82 (divided by 32,577,814 December 31st, 2007 to 53.57% of the subsequent payment or exchange in shares of € 0.13 each) followed by the share capital and more than 50% the connection with financial transac- capital reduction mentioned above to € voting rights on December 31st, 2008. tions or requisitions in compliance 4,236,851.32 at December 31st, 2008, with applicable regulations, divided by 32,591,164 shares of € 0.13 Many employees of the Group hold sha- each. res of the company. However, because • 1,470,442 shares: cancellation of pur- Accordingly in 2008, 13,350 new shares not all are registered shares, it is not chased shares.. were created from the exercise of stock possible to determine the exact per- options as follows: centage of capital held by employees. SHARE PRICE TRENDS AND However, this percentage remains TRADING ACTIVITY - 4,250 shares created between January below the threshold indicated above. 1st, 2008 and December 31st, 2008 The share price on January 2nd, 2008 was from the exercise of the 2002 plan; OWN SHARES PURCHASED de € 20.36 and ended the year at € 4.45 AND/OR SOLD BY THE on December 31st. - 9,100 shares created between January COMPANY 1st, 2008 and December 31st, 2008 Average daily trading volume on the basis from the exercise of the 2003 plan. Shares purchased or sold by the of 256 trading sessions was 160,652 sha- company during the fiscal year res. The modification of the share capital of article 7 of the bylaws was recorded In fiscal 2008, the company: The share price in 2008 registered a very by the Board of Directors' meeting of significant decline in a particularly vola- March 11th, 2009. - purchased 4,496,521 shares at an ave- tile environment for financial and equity rage price of € 10.54; markets that was precipitated by the sub- In accordance with the provisions of article prime crisis. The impact of this downturn L. 233-13 of the French Commercial Code - sold 229,209 shares at an average was particularly severe on small and me- and based on the information and notifica- price of € 12.52. dium caps and cyclicals. tions received pursuant to articles L. 233-7 and L. 233-12 of the French Commercial The carrying value of treasury shares at Code, the identity of shareholders directly December 31st, 2008: € 29,307,000. or indirectly owning over one twentieth (5%), tenth (10%), three twentieths (15%), Own shares held at December 31st, one fifth (20%), one quarter (25%), a third 2008: (33%), one half (50%), two thirds (66%), nine tenths (90%) or nineteen twentieths - Own shares held at December 31st, (95%) of the share capital or voting rights 2008: 3,239,418 shares or 9.94% of the is disclosed below: share capital. 7>8

DIRECTORS AND OFFICERS

Shareholdings of directors and officers:

At December 31st, 2008, the shareholdings of corporate officers were as follows:

Pierre Saubot, Chairman of the Board of Directors and Chief Executive Officer: 13 189 actions, or 0.0.4% of the capital, Alexandre SAUBOT, Deputy Chief Operating Officer: 990 shares or 0.003% of the capital.

List of corporate appointments:

OFFICERS APPOINTMENTS HELD IN THE COMPANY APPOINTMENTS HELD IN OTHER COMPANIES

Pierre SAUBOT Chairman of the Board of Directors • Chairman of the Board of Directors Chief Executive Officer and director of Solem SAS Director • Representative of Haulotte Group SA, Chairman of ABM Industrie SAS, • Co-Manager of SCI La Coquille, • Manager of Société Commerciale du Cinquau, • Manager of SCI Lancelot, • Treasurer of the “Confédération Nationale des Vignerons indépendants de France”, • Director of Valeurs du Sud, • Chairman of the “Fédération Départementale du 64 des Vignerons Indépendants”.

Alexandre SAUBOT Chief Operating Officer • Director of Solem SASS Director • Representative of Haulotte Group SA, • Representative of Haulotte Group SA, Chairman of ABM Industrie SAS, • Representative of Haulotte Group SA, Chairman of Télescopelle SAS, • Manager of Haulotte France SARL, • Manager of Haulotte Services France, • Director of Haulotte Netherlands BV, • Director of Haulotte Iberica, • Director of Haulotte Portugal, • Director of Haulotte Scandinavia, • Director of Haulotte Italia, • Manager of Haulotte GmbH, • Directorof Haulotte Polska, • Director of Haulotte UK, • Director of UK Platforms, • Director of UK Training, • Director of Haulotte Australia, • Chairman of Haulotte US, • Director of Haulotte Singapour, • Representative of Haulotte Group SA, Sole director of Haulotte Cantabria, • Director of Haulotte Arges, • Chairman of Haulotte Trading (Shangaï) Co. Ltd, • Director of Haulotte Mexico, • Chairman of Locav Srl, Nove Srl , • Director of Haulotte Middle East, • Representative of Haulotte Group SA, sole director of HHR. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 *Compensation includes total amounts received including benefits of any nature, in this case paid by the controlling company, controlling the by paid case this Solem. in nature, any of benefits including received amounts total includes *Compensation Alexandre SAUBOT Pierre SAUBOT Alexandre SAUBOT Pierre SAUBOT Alexandre SAUBOT Pierre SAUBOT Corporate officrs Compensation ofcorporate officers OFFICERS tion orchangeoftheseappointments orsubsequentthereof. pensation, indemnities or other benefits payable or that could be payable in connection with the assumption, termina- The company has made no commitment of any nature in favour of corporate officers constituting components of com- Corporate officers donotbenefit from aspecialpensionscheme. Board Meetingsare reimbursed onthebasisofvouchers. corporateofficers.as Only travel attending forserving companyexpenses for the by paid been has compensation No cers, refer to paragraph 4ofthe ReportoftheChairmanBoard ofDirectors oninternal control. For information on the rules and principles applied in respect to compensation and benefits granted to corporate offi- Elisa SAUBOT Hadrien SAUBOT José MONFRONT Michel BOUTON Bertrand BADRE to theannual Ordinary General Meeting ofJune 2nd,2009 Excerpt ofthemanagement report presented NTMENTS HELDIOT APPOI HER COMPANIES APPOINTMENTS HELDITHECOMPANY Director Director Director Director Director Rapport d’activité -annual report 08 • Director ofSolem SAS • Director ofSolem SAS • Director ofHaulotte Trading Shangaïco.Ltd. • ChairmanofSovibus (minorityshareholder ofPVI). • • ChairmanofPVIHOLDING • • • Chieffinancialofficer, Group Crédit Agricole SA • Executive Committee member,Crédit Agricole SA • Director, Sofiouest • Director andVice-Chairman, SFEF • Director, Newedge Group • Director, FINAREF • Director, Crédit Agricole Covered Bonds • Director, Crédit Agricole Asset Management • (subsidiary ofPVI), Chairman andChiefExecutive Officer ofEscal Chairman ofPVI, Crédit Agricole SA Member oftheGeneral ManagementCommittee, Supervisory Board member,CACEIS Variable compensation ieuros* Fixed compensation ieuros* 110 000 169 000 175 500 80 000 2008 2008 /////////////////////////// Benefits in-kind 110 000 169 000 175 500 80 000 Néant Néant 2007 2007

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 9> 10 Excerpt of the management report presented to the annual Ordinary General Meeting of June 2nd, 2009 ////////////////////////////////////////////

Transactions involving shares of the company by officers or related parties in accordance with article L.621-18-2 of the French Financial and Monetary Code

The corporate officers have not engaged in any transactions in shares they hold in the company, either directly or through persons with whom they have close personal relations.

For information on the increased in the shareholding in the capital of Solem SA, the majority shareholder, see section “Information on share capital” below.

Transactions involving shares of the company by members of the Executive Committee "considered as officers" in accordance with article L.621-18-2 b) of the French Financial and Monetary Code:

On October 23rd, 2008, José Monfront undertook the following transaction: 2010 shares at price of e 5.43 for a total of e 10,894.20. EMPLOYEE STOCK OWNERSHIP

Employee shareholdings on the last day of the fiscal year:

In compliance with article L. 225-102 of the French Commercial Code, we inform you that on the last day of the fiscal year ended December 31st, 2008 the shareholding of employees was less than 3%.

Stock options granted to salaried employees:

PLAN N°1 PLAN N°2 PLAN N°3

Board of Directors' meeting date July 26th, 2001 July 2nd, 2002 July 8th, 2003

Total number of options allotted at inception 171,250 175,250 159,200

Number of shares able to be subscribed 0 3,760 33,050 at 31/12/2008

Number of shares able to be subscribed: - by officers 0 0 0 - by the 10 employees having been granted 33,500 33,500 29,500 the greatest number

Commencement of the option exercise period July 26th, 2005 July 2nd, 2006 (excluding July 8th, 2007 (excluding authorized exemptions) authorized exemptions)

Expiry date Initially October 25th, 2005 July 2nd, 2009 July 8th, 2010 extended to April 25th, 2006 by the Board of Directors on October 6th, 2005

Subscription or purchase price € 16.78 € 9.46 € 4.19

Number of shares subscribed at 31/12/2008 101,050 114,240 82,700 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 nual General Meeting called to rule to called Meeting General nual an- the of close the until i.e. years, six for auditors deputy joint the as person, natural a Pigny, Mrs. auditor and statutory joint the as tier, Ju- Mr. by represented entity legal of signatory, the firm Hoche Audit, a obligation of alternating the position the complywith to appoint, you that request we Meeting, General next the of close the at deputy expires auditor joint and Nahum, Gramet tor of the firm Hoche Audit, formally audi- statutory joint Mr.Gramet, of appointments the that noting Duly STATUTORY AUDITORS APPOINTMENT OFTHE corporate officers infiscal 2008. to granted were shares bonus No officers concerning bonusshares: corporate on imposed Restrictions last plan of2003. the since granted been have options stock no and options stock porate officers were not granted any For information, itisnoted thatcor- of theseregulations. adoption the since restrictions new the company has not introduced any of Directors of Board the Similarly, fromsulting exercisethe options. of re- shares of retention or exercise the concerning restrictions special corporateofficers are subject to not option plans of 2001, 2002 and 2003, stock the of regulations the Under their of functions: termination the before sulting from the exercise of options re- shares of retention or stockoptions of exercise the officersconcerning on imposed Restrictions pany. com- the of employees to granted shares bonus no werefiscal 2008 In employees: company to granted shares Bonus to theannual Ordinary General Meeting ofJune 2nd,2009 Excerpt ofthemanagement report presented 2014 31st, December the ending period the for statements financial the on - - order ofpriority: decreasing in purposes, following the for program buy-back share a Haulotte Group wishes to implement exceed € 62,379,120. not may purchases these of per share price maximum a for shares, treasury excluding and Meeting Gene- ral the after undertaken tions into subsequent account take equity transac- to adjusted be may that stock and on the basis of the capitalamount company's the more of 10% than not representing company the of shares means, appropriate any by off-market or on purchase to Regulation, General AMF the of seq. et 241-1 articles Code mercial FrenchCom- the of seq. et 225-209 L. articles with accordance in man, delegate said authority to the Chair- turn in may that Directors of Board the authorize you that propose We 10% OF THESHARECAPITALOF LIMIT THE WITHIN SHARES COMPANY CHASE AUTHORIZATION TO PUR- as ds nrpie d’Investis- Entreprises des çaise ciers) dance with the provisions of article accor- in grants share other and plans option stock employee For the AMF by approved and 2005 14th, firms’ (AFEI or (AFEI firms’ investment of association French model contract drafted in accordance the the on based agreement liquidity a of framework the thin wi- provider services investment an through shares company’s the in market orderly an Maintaining sement Rapport d’activité -annual report 08 (Autorité des Marchés Finan- Marchés des (Autorité onMarch 22nd,2005; ) code of conduct of Marchof conduct of code ) € 0 h ttl mut of amount total The 20 soito Fran- Association from Act 2005-842of26July 2005. resulting Code Commercial the of accordance 6 paragraph L.225-209 article in with Meeting, General the after undertaken transactions take into subsequent account equity toadjusted be may that amount the of basis the on 5% capital share the of exceed not or may demerger contribution, merger, a with connection in exchange for or use payment subsequent for acquired be may that shares of number The authorization isvalid. this period the during sold shares sharesof purchasednumber minus the to correspond shall limit 10% this calculate to account into taken be may that shares of number the ned by the AMF General Regulation, accordance with the conditions defi- to sharein the of liquidity promotethe repurchased are shares When - - pany. Com- the of by held shares treasury cancellation by capital share the reduce to Directors of Board the authorizing resolution the of Meeting Shareholders' ordinary Extra- the by adoption to subject acquired, thus shares Cancelling gulations; re- applicable with compliance in acquisitions, or transactions cial finan- with connection in change ex- or payment of means a as use Retain such shares for subsequent sharing plans; profit- employee with connection the of sharesof sharesgrantin the or Company of Code mercial Com- French the of L.225-197-2 article by covered companies Company or the of officers and/or employeesto grants or Code bour Frenchthe La- of seq. et L.3332-1 ///////////////////////////

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 11> 12 Excerpt of the management report presented to the annual Ordinary General Meeting of June 2nd, 2009 ////////////////////////////////////////////

The shares may be sold or trans- treasury shares that the Company the provisions of article L.3332 -18 ferred by any means. Share pur- may hold that were acquired through and L 3332 -19 of the French La- chased may also be held. They may the share buy-back program men- bour Code; be cancelled under the conditions tioned above subject to a limit of provided for by law. The entire share 10% of the share capital of the com- - Resolve that this authorization will buy-back program may be executed pany for periods of 24 months. be valid for twenty six months for through block trades. an amount not exceeding 3% of In addition, we propose that you de- the share capital; Should the company exercise the legate to the Board of Directors all options provided for in the fourth powers to proceed with this tran- - Resolve that the Board of Directors paragraph of article L. 225-209 of saction in accordance with the pro- shall be vested with all powers to the French Commercial Code, the visions of article L.225-209, para- implement this authorization no- sales price shall be determined in graph 7 of the French Commercial tably for the purposes of setting accordance with applicable legal Code and allocate the difference the dates, conditions and procedu- provisions. between purchase price of the shares for issuance, determining the res cancelled and their nominal amounts to be issued, the record This authorization shall be gran- value to premium accounts or reve- dates of shares to be issued, the ted for a maximum of eighteen (18) nue reserves. procedure and delay for the pay- months. The Board of Directors may ment of shares, the subscription delegate as provided for under the This authorization is granted for period, the allocation of the cost of law. This authorization may also be eighteen months and replaces and this rights issue to the correspon- used during offers to purchase or supersedes the prior authoriza- ding share premium, and in gene- exchange securities. This autho- tion granted by the Extraordinary ral, take all appropriate measures rization cancels and replaces the Shareholders Meeting of April 20th, to properly carry out the proposed authorization granted by the Ordi- 2008. rights issue and record the capital nary General Meeting of April 22nd, increase and amend the compa- 2008. ny's bylaws in consequence. CAPITAL INCREASE RE- The shareholders grant the Board SERVED FOR EMPLOYEES, This authorization entails waiver by of Directors full powers with the shareholders of their preferential possibility to further delegate this Under article L.225-129-6 subsec- subscription rights to the shares authority as provided for under the tion 2 of the French Commercial that will be issued in favour of em- law, to place all stock market or- Code, the Chairman is required to ployees concerned by this measure. ders, use any derivative instruments submit a draft resolution to sharein compliance with applicable secu- holders every three years for a capi- I nevertheless inform you that this rities market regulations, conclude tal increase reserved for employees capital increase has been proposed all agreements for the purpose of in accordance with the provisions exclusively for the purpose of com- completing formalities, procedures provided for under article L.3332-18 plying with legal provisions and that and filings, and in general take all and L.3332-19 of the French Labour a capital increase of this nature measures considered necessary. Code. does not fall within the scope of the Company's plans. For this reason, AUTHORIZATION AND In consequence, we propose that, we propose that this resolution be POWERS GRANTED TO THE after having reviewed the Board of rejected. Directors' report and the Auditors' BOARD OF DIRECTORS TO special report you: In compliance with the provisions REDUCE THE SHARE CAPI- of article R.225-113 of the French TAL BY CANCELLATION OF - Grant the Board of Directors all Commercial Code, information on TREASURY SHARES powers necessary to proceed, on the conduct of corporate affairs of one or more occasions, in propor- the company since the beginning of We propose that you authorize the tions and at times of its choice, the year is provided in this report. Board of Directors to reduce the with a capital increase through share capital by cancelling, on one the issue of new shares reserved or more occasions, all or part of the for employees, in accordance with WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Excerpt of the management report presented

to the annual Ordinary General Meeting of June 2nd, 2009 ///////////////////////////

INFORMATION HAVING A has not been so notified, shares that nutes of the General Meeting. POTENTIAL IMPACT IN THE exceed the fraction to be reported EVENT OF TAKEOVER BIDS under this disclosure requirement Rules concerning the appointment (ARTICLE L.225-100-3 OF shall be deprived of voting rights and replacement of directors at the request of one or more sha- THE FRENCH COMMERCIA reholders holding 5% of the share The bylaws provide that the company CODE) capital (with such request recorded is governed by a Board of Directors in the minutes of the General Mee- whose composition complies with Capital structure of the company: ting). applicable legal provisions.

SOLEM, the majority shareholder Holders of shares conferring spe- Appointment of directors: of the company, is itself held by the cial control rights and a descrip- Every director must be a sharehol- Saubot family. tion thereof der of the company and hold at least one qualifying share (article 12 of At 2008 year-end, the capital struc- All shares of the company confer the bylaws). ture of the company was as follows: upon shareholders a right to parti- cipate in meetings under the condi- By law a director may be a natural - Solem: 53.57% of the share capital tions and subject to the provision person or legal entity. (and 73.64% of the voting rights) provided for by law and regulations. Each director must possess legal - Holders of bearer shares: 34.57% Shares shall confer a right to a per- capacity or be an emancipated of the share capital (et 23.9% of the centage of the company's assets, minor and shall not be subject to voting rights), of which 5.0007% of the distribution of earnings and pro- incompatibilities or restrictions pro- the share capital (and 3.23% of the ceeds after liquidation equal to the vided for under law. voting rights) are held by Kempen proportion of the share capital they Capital Management represent. The director may be a salaried employee of the company if his or her - Holders of registered shares: A double voting right is granted to employment contract predates the 1.92% du capital (and 2.46% of the all fully paid-up shares in proportion appointment to the board and cor- voting rights) to the capital they represent subject responds to an actual employment. to proof that they have been registe- - Treasury shares: 9.94% of the red for at least four (4) years in the The number of directors bound by share capital; name of the same shareholder. employment contracts with the company may not exceed one third Restrictions under the bylaws This right is also granted pursuant the total members on the board. on the exercise of voting rights to the capitalization of reserves, and the transfer of shares or the earnings or additional paid-in capi- In the absence of an age limits set provisions of agreements repor- tal to free registered shares granted by the bylaws for directors, not more ted to the company in compliance on the basis of existing shares enti- than one third of the board members with article L. 233-11 of the French tled to the same right. may exceed seventy years of age. Commercial Code: For any shareholder acting alone or Appointments of directors during Under Article 9 (Transfer and Trans- in concert that fails to meet the dis- the life of the company fall under mission of Shares) of the bylaws, closure obligation to report the cros- the authority of the Ordinary Gene- legal entities or natural persons sing the one percent (1%) threshold ral Meeting and shall be recorded that acquire or cease to hold a frac- for share capital or voting rights or in the agenda of the meeting except tion equal to 1% of the share capital any multiple thereof, shares that for cases of appointments following or the voting rights or any multiple exceed the fraction to be reported revocation. thereof, must notify the company under this disclosure requirement within fifteen days of crossing such shall be deprived of voting rights at Directors are appointed for a maxi- thresholds. the request of one or more share- mum term of six years (article 12 of holders holding five percent (5%) of the bylaws). Under the bylaws, if the company the share capital recorded in the mi- 13> 14

Replacement of directors: recording, in its first meeting fol- neral take all measures considered lowing the end of the fiscal year, necessary. When during his or her term the the number and amount of shares Chairman of the Board of Directors issued pursuant to the exercise of The Extraordinary General Meeting reaches seventy, he or she shall be stock options. authorizes the Board of Directors to considered to have automatically re- cancel on one or more occasions all signed and will proceed with the ap- In this context, the Board of Direc- or part of the company shares that pointment of a new chairman in ac- tors may also delegate authority to may be held under this share buy- cordance with the provisions of the its Chairman to amend the bylaws back program not to exceed 10% of bylaws (article 12 of the bylaws). and comply with legal formalities if the share capital of the company per it decides that it is preferable to not 24 month period. In the event of vacancies of board wait for the end of the fiscal year to directorships pursuant to death or proceed with these modifications In this context, it authorizes the resignation, Board members may Board of Directors to allocate the appoint themselves, on an interim Powers of the Board of Directors difference between the purchase basis by cooptation, a new director concerning notably issuing or price of the cancelled shares and whose appointment must be ap- repurchasing shares their nominal value to share pre- proved by the next shareholders' mium accounts or revenue reserves meeting. Cooptation is not possible The powers of the Board of Direc- and vests the Board with all powers when the number of directors is less tors concerning share buy-back to define the conditions and pro- than the legal minimum of three. In programs are authorized and dele- cedures of such cancellations and the latter case the ordinary general gated by Ordinary and Extraordinary amend, as applicable the company's meeting must be immediately cal- General Meetings. bylaws. led to complete the number of board members. The Ordinary General Meeting In the case of share issues the authorizes the Board of Directors, powers that may be granted to the In compliance with the provisions with the possibility to delegate said Board of Directors shall be autho- of the law, terms of directors expire authority to its chairman to pur- rized by the general shareholders' pursuant rules governing age limits, chase shares of the company on or meeting.. the occurrence of events preventing off market by any means represen- the director from exercising his or ting not more than 10% of the com- AGREEMENTS SUBJECT her functions (death, illness, etc.), pany's capital stock (and subject to a TO ARTICLES L.225-38 the winding up or transformation of maximum of 5% of the share capital ET SEQ. OF THE FRENCH the company, adoption of a new sys- for the purpose of acquiring shares tem of corporate governance (dual for subsequent use as a means of COMMERCIAL CODE system with a executive board and payment or exchange in connection supervisory board) and finally by re- with mergers, demergers or contri- The auditors’ special report provi- vocation or resignation. butions). This authorization is gran- des information on regulated agree- ted for a maximum of eighteen (18) ments with related parties subject Rules governing the modification months and may also be used du- to the provisions of article L.225- of the company's bylaws ring takeover bids or tender offers. 38 of the French Commercial Code concluded in prior periods that re- Amendments to the bylaws of the The Ordinary General Meeting mained in force in the last fiscal company in accordance with legal confers full powers to the Board of year. provisions are subject to the exclu- Directors with the possibility to fur- sive authority of the Extraordinary ther delegate this authority to the In compliance with the provisions of General Meeting. Chairman, to place all stock market article L. 225-40 of the French Com- orders, use any derivative instru- mercial Code, we request that you As an exception to this rule, the ments in compliance with applica- approve this report. Board of Directors may modify the ble securities market regulations, bylaws in respect to amounts of conclude all agreements for the We inform you that you may obtain share capital and the number of purpose of completing formalities, from the date of the notice of the Ge- shares comprising the capital, after procedures and filings, and in general Meeting information providing WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 31st, 2007 amounted to sals, like-for-like sales at December dispo- the exclude to RestatedLev. and LevageRoyans of disposals the of impact the includes decline This € of sales had Group€ the 2008 In pean Union. Euro- the by adopted as IFRS with statements accordance in prepared been financial have Group The Review ofconsolidated operations: REPORT MANAGEMENT GROUP terial nature for oneoftheparties. ma- a of are implications, financial or purpose their of light in which, reviewunder and period the in pany com- the of operations normal the purposes concluded in the course of their and agreements such of list a a 1.% ess 75 i 2007. Operating profit was in impacted nota- 17.5% versus 11.2% was year the for margin operating The lion in2007to €50.6million. from significantly ned decli- profit operating Consolidated in relation to thepriorperiod. 40% of expansion robust ghlighting versus2008 in hi- nue 2007), in 12% nue mix has increased (23% of reve- reve-Worldthe the in of Rest the of share the However, revenue). total of (77% sales to contributor major the remains market European The second half. the in reduced were volumes tion produc- demand, customer lower Toto respond(+23.6%). services for stronggrowthand (+2.9%) business rental in growth (-30%), by offset sales partially equipment in a significant drop reflected result This lion, reducing thedeclineto 26.7% 648.1 million in 2007, down 30.4%. 5. mlin oprd with compared million 450.8 to theannual Ordinary General Meeting ofJune 2nd,2009 Excerpt ofthemanagement report presented € € 113.7 mil- 113.7 614.8 mil- cantly reduce signifi- ourbreakeven point. and 2009 in levels ventory in- our adjust to us enable should The flexibility of our economic model costs. fixed contain effectively and requirements capital working duce re- management, cash optimize to been has priority Group's the ders, weakening or- for of visibility limited and demand environment an In Group's situationandoutlook: Foreseeable changesinthe red with11%intheprioryear. compa- 7% of margin net a senting versus totalled 2008 31st, December at profit attributable Net of €7.5million. and depreciation generated a charge provisionsin Furthermore,changes period. the in recognized was ness busi- rental equipment French the 129-2 ANDL.225-129-3: CLES L.225-129-1 L.225- COMPLIANCE WITHARTI- CAPITAL INCREASESIN BOARD OFDIRECTORS FOR SHAREHOLDERS TO THE GENERAL MEETINGOFTHE THE BY GRANTED FORCE IN AUTHORIZATIONS in force. Directorsremainingof Board the to no aregranted been having authorizations there that you inform We gain of gain and by controlreduced tight to subject were expenses selling and ministrative ad- environment, this in However, (€ margin gross the in deterioration significant a in ting resul-volumes in decline the by bly Rapport d’activité -annual report 08 € € 30 million frommillion 30 salethe of 71 million en 2007, repre-2007, en million 71 € . mlin A capital A million. 1.3 € -84.3 million). -84.3 19 million 31,9 closed inAppendixofthisreport. en- is control internal and cedures report on the Board’s operating pro- Chairman's French the Code, the Commercial of L.225-37 article of provisions the with accordance In CODE CIAL OF THEFRENCHCOMMER- L.225-37 ARTICLE WITH ACCORDANCE IN RECTORS MAN OF THE BOARD OF DI- REPORT OFTHECHAIR- The Board ofDirectors. ///////////////////////////

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 15> 16 Five-year financial summary

Closing date 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004

Duration of fiscal year (months) 12 12 12 12 12

SHARE CAPITAL AT YEAR-END

Common stock 4 236 851,32 4 476 420,00 4 456 704,20 4 439 416,80 4 439 416,80

Number of outstanding shares

- ordinary shares 32 591 164 34 434 000 34 282 340 34 149 360 34 149 360

- treasury shares 3 239 418 828 292 99 446 92 757 197 816

- dividend-right shares 29 351 746 33 605 708 34 182 894 34 056 603 33 951 544 Maximum number of future shares to be created - from conversion of bonds

- from subscription rights

OPERATIONS AND RESULTS

Sales excluding taxes 358 964 658,18 528 156 057,00 414 176 101,40 305 944 067,42 211 159 588,71 Earnings before taxes, employee profit- 49 819 850,94 108 180 316,37 88 764 100,56 53 394 985,94 19 181 038,58 sharing, depreciation and provisions Corporate income tax (8 257 021,52) 22 930 420,83 23 864 202,71 14 634 512,00 2 403 237,00

Employee profit-sharing 1 976 596,00 2 310 715,00 1 580 765,38 Earnings after tax, 37 372 487,26 32 134 510,84 14 227 752,10 8 570 887,81 10 224 357,57 employee profit-sharing, Depreciation and provisions 20 704 385,20 51 138 788,70 48 361 430,75 28 608 820,75 6 553 444,01

Distributed earnings 6 457 384,12 7 393 255,76 5 827 997,80 4 439 417,00 3 414 936,00

EARNINGS PER SHARE

Earnings after taxes, employee profit-sharing, but before depreciation 1,78 2,42 1,83 1,09 0,49 and provisions Earnings after tax, employee profit- 0,64 1,49 1,41 0,84 0,19 sharing, depreciation and provisions Distributed dividends 0,22 0,22 0,17 0,13 0,10

PERSONNEL Average number of employees 701 584 536 477 451 for the fiscal year Total payroll 23 424 039,96 19 097 380,59 17 038 324,73 13 770 950,28 14 764 103,00 Total benefits paid (social security, 9 629 150,46 7 926 131,10 6 556 478,31 5 478 868,45 5 129 570,00 welfare benefits, etc.) WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 for theyear endedDecember31st,2008 Consolidated financialstatements Rapport d’activité -annual report 08

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 17> 18 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

CONSOLIDATED BALANCE SHEET - ASSETS

In thousands of euros

Note December 31st, 2008 December 31st, 2007

Goodwill 8 20 099 2 580

Intangible assets 9 5 210 5 354

Property, plant and equipment 10 88 726 62 475

Financial assets 11 933 849

Deferred tax assets 16 8 647 8 042

Trade receivables from financing activities exceeding one year 13 53 175 47 109

NON-CURRENT ASSETS (A) 176 791 126 409

Inventories 12 236 313 130 272

Trade receivables 13 141 830 252 271

Trade receivables from financing activities at less than one year 13 28 500 33 405

Other debtors 14 39 679 20 923

Cash and cash equivalents 17 22 848 47 696

Financial derivative instruments 18 2 970 4 759

CURRENT ASSETS (B) 472 140 489 326

ASSETS HELD FOR SALE (C) 41 900

TOTAL ASSETS (A+B+C) 648 931 657 635

Notes 1 to 49 constitute an integral part of these consolidated financial statements WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Consolidated financial statements for the year ended December 31st, 2008 /////////////////////////////////////////////////////////////

CONSOLIDATED BALANCE SHEET - LIABILITIES & EQUITY

In thousands of euros

Note December 31st, 2008 December 31st, 2007

Share capital 20 4 237 4 476

Share premiums 20 91 945 91 868

Consolidated reserves and income 190 150 219 476

SHAREHOLDERS' EQUITY BEFORE MINORITY INTERESTS (A) 286 332 315 821

Minority interests (B) 634 699

TOTAL EQUITY 286 966 316 520

Long-term debt 25 192 166 115 768

Deferred tax liabilities 16 8 445 2 523

Provisions 23 1 814 1 717

NON-CURRENT LIABILITIES (C) 202 425 120 008

Trade payables 28 65 461 129 070

Other payables 27 32 514 39 982

Current borrowings 25 48 394 32 459

Provisions 23 6 618 4 817

Financial derivative instruments 18 6 553 3 534

CURRENT LIABILITIES (D) 159 540 209 862

LIABILITIES HELD FOR SALE (E) 11 245

LIABILITIES AND SHAREHOLDERS' EQUITY 648 931 657 635 (A+B+C+D+E)

Notes 1 to 49 constitute an integral part of these consolidated financial statements. 19> 20

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

INCOME STATEMENT

In thousands of euros

Note December 31st, 2008 December 31st, 2007

Sales and Revenue 41 450 780 100% 648 132 100%

Cost of goods sold 30 (335 600) -74,4% (438 415) -67,6%

Selling expenses (36 494) -8,1% (36 136) -5,6%

General and administrative expenses 31 (49 694) -11,0% (49 298) -7,6%

Research and development expenditures 32 (5 806) -1,3% (7 110) -1,1%

Exchange gains and losses 33 (1 973) -0,4% (2 224) -0,3%

Other operating income and expenses 36 29 423 6,5% (1 284) -0,2%

Current operating income 50 636 11,2% 113 665 17,5%

Badwill / impairment of goodwill 0,0% 0,0%

Operating INCOME 50 636 11,2% 113 665 17,5%

Cost of net financial debt 37 (11 571) -2,6% (5 716) -0,9%

Other financial income and expenses (62) -0,0% 149 0,0%

INCOME BEFORE TAX 39 004 8,7% 108 098 16,7%

Income tax 38 (7 094) -1,6% (36 937) -5,7%

Net income 31 910 7,1% 71 161 11,0%

Attributable to shareholders 38 31 961 -7,1% 71 005 11,0%

Attributable to minority interests (51) 0,0% 156 0,0%

Net earnings per share 40 1,09 2,11

Net diluted earnings per share 40 1,09 2,11

Notes 1 to 49 constitute an integral part of these consolidated financial statements. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Consolidated financial statements for the year ended December 31st, 2008 /////////////////////////////////////////////////////////////

CONSOLIDATED CASH FLOW STATEMENT

In thousands of euros Note December 31st, 2008 December 31st, 2007 Net income 31 910 71 161

Stock option expenses 37 Allowance for depreciation and amortization 17 875 21 877

Change in provisions (except for current assets) 1 105 1 076

Change in deferred taxes 11 703 (93)

Gains and losses from disposal of fixed assets (30 468) (1 116)

GROSS CASH FLOW FROM CONSOLIDATED OPERATIONS 32 125 92 941 Change in operating working capital 42 (60 432) (69 752)

Change in receivables from financing activities 43 (25 505) 18 306

CASH FLOWS FROM OPERATING ACTIVITIES (53 812) 41 495

Purchases of fixed assets (44 323) (32 926)

Proceeds from the sale of fixed assets, net of tax 1 803 3 456

Impact of change in consolidation scope 17 256

Change in payables on fixed assets 859 (3 638)

CASH FLOWS FROM INVESTING ACTIVITIES (24 405) (33 108)

Dividends paid to parent company's shareholders (7 058) (5 822)

Dividends paid to minority interests 0

Cash capital increases 77 1 047

Loans issues 92 994 5 298

Repayments of borrowings (14 124) (10 159)

Purchases / sales of treasury shares (44 546) (17 737)

CASH FLOWS FROM FINANCING ACTIVITIES 27 343 (27 373)

NET CHANGE IN CASH AND CASH EQUIVALENTS (50 874) (18 986)

Opening cash and cash equivalents 44 49 688 69 458

Effect of exchange rate changes (1 138) (784)

Closing cash and cash equivalents 44 (2 324) 49 688

NET CHANGE IN CASH AND CASH EQUIVALENTS (50 874) (18 986)

Notes 1 to 49 constitute an integral part of these consolidated financial statements. 21> 22

// Statement of changes in equity

In thousands of euros

Share Share Consolidated Profit of Stock Treasury Translation Group Minority Total capital premiums reserves the period options shares differences share interest

Balance at January 1st, 2007 4 456 90 841 118 800 60 392 214 (1 073) (2 551) 271 080 631 271 710

Change in capital of 20 1 027 1 047 1 047 the parent company

Appropriation of 2006 60 392 (60 392) 0 0 net income

Profit of the period 71 005 71 005 156 71 161

Dividends paid by the (5 823) (5 823) (5 823) parent company

Translation differences (392) (392) (392)

Translation of foreign (3 395) (3 395) (3 395) net investements Stock options 37 37 37 Treasury shares (17 737) (17 737) (17 737) Other changes 0 (88) (88) Balance at 4 476 91 868 173 369 71 005 251 (18 810) (6 338) 315 821 699 316 520 December 31st, 2007 Change in capital of 77 239 77 77 the parent company (239) Appropriation of 2007 71 005 (71 005) 0 0 net income

Profit of the period 31 963 31 963 (51) 31 912

Dividends paid by the (7 058) (7 058) (7 058) parent company

Translation differences (6 552) (6 552) (6 552)

Translation of foreign (6 377) (6 377) (2) (6 379) net investments Treasury shares (41 541) (41 541) (41 541)

Other changes 0 (12) (12) Balance at 4 237 91 945 237 316 31 963 251 (60 112) (19 267) 286 333 634 286 966 December 31st, 2008

Notes 1 to 49 constitute an integral part of these consolidated financial statements. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Note 9Intangible assets Note 8Goodwill 7.2 7.1 Note 7Changeintheconsolidation scope Note 6Scope ofconsolidation 5.10 5.9 5.8 5.7 5.6 5.5 5.4 5.3 5.2 5.1 Note 5Principles andmethods ofmeasurement for theincome statement Note 4Managementoffinancialrisk 3.13 3.12 3.11 3.10 3.9 3.8 3.7 3.6 3.5 3.4 3.3 3.2 3.1 Note 3Principles andmethodsfor thevaluation ofkey balance sheetaggregates 2.8 2.7 2.6 2.5 2.4 2.3 2.2 2.1 Note 2Significant accounting policies Note 1General information Notes to theconsolidated financialstatements Deconsonlidation New subsidiaries Other financialincome and expense Cost ofnetfinancialdebt Current operating income Other operating income andexpenses Research anddevelopment expenditures General andadministrative expenses Selling expenses Cost ofgoodssold Revenue recognition Employee benefits Borrowings Trade receivables Inventory andwork inprogress Financial assets Treasury shares Property, plantandequipment Intangible assets Goodwill Segment reporting Business combinations Translation oftransactions inforeign currency Foreign currency translation offinancial statements of foreign subsidiaries Intercompany balances andtransactions Consolidation Critical accounting estimates andjudgments Statement ofcompliance Earnings pershare Stock optionplans Cash andcash equivalents Deferred taxes Provisions for theyear endedDecember31st,2008 Consolidated financialstatements // ...... Rapport d’activité -annual report 08 ......

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28 39 38 37 36 36 35 34 34 34 34 34 34 34 34 34 34 34 33 33 32 32 32 32 32 30 30 30 30 29 28 28 28 28 28 27 27 27 26 26 26 26

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 23> 24 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Notes to the consolidated financial statements (continued) Note 10 Property, plant and equipment...... 40

Note 11 Financial assets...... 41

Note 12 Inventories...... 41

Note 13 Trade receivables and related accounts...... 42

Note 14 Other debtors ...... 44

Note 15 Receivables by maturity...... 44

Note 16 Deferred taxes ...... 45

Note 17 Cash and cash equivalents...... 47

Note 18 Fair value of derivative instruments...... 47

Note 19 Management of foreign exchange risk...... 48

Note 20 Share capital and premiums ...... 48

Note 21 Treasury shares...... 49

Note 22 Employee stock option plans...... 50

Note 23 Provisions...... 51

Note 24 Pension and related benefits...... 52

Note 25 Borrowings and financial debt...... 53

Note 26 Management of interest-rate risks ...... 54

Note 27 Other payables ...... 55

Note 28 Payables by maturity...... 55

Note 29 Sales and Revenue...... 56

Note 30 Cost of goods sold...... 56

Note 31 Administrative and general expenses...... 56

Note 32 Research and development expenditure...... 57

Note 33 Exchange gains and losses...... 57

Note 34 Expenses by nature in current operating income...... 57

Note 35 Staff costs...... 58

Note 36 Other operating income and expenses...... 58

Note 37 Cost of net financial debt...... 58

Note 38 Corporate income tax...... 59

Note 39 Effective income tax reconciliation...... 59

Note 40 Earnings per share ...... 60

Note 41 Segment reporting...... 60

Note 42 Analysis of change in working capital...... 65

Note 43 Analysis of changes in receivables from financing activities...... 65

Note 44 Cash components...... 65

Note 45 Information on related parties...... 66

Note 46 Off-balance sheet commitments...... 66

Note 47 Off-balance sheet commitments in connection with entitlements to individual training benefits. . 67

Note 48 Average number of employees ...... 67

Note 49 Post-closing events...... 67 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 iaca Rprig tnad) as Standards) Reporting Financial in accordance(International IFRS with prepared been December have 2008 ended 31st, year fiscal for statements financial consolidated Group standards, accounting tional interna- on 1606/2002 2002, 19th, regulation July dated EC per As 2.1 Statement ofcompliance cial periodspresented herein. areconsistently finan- toall applied policies these specifically otherwise, specified where Except below. described are statements consolidated financial the prepare to plied ap- policies accounting main The policies Significant accounting Note 2 “K€” as (thousands ofeuros). expressed are Figures March 11th,2009. of Directors of Haulotte Group SA on Boardtheretowerethe approved by ended notes the and 2008 31st, December period the for statements financial consolidated annual The Compartment B(MidCaps). Eurolist – Paris Euronext on listed is The company L’Horme. in office registered its with (France) Etienne Saint in incorporated liabi- company) lity limited French société (a a anonyme is S.A. Group Haulotte in operates rental market for thisequipment. also Group Haulotte and material liftingequipment. diaries (forming the “Group”) subsi- people its through distributes and manufactures S.A. Group Haulotte G 1 Note eneral information information eneral

for theyear endedDecember31st,2008 Consolidated financialstatements //

These standardsThese are interpretations nations Combi- Business – (revised) 3 IFRS ment inaForeign Operation Invest- Net a of Hedges – 16 IFRIC nancial statements fi- of Presentation – (revised) 1 IAS Group; these includenotably: Haulotte by been adopted not early have 2009 1st, January after or on beginning periods ting accoun- group's the for mandatory are and published been have that operations group's the to relevant interpretations and standards ting The standards, amendments to exis- the by adopted Group: early been not have and effective yet not are that standards existing in- to terpretations and amendments Standards, teraction. Funding Requirements and their In- Minimum Asset, Benefit on Defined Limit a The 19: IAS – 14 IFRIC - Treasury and Group Share Transactions 11: IFRIC - These includenotably: presented. statements financial the 1st, 2008 did not have any impact on January on mandatory became tion applica- whose interpretations The to standard effective in2008: amendments and Interpretations measured atfair value. liabilities and assets financial tably no- items, certain of exception the with convention, cost historical to the according prepared been have statements financial Consolidated December 31st, 2008. on Union European the by adopted Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// and judgments 2.2 Critical accounting estimates assessed. being processof the in aretements sta- financial consolidated Group’s the on standard this of impacts tial poten- The performance. Group’s measure to management and by used management Group by larly regu- reviewed reporting internal on based information segment presentation of a requires standard This Segments: Operating – 8 IFRS financial statements. consolidatedGroup's the on impact material a have to expected not are mut wt scn-ad equip- second-hand with amounts these coherenceof The years. veral se- over Group the by equip- sales ment second-hand of basis on the estimated is value resale This ned value. determi- a at equipment sell to lity abi- the on and default customer of to repossess equipment in the event 3.7.1) is based on the Group's ability note (cf. receivables trade recoverable of value the of counter- measurement of the receivables: trade on assessment risk party The - (cf. note 3.1); goodwill of impairment Estimated - and assessments concern the following: assumptions key concerning uncertainties of sources main The differ from theseestimations. may results Actual circumstances. current of view reasonablein dered consi-factors other and experience past on based are estimates Such future. the concerning sumptions as- and estimates make Group the statements, financial preparing In estimates accounting Critical 2.2.1 and assumptions: and

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 25> 26 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

// ment quoted values is also verified. - the recognition of deferred tax amendment to the loan agreement. Today, there is no information ques- assets (cf. note 3.11). tionning the validity of recoverable 2.3 Consolidation values used by the Group, and nota- The financial statements reflect bly second-hand equipment quoted the best estimates according to a) Subsidiaries values. However, a deterioration, information available at the closing Subsidiaries over which Haulotte in the future, of market or second- date. Group S.A. exercises directly or in- hand quoted values may result in directly exclusive control are fully the recognition of additional impair- 2.2.2 Evaluation of risks and consolidated. They are deconso- ment loss for trade receivables; significant uncertainties having a lidated from the date that control potential material impact on ceases. - The assessment of the preferential Haulotte Group nature of guarantees for residual b) Associates amounts: the accounting treatment The economic environment in the associated with transactions accom- second half of 2008 deteriorated Entities over which the Group has panied by such guarantees (cf. note significantly, resulting in an impor- significant influence but not control 3.7.2) is based on the assumption, tant contraction in sales in the latter are consolidated using the equity that has been almost systematically part of the year. In response, Group method of accounting. verified to date, of the attractiveness General Management took measu- of the option to repurchase equi- res to adjust production levels and Shares of companies not conside- pment offered to customers when certain expense commitments in red significant or in which the Group compared to the current sales pri- consequence. does not exercise significant in- ces in the second-hand equipment fluence are recognized as financial market. Would this assumption not The lack of visibility for 2009 makes assets at fair value. being confirmed anymore, the ac- forcasting difficult. In this context, counting treatment of such future Haulotte Group has implemented The list of subsidiaries included in transactions should be adapted. additional measures to: the consolidation is disclosed in note 6. - The net realizable value of inven- - reduce inventory levels and wor- tory (cf. note 3.6): the net realizable king capital; 2.4 Intercompany balances and value of work in progress and fi- transactions nished goods inventory at Decem- - reduce commercial, marketing ber 31st 2008 remains significantly and overhead expenses; All intercompany balances and tran- higher than their cost. Measures sactions between fully consolidated to adjust production undertaken in - limit investments to projects of- companies are eliminated. early 2009 should make it possible fering strategic potential for the to significantly reduce inventory le- future. 2.5 Foreign currency translation of vels starting as of the next half-year foreign subsidiaries financial sta- closing. These measures should make it tements possible to reduce the Group's Use of estimates and assumptions has breakeven point and limit the level The consolidated financial statements also an impact on the following items: of debt. The Group's liquidity is as- are presented in Euro (e), wich is the sured by short and medium term parent company's, Haulotte Group - amortization and depreciation pe- credit lines provided within the fra- S.A., functional currency and the riods for fixed assets (cf. note 3.3), mework of a syndicated loan. The Group's presentation currency. covenants provided for in the loan - the valuation of provisions, notably agreement were met at December Financial statements of foreign for manufacturer warranties (cf. 31st, 2008 and discussions are in subsidiaries are measured using note 3.10) and for pension liabili- progress with banks to anticipate the local currency, their functional ties (cf. note 3.9), the consequences of a reduced ac- currency. tivity in 2009 on compliance with the - the valuation of share-based pay- Group's contractual commitments, The results and financial position of ment plans (cf. note 3.13), notably through the possibility of an foreign entities that have a functio- WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 are recognized underequity. IAS 21 for which exchange differences foreigninvestments as defined under changelosses"gainsand except net operatingunder ment income "exas - recordeddirectlyincome statethe in - translation are on losses and Gains are translated atthehedgerate. hedges exchange foreign by vered rates.Receivablespayables co-and exchange closing at translated are currencies foreign in denominated year-end, monetary At items of the balance sheet transactions. the of date the at prevailing rates ex-change the using currency functional its into subsidiary the by translated are transactions currency Foreign foreign currency 2.6 Translation oftransactions in currency oftherelated local entity. the in measured is Goodwill statement oftheperiod. rences are recognized in the income diffe- exchange sold, is entity the If interests. minority and share company rent pa- the between down broken and equity of component separate a as arestatements financial recognized subsidiaries' the of translation the Exchange differences resulting from - - follows: as currency presentation the into translated are currency sentation pre-currencydifferentfromthe nal monthly rate over 12months). average the on (based period the lated at average exchange rates for income statement items are trans- of thebalance sheet; date the at rate closing the at ted transla- are liabilities and assets for theyear endedDecember31st,2008 Consolidated financialstatements // other economic environments. from those components operating in subject to risks and returns different environment economic particular a in services or products providing in engaged operations and assets of group a is segment geographical A those ofotherbusiness segments. from different returns and risk to subject services or products viding sets and operations engaged in pro- A business segment is a group of as- 2.8 Segmentreporting - - purchase the method ofaccounting: of basis the on ded recor- are combinations Business 2.7 Business combinations (see note 3.1). statement income the in directly recognized is difference that tion, acquisi- of cost the exceeds sets as- net identifiable acquired the of value fair the in share Group's the If goodwill. recordedas is red acqui- assets net identifiable the of share Group’s the of value fair the over acquisition of cost the of excess The interest. minority any of extent the of irrespective date, acquisition the at values fair their at initiallymeasuredare assumed liabilities contingent and liabilities and acquired assets, identifiable combination. the to attributable directly costs ties incurred or assumed, plus any liabili- given, assets of exchange of date the at value fair the as red the cost of an acquisition is measu- Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// 3.2 Intangible assets impairment ofpositive goodwill" badwill/ "recognitionof income ting opera- under line distinct a on ded arerecor-goodwill positive of ment of negative goodwill and the impair- losses resulting from the and recognition Gains value. carrying the than lower is flows cash future of value present net the when recognized is lossimpairment An (CGU). Unit ting the entity defined as a Cash Genera- present value of future cash flows of least once a year, on the basis of the at and impairment of indication an ted for impairment when there exists Goodwill is not amortized but is tes- assets and liabilitieshasbeenverified. acquired of valuation and identification correct the after tion, acquisi- the after months 12 than later no and gain a as income ting opera- under immediately cognized re-is badwill) (or Goodwill Negative ries isincludedinintangible assets. Goodwill on acquisition of subsidiai- red entityatthedate ofacquisition. acqui- the of assets identifiable net fair value of the Group’s share the of the over acquisition an of cost the of excess the represents Goodwill 3.1 Goodwill balance sheet aggregates key of for valuation the methods and Principles Note 3 teria are met: gible assets when the following cri- intan - as recognized are products) existing of improvement or ducts with projects (for the design of new connection pro- in expenditures Development ex - incurred. as are pensed expenditures expenditures Research Development a)

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 27> 28 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

- the technical feasibility of comple- Software is amortized using the ownership to the lessee and corres- ting the project; straight-line method over 3 to 5 pond to the main indicators defined years. under IAS 17 (existence of a pur- - the intention of management to chase option, lease period coherent complete the project; 3.3 Property, plant and equipment with the useful life of the asset, present value of minimum lease pay- -the ability to use or sell the intan- Property, plant and equipment are ments close to the fair value of the gible asset; recognized in the balance sheet at leased asset on the date of the lease purchase cost (less discounts and agreement). - the intangible asset will generate all costs necessary to bring the probable future economic benefits asset to working condition for its Payments for finance leases are for the group; intended use) or production cost. broken down between financial ex- Finance costs are not included in pense and the amortization of the - the availability of adequate techni- the cost of fixed assets. debt in order to obtain the applica- cal, financial and other resources tion of a constant periodic rate of to complete the project; Basis for depreciation of fixed as- interest on the remaining balance sets is their gross value (cost less of the liabilities for each period. - the ability to measure reliably the residual value). Depreciation starts Interest expense is recognized costs. from the date the asset is ready to directly in the income statement. be commissioned. Depreciation is Other development expenditures recorded over the useful life that Contracts corresponding to opera- that do not meet these criteria are reflects the consumption of fu- ting leases are not restated. expensed in the period incurred. ture economic benefits associated Development expenditures pre- with the asset that will flow to the Land is not depreciated. Other de- viously expensed are not recorded Group. preciation on assets is calculated as assets in subsequent periods. using the straight-line method over When the asset's carrying value is their estimated useful lives, as fol- Development expenditures are greater than its estimated recovera- lows: amortized from the date the asset ble amount, an impairment is recor- is commissioned using the straight- ded for the difference. Land improvements 10 years line method over their estimated Structural work 30 to 40 years useful life of 2 to 5 years. Component parts are recognized Interior office as separate assets and subject to improvements 5 to 10 years In compliance with IAS 36, deve- different depreciation rates if the lopment expenditures recognized related assets have different useful Paint line 8 to 15 years under assets not yet fully amortized lives. The renewal or replacement Telehandlers, aerial work platforms are tested for impairment annually costs of components are recognized and cranes 7 to 10 years or as soon as any impairment indi- as distinct assets and the replaced Machine tools 20 years cator is identified (when the inflow asset is written off. of economic benefits is less than Other equipment 10 years initially anticipated). The carrying In compliance with IAS 17, assets Industrial processes 3 to 5 years value of capitalized development ex- held under finance leases are capi- Computer equipment 5 years penditures is compared with expec- talized at the lower of the fair value ted cash flows projected over 2 to 5 and the present value of the mini- Furniture 10 years years to determine the impairment mum lease payments. These assets General services 20 years loss to be recorded. are depreciated on the basis of the same periods as those indicated The asset's residual value and use- b) Other intangible assets below if the Group considers that it ful lives are reviewed and adjusted, Other intangible assets (software, will acquire ownership of the asset if appropriate, at each balance- patents, etc.) are recognized at pur- at the end of the lease agreement. sheet date. chase cost excluding incidental ex- The lease agreements qualified penses and financial charges. as finance lease transfer substan- tially all the risks and rewards of WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 cost andnetrealisable value: Inventories are stated at the lower of in progress 3.6 Inventory andwork parate note (note 4). se- a in provided is Group Haulotte by used derivatives on Information income statement. the in recognized diately imme- are assets these on losses each impairment All date. balance-sheet at cost amortized at gnized reco- are They recognition. initial at costs transaction less paid price the of value fair at recognized are They receivables". and "loans gory fourthcate-the assetsbelongingto financial primarily holds Group The - - available-for-sale financialassets - - held-to-maturity investments period: investment intended the natureand their to according categories four into classified are assets Financial 3.5 Financialassets or impairment oftreasury shares. sales purchases, sta- from income tement the in recognized is loss or gain No cost. acquisition at equity shareholders' consolidated from deduction a as recorded are program) buyback and compa- shares ny’s the in market orderly an ensure to allocated contract quidity the (li- with programs S.A. buyback share Group connection Group in Haulotte acquired of Shares 3.4 Treasury shares trade receivables). (excluding receivables and loans value through profit and loss at fair measured assets financial for theyear endedDecember31st,2008 Consolidated financialstatements // below. described is category transaction each for treatment accounting The - - - - receivables: trade of categories four are There 3.7 Trade receivables - - - ceived orto bereceived. re- compensation the of value fair receivablesThese arerecognized at roup G without Sales 3.7.1 financing or guarantees or financing capacity); operatingnormal on (basedrhead ove- factory and costs production direct includes progress in work and products finished of cost the weighted theaverage cost perunit; on based method cost average the using termined de- is cost supplies and materials to-back arrangements (3.7.4). back- from resulting receivables Haulotte Group (3.7.3); by provided financing with leases financereceivables fromresulting the customer (3.7.2) to financing providing institution financial the to guarantees grants GroupHaulotte which for sactions tran- from resulting receivables the financing; providing institution financial the to Group the by given guarantee no with (3.7.1), directly financing customerswith sactions obtaining tran- from resulting receivables good. expenses to sell or recondition the businesslesscourseof applicable mated sellingprice intheordinary the net realisable value is the esti- Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// lues. va- quoted equipment second-hand by corroborated years several over Group the by realized sales pment equi- second-hand of basis the on estimated are values market These - - the following factors: is on based is policy This non-collection determined. of risk the date the on receivable, the representing equipment the of value resale estimated the and amount carrying asset's the between difference the represents provision This corded. re- is loss impairment forprovision a risks, collection of evidence tive objec- and serious are there When rantees are: gua- Those institution. this by mer custo- the to assigned risk of level the and institutions financial with concluded agreements framework on depending guarantees of types several grant may Group Haulotte - theconclusion ofafinance lease. - user customer oneoftwo options: end the with contracts turn in that sell equipment to the financial institution Group Haulotte rangements, ar- such Groupcustomers.Under to nancial institutions offering financing fi- to guarantees grants Group lotte Hau- practice, industry with line In guarantees including Sales 3.7.2 roup roup G the by granted values for theequipment. a precise knowledge of the market customer default; of event the in Group Haulotte by repossessed be may receivables representing assets or equipment; the of sale credit the

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 29> 30 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Guarantee in the form of a commit- determined based on the analysis of receivables and payables is capped ment to continue lease payments: the substance of the transaction as to the financial institution amount Haulotte Group guarantees the fi- follows: of recourse vis-à-vis Haulotte Group nancial institution payment if the and not expanded to the full amount debtor defaults and pays said insti- - as a loan granted to the end cus- of the "assigned" receivable tution upon the first event of default tomer by Haulotte Group, the the entire outstanding capital ba- contract being transferred to the Haulotte Group measures at the lance owed by the defaulting client. financial institution in order for date of the balance sheet the risks Haulotte Group has a right to repos- the sale to be financed (case of a for the guarantees thus granted to sess the equipment in exchange for credit sale); be activated by reviewing payment its substitution in the place of the defaults reported by financial insti- defaulting customer; - as a finance lease between Hau- tutions. In this case, a provision for lotte Group and the end-user cus- impairment loss is recorded deter- Guarantee in the form of a contri- tomer, the contract being trans- mined as described in note 3.7.1. bution to a risk pool: in this case, a ferred to the financial institution portion of the sale to the financial in order for the sale to be financed Concerning the fourth type of gua- institution amount contributes to a (case of a finance lease). rantee, commitments to repurchase guarantee fund that will cover po- equipment, an analysis of the equi- tential risk of future customer de- The analysis of the guarantees pment repurchase price granted fault. The pool's maximum amount granted by Haulotte Group within demonstrates that most of the risks is fixed but makes it possible in the the above agreements in accor- and rewards have been transferred. event of default of a customer qua- dance with the provisions of IAS 39 Indeed, the end customer exercises lifying for the pool to ensure the fi- indicates that most of the risks and in virtually all cases the option gran- nancial institution recovers the total rewards associated with the receiva- ted by Haulotte Group to repurchase amount of its debt; ble assigned to financial institutions the equipment for the amount of the (notably credit risk and deferred due residual value at the end of its lease Guarantee in the form of a contri- dates) have not been transferred in agreement with the financial ins- bution to a risk pool covering a the case of guarantees in the form titution. Haulotte Group's commit- fixed amount per receivable: as in of a commitment to continue the ments contracted are recorded as the previous case, the pool's maxi- lease payments or in the form of a off-balance sheet commitments for mum amount is fixed but recourse contribution to a risk pool. the amount of the residual value. by the financial institution is defined receivable by receivable. The financial Accordingly, for such contracts, the 3.7.3 Finance leases institution confirm at each closing date following accounting treatment is the amount of its recourse receivable applied: Haulotte Group concludes credit by receivable. sale or leasing contracts directly - recognition of a receivable (under with its customers, with no inter- Guarantee in the form of commit- "receivables from financing acti- mediation of financial institutions. ments to repurchase the equipment: vities" in the balance sheet) and a When analyzed according to provi- the residual value of the equip- financial liability ("under payables sions of IAS 17, these agreements ment is determined on the date the from financing activities") amoun- are classified as finance leases, as contract is concluded between the ting to the outstanding capital a significant portion of the risks and financial institution and the end- balance payable by the end-user rewards of ownership are tranferred customer. At the end of the lease customer to the financial institu- to the lessees. agreement, Haulotte Group under- tion. These receivables and paya- takes to repurchase the equipment bles are discharged as the custo- The accounting treatment for these at this predetermined amount. mer makes lease payments to the agreements is as follows: financial institution. The accounting treatment of the first - equipment sales are recognized three types of guarantees associa- However, in the case of a guaran- under "sales and revenue" in the ted with the different lease agree- tee with a contribution to a risk pool income statement on the date the ments between the financial institu- covering a fixed amount per recei- parties sign the lease agreement; tion and the end-user customer are vable, the amount recognized under WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 effective interest rate method. costcalculatedzed according the to amorti- at stated subsequently are Borrowings costs. transaction less receivedamount the of value fair at recognized initially are Borrowings 3.8 Borrowings these contracts are disconnected. receivablespayablesrelatingand to and refinanced arrangement globally been have back-to-back with associated debt 2006, and 2005 In that have notyet beensettled. transactions past reflect 13) (note activities financing under ned mentio- amounts the and yearstwo re- had course not to these type of contracts for has Group Haulotte been classified asfinance leases. have they downstream, and tream ups- both substance transactions' these of analysis an user.on Based ment to be then subleased to the end accompaniedleasebacka agree-by institution financial a to equipment involveselling arrangements These back-to-back lease arrangements. Haulotte Group sales originated of from volume significant a past, the In arrange- lease Back-to-back 3.7.4 vable andfinance charges. recei-the repaymentof and income financial between allocated is sale credit the or agreement lease the per as customer the from received followingpayment the forperiods, - the balance; one year and non-current assets for within due payments lease of tion por- currentthe forassetsbetween down broken customer end the vis vis-à- recognized is sheet) balance blesfrom the in activities" financing - a trade receivable (under "receiva- ments for theyear endedDecember31st,2008 Consolidated financialstatements // or any other event meeting the de- the meeting event other any or applicable,closures,sitewhen tion, litiga- to related risks cover to ples in accordance with the above princi- recorded also are provisions Other on thebasisofhistorical data. calculated statistically provision a by covered is sold already products grants The estimated cost of warranties on warranty. Group manufacturer's a clients the Accordingly, - - - when: recorded is provision a general, In 3.10 Provisions ment intheperiodincurred. state- income the in recorded are assumptions actuarial in changes and adjustments experience from arising losses and gains Actuarial and inflation. ver, mortality tables, salary increases concerningturno- notablystafftions assump- actuarial and agreements collectivebargainingand laws the of tion takes into account the provisions end-of-career wages. The calculation of this obliga- with method credit is unit projected the using obligationmeasured corresponding The Haulotte awards. Group has only defined service benefit plans. long as other provisions and post - benefits employment records obligations as well employee for Group The 3.9 Employee benefits reliably been estimated. has amount obligation the the obligationand; to settle be required will benefits economic embodying of resources outflow an that probable is it of past events; result a as obligation constructive or legal present a has Group the Rapport d’activité -annual report 08

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/////////////////////////////////////////////////////// recorded for thedifference. is impairment forprovision a value, or realizable probable value, the this, failing market stock the lower than is value price. carrying the purchase When at recorded are value carrying the to close is value market whose funds market Money term deposits. and funds market money of marily pri- consist latter The investments. short-term other and hand on cash equivalentscashincludes and Cash 3.12 Cashandcash equivalents enforceable provisions. tax group are entitled to do so under same the of entities the if areoffset liabilities and assets tax Deferred temporary differences can beutilized. the which against available be will fit pro- taxable future that probable is it that extent the to only recognized are differences carryforwards loss tax or temporary from assetsDeferred tax is settled. liability tax income deferred the or realized is asset tax income ferred pected to apply when the related de- ex- are and date sheet balance the by enacted substentially or enacted entity, using tax rates that have been Group's the of each for method, lity liabi- arecalculated,Theythe using tax losses on carried forward. as well as statements cial carrying finan- consolidated the their in amounts and assets liabilities of and bases tax the arising between differences temporary on recognized is tax income Deferred 3.11 Deferred taxes required to settle theobligation. the best estimate of the expenditure represents provision a as cognized liability. amount a re- The of finition

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 31> 32 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Cash equivalents consist of short- The primary source of foreign ex- c) Credit risk term high liquid investments that change risks for Haulotte Group Credit risk results primarily from are readily convertible to known consequently results from inter- exposure to customer credit and amounts of cash and present insi- company invoicing flows when Group notably outstanding trade receiva- gnificant risk of changes in value. companies purchase products or bles and transactions. services in a currency different from Accrued interest has been calcula- their functional currency (exports of To limit this risk, the Group has im- ted for term deposits for the period manufacturing subsidiaries located plemented rating procedures (in- between the subscription and clo- in the euro area and exporting in the ternal or independent) to evaluate sing date. local currency of a sale subsidiary). credit risk for new and existing customers on the basis of their finan- 3.13 Stock option plans Such exposures are managed by cial situation, payment history and Haulotte Group SA. For the main any other relevant information. The Group has implemented an currencies, foreign exchange tra- equity-settled share-based payment ding positions in the balance sheet Credit risk is also limited by Haulotte compensation plan. are partially hedged using basic Group's ability in the event of default financial instruments (forward ex- by one of its customers to repossess Stock options are granted to com- change sales and purchases against the equipment representing the re- pany employees. These options are the euro). ceivable. The provisions for impair- measured on the grant date using ment loss on trade receivables are the Black and Scholes option pricing b) Interest rate risk determined based on this principle model. The main assumptions of this The Group favours floating-rate debt (cf. note 3.7). method are presented in note 22. which provides greater flexibility. To hedge against interest rate risks, d) Liquidity risk The fair value of options is recogni- the Group seeks to take advantage Haulotte Group cash management zed in the income statement under of market opportunities according is centralized. The corporate team staff costs on a straight-line basis to interest rate trends. There is no manages current and forecasted between the grant date and the ves- recourse to systematic interest rate financing needs for the parent com- ting date with a reverse entry recor- hedging. pany and subsidiaries. ded in equity. To cover market risks (interest rate All cash surpluses are invested In compliance with the standard’s and foreign exchange exposures), by the parent company at market transition provisions, this accoun- Haulotte Group has recourse to fi- conditions in money market funds ting treatment only concerns plans nancial instrument derivatives. and term deposits without risk to granted after November 7 th, 2002 These derivatives are destined to the capital. for which rights were not vested on cover the fair value of assets or lia- January 1st, 2005. bilities (fair value hedges) or future Since 2005, the Group has had a cash flows (cash flow hedges). Howe- 7-year € 360 million syndicated fa- Note 4 ver, because financial instruments cility divided into four tranches for Management of financial risk held by Haulotte Group do not fully the refinancing of existing debt, the comply with the criteria for hedge financing of capital expenditures, accounting, changes in fair value are the financing of acquisitions and the a) Foreign exchange risk recorded in income statement. financing of working capital requi- A significant portion of Haulotte rements. At December 31st 2008, Group sales are in currencies other In compliance with the provisions € 171 million of these credit lines than the euro including notably the of IAS 32 and 39, derivatives are re- have been used, and € 8.8 million US dollar and the British pound corded at fair value. The fair value was repaid in July 2008. The Group sterling. Because sales of Group of assets and liabilities traded on an also has a USD 20 million credit subsidiaries are primarily in their active market is determined on the line for its US subsidiary, BilJax, of functional currency, transactions basis of the market price at the ba- which USD 14 million is used. do not generate foreign exchange lance-sheet date for publicly traded risks at their level. instruments. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 ad n oncin ih back-to- back arrangements. with connection in paid expense interest and hedges rency costs, fair value adjustments of cur- warranty losses,inventory for sions provi- inventory, in changes rhead, ove- factory costs, production rect di- includes sold goods of cost The 5.2 Cost ofgoodssold services are rendered. the which in period the during zed recogni- is services from Revenue of theeffective interest rate. basis the on recognized are leases connection in back-to-backwith leases financeor income Financial contractual paymentwillbemade. the that assurance adequate ning obtai- after customer the to ducts pro- the of shipment of date the to corresponds generally which buyer the to transferredare ownership of rewards and risks the date the on tax value-added of net recognized is goods of sale the from Revenue - rendering ofservices. - equipmentrental; - - - sing notably: compri- services and goods of sale the includes Revenue" and "Sales 5.1 Revenue recognition income statement the for of measurement methods and Principles Note 5 nancing (note 3.7), fi- obtain to customer the allowto S.A. Group Haulotte by given tees guaran- financial including sales ding financialincome (note 3.7); correspon- the and arrangements sales funded through back-to-back sales self-financed by the customer; for theyear endedDecember31st,2008 Consolidated financialstatements // to Group activities, whether represenwhether - activities, Group to incomeand expenses directly relating Current operating covers all income 5.7 Current operating income or infrequent nature. abnormal unusual, an of to litigations related expenses or incomes - expenditures; development of amortization the - except thosebyrental companies; disposals from losses and gains - This headingincludes: expenses 5.6 Other operating income and ture economic benefits. fu- generating of probability a with viable technically considered nents compo- or machines of categories new for projects development with connection in incurred penditures intangibleassets. concernsThis exas recognition for 3.2.a) (cf. 38 IAS they meet the criteria defined under when except period the in pensed ex- are expenditures Development in theperiodthey are incurred. Research expenditures are expensed expenditures 5.5 Research anddevelopment ment expenses. manage- and administrative rentalcosts, indirect includes item This expenses 5.4 General andadministrative bles. impairment losses on trade receiva- provisionthe in changes and forvity commercialacti- and sales to lated notablycostsre-includes item This 5.3 Sellingexpenses Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// sud y h cmais uh as stock options. such companies the by instruments issued equity of effects tive dilu- the for adjusted year the ring du- outstanding shares of number average the of basis the on culated cal- areshare per earnings Diluted treasury shares. outs- excluding period the during tanding shares ordinary of number average weighted the by period the for S.A. Group Haulotte of income net the dividing by determined are at the bottom oftheincome statement presented share per Earnings 5.10 Earningspershare posal of short-term securities, etc.). income, gains and losses from (interest the dis- equivalents cash and This item includes income from cash expense 5.9 Otherfinancialincome and interest rate hedges. well as the fair value adjustments of ding to the effective interest rate) as (accor- expense interest of marily pri- consisting costs finance total includes debt financial net of Cost 5.8 Cost ofnetfinancialdebt including extraordinary items. of an occasional or unusual nature and decisions or events or cycle operating normal the of items recurring ting

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 33> 34 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 6 Scope of consolidation

Companies consolidated at December 31st 2008:

Ownership Consolidation Entités SIREN Country interest (%) method HAULOTTE GROUP S.A. 332 822 485 France Parent company HAULOTTE FRANCE. S.A.R.L. 344 498 274 France 99,99% Full consolidation ABM INDUSTRIES S.A.S 414 429 647 France 100% Full consolidation TELESCOPELLE S.A.S 413 096 728 France 100% Full consolidation NO.VE. SRL Italy 100% Full consolidation L.M.E. S.A. Spain 100% Full consolidation HAULOTTE ARGES Romania 100% Full consolidation HAULOTTE CANTABRIA Spain 99,96% Full consolidation HAULOTTE HUBARBEITSBUHNEN GMBH Germany 100% Full consolidation HAULOTTE UK LTD UK 100% Full consolidation HAULOTTE ITALIA S.R.L. Italy 99% Full consolidation HAULOTTE AUSTRALIA PTY LTD Australia 100% Full consolidation HAULOTTE IBERICA S.L Spain 98,71% Full consolidation HAULOTTE NETHERLANDS B.V Netherlands 100% Full consolidation HAULOTTE US INC US 100% Full consolidation HAULOTTE SCANDINAVIA AB Sweden 100% Full consolidation HAULOTTE PORTUGAL Portugal 98,71% Full consolidation HAULOTTE DO BRAZIL LTDA Brazil 99,98% Full consolidation HAULOTTE VOSTOK OOO Russia 100,00% Full consolidation HAULOTTE POLSKA ZOO Poland 100,00% Full consolidation MUNDILEVAÇAO-ALUG. TRANSP.PLATAFORMA Portugal 90,00% Full consolidation UK PLATFORMS LTD UK 100% Full consolidation UK TRAINING LTD UK 100% Full consolidation HAULOTTE SINGAPORE Singapore 100% Full consolidation HAULOTTE SHANGHAI China 100% Full consolidation HAULOTTE MEXIQUE Mexico 95% Full consolidation HAULOTTE ARGENTINE Argentina 100% Full consolidation HAULOTTE MIDDLE EAST Dubai 100% Full consolidation HORIZON HIGH REACH Argentina 100% Full consolidation BILJAX INC. US 100% Full consolidation

The closing date for financial statements of consolidated companies for each period presented is December 31st. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 in thefirst halfof2008. Outflow for theacquisitionofBilJaxnet cash acquired - Cashandcash equivalents acquired Translation effect Purchase price Goodwill Fair value ofnetassets acquired - Deferred tax - Fair value adjustments (inventories) - Fair value adjustments (landandbuildings) - Adjustments for harmonizationoftheaccounts withGroup standards - Netequityacquired atJuly 1st, 2008 The purchase price wasallocated atDecember 31st, 2008asfollows Ke of K€40,320wasrecognized inthefirst halfof2008. Pursuant to the identification of the assets and liabilities of this company and allocation of the purchase price, goodwill has nosignificant impact onthe2008financial statements. ted as of July 1st 2008. The choice of this date for consolidation rather than the actual date when control was acquired BILJAX sale of scaffolding and aerial work platforms, BilJax. For manufactureand the the purpose in of specialized simplification,company thisUS companyan company isof shares fully the consolida- of 100% acquired US Haulotte 2008, 24th, JulyUS On the of Acquisition b) bilities, that is K€ Horizon company hasbeenfully consolidated. Pursuant to theallocation oftheacquisitionprice to identifiable assets andlia- This company Reach. High Horizon company, rentalArgentinean an of sharesacquired S.A. Group Haulotte 2008, January rental In the of Acquisition a) 7.1 New subsidiaries Note 7Changes intheconsolidation scope for theyear endedDecember31st,2008 Consolidated financialstatements // 1,865 to the fair value of land and buildings net of deferred tax, goodwill of K€ Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// 3,199 was recognized

(1 209) 21 640 22 148 14 320 (2 559) 7 828 1 849 2 878 2 798 2 862 (701)

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 35> 36 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

The allocation period was not closed at December 31st, 2008 and further adjustments could be recognized in the first half of 2009.

The following table presents: - The impact of BilJax consolidation in the second half of 2008 on Group financial statements, -. Pro forma information prepared on the basis of the statutory financial statements of BilJax for the period from January 1st to December 31st, 2008

From January 1st, 2008 BilJax From consolidation date to December 31st, 2008 Net sales 21 752 55 831 Operating profit/(loss) (1 572) 4 375 Net income (1 325) 2 504

c) Goodwill generated in the period

New subsidiairies BilJax Horizon Date of first-time consolidation July 1st, 2008 January 1st, 2008 % of voting rights 100% 100% Purchase cost of shares 22 148 4 839 Fair value of net assets acquired 7 829 1 640 Goodwill 14 320 3 199

7.2 Deconsolidation

On January 8th, 2008 Haulotte Group S.A. sold the rental companies France LEV, LEV Luxembourg and Royans Levage. This transaction was initiated in December 2007 and the assets and liabilities relating to these discontinued operations were presented separately in the balance sheet as of December 31st, 2007 under "assets and liabilities held for sale".

The net consolidated gain on this sale amounted to K€ 31,348 and is presented under "Other operating income and expenses". These entities taken as a whole contributed K€ 33,338 to sales and revenue presented in Group consolidated financial statements at December 31st, 2007 and purchases of machines realized in 2007 by these entities with the Group amounted to K€ 7,300. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Haulotte France ABM Total BilJax Horizon Nove UK Platforms Subsidiaries - adecrease inforecasted sales of10%. - aonepointincrease inWACC, scenarios: the carrying value. Sensitivity analyses carried out indicate that no impairment loss would be recorded in the following On the basis of these assumptions, management considers that the value in use of the "North America" CGU exceeds - - synergies andresulting gainsbetween Haulotte USandBilJax; - - significant growth in market share in the sector of aerial work platforms in the "North American" market;The mainassumptions usedto perform thisimpairment tests were asfollows: were carried outusingforecasted future cash flows based ontheone-year budgetsapproved bymanagement. calculationsThese use. in calculationsvalue the of on based was recoverableCGU The America" "North the of value generating unit(CGU),corresponding to theentitiesHaulotte USandBilJax. red.consequence,In testimpairment goodwill conducteda was for regionthe America""North considered casha as Since July 2008,economic conditions have significantly deteriorated, coinciding withthedate whenBilJaxwasacqui- quisitions ofBilJaxandHorizon(cf. note 7). K€ of periods two these between goodwill in change The Total Haulotte France ABM Nove UK Platforms Subsidiaries At December 31st, 2008 Note 8Goodwill At December 31st, 2007 a discount rate (WACC) of9.5%. and 1.5% of projectionslong-term flow an of cashassumption five years, over growth testincluded impairment the launch ofproduction ofnew aerialwork platform modelsintheBilJaxplant withcosts optimizedinUSdollars; for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08 Gross value Gross value 17,590 resulted entirely from goodwill arising from the ac- fromthe resultedarising entirely17,590 fromgoodwill 33 605 16 086 14 320 12 158 12 158 1 294 3 199 2 580 1 294 2 580 54 54

////// /////////////////////////////////////////////////////// Impairment Impairment (13 506) (13 506) (12 158) (12 158) (1 294) (1 294) (54) (54)

Net value Net value 20 099 14 320 2 580 3 199 2 580 2 580 0 0 0 0 0 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 37> 38 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 9 Intangible assets

Changes in Reclassifications Translation consolidation 31/12/2007 Increase Decrease and others changes adjsutement 31/12/2008 scope Development 7 938 881 8 819 expenditure Concessions, patents, 6 601 1 949 (1 367) 7 183 licenses Other intangible 171 1 (21) (49) 102 assets Gross value 14 710 0 2 830 (1 388) (49) 0 16 104 Depreciation/impairment of development 5 839 1 245 7 084 expenditures Depreciation of concessions, patents, 3 432 920 (626) 3 725 licenses. Depreciation of other 86 3 (3) 86 intangible assets Accumulated depreciation 9 356 0 2 168 (629) 0 0 10 894 and impairment Net value 5 354 0 663 (758) (49) 0 5 210

The € 1.95 million increase in "concessions, patents, licenses" concerns primarily IT investments.

The depreciation of development expenditures for K€ 874 is included in the income statement under "cost of goods sold". The impairment losses on development expenditures of K€ 371 has been recognized in the income statement under "other operating income and expenses" (see note 3.2). WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 of theprioryear to fixed assets. in progress assets fixed the reclassification of mainly include " changes other "Reclassifications and under indicated Amounts ** translated usingtheaverage exchange rate for theperiod. of Horizon fully consolidated for the first time on January 1st, 2008 and BilJax fully consolidated for the first time on July 1st, 2008, assetsfixed the of value fair at measurement the fromresultscope" consolidation in "change column the in included Amounts * Land Note 10 Property, plantandequipment Gross value Buildings in progress Fixed assets Other PPE Equipment for rental Plant machinery Net value tion andimpairment Accumulated deprecia- of otherPPE Depreciation /impairment of equipmentfor rental Depreciation /impairment of plantmachinery Depreciation /impairment impairment ofbuildings Depreciation /

for theyear endedDecember31st,2008 Consolidated financialstatements //

31/12/2007 100 602 2451 5 527( 4)(3 615 88726 58127 (6155) (2030) (63) (337) (3343) (3599) 25257 16107 10555 9860 62 475 38 127 16 549 50 293 18 380 124 7 097( 4)(6)( 7)27795 (2372) (169) (2941) 10957 1076 21 244 5 522 1 415 8 443 5 7 2 36 8)(6 5520 (66) 14337 (85) 227 (386) (83) 1528 (139) 1576 (133) 2383 2 953 1238 4328 2879 7 620 6 309

consolidation Changes in Changes in scope* 0454 6 692 40 815 146853 (8185) (400) (6942) 41363 20 415 6 9 69 111 21 10418 (271) 62384 (1131) (7051) 670 (689) 1898 (5921) (199) 19926 2 168 (133) 2596 4 466 831 4 806 8 291 Rapport d’activité -annual report 08 674 016112 10 nraeDecrease Increase

////// Reclassifications /////////////////////////////////////////////////////// and others changes** 1)( 9)16128 (1397) (12) 31325790 133 73

adjsutement Translation 7)6116 (79) 7 26017 479 8 10475 181

31/12/2008

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 39> 40 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

The fair value on their date of first-time consolidation of buildings, installations, aerial work platforms for rental and other tangible fixed assets of acquired entities is considered to be equal to their historical cost less accumulated depreciation recorded where they correspond to those that would have been calculated according to Group policies. For practical reasons, these fixed assets are recognized in the consolidated balance sheet for their gross values and accumulated depreciation separately and not for their net values. For land and buildings, fair value is determined on the basis of an expert appraisal when it appears that their net carrying value does not reflect their fair value (cf. note 7).

The increase in "Fixed assets in progress" of € 16.1 million includes € 14.8 million for the construction of the Mioveni plant building by the subsidiary Haulotte Arges.

The increase in "Equipment for rental" of € 19.9 million relates primarily to the acquisition of aerial work platforms by rental companies: € 12 million by UK Platforms, € 5.5 million by Nove, € 1.6 million by Horizon.

Significant disposals were carried out by the rental companies and notably UK Platforms for a gross value of € 3.3 million and a net value of € 1.1 million. These disposals generated a loss of €0.3 million.

Note 11 Financial assets

Change in Reclassifications Translation consolidation 31/12/2007 Increase Decrease and others adjustment 31/12/2008 scope Receivables from 4 4 investments

Other financial assets 845 3 127 (52) (10) 15 929

Gross value 849 3 127 (52) (10) 15 933

Other financial assets include loans, deposits and guarantees to non-Group entities.

Note 12 Inventories

At December 31st, 2008

Gross value Provision Net value Raw materials 27 515 342 27 173 Work in progress 62 061 0 62 061 Semifinished and finished goods 133 017 5 531 127 486 Trade goods 24 190 4 597 19 593 Total 246 783 10 470 236 313 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 exceeding oneyear Receivables from financingactivities Non-current assets Provisions for inventory impairmentlosses break down asfollows: Total Trade goods Semifinished andfinishedgoods Work inprogress Raw materials Total Subtotal Including back-to-back credit and finance finance and credit back-to-back Including less thanone year Receivables from financingactivities Trade receivables andrelated accounts Current Assets Subtotal Including back-to-back credit and finance finance and credit back-to-back Including At December 31st, 2008 Note 13Trade receivables andrelated accounts impairment losses Provisions for inventory At December 31st, 2007 Including guarantees given guarantees Including lease receivables lease lease receivables lease Including guarantees given guarantees Including for theyear endedDecember31st,2008 Consolidated financialstatements // 11/07Ices eraeTranslation Decrease Increase 31/12/2007 6 704 Rapport d’activité -annual report 08 2 443 (247) (4443) 7 729 Gross value Gross value 136 976 239 126 185 951 157 423 53 175 53 175 18 884 63 986 17 975 36 131 28 528 12 209 12 29 253 29 16 319 16 23 922 23

////// adjustment /////////////////////////////////////////////////////// Provision Provision 15 622 15 622

15 594 6 704 2 828 2 858 consolidation scope 265 753 28 28 0 Change in 2 10470 728

Net value Net value 31/12/2008 130 272 223 504 170 329 141 830 53 175 53 175 16 056 61 129 17 710 35 378 28 500 12 181 12 29 253 29 16 319 16 23 922 23

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 41> 42 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

At December 31st, 2007

Gross value Provision Net value Non-current assets Receivables from financing activities 47 109 47 109 exceeding one year Including back-to-back credit and finance 3 851 3 851 lease receivables Including guarantees given 43 258 43 258 Subtotal 47 109 0 47 109 Current Assets Trade receivables and related accounts 263 634 11 363 252 271 Receivables from financing activities at 33 425 20 33 405 less than one year

Including back-to-back credit and finance 13 361 20 13 341 lease receivables

Including guarantees given 20 064 20 064 Subtotal 297 059 11 383 285 676 Total 344 168 11 383 332 785

The fair value of "trade receivables and related accounts" under current assets equals the carrying value given their short maturity (less than one year).

In accordance with IAS 17, fair value of receivables from back-to-back equipment leases and finance leases represents the lower of the fair value of the item at the inception (cash sales price net of rebates) or the discounted value of lease payments at the lease’s implicit interest rate.

As described in note 3.7, the fair value of receivables guarantees granted by Haulotte Group to the lending institution of the customer, represents: - either the amount of capital remaining due by the customer of Haulotte Group to the financial institution, - or the maximum amount of the risk incurred by Haulotte Group.

The corresponding receivables and payables are discharged as customers make lease payments to the financial institution.

Provisions for trade receivables break down as follows:

31/12/2007 Increase Decrease Translation Change in 31/12/2008 adjustment consolidation scope

Provisions for trade 11 383 9 585 (4 661) (1 263) 577 15 622 receivables WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 S.A. hadanincome tax receivable withFrench Tax Administration ofK€20,301 "Other debtors" includes mainly income tax and VAT receivables. In particular, at December 31st, 2008 Haulotte Group Total Prepaid expenses Advances andinstalments paidonorders Other receivables Total Other debtors activities Trade receivables from financing Trade receivables andrelated accounts At December 31st, 2008 Note 15 Receivables bymaturity Note 14Otherdebtors 303208 187814 and theestimated resale value oftheequipmentdetermined inreference to historical sale prices. receivablethe of value carrying the differencerecordedprovisionsapplicable,arebetween the provision. When for a 332785 ratingresultingnotethis the Considering and 4.c). assessment,risk Groupthe determines necessitythe recordingof 223504 Group(cf.the by established ratingcustomer the Tradeof basis receivablesthe are notablyanalyzedon aredue that Net trade receivables 2007 Net trade receivables 2008 Net provisions for trade receivables are presented below bymaturity: *Including receivables felt duefor K€35,690(cf. note 13). for theyear endedDecember31st,2008 Consolidated financialstatements // oa Notdue Total Rapport d’activité -annual report 08 263 183* Amount 141 830 39 679 81 675 Less than 60 days 31/12/2008

////// 17317014 12 874 11 713 Less than1year 39 679 36 649 1 579 1 451 /////////////////////////////////////////////////////// 210008 141 830 39 679 28 500 60 - 120 Due days 7 196

More than 1 to 5years 31/12/2007 120 days 20 923 53 175 17 972 53 175 9 507 6 963 2 348 604 0 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 43> 44 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

At December 31st, 2007 Amount Less than 1 year 1 to 5 years Trade receivables and related accounts 252 271 252 271 0 Trade receivables from financing 80 514 33 405 47 109 activities Other debtors 20 923 20 923 0 Total 353 709* 306 600 47 109

*Including receivables felt due for K€ 29,577 (cf. note 13)

Note 16 Deferred taxes Deferred tax assets are offset by deferred tax liabilities generated in the same tax jurisdiction. Deferred taxes are recoverable within one year except those calculated on the fair value of rental equipment, provisions for pensions, translation adjustement on net investments in foreign operations, the development expenditures, and depreciation period differences.

Deferred tax assets from unrecognized tax losses amount to K€ 24,936.

Deferred taxes after offsetting assets and liabilities in the same tax jurisdiction break down as follows:

31/12/2008 31/12/2007 Deferred taxes assets 8 647 8 042 Deferred tax liabilities (8 445) (2 523) Total 203 5 519

31/12/2008 31/12/2007 Deferred taxes from adjustments of the fair (925) 16 value of rental equipment Deferred taxes from adjustments on finance 46 (600) leases and back-to-back leases Deferred taxes from provisions for pension 207 274 commitments Deferred taxes from adjustments of internal margins 7 410 5 477 on inventories and fixed assets Deferred taxes from non-deductible provisions 2 059 2 736 Deferred taxes from differences in depreciation (2 657) (2 861) periods and R&D costs Deferred taxes from tax losses 0 1 364 Deferred taxes on translation differences on net (4 453) (1 168) investments in foreign operations Deferred taxes from other consolidation (3 162) (572) adjustments Deferred taxes from other temporary differences 1 678 853 Total 203 5 519 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Total Deferred taxes from othertemporary differences Deferred taxes from otherconsolidation adjustments Deferred taxes from tax losses Deferred taxes from non-deductible provisions inventories andfixed assets Deferred taxes from adjustments ofinternal margins on back-to-back leases Deferred taxes from adjustments onfinance leases and of rental equipment Deferred taxes from adjustments ofthefair value Deferred tax assets: and liabilitiesbreak down bynature asfollows: After offsetting deferred tax assets with deferred tax liabilities arising in the same tax jurisdiction, deferred tax assets of December 2007amounting to K€1,660thatwasrecorded under"otherreceivables" atDecember 31st, 2007. The deferred tax expense of K€11,720 includes the reversal of deferred tax assets recognized on tax losses at the end Net deferred taxes onDecember 31st, 2008 Other changes Translation differences -relating to thetranslation adjustment onthedebtwaiver infavour ofHaulotte US -relating to losses ontreasury shares incurred from thereduction incapital Tax expenses charged to equity Deferred tax from acquisitions Income/(loss) from deferred taxes Net deferred taxes onJanuary1st, 2008 The changeinnetdeferred tax intheperiodbreaks down asfollows: for theyear endedDecember31st,2008 Consolidated financialstatements //

Rapport d’activité -annual report 08

////// 31/12/2008 /////////////////////////////////////////////////////// 8 647 7 199 (134) 524 866 192 0 0

31/12/2007 (11 720) (1 240) 8 042 5 519 1 343 1 128 5 189 1 179 3 161 3 006 203 (51) 417 298 16 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 45> 46 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Deferred tax liabilities:

31/12/2008 31/12/2007 Deferred taxes from adjustments of the fair value (1 117) 0 of rental equipment Deferred taxes from adjustments on finance leases and (821) (1 017) back-to-back leases Deferred taxes from adjustments of internal margins on 211 287 inventories and fixed assets Deferred taxes from provisions for pension commitments 207 274 Deferred taxes from non-deductible provisions 2 059 1 608 Deferred taxes from differences in depreciation periods and (2 657) (2 861) R&D costs Deferred taxes from tax losses 0 21 Deferred taxes on translation differences on net (4 453) (1 168) investments in foreign operations Deferred taxes from other consolidation adjustments (3 687) (521)

Deferred taxes from other temporary differences 1 813 853 Total (8 445) (2 523)

Note 17 Cash and cash equivalents

31/12/2008 31/12/2007 Cash at bank and in hand 22 838 46 962 Money market funds 10 734 Total 22 848 47 696

Note 18 Fair value of derivative instruments

Positive fair value of derivative instruments:

31/12/2008 31/12/2007 USD forward sales 2 970 3 475 Interest rate swaps 0 1 266 Other derivative financial instruments 0 18 Total 2 970 4 759 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 A 10% increase in the value of the euro against the US dollar would represent, excluding the impact of hedges, an hedges, additional charge intheconsolidatedof financial statements of€2million. impact the excludingrepresent, would dollar US the against euro the of value the in increase 10% A an additionalcharge intheconsolidated financial statements of€2.5million. hedges, of represent,impact would sterlingexcludingthe pound the euroagainst the of value the increasein 10% A after hedging Net amount Interest rate swaps before hedging Net amount payables Trade receivables Trade - - Thecancellation of1,856,186treasury shares resulting inareduction by€251,304; The changeinshareholders' equityreflects two events: Share premiums ineuros Share capital ineuros Nominal value ineuros Number ofshares The following table presents theforeign currency exposures oftrade receivables andpayables before hedging: Note 19Management offoreign exchange risk Total Negative fair value ofderivative instruments: Note 20Share capitalandpremiums 8th, 2003)resulting inashare capital increase ofK€1,735andashare premiums increase of€76,598. The exercise of 13,350 stock options (stock options granted to employees of the company on July 2nd, 2002 and July 0 1 3 7411312 0 7855 21606 1341 27411 8734 106 716 0 1 3 7411312 0 5 2 5 7 9511 8 2 8688 7329 13981 49571 9275 126254 7855 21606 1341 27411 8734 106 716 5 4)(6 111 4)( 6)(3403) (4365) (45) (1131) (76) (56 443) 6 5 1 85213625971 1386 28542 8810 163 159 for theyear endedDecember31st,2008 Consolidated financialstatements // U AUD EUR GBP 31/12/2008 E S tesERAUD EUR Others USD SEK Rapport d’activité -annual report 08 11 258

(117 010) 126 254 4 6 7 1511 1 09914811 10999 14318 51501 9275 243 264 31/12/2008 31/12/2008

91 944789 32 591164 4 236851 ////// 7 9511 8 2 8688 7329 13981 49571 9 275 (6 553) (6 553) /////////////////////////////////////////////////////// 0,13 190 37 360 (6123) (3670) (337) (1930) 0 GBP 31/12/2007 E S Others USD SEK

31/12/2007 31/12/2007 91 868191 34 434000 4 476420 (3 534) (3 534) 0,13

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 47> 48 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 21 Treasury shares

Treasury shares at December 31st, 2008: 31/12/2008 31/12/2007 Number of treasury shares 3 239 418 828 292 Treasury shares as a percentage of capital 9,94% 2,41% Net book value of treasury shares in thousands of euros* 15 385 17 472 Carrying value of treasury shares in thousands of euros** 14 415 16 963 * based on the average price for the month of December ** based on the market price on the last business day of the fiscal year

Summary of changes in treasury shares for fiscal years 2007 and 2008: TYPE 2008 2007 Liquidity Number of shares purchased 287 755 271 983 agreement Purchase price of shares (*) 3 592 493 6 900 128 Average price per share 12,5 25,4

Number of shares sold 229 209 240 557 Original value of shares sold 4 620 858 5 556 581 Sale price of shares sold (*) 2 868 641 6 160 629 Net gain/ (loss) -1 752 217 604 048

Number of shares cancelled 50 000 0

Number of shares at December 31 139 418 130 872 Original value of shares at December 31 1 506 773 3 408 783

Buyback Number of shares purchased 4 208 766 697 420 authorisation Purchase price of shares (*) 43 821 656 16 997 951 Average price per share 10,4 24,4

Number of shares sold 0 Number of shares cancelled 1 806 186 0

Number of shares at December 31 3 100 000 697 420 Initial value of shares at December 31 27 799 867 16 997 951

Global Number of shares at December 31 3 239 418 828 292 Original value of shares at December 31 29 306 641 20 406 733 Provision for treasury shares at December 31* -13 921 719 -2 934 785

Closing price of shares at December 31 4,45 20,48

(*) Cash flows generated from treasury shares correspond to the sale price of the shares less the purchase price of shares purchased. This amounted to (K€-44,546) for the year ended December 31st, 2008. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Note 22Employee stock optionplans End oftheoptionexercice period Commencement oftheoptionexercise period at December 31st, 2008 Number ofshares available for subscription Number ofstock optionsgranted oninception Board ofDirectors' meetingdate Exercise price - Risk-free annualinterest rate: 3.50%. - Optionlife: 7years; - Dividendyield:1.67%; - Expected volatility: 71%; - Exercise price: €4.19; - Share price ongrant date: €4.19; The key assumptions ofthismodelare asfollows: The fair value ofstock optionsgranted underthisplanismeasured onthebasisofBlackandScholes model. grant ofstock optionsasanexpense offsetbyanincrease inequityover thevesting period. In compliance with IFRS 2, Haulotte Group recognized the fair value of employee services rendered in exchange for the in compliance withIFRS2.Only theplanofJuly 8th,2003wasconcerned bythisrequirement. Onlyvestedgrantedarebeen plans 1st,2005 haveafterfornot January November rights 2002 on which 7th, restated In addition,for allplansconcerned, eachoptionconfers arightto oneshare. for adjusted was 2007 31st, beneficiaries having December left theGroup beforeat the commencement of the exercisesubscription period. for available shares of number total the table, above the In Number ofshares subscribedatDecember 31st 2008 for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08 July 2nd, 2006 (excluding authorized exceptions) July 2nd,2009 02/07/2002

175 250 114 240 PLAN 2 ////// €9.46 3 710 /////////////////////////////////////////////////////// July 8th,2007(excluding authorized exceptions)

July 8th,2010 08/07/2003 159 200 PLAN 3 31 850 82 700 €4.19

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 49> 50 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 23 Provisions

31/12/2007 Change in Allowances Provisions Reversal of Translation 31/12/2008 consolidation used in the unused adjustment scope period provisions

- Provisions for 4 227 440 3 114 (3 780) 5 4 006 products warranty

- Provisions for other 579 1 237 1 083 (163) (73) 2 663 contingencies

- Provisions for other 11 88 (100) (51) (52) losses

Current provisions 4 817 1 677 4 284 (4 043) 0 (148) 6 618

- Provisions for pension 1 717 261 (134) (30) 1 814 commitments Non-current 1 717 0 261 (134) 0 (30) 1 814 provisions

Total provisions 6 534 1 677 4 546 (4 177) 0 (149) 8 431

- Provision for warranty: Haulotte Group records provisions for the cost of repairs or replacement of products sold to customers under warranty. The warranty period is usually one to two years.

- Generally speaking, all lawsuits involving Group companies were reviewed at year-end, and based on the advice of legal counsel, the appropriate provisions were recorded, when necessary, to cover the estimated risks.

In the 2008 first half, a supplier filed a claim against Haulotte Group for € 7 million for wrongful breach of its raw materials supplying contract. No provision has been recognized in the financial statements as the company considers this claim without legal and economic merit and was furthermore not substantiated by the supplier.

- Provisions for pension commitments: see note 24. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 The Group does nothave hedgeassets andactuarialgainslosses are recorded inthe income statement. Present value ofobligationsatclosing (December 31st, 2008) Actuarial gainsandlosses Benefits paidintheperiod Interest credited intheperiod Cost ofservices rendered duringtheperiod Present value oftheobligationatopening(January1st,2008) b) Changesinobligationsover theperiod of Act August 21st, 2003(LoiFillon). Reform Pension French the with complies calculation of method This contributions. security social account end-of-careerConcerning voluntary assumption of severance the that retirement benefits, is takesretained that into - - - a5%discount rate; - - astaff turnover rate basedonavailable Group historical data; according to theprocedureswages end-of-career describedinparagraph 3.9,onthebasisoffollowing assumptions: using method credit unit projected the to according estimated are commitments Retirement The only post-employment benefitsgranted to Group employees are pensionindemnitiesand long-service awards. a) Assumptions Note 24Pension and related benefits kers. a retirement age for employees, born after January 1st, 1950 of 65 for managers, 63 for clerical staff and 55 for wor- a retirement age for employees born before January 1st, 1950 of 62 for managers, 60 for clerical staff, 55 for workers; ning agreements andtherate oflong-term inflation representing a total rate of2%; collectivebargai-of termscareer service,development,the of lengthexpected the on based increaserate salary a for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08

////// ///////////////////////////////////////////////////////

1 814 1 717 (127) (128) 262 90

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 51> 52 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 25 Borrowings and financial debt

31/12/2008 31/12/2007 Non-current borrowings Bank borrowings (> 1 year) 191 761 114 873 Including syndicated loan 152 886 70 241 Including BilJax credit line 10 153 0 Including guarantees given 23 922 43 258 Including back-to-back and finance lease obligations 0 235 Including other borrowings 4 800 1 139 Other loans and borrowings 405 895 Sous-total 192 166 115 768 Current borrowings Convertible bonds 0 0 Bank borrowings (< 1 year) 26 697 31 769 Including syndicated loan 8 776 8 749 Including guarantees given 16 319 20 064 Including back-to-back and finance lease obligations 214 281 Including other borrowings 1 388 2 675 Other loans and borrowings 109 8 Bank overdrafts 21 588 683 Subtotal 48 394 32 460 Total borrowings 240 561 148 228

In 2005, Haulotte Group contracted a 7-year syndicated loan of € 330 million completed of € 30 million in July 2006. The total € 360 million loan was contracted at a variable rate of interest indexed on the three-month Euribor and divided into four tranches:

- Tranche A + amendment: € 70 million to refinance the existing debt; - Tranche B: € 120 million to finance capital expenditures; - Tranche C: € 140 million to finance acquisitions; - Tranche D: € 30 million to finance working capital requirements.

A swap agreement has been implemented to cover the risks of interest rate fluctuations (note 18).

Subject to prepayment provided for if certain financial ratios are not met, the loan is subject to the repayment schedule presented in note 29. At December 31st, 2008, the financial ratios were respected. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 The breakdown between fixed rate and variable rate borrowings isas follows: Note 26Management ofinterest-rate risks and finance lease obligations Total borrowings excluding guarantees given andback-to-back Others USD GBP Euros Translated value inthousandsofeuros Group debtisdenominated inthefollowing currencies: - Pledge ofHaulotte UKshares - Pledge ofHaulotte Group S.A.goodwill In exchange for thissyndicated loan, thefollowing commitments were granted to thebankingsyndicate: - Arevolving credit lineofKUSD20,000whichKUSD14,130hadbeendrawn atDecember 31st, 2008. - Amedium-term loan withcapital remaining dueofKUSD4,701atDecember 31st, 2008; The USsubsidiaryBilJaxhascredit linesfor KUSD18,831 - Tranche D:arevolving credit ofK€17,500 - Tranche C:K€31,000 - Tranche B:K€70,000 - Tranche A:K€61,242(8,748wasrepaid inJuly 2008) At December 31st 2008thetotal amountdrawn onthisloan amounted to K€179,742detailed asfollows: A 1%rate increase would result inamaximum additionalinterest expense, excluding hedges,ofsomeK€1,980. Total borrowings - Variable rate: syndicated loan, BilJaxcredit line - Fixed-rate: guarantees given andothers for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// 31/12/2008 31/12/2008 200 106 240 561 184 712 198 849 14 126 41 712 1 065 203

31/12/2007 31/12/2007 148 228 80211 84 390 82 751 68 017 1 235 404 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 53> 54 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 27 Other payables

31/12/2008 31/12/2007 Down payments received 4 854 3 891 Payables to fixed asset suppliers 1 233 434 Tax and employee-related liabilities 16 804 26 138 Other payables 7 581 8 133 Prepaid income 2 042 1 386 Total 32 514 39 982

Note 28 Payables by maturity

Less than More than 31/12/2008 Amount 1 year 1 to 5 years 5 years

Convertible bonds 0 0

Bank borrowings 218 458 26 697 191 761 [including leases obligations and 40 455 16 533 23 922 other guarantees] Other loans and borrowings 22 103 21 697 405

Down payments received 4 854 4 854

Payables to fixed asset suppliers 1 233 1 233

Trade notes and accounts payable 65 461 65 461

Tax and employee-related liabilities 16 804 16 804

Other payables 7 581 7 581

Prepaid income 2 042 2 042

Total 338 536 146 369 192 166 0 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Note 31General andadministrative expenses Note 30Costofgoods sold Note 41onsegmentinformation provides details onincome from ordinary activities. Note 29SalesandRevenue Total Others Management expenses Administrative expenses Total Interests paidonback-to-back lease arrangements Warranty costs Change ininventory provisions Production cost ofsales Total 26138 Prepaid income Other payables Tax andemployee-related liabilities Trade notes andaccounts payable Payables to fixed asset suppliers Down paymentsreceived Other loans andborrowings [including leases leases [including Bank borrowings Convertible bonds obligations and other guarantees] other and obligations 31/12/2007 for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08 Amount 317 280 129 070 146 642 63 838 63 1 386 8 133 3 891 1 586 434 0 Less than 201 512 129 070 26 138 20 345 20 31 769 1 year 1 386 8 133 3 891 434 691

////// /////////////////////////////////////////////////////// 31/12/2008 31/12/2008 (335 600) (326 818) (46 694) (10 330) (34 446) 1 to 5years (4 918) (5 352) (3 286) (143) 115 768 114 873 43 493 43 895

31/12/2007 31/12/2007 More than (438 415) (431 639) (49 298) 5years (11 142) (33 254) (4 902) (6 686) (304) 214 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 55> 56 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 32 Research and development expenditure

31/12/2008 31/12/2007 Development expenditures recognized as intangible assets 881 533 Amortization of development expenditures (874) (1 171) Research tax credit 244 296 Development expenditures (6 057) (6 768) Total (5 806) (7 110)

Note 33 Exchange gains and losses

31/12/2008 31/12/2007 Currency losses (36 437) (13 002) Currency gains 34 464 10 778 Total (1 973) (2 224)

Realized and unrealized currency gains and losses from commercial transactions in foreign currencies presented above are recognized under the operating margin.

Changes in this item consequently reflect the current account balance in pound sterling with the UK subsidiaries and unfavourable foreign exchange trends for the US dollar and pound sterling over the period.

Note 34 Expenses by nature in current operating income

31/12/2008 31/12/2007 Purchases of raw materials and other consumables (219 079) (317 638) and changes in finished products inventory External charges (107 110) (119 823) Taxes and related items (5 262) (7 341) Staff costs (68 194) (64 730) Net depreciation and impairment (26 372) (21 332) Currency gains and losses (1 973) (2 224) Other operating expenses and income 27 846 (1 378)

Total expenses by nature (400 143) (534 467) WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Note 37 Costofnetfinancialdebt Note 36Otheroperating incomeandexpenses Note 35Staff costs Total Financial income Fair value gainsorlosses Interest expense andfinancialcharges tain projects. recordedcertaincostsbeen previouslyof has portion impairment cer- forreflect of a an capitalizedevolution to the (**) In accordance with IAS 36 development expenditures capitalized are subject to impairment testing. On this basis, (*) ThedisposalofLEVgenerated anetgainofK€31,348. Total Allowances for contingencies andlosses Impairment ofdevelopment expenditure Net income from capital transactions Net income from managementoperations Gains from thedisposalofassets Staff costs are allocated to theappropriate captions oftheincome statement byfunction. Total Retirement indemnities Employee profit-sharing Social securityandrelated expenses Salaries andwages for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08

////// /////////////////////////////////////////////////////// 31/12/2008 31/12/2008 31/12/2008 (*) 30820 (**) (371) (11 571) (68 194) (17 247) (50 816) (4035) (8729) 29 423 (1 085) 1 193 (127) (4) (4) 63

31/12/2007 31/12/2007 31/12/2007 (64 730) (16 263) (45 697) (5 716) (1 284) (1 443) (5 464) (2 396) 1 191 (511) (853) (374) (13) 93

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 57> 58 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Note 38 Corporate income tax

31/12/2008 31/12/2007 Current tax 4 626 (37 030) Deferred tax (11 720) 94 Total (7 094) (36 936)

Haulotte Group SA is the head of a French tax consolidation that included on December 31st, 2008 Haulotte France S.A.R.L, ABM Industries S.A.S. and Telescopelle S.A.S.

Haulotte UK Ltd is the head of a UK tax consolidation that included on December 31st, 2008 UK Platforms Ltd and UK Training Ltd.

Under these tax sharing agreements, the income tax of entities are incurred by subsidiaries as if they were not included in a tax group.

Note 39 Effective income tax reconciliation

The difference between the effective tax rate of 18.18 % (34.17 % at December 31st, 2007) and the standard rate applicable in France of 34.43 % breaks down as follows: 31/12/2008 31/12/2007

Consolidated profit of the period before tax 39 008 108 098 Theoretical income tax expense at applicable rate 13 431 (34,43%) 37 218 (34,43%) for the consolidating company Effect of differential in tax rates 1 (1 617) Effect of permanently non-deductible expenses or non-taxable (8 217) 898 income (*) Effect of long-term capital gains not subject to the full tax rate (9 906) Effect of loss carryforwards not recognised (64) (46) Effect of the elimination of internal transactions on equity 1 713 (676) investments Effect of tax losses not resulting in the recognition of deferred 6 595 1 185 taxes Effect of badwill/goodwill Effect of tax group and income tax credits 338 28 Effect of the reversal of unused deferred tax assets 2 921 Other 282 (53)

Effective tax expense 7 094 (18,18%) 36 937 (34,17%)

(*) The impact of permanently non-deductible expenses or non-taxable income reflects primarily the deductibility at the level of Haulotte Group SA of the debt waiver granted to the subsidiary Haulotte US for K€ 27,305. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Consolidated sales Services andfinancing (2) (1) Rental ofhandlingandliftingequipment Sales ofhandlingandliftingequipment By business segment Sales Breakdown Note 41Segmentreporting share per earnings basic Adjustment for stock optionplans calculate to used shares of Number with thenumberofshares thatwould have beenissued iftheoptionshadbeenexercised. the monetary value of rights attached to outstanding stock options. The resulting number of shares is then compared is made to determine the number of shares acquired at fair value (the annual average for traded shares) according to intoaccount sharesall issued conversionon potentiallyof notablydilutiveand securities, stock calculationA options. take to order in outstanding shares of number weighted the adjusting by calculatedare share per earnings Diluted number ofshares outstanding duringtheperiod, excluding treasury shares average acquired. weighted the by period the for Group the of loss or profit net dividing by calculatedare share per Earnings Note 40Earningspershare Net profit inthousandsofeuros Number ofshares usedto calculate diluted earningspershare Total numberofshares - Basic Earnings-per-share attributable to shareholders Number oftreasury shares - Diluted Notably spare parts,repairs andfinancing Sales from rental businesses soldinJanuary2008:K € 33,338. for theyear endedDecember31st,2008 Consolidated financialstatements // (2) (1) Rapport d’activité -annual report 08 450 780 383 479 34 645 32 655 31/12/2008

////// 0%648132 100% 5 557033 85% %28026 63073 8% 7% /////////////////////////////////////////////////////// 29 351 746 351 29 29 371649 32 591164 3 239418 31963 19 903 1,088 1,089 2008 31/12/2007

33 605 708 605 33 33 646025 34 434000 828 292 71 004 40 317 100% 2,110 2,113 2007 10% 86% 4%

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 59> 60 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

By geographical segment 31/12/2008 31/12/2007 - Europe 347 038 77% 574 067 89% - Rest of the world 103 742 23% 74 065 11% Consolidated sales 450 780 100% 648 132 100% The regional breakdown is based on the location of clients.

Primary segment information: results by business line

At December 31st, 2008, the Group was organized into three main business units: - Manufacture and sale of lifting equipment; - Lifting equipment rental; - Services (spare parts, repairs and financing).

Segment information for the period ended December 31st, 2007 includes in the column "rental of handling and lifting equipment" most assets and liabilities sold in 2008. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 of which receivables from financing Inventories financing from receivables which of financing from receivables which of activities assets Trade receivables from financing financial equipment and which of plant property, which assets of intangible which of Operating profit Sales to third parties revenue unit Business Income statement highlights activities at less than one year one than less at activities year one than more at activities Sales between business units business between Sales Trade receivables andrelated accounts Fixed assets Segment assets Trade payables Segment liabilities Bank borrowings zation andimpairmentsintheperiod Change indepreciation andamorti- Other information Non-financial capital expenditures 19 749 20 120 1 024 3 30244195 024 120 1 20 19749 Non-financial capital expenditures * includesitems notallocated to theGroup's three business unitsaswell astheeliminationofinter-segment items 31/12/2008 for theyear endedDecember31st,2008 Consolidated financialstatements // Manufacture and sale of equipment Rapport d’activité -annual report 08 396 215 34 504 35 520 35 504 34 215 396 383 479 32 655 34 646 34 655 32 479 383 2 3 1 8963 2316 225 034 2 8 2 8 006( 9)141830 (3690) 10056 12980 122 483 40 203 12 736 1 849 1 736 12 5563 9 5400 36091 45 506 03969351429565461 2985 5164 6933 50 379 43 807 36 081 36 807 43 9 11265 4 893 1 699 1

Equipment rental 0 9 3 50636 7637 3599 803 9 Services and

financing ////// 191(1)81675 (317) 81 991 4961352218458 183502 34 956 28 540 28 451 53 /////////////////////////////////////////////////////// 5 397 5 874 8 3 18274 1736 381 3 Other (*) 7 873 7 3 441 88 726 88 441 3 499 3 (276) 53 175 53 (276) (41) 28 500 28 (41) 933

Total 450 780 450 236 313 239 466 94 869 15 459 15 5 210 5 933

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 61> 62 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

31/12/2007 Manufacture Equipment Services and Unallocated (*) Total and sale of rental financing equipment

Income statement highlights

Business unit revenue 569 195 63 939 29 803 - 662 937

Sales between business units 12 162 8 6 6 1 777 - 14 805

Sales to third parties 557 033 63 073 28 026 - 648 132

Operating profit 131 288 5 375 4 173 (27 171) 113 665

Segment assets

Fixed assets 23 192 61 066 6 958 7 099 98 316 of which intangible assets 3 041 74 5 2 252 5 372

of which property, plant and equipment 20 152 60 992 6 953 3 856 91 953

of which financial assets 991 991

Trade receivables from financing 82 068 (1 554) 80 514 activities

Inventories 121 538 1 706 7 230 130 474

Trade receivables 242 443 22 687 12 415 (14 647) 262 898 and related accounts

Segment liabilities

Trade payables 80 978 13 830 18 373 18 323 131 504

Bank borrowings - - 59 813 89 179 148 991

Other information

Change in depreciation and amortization 4 431 15 842 262 1 327 21 862 and impairments in the period

Non-financial capital expenditures 9 131 17 458 1 712 4 289 32 591

* includes items not allocated to the Group's three business units as well as the elimination of inter-segment items WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 of which property, plant and equipment and plant property, which of of which financial assets financial which of of which financial assets equipment financial and which plant of property, assets which of intangible which of Fixed assets Trade receivables andrelated accounts Inventories at activities financing from receivables which of Trade receivables from financingactivities of which intangible assets intangible which of Fixed assets sold in2008. liabilities and assets most “Europe” under presented 2007 31st, December ended period the for information Segment Secondary segmentinformation: assets bygeographical area more than one year one than more Trade receivables andrelated accounts Inventories Trade receivables from financingactivities of which receivables from financing activities at less less at activities financing from receivables which of than one year one than for theyear endedDecember31st,2008 Consolidated financialstatements // 31/12/2007 31/12/2008 Rapport d’activité -annual report 08 Europe Europe 104 521 173 837 239 882 104 481 75 665 75 90 064 90 96 108 69 690 81 416 80 514 44 217 44 25 473 25 5 360 5 5 204 5 547 684 684

////// Rest of the world Rest oftheworld Rest of the world Rest oftheworld /////////////////////////////////////////////////////// 13 061 13 37 309 62 476 11 985 13 453 23 016 25 993 2 208 1 889 1 8 958 8 3 027 3 385 307 12 12 7

Total Total 141 830 236 313 262 898 130 474 88 726 88 98 316 81 675 94 869 80 514 91 953 91 53 175 53 28 500 28 5 210 5 5 372 5 933 991

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 63> 64 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Notes 42 to 44 provide information concerning the cash flow statement. At December 31st, 2007, Cash flow includes assets and liabilities held for sale. Note 42 Analysis of change in working capital 31/12/2008 31/12/2007 Change in inventories 94 200 53 210 Change in trade receivables (111 123) 40 721 Change in trade payables 72 024 (34 690) Change in other payables and receivables 5 330 10 512 Change in operating working capital 60 432 69 752

Note 43 Analysis of changes in receivables from financing activities

31/12/2008 31/12/2007 Change in gross trade receivables 25 513 (19 142) Change in provisions for uncollectible trade receivables (8) 836 Change in receivables from financing activities 25 505 (18 306)

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 and finance leases 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 comprehen- sive financing arrangement after the back-to-back lease agreements were repurchased through a syndicated loan) are presented under cash flows from financing activities.

In 2008, Haulotte Group recorded new lease finance agreements of K€ 32,493 for its subsidiaries in Spain, the UK, Aus- tralia and Dubai.

Note 44 Cash components 31/12/2008 31/12/2007 Cash on hand and deposit accounts 22 838 46 962 Money market funds and negotiable instruments 10 734 Positive fair value of financial instruments 2 970 4 759 Cash and cash equivalents – balance sheet 25 818 52 455 Net cash from assets held for sale 1 451 Bank overdrafts (21 588) (684) Negative fair value of financial instruments (6 553) (3 534) Cash and cash equivalents – cash flow statement (2 324) 49 688 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 The breakdown ofGroup off-balance sheetcommitments bymaturityisasfollows: ** Pledging ofHaulotte Group S.A.goodwillandHaulotte UKshares * Commitments given underrepayment clauses Share ofdebtcarried inthebalance sheetsecured bycollateral ** Repurchase commitments * Note 46Offbalance-sheetcommitments commitments infavour ofcurrent orformer executives. related obligations or pension other no officers.directors are There andtogranted beenadvances have or loans No the cost oftheservices issubjectto a10%mark-up. agreementcompliancethe provideIn towith administrativegeneralcommercial and assistance Solem S.A.S. by signed cutives. It includes expenses incurred by executives on behalf of the Group. This amount originates from funds invoiced by Solem S.A.S. for the services rendered on behalf of the Group by two exe- Amounts allocated to directors andofficers paidbytheGroup totalled K€763for 2008andK€757for 2007. Fees allocated to directors andofficers: - - Transactions withrelated parties: Note 45 Information onrelated parties Repurchase commitments secured bycollateral in thebalance sheet Share ofdebtcarried 31/12/2008 for theuseofpremises ofEpinay:K€457in2008and € 435 in 2007. SCI Lancelot that shares managers with Haulotte Group S.A. invoiced the Group rental charges and incidental expenses 2008 andK€865in2007. Solem2008. toHaulottepaid Group incomeK€ of 31st, December at capital share the of 53.57% with S.A., Group Haulotte of shareholder majority the is S.A.S. .Solem financing agreements Repurchase commitments cover guarantees for the residual values granted by the Group in connection with customer for theyear endedDecember31st,2008 Consolidated financialstatements // Rapport d’activité -annual report 08 183 961 11 418 Gross 245 in 2008 and K€ and 2008 in 245 Less than 1year 30 469 207 674 in 2007 and invoicedand 2007 in charges674 K€ of

////// /////////////////////////////////////////////////////// 11/0831/12/2007 31/12/2008 1 to 5years 183 961 11 418 153 492 1 068 11 160

More than 5years 81 669 1,028 in in 1,028 8 229 1 171 51

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 65> 66 Consolidated financial statements for the year ended December 31st, 2008 ///////////////////////////////////////////////////////////////////////////////

Less than More than 31/12/2007 Gross 1 year 1 to 5 years 5 years Repurchase commitments 8 229 1 114 7 025 90

Share of debt carried in the balance sheet 81 669 11 160 70 508 secured by collateral

Note 47 Off-balance sheet commitments in connection with entitlements to individual training benefits (DIF) Number of hours DIF 46 553

Note 48 Average number of employees

2008 2007 Executives and managers 250 269 Clerical staff and workers 1 650 1 701 Total 1 900 1 970

Note 49 Post-closing events

On March 11th, 2009, 1,401,595 treasury shares will be cancelled by the Board of Directors, in accordance with the authority vested upon it by the General Meeting of April 22nd, 2008.

No other post-closing events likely to have a material impact on the assets and liabilities, net position and operating profit of the Group have been identified. To the company's knowledge, there are no legal proceedings, arbitration or other exceptional events likely to have, or having had in the recent past, a material impact on the financial positions, earning, activities and assets of the Company and the Group. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 I.Opinio othecsold based onouraudit. consolidatedThese statementsfinancial have approvedbeen Boardthe by Directors.of roleOur tois express statements financial these on opinion an - thespecificverification required bylaw. - thejustification ofourassessments; - theauditofaccompanying consolidated financialstatements ofHaulotte Group SA; In compliance withtheassignment entrusted to usbyyour shareholders’ meeting,we hereby report to you, for theyear ended31December 2008,on: For theyear ended31December 2008 Statutory Auditors’ report ontheconsolidated financial statements Haulotte Group SA III.Spec the opinionwe formed whichisexpressed inthefirst partofthis report. therefore whole, and a statements takenconsolidated as financial to the contributed of audit contextour the of assessmentsin wereThese made from financialinstitutions andobtained assurance, ona test basis,ofthe correct accounting treatment ofthesetransactions. confirmations obtained relevantcommitments, contractualthe identify to GroupHaulotte procedures by implementedthe examined We applied. Our work consisted in verifying that the informationHaulotte Group provides disclosed aguarantee to thebanksinorder to easeaccess to financing for itscustomers. in Note 3.7 isNotetoconsolidated3.7 the financial appropriatestatements (trade receivables) accounting the describes sales applied the methods to transactions which for and that the accounting treatment describedtions andoptionsselected bytheGroup are adequately disclosed inthenotes to theconsolidated financial statements. is correctly estimates for previous periods with actual accounting figures,the reviewingcomparing management approvalmade, wereestimates procedures and judgments for these estimates,these and verifyingwhich that the assumpupon - assumptions and data the examining in consisted work Our Note 2.2to theconsolidated financial statements refers to thecritical accounting estimates andjudgmentsmadebymanagement. tion ofourassessments, we bringto your attention thefollowing matters: backdrop, and in accordance with the requirements of article L.823.9 of the French Commercial Code (Code de commerce) relating to the justifica- context the in made were of 2008 December 31 significant ended year the for statements financial consolidated the of preparation the for used estimates Accounting difficulty in assessing the economic outlook,II.Justifc as described in Note 2.2.2 to the consolidatedby wayofanamendmentto thebankcredit facility.financial statements. notably and 2009, in activity in decline potential a of Group’sconcerningcovenantslight the banks bank in the its discussionswith honour to ability Against this Without qualifying the opinion expressed above, we draw your attention to Note 2.2.2 to the consolidated financial statements relating to the ongoing adopted by the Europeanat 31 December 2008, and of the resultsUnion. of its operations for the year then ended in accordance with International Financial Reporting Standards as as the Group of position financial the and liabilities assetsand the of view and fair true a statements give consolidatedfinancial the opinion, our In obtained issufficient andappropriate to provide abasis for ourauditopinion. wellas management, overallthe by as made presentation consolidatedthe of financial statements.estimates accounting believeWe audit the that evidence have we reasonablenessof the and used policies accounting of appropriateness the evaluating includes also audit An statements. performing involves audit An misstatement. material procedures, of free are statements financial consolidated the whether about assurancereasonable obtain to audit on a test the perform and basis plan we that requirestandardsor Those France. by in applicableprofessionalstandards selection, accordancewith in audit our conducted We to obtain audit evidence about the amounts and disclosures in the consolidated financial Philippe Guéguen PricewaterhouseCoopers Audit Jean-Pierre Gramet Lyon andParis, 30April2009 We have nomatters to report asto itsfair presentation anditsconsistency withtheconsolidated financial statements. As required bylawwe have alsoverified theinformation given intheGroup’s management report. This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenience of English speaking speaking English of convenience the for solely provided is and language French the in issued report Auditors’ Statutory the of English into translation free a is This - presen is information This not. or qualified whether reports, such in law French by required specifically information includes report Auditors’ Statutory The readers. - si certain of assessments Auditors’ Statutory the discussing paragraph explanatory an includes and statements financial consolidated the on opinion the below ted gnificant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements statements financial consolidated the on opinion audit an issuing of purpose the for considered were assessments These matters. auditing and accounting gnificant taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the consolidated financial statements. statements. financial consolidated the of outside taken information on or captions account individual on assurance separate provide to not and whole a as taken This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France in applicable standards auditing professional and law French with, accordance in construed and with, conjunction in read be should report This i f i c ver a tion ofurass essments i f i c a t io n a ted financialst a Rapport d’activité -annual report 08 tements The Statutory Auditors

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 67> 68 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 year endedDecember31st,2008 Statutory accounts Rapport d’activité -annual report 08

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 70>69> 70 Statutory accounts year ended December 31st, 2008 /////////////////////////////////////////////////////////////////////////////////////////////

> Balance sheet - assets

In thousands of euros 31/12/2008 31/12/2007

INTANGIBLE ASSETS Concessions, patents and similar rights 3 458 3 186 Goodwill 168 168

PROPERTY, PLANT AND EQUIPMENT Land 1 466 1 466 Buildings 9 367 9 473 Machinery and equipment 8 787 18 370 Other PPE 916 839 Fixed assets in progress 161 377

FINANCIAL ASSETS Long-term investments 13 805 8 822 Receivables from investments 273 999 192 785 Other investments 15 385 17 472 Other financial assets 213 214

NON-CURRENT ASSETS 327 725 253 173

INVENTORIES AND WORK IN PROGRESS Raw materials 15 813 28 810 Work in progress 55 319 11 704 Finished products 1 702 2 272 Trade goods 5 337 5 090 Advances paid to suppliers 256 432

ACCOUNTS RECEIVABLE Accounts receivable and other assets 69 565 165 633 Other receivables 24 104 13 421

CASH AND CASH EQUIVALENTS Marketable securities 10 689 Cash on hand 5 393 6 052

Prepaid expenses 552 842

CURRENT ASSETS 178 051 234 945

Unrealized foreign exchange losses 23 686 8 885

TOTAL 529 462 497 003 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory accounts year ended December 31st, 2008 ////////////////////////////////////////////////////////////////////////////

> Balance sheet - shareholders’ equity and liabilities

In thousands of euros 31/12/2008 31/12/2007

Share capital 4 237 4 476 Additional paid-in capital 91 945 91 868 Legal reserve 448 446 Other reserves 5 549 32 222 Retained earnings 111 666 67 587

PROFIT (LOSS) FOR THE YEAR 20 704 51 139 Regulated reserves 5 981 6 811

SHAREHOLDERS’ EQUITY 240 529 254 549

Provisions for contingencies 26 389 13 028 Provisions for charges 861 1 037

COMMITMENTS AND CONTINGENCIES 27 250 14 066

LONG-TERM DEBT Bank borrowings 183 767 80 408 Miscellaneous loans and borrowings 408 646 Advances and down payments received from customers 4 422 3 342

ACCOUNTS PAYABLE AND OTHER LIABILITIES Accounts payable 40 141 112 847 Accrued taxes and payroll costs 8 383 10 265

OTHER LIABILITIES Accounts payable on fixed assets and equivalent 9 9 Other payables 17 563 20 577

Deferred revenue

LIABILITIES 254 693 228 092

Unrealized foreign exchange gains 6 989 296

TOTAL 529 462 497 003 51>71> 52 72

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory accounts year ended December 31st, 2008 /////////////////////////////////////////////////////////////////////////////////////////////

> Income statement In thousands of euros 31/12/2008 31/12/2007 Sales of trade goods 25 317 25 546 Sales of manufactured goods 312 767 472 378 Sales of services 20 882 30 232 NET SALES 358 965 528 156 Change in inventories of finished goods and work in progress 42 724 1 921 Capitalized production 208 Operating grants 38 126 Reversal of amortization and reserves, expense reclassifcations 5 068 9 482 Other income 159 110 OPERATING INCOME 407 162 539 794 Purchase of trade goods 14 930 19 250 Change in inventories (trade goods) (357) (1 640) Purchase of raw materials and other supplies 237 862 313 860 Change in inventories (raw materials and other supplies) 13 092 (8 336) Other purchases and external charges 58 417 75 434 Taxes other than on corporate income 3 565 4 486 Wages and salaries 23 424 19 097 Social charges 9 629 7 926

OPERATING ALLOWANCES AND PROVISIONS Depreciation and amortization of fixed assets 10 893 20 272 Increase in provisions for current assets 2 098 4 051 Provisions for contingencies and commitments 2 313 3 819 Other expenses 23 96 OPERATING EXPENSES 375 889 458 315 OPERATING PROFIT 31 272 81 479

Interest income 15 312 10 115 Reservals of provisions 29 597 3 834 Currency gains 4 451 2 010 Net proceeds from the disposal of marketable securities 369 259

FINANCIAL INCOME 49 729 16 218 Allowances for depreciation and reserves 57 327 15 064 Interest expenses 35 859 5 142 Currency losses 18 457 2 547 FINANCIAL EXPENSE 111 643 22 753 NET FINANCIAL INCOME (EXPENSE) (61 914) (6 535) PRE-TAX PROFIT BEFORE EXTRAORDINARY ITEMS 74 944 Extraordinary income : sundry business operations 143 761 Extraordinary income on transactions 47 622 5 344 Reversal of provisions, expense reclassifications 2 461 1 678 EXTRAORDINARY INCOME 50 227 7 783 Extraordinary expenses: sundry business operations 1 074 295 Extraordinary expenses on transactions 4 614 2 724 Depreciation and provisions 1 450 3 662 EXTRAORDINARY EXPENSES 7 138 6 681 EXTRAORDINARY PROFIT (LOSS) 43 089 1 102 Employee profit-sharing 1 977 Corporate income tax (8 257) 22 930 TOTAL INCOME 507 117 563 795 TOTAL EXPENSES 486 413 512 656 PROFIT OR LOSS 20 704 51 139 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71

Notes to the statutory accounts

A. SIGNIFICANT EVENTS B. SIGNIFICANT When, a given fixed asset includes ACCOUNTING POLICIES components with material relative Fiscal 2008 was marked by a slowdown values and expected useful lives that in sales resulting in large part from a The parent company annual finan- differ from that of the fixed asset worldwide economic situation that cial statements have been prepared itself, specific component classi- deteriorated in the second half. in accordance with the laws and re- fications are established. These gulations applicable in France. components are subject to specific Haulotte Group was significantly im- depreciation rates. pacted by exchange rate trends, in Company accounts for the finan- particular for the pound sterling with cial year to December 31st, 2008 The basis for calculating the depre- a negative currency effect of €19.7 have been prepared on presented ciation is the purchase price less million on financial income for the persuant to applicable accounting the estimated residual value, when period. standards, and keeping with the applicable, at the end of the expec- principles of prudence discreteness ted useful life. The broad downturn in stock market of accounting peroids and going prices also adversely affected the concern. Useful lives are defined for each ca- company and contributed to a loss for tegory of fixed asset. Usefull lives the year on treasury shares held of B.1 Fixed assets usually are as follows: close to € 18 million. Intangible assets are recognized at In January 2008, Haulotte Group ac- their purchase price, excluding fi- Plant buildings: quired Horizon, an aerial access equi- nancial charges. - Main component 40 years pment rental company in Argentina, - Other components 10 to 30 years for € 5 million. Software is amortized on a straight- line basis over 3 to 7 years according Building fixtures and improvements It also sold in the period its French to their useful lives. - Main component 10 to 40 years - Other components 5 to 20 years rental subsidiaries Lev and Royans Levage on January 9th, 2008. Models and designs are amortized Plant equipment: This disposal generated a gain of over 5 years. - Main component 10 to 15 years € 44.5 million registered under extra- - Other components 4 à 40 years ordinary items. Goodwill is not subject to amortization. An impairment is recorded Other installations and equipment 3 to 20 years On April 18st, 2008, the Board of Di- when its value in use is less than the rectors decided to cancel 1,856,000 amount on initial recognition. Transportation equipment 5 years treasury shares according to the Computer and authority previously granted to it by Research and development expen- office equipment 3 to 10 years the general meeting. The cancella- ditures are expensed in the period tion of these share, initially recorded incurred. Office furniture 3 to 10 years with a gross value of € 33.9 million and depreciated by € 8 million result B.2 Property, plant and equipments Residual values and useful lives are in a € 0.2 million reduction of share reviewed at the end of each period capital and a € 26.7 million reduction Property, plant and equipment are and adjusted when necessary. retained earnings. recognized in the balance sheet at purchase cost or production cost When the carrying value of an asset Haulotte Group SA also granted a debt and do not include borrowing costs. is lower than its recoverable amount, waiver to its US subsidiary Haulotte an impairment is immediately US for $ 38 million or € 27.3 million. Property, plant and equipment are recorded reducing it to the latter. The total impact of this waiver (debt depreciated on a straight-line basis cancellation, exchange loss, reversal over their expected useful lives as of provision) was recognized under from the date of acquisition or com- net financial expense. missioning. 73> 74

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Notes to the statutory accounts

• Regulated tax reserves • Treasury shares amount of the provision represents Regulated reserves include notably Treasury shares acquired by the the difference between the carrying allowances for excess tax depre- Group are recorded as financial value of the asset and the estimated ciation applied on the basis of the assets. They are recognized at pur- value of resale by the company of the most favourable tax rules. chase price. At the end of the year, asset representing the receivable. their carrying value is determined B.3 Financial assets on the basis of the average share The resale value is estimated on the price for the last month of the year. basis of past sales of used machi- • Investments and share in subsidiaries If the carrying value is lower than nes by Haulotte Group over the last Equity interests are recognized in the purchase price, an impairment seven years. These values are also the balance sheet at historical cost loss is recorded for the difference. in line with the listed prices nor- that includes the acquisition costs mally applied for used equipment of such as transfer rights, commis- B.4 Inventories and work the market. sions and fees directly attributable in progress to the acquisition of the securities. B.6 Translation of transactions in These expenses are included in the Inventories are recorded at that foreign currency cost price of securities and subject acquisition cost. Inventories are to a special accelerated deprecia- measured on the basis of the ave- Transactions in foreign currencies tion over five years. rage cost method according to the are translated at the exchange rate weighted average cost per unit. of the transaction date. At the end At year-end their balance sheet of the period, receivables and paya- value is compared with their going Finished products and work in pro- bles that have not been hedged are concern value. This latter value is gress are recognized at production converted at their year-end closing determined in reference to the share cost. This item includes direct costs rate. The resulting translation diffe- in net equity and the earnings pros- and factory overhead estimated on rences are recognized in the balance pects. When applicable, a provision the basis of normal production ca- sheet under the cumulative trans- for impairment is recorded. When pacity and recognized according to lation adjustment. For unrealised necessary (notably for subsidiaries the weighted average cost per unit. foreign exchange losses a provision with negative net equity), additio- for contingencies is recorded. nal provisions for impairment are When the gross value determined recognized for intra-group assets on the basis defined above is greater Hedged receivables are translated (receivables, current accounts) and than the probable realisable value, a at the hedge rate. a provision for charges is recorded provision for impairment is recorded if necessary. for the difference. For receivables for which an impairment has been recorded, only the • Current account and loans to The net realisable value represents remaining balance is converted at subsidiaries the sale price less costs necessary the year-end exchange rate. These items are recognized at nomi- for its sale or reconditioning. nal value. Current account balances B.7 Marketable investment in foreign currencies are translated B.5 Receivables and payables securities into euros at the year-end exchange rate. Gains arising on translation are Receivables and payables are reco- Investment securities are initially re- recognized as translation adjust- gnized at their face value. cognized at the purchase price that ments and recorded in the balance excludes incidentals. Investment sheet. Losses arising on translation A provision for impairment is recor- securities are remeasured on the result in the recognition of a provided when their collection value, de- basis of market prices at December sion for accrued currency losses. termined on a case-by-case basis, 31st, 2008 and a provision is recor- is estimated to be lower than the ded when the resulting amount is In the cases described above, cur- carrying value. lower than the purchase price. rent accounts are subject to impairment. No translation adjustments When there are indications of a real B.8 Provisions for the current amount that is im- and serious collection risks, a provi- paired. sion for impairment is recorded. The Provisions are recognized according WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 ble Général) extraordinary profit or profit extraordinary Général) ble Compta-Accounting(Plan nal Code Natio- French the with accordance under extraordinary profit or loss. In recognized are business of course normal the in occur not do that or natureareexceptionalin that Items B.9 Extraordinary items lity rate and thediscount rate. ment andstaff turnover, themorta- of thecollective bargaining agree- taking into account theprovisions to theprojected unitcredit method, obligations are measured according similar employee benefits.These lations ofrecording pensionand red methodunderFrench regu- obligations Haulotte Group applies theprefer- Pension • of warranty proceedings. by-case basisto cover specificrisks provision isrecognized onacase- historical data.When necessary, a tistically calculated onthebasisof sold iscovered byaprovision sta- warranties onproducts already products. Theestimated cost of manufacturer’s warranty for its provision The Group grants customers a Warranty • advisers andattorneys. recommendations provided byits management’s best estimate and determined onthebasisof putes for whichtheamountis Provisions are recorded for dis- Disputes • mitments. com- and contingencies on notes the in described are consequence in incurred risks applicable, When recorded. is provision no estimated, reliably cannot that contingent liabilities For date. sheet balance the at obligation or constructive legal a from arising obligation present a settle to required diture expen- the of estimate best the to Notes to thestatutory accounts provisions. reversals of special tax depreciation and allowances includes also loss Meeting ofApril22nd,2008. it by the Extraordinary Shareholders’ to granted authority the with dance accor- in Directors of Board the cancelledby be 1,401,595 will 2009, shares treasury 11th March On EVENTS C.POST-CLOSING Rapport d’activité -annual report 08

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 75> 76 Statutory account - Notes to the balance sheet

1. FIXED ASSETS

1.1 PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS

Gross amounts In thousands of euros 31/12/2007 Increases Decreases 31/12/2008

Intangible assets (1) 6 744 1 949 1 366 7 327

Land 1 466 1 466 Building 4 566 4 566 Equipment 9 488 817 133 10 172 Tools and machinery (2) 51 298 1 319 14 975 37 642 Other PPE 1 511 328 2 1 837 Fixed assets in progress 377 110 326 161

TOTAL 75 450 4 523 16 802 63 171

Accumulated depreciation In thousands of euros 31/12/2007 Increases Decreases 31/12/2008

Intangible assets (1) 3 391 919 608 3 702

Land Building 1 055 136 1 191 Equipment 3 524 788 133 4 179 Tools and machinery 32 927 8 799 12 872 28 854 Other PPE 671 251 1 921 Fixed assets in progress

TOTAL 41 568 10 893 13 614 38 847

(1) The increase in intangible assets concerns primarily software. It also includes goodwill of KK 168. The goodwill originated from the creation of Haulotte S.A. in 1995. No amortization or impairment has been recorded. Research and development expenditure totalled KK 5,782 for the fiscal year. (2) Disposals of tangible fixed assets equipment held under a finance lease. At the end of the lease period, the equipment is sold to the lessee under the terms of the lease agreement.

1.2 FINANCIAL ASSETS

Financial assets break down as follows on a cost basis:

In thousands of euros 31/12/2008 31/12/2007

Share in subsidiaries (1) 14 216 9 151 Current accounts and loans to subsidiaries (2) 289 918 213 823 Treasury shares (3) 29 307 20 407 Other financial assets 214 214

333 655 243 595

(1) Haulotte Group acquired one new subsidiary in Argentina in the fiscal year. (2) Haulotte Group increased advances and loans granted to subsidiaries to support their expansion. Receivables from subsidiaries include K 62 million with a maturity exceeding five years. (3) Treasury shares in the period increased from 828,292 in 2007 to 3,239,418 in 2008. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

Changes in provisions break down as follows:

In thousands of euros 31/12/2007 Allowances Reversals Other 31/12/2008 changes (1)

Share in subsidiaries (1) 328 394 311 411 Current accounts and loans (2) 21 038 12 347 17 466 15 919 Treasury shares (3) 2 935 20 900 2 935 (6 978) 13 922 Other financial assets - - - - -

24 301 33 641 20 712 (6 978) 30 252

(1) The company cancelled 1,856,186 treasury shares of April 2008. (2) Following the debt waiver granted to Haulotte USA, a portion of the provision was reversed. (3) The increase in the provision reflects a decline in the share price precipitated by the deterioration in the economic environment.

1.3 CHANGES IN TREASURY SHARES

Type 31/12/2008 31/12/2007

Number of shares purchased 287 755 271 983 Value of shares purchased 3 592 493 6 900 128 Average price per share 12,50 25,40

Number of shares sold 229 209 240 557 Initial value of shares sold 4 620 858 5 556 581 Liquidity Sale price of shares sold 2 868 641 6 160 629 agreement Net gain/ (loss) (1 752 217) 604 048

Number of shares cancelled 50 000 0

Number of shares at 31/12 139 418 130 872 Initial value of shares at 31/12 1 506 773 3 408 783

Number of shares purchased 4 208 766 697 420 Value of shares purchased 43 821 656 16 997 951 Average price per share 10,40 24,40 Buyback Number of shares sold 0 0 authorisation Number of shares cancelled 1 806 186 0

Number of shares at 31/12 3 100 000 697 420 Initial value of shares at 31/12 27 799 867 16 997 951

Number of shares at 31/12 3 239 418 828 292 Initial value of shares at 31/12 29 306 641 20 406 733 Total Provision for treasury shares at 31/12* (13 921 719) (2 934 785)

Closing price of shares at 31/12 4,45 20,48

* on the basis of the average price of shares for the month. 77> 78

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

2. INVENTORIES Inventories at 31/12/2008 Inventories at 31/12/2007 In thousands of euros Gross Provisions Net Gross Provisions Net

Raw materials 16 470 (657) 15 813 29 562 (751) 28 811 Work in progress 55 319 0 55 319 11 703 0) 11 703 Finished goods 2 108 (406) 1 702 3 018 (746) 2 272 Trade goods 6 606 (1 269) 5 337 6 267 (1 178) 5 089

TOTAL 80 503 (2 332) 78 171 50 550 (2 675) 47 875

The increase in inventory is a direct reflection of the downturn in sales in the second half in response to the worldwide economic situation.

3. TRADE RECEIVABLES

In thousands of euros 31/12/2008 31/12/2007

Trade receivables 75 977 170 506 Depreciation (6 412) (4 873)

NET TRADE RECEIVABLES 69 565 165 633

The decline in trade receivables is in line with the trend for sales. 4. MATURITIES OF RECEIVABLES AND PAYABLES At December 31st, 2008 all receivables were less than one year with the exception of certain uncollectible receivables and arrears totalling KK 6,434 (December 31st, 2007 : KK 5,032) with uncertain maturities. Maturity of all payables at December 31st, 2008 are less than one year with the exception of the following payables:

In thousands of euros 31/12/2008 de 1 à 5 ans à + 5 ans

Bank borrowings 153 492 0 Other debt 300 0

TOTAL 153 792 0

Notes payables at December 31st, 2008 totalled KK 5,175 (December 31st, 2007 : KK 12,328).

Syndicated loan : In 2005 Haulotte Group secured a seven-year syndicated loan of KK 330 completed in July 2006 by an additional KK 30,000. The total K 360 million loan was contracted at a variable rate of interest indexed on the three-month Euribor. A swap agreement has been implemented to cover the risk of interest rate fluctuations. In 2008, K 92 million of this credit line were drawn. At December 31st, 2008, the total amount drawn on this loan was K 189 million (including a revolving credit of K 18 million) with K 9 million already repaid. Subject to prepayment provided if a certain financial ratios are not met, the loan is subject to the repayment schedule that has been established. At December 31st, 2008, the financial ratios were respected.

The covenants provided for under this loan agreement were met at December 31st, 2008 and discussions are in progress with the banks to anticipate the consequences of a reduced level of activity in 2009 on compliance with the Group’s contractual commitments, notably through the possibility of an amendment to the loan agreement.

Carry back : The company has opted for the carry back of tax losses. As a result, an income tax receivable of KK 7,814 was recognized. A request for the immediately refund of this receivable was made. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

5. ACCRUALS

In thousands of euros 31/12/2008 31/12/2007 Prepaid expenses Operating expenses 552 842 Financial expenses

Deferred revenue Operating income

Unrealized foreign exchange losses 23 686 8 885

On receivables 23 594 8 880 On payables 92 5

Unrealized foreign exchange gains 6 989 296

On receivables 6 928 284 On payables 61 12

6. OTHER ACCRUED LIABILITIES AND INCOME

6.1 Accrued liabilities

In thousands of euros 31/12/2008 31/12/2007

Bank borrowings 539 615 Trade payables 13 503 43 080 Tax and payroll costs payables 4 705 7 193 Other payables 287 434

TOTAL 19 034 51 322

6.2 Accrued assets

In thousands of euros 31/12/2008 31/12/2007

Trade receivables 4 986 3 539 Other receivables 1 794 6 236 Accrued interest 174 247

TOTAL 6 954 10 022 79> 80

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

7. SHAREHOLDERS’ EQUITY

Analysis of the share capital (in euros) 31/12/2007 Increase Decrease 31/12/2008

Number of shares 34 434 000 13 350 1 856 186 32 591 164 Nominal value in euros 0,13 0,13 0,13 0,13

Share capital in euros 4 476 420 1 736 241 304 4 236 851

Statement of changes in shareholders’ equity (in thousands of euros) Shareholders’ equity at 31/12/2007 254 549

Capital increase 1 Elimination of treasury shares (241) Increase in additional paid-in capital 77 Decrease of reserves following the elimination of treasury shares (26 673) Dividends paid (7 058) Change in regulated provisions (830) Profit of the period 20 704

Shareholders’ equity at 31/12/2008 240 529

8. PARENT COMPANY CONSOLIDATING THE FINANCIAL STATEMENTS

Company name - registered office Legal form Capital Ownership interest (%)

SOLEM S.A.S 490 53,57 93 Epinay sur Seine - France

9. TRANSACTIONS WITH SUBSIDIARIES AND AFFILIATES

Main balance sheet aggregates representing transactions with affiliates:

In thousands of euros 31/12/2008 31/12/2007

Share in subsidiairies and affiliates 14 216 9 151 Receivables subsidiairies 289 918 213 823 Trade receivables and related accounts 64 170 148 018 Other receivables 7 146 Payables on fixed assets (9) (9) Trade payables and equivalent (2 788) (10 542) Other payables (17 053) (19 927)

Net receivables (payables) 348 461 340 660 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

10. LIST OF SUBSIDIARIES AND AFFILIATES

Share capital Equity Reserves Gross value Revenue Company Dividends Shareholders’ interest and retained Net value Advances Net Registered office received In thousands of euros equity (1) (%) earnings of shares income

Haulotte Hubarbeitsbuhnen GmbH 26 100 % 8 325 25 (5140) - 53 317 Germany 11 312 25 2 962

Haulotte France Sarl 2 279 99,99 % 4 354 2 309 8 753 - 69 512 93 Epinay sur Seine - France 6 870 2 309 238

Haulotte UK Ltd 1 100 % 9 133 2 38 821 - 11 758 United Kingdom 6 561 0 (2 573)

Haulotte Italia Srl 100 99 % 8 951 10 18 606 - 45 146 Italy 10 941 10 1 890

Haulotte Australia Pty Ltd 1 100 % 752 1 20 641 - 11 102 Australia (2 484) 0 (3 236)

Haulotte Iberica SL 310 98,71 % 47 104 3 44 939 - 75 454 Spain 45 012 3 (2 402)

Haulotte Netherlands BV 20 100 % 3 20 4 225 - 10 349 Netherlands (841) 0 (864)

Haulotte US Inc 27 307 100 % (18 477) 3 40 972 - 11 348 United States 487 3 (8 342)

Haulotte Scandinavia AB 9 100 % 10 921 11 (6 110) - 24 020 Sweden 13 303 11 2 370

ABM Industries SAS 520 100 % 666 1220 (359) - 487 01 Beynost - France 1 233 1220 48

Telescopelle SAS 37 100 % 65 37 (272) - 159 L’Horme - France 287 37 186

Haulotte Brazil 15 99,98 % 18 30 10 095 - 13 040 Brazil (3 336) 0 (3 369)

Haulotte Vostok 69 100 % 316 80 - - 8 434 Russia (145) 0 (531)

Haulotte Polska 369 100 % 1934 105 300 - 25 797 Poland 3 522 105 1 219

Levanor 100 91 % (71) 300 5 376 - 5 364 Spain 780 300 751

Nove 103 100 % 210 729 23 301 - 10 992 Italy 347 729 33

Haulotte Argès 971 100 % 4063 1100 13 052 - 19 276 Romania 6 495 1100 1 461

(1) including capital and income. 81> 82

Rapport d’activité - annual report 08 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 Statutory account - Notes to the balance sheet

Share capital Ownership Reserves Gross value Revenue Dividends Company Shareholders’ interest and retained Net value Advances Net received Registered office equity (1) (%) earnings of shares income

Haulotte Cantabria 7 903 99,96 % (3 873) 2 403 33 501 - 39 445 Spain 2 522 2 403 (1 509)

Haulotte Shangaï 598 100 % (79) 550 - 1 822 62 China 274 273 (245)

Haulotte Singapour 0 100 % 544 1 2 705 - 8 133 Singapore 586 1 42

Haulotte Argentine 10 100 % 0 12 526 - 602 Argentina (28) 12 (38)

Haulotte Mexique 3 95,00 % (160) 3 3 013 - 3 132 Mexico (747) 0 (589)

Haulotte Middle East 193 100 % (122) 199 - 18 955 2 090 United Arab Emirates 1 520 199 1 449

Horizon 446 100 % 532 5 065 - 2 915 Argentina 1 671 5 065 693

Note : figures are presented in thousands of euros For foreign subsidiaries, figures presented herein are translated at the year-end exchange rate except for revenue translated at the average exchange rate of the period.

(1) including capital and income. 11. CONTINGENCIES AND COMMITMENTS

Provisions Reversal 31/12/2007 Allowances used in the of unused 31/12/2008 period provisions

Warranty provisions (1) 3 671 2 313 3 671 2 313 Provisions for foreign exchange losses 8 885 23 686 8 885 23 686 Provision for retirement commitments 937 13 63 861 Other contingencies and commitments (3) 572 160 45 297 390

TOTAL 14 065 26 159 12 614 360 27 250

Recognized under operating profit 2 313 3 747 Recognized under net financial income (expense) 23 686 8 885 Recognized under extraordinary profit 160 342

TOTAL 26 159 12 974

(1) Warranty provisions Haulotte Group provides a one year warranty on the sale of equipment. A statistical provision is determined to cover the probable risks of warranty proceedings. When necessary, a provision is recognized on a case-by-case basis to cover specific risks of warranty provisions.

(2) Provisions for retirement benefits and long service awards Haulotte Group has modified the discount rate used to estimate retirement indemnities. This change resulted in income of KK 184. Haulotte Group records a provision to cover retirement indemnities and long-service awards in compliance with the principles described in note B9. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 13. INCOMEANDEXPENSESUBSIDIARIESAFFILIATES 12. REVENUE When necessary, provisions are recorded to cover estimated risks. All disputes are reviewed bymanagementandreferred to ourlegal counsel for assessment. (3) Lawsuitcontingencies - K199for long-service awards - K662for retirement indemnities At December 31st, 2008,theprovision broke down asfollows : fully recognized intheincome statement oftheperiodinwhichgainsandlosses are incurred. Actuarial gainsandlosses result from adjustments linked to experience andchangesinactuarialassumptions are -retirement age:between 60and65according to agecriteria andprofessional category -rate ofsocialcharges: 45% -rate ofsalaryincrease: 2,0% -discount rate: 5% The following assumptions are applied: and inflation. sumptions concerning primarily theemployee turnover rate, mortality tables andassumptions onsalaryincreases final salaries, taking into account theprovisions ofthelawand collective bargaining agreements andactuarialas- The corresponding commitments are estimated onthebasisofprojected unitcredit methodaccording to the adheres to theprovisions oftheFrench Pension Reform ActofAugust 21st, 2003(LoiFillon). compliance withthereport ontheinterpretation ofthisagreement ofDecember 15th,2008.Thiscalculation method fessional Agreement» (Accord NationalInterprofessionnel) ofJanuary11th,2008relating to «severance» benefitsin ject to socialcharges. Thisprinciple isbasedonarestrictive application bythecompany ofthe«NationalInterpro- Concerning retirement indemnities,theprinciple adopted isthatfor benefitsapplicable to voluntary retirement sub- In thousandsofeuros Financialexpense Financialincome Operating income In thousandsofeuros TOTAL Sales ofservices Sales ofequipment Statutory account-Notesto the balance sheet Rapport d’activité -annual report 08 France 61 392 58 599 2 793 31/12/08 327 996 14 674 1 071 297 573 279 484 Export 18 089 31/12/07 358 965 449 471 338 083 20 882 Total 9 549 561

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 83> 84 Statutory account - Notes to the balance sheet

14. EXCEPTIONAL ITEMS AND NET FINANCIAL INCOME

14.1 EXTRAORDINARY PROFIT (LOSS)

Expense Income Profit (loss) Profit (loss) In thousands of euros 31/12/08 31/12/08 31/12/08 31/12/07

Fines and penalties 23 (23) (10) Provisions for negative net equity of subsidiaries Provisions for lawsuit contingencies 160 341 181 307 Other extraordinary income (expenses) 1 051 143 (908) 476 Losses/gains from treasury shares 1 753 1 (1 752) 604 Proceeds from the disposal of PPE 3 075 3 075 2 016 Proceeds from the disposal of financial assets(1) 2 861 44 547 41 686 Excess tax depreciation 1 290 2 120 830 (2 291)

TOTAL 7 138 50 227 43 089 1 102

(1) Exceptional income includes primarily gains from the disposal of the subsidiaries LEV and Royans Levage.

14.2 NET FINANCIAL EXPENSE

Profit (loss) Profit (loss) In thousands of euros 31/12/2008 31/12/2007

Provisions for net equity of subsidiaries 5 037 (1 965) Interest on overdraft and current accounts 12 511 8 583 Interest on borrowings and loan commissions (5 826) (3 942) Fees and financial income from swap agreements 85 485 Foreign exchange: gains, losses, changes and provisions (28 807) (6 988) Treasury shares and marketable securities (17 596) (2 556) Debt waiver (27 305) Late payment interest and discounts (13) (152)

TOTAL (61 914) (6 535)

Net financial expense breakdown as follows:

Profit (loss) In thousands of euros 31/12/2008

US subsidiary debt waiver, net of currency losses and the provision reversal (19 019) Currency losses incurred or accrued for in GBP (19 619) Currency losses incurred or accrued for in AUD (3 528) Currency losses incurred or accrued for in USD, excluding the US debt waiver 3 519 Change in provisions pour treasury shares (17 966) Change in provisions for intra-Group securities and receivables, excluding the US debt waiver (12 429) Interest on borrowings and overdrafts (5 825) Interest on current accounts 12 511 Other 442

TOTAL (61 914) WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 current tax income andextraordinary tax income to whichthetax rate wasapplied. The breakdown for tax between current income andextraordinary income hasbeendetermined byrecalculating officers. There are nootherpensionobligationsor related commitments in favour of former executives. S.A.S. thecost oftheservices issubjectto a10%mark-up. Noloans oradvances have beengranted to directors and In compliance withtheagreement to provide general administrative andcommercial assistance signedbySolem executives. Itincludesexpenses incurred bytheseexecutives onbehalfofthegroup. This amountoriginates from fundsinvoiced bySolem S.A.S.for theservices rendered onbehalfoftheGroup bytwo Amount allocated to directors and officers payable bytheGroup totalled K763in2008versusK 757in2007. K 18. FEESALLOCATED TO DIRECTORS ANDOFFICERS Under thistax sharingagreement, taxes are incurred bysubsidiariesasifthey were notincludedinthetax group. Haulotte includes 2008 France,31st, ABMIndustries,TelescopelleDecember on andHaulotte Services. that group consolidation tax French a of head the is SA Group Haulotte 17. TAX GROUP 16. DEFERREDTAXES AND EXTRAORDINARY PROFIT(LOSS) 15. BREAKDOWN OFTAX INCOMEBETWEENCURRENT Deferred tax liabilities Unrecognized tax deductions Deferred gainsfrom mergers Deferred tax assets TOTAL Net deferredtaxes Provision for retirement indemnities Provision for trade receivable losses Provision for inventory losses Organic tax Employee profit-sharing In thousandsofeuros Extraordinary profit (loss) Current income In thousandsofeuros Statutory account-Notesto the balance sheet Rapport d’activité -annual report 08 r-a noeCroaeicm a After-tax income Corporate income tax Pre-tax income 12 448 (30 641) 43 089 Amound (1 873) (7 041) (6 990) 5 168 2 656 1 270 (51) 662 580

(8 257) (8479) 222 Deferred Tax (22 162) 20 705 42 867 (2 347) (2 330) (624) 1 723 (17) 221 885 423 193 0

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 85> 86 Statutory account - Notes to the balance sheet

19. OFF-BALANCE SHEET COMMITMENTS

19.1 FINANCE LEASE COMMITMENTS

Lease payments paid and received Paid Received In thousands of euros Fiscal year Accumulated Fiscal year Accumulated

Property - - 8 537 39 937 Equipment held by Haulotte Group SA

TOTAL - - 8 537 39 937

Lease payments payables Lease payments payables Residual Total Less than More than value at end commitment Total 1 year 1-5 years 5 years of the lease

Equipment held by Haulotte 1 000 978 22 - 1 001 2 001 Group SA - 89

of which financial expense 89

TOTAL 1089 978 22 - 1 001 2 090 Net commitment: 1912

19.2 OTHER COMMITMENTS GIVEN

Commitments to cover lease payments These represent commitments by the Company to financial institutions guaranteeing lease payments in the event of customer default

In thousands of euros 31/12/2008 31/12/2007

< 1 year 10 421 13 014 1 - 5 years 15 266 24 682 > 5 years

TOTAL 25 687 37 696 WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 19.3 DEBTGUARANTEEDBYCOLLATERAL - ofwhichKe143given to Haulotte Singapour. - ofwhichKe1172given to Haulotte Italie, - ofwhichKe959given to Haulotte Australie, - ofwhichKe2731given to Haulotte USA, - ofwhichKe5given to Haulotte GMBH, - ofwhichKe773given to Haulotte UK, - ofwhichKe7257given to Haulotte Ibérica, - ofwhichKe801given to Haulotte Polska, stood guarantee: has SA GroupHaulotte which sheet for customers off-balance end by such outstanding as payments lease amounts of by share the The include generated commitments customers. volume final sales their to the platforms of S.A. percentageGroup certainHaulotte lease a that to institutions, limited warranty a given has SA Group Haulotte Risk pool

- ofwhichKe1647given to Haulotte Polska. - ofwhichKe8997given to Haulotte Ibérica, - ofwhichKe572given to Haulotte France, purchase option: The company hasgiven commitments to afinancialinstitution to substitute for customers thatdonot exercise their Repurchase commitments given to institutions providing financing to customers 1-5years

1-5years 183 767 Pledges of the business assets, equipment Bankborrowings: and shareholdings in Haulotte UK In thousandsofeuros TOTAL TOTAL > < > < In thousandsofeuros In thousandsofeuros 5years 1year 5years 1year Statutory account-Notesto the balance sheet Rapport d’activité -annual report 08 31/12/2008 31/12/2008 31/12/2008 11 418 14 841 11 160 8 849 5 992 207 51 31/12/2007 31/12/2007 31/12/2007 27 327 80 407 18 663 8 228 7 025 1 113 8 664 90

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 87> 88 Statutory account - Notes to the balance sheet

19.4 CONTINGENT LIABILITIES In the 2008 first half, a supplier filed a claim against Haulotte Group for K 7 million for wrongful breach of its contract for the supply of raw materials. No provision has been recognized in the financial statements as the company considers that claim without legal and economic merit and was furthermore not substantiated by the supplier.

20. COMMITMENTS RECEIVED

In thousands of euros 31/12/2008 31/12/2007

Commitment received by Télescopelle as a beneficiary of a debt 1 450 1 450 waiver accompanied by a «better fortunes» clause.

Commitment received by UK Platforms as a beneficiary of a debt 5 911 5 911 waiver accompanied by a «better fortunes» clause for K£ 4,085 or Ke 5,911. .

21. STOCK OPTION PLANS

Plan N°2 Plan N°3

Board of Directors’ meeting date July 2nd, 2002 July 8nd, 2003 Number of options initially granted 175 250 159 200 Number of shares available for subscription 117 950 114 550 Commencement of the option exercise period July 2nd, 2006 July 8nd, 2007 End of the option exercise period July 2nd, 2009 July 8nd, 2010 Exercise or purchase price € 9.46 € 4.19 Number of shares subscribed at 31/12/2008 114 240 82 700

22. AVERAGE NUMBER OF EMPLOYEES

31/12/2008 31/12/2007

Managers 182 172 Administrative employees and technical staff 128 142 Workers 375 343

TOTAL 685 657

23. TRAINING BENEFITS

At December 31st, 2008 rights vested but not exercised by Haulotte Group SA in connection with the French individual training entitlement benefit (DIF) represented Ke 259 for a total of 41,110 hours. WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 (3) (2) (1) Significant receivables (netofprovisions), payables and commitments in foreign currency thatare nothedged. risk iscovered byforward purchases oftherelevant foreign currencies. Foreign exchange risksofthecompany concerned primarily receivables inUSdollars andpoundsterling. Part ofthis 24. FOREIGNCURRENCYEXCHANGE RISKS financial instruments represented anegative position ofK The company haspurchased interest rate swapswith maturitiesof1to 5five years. Themarket valuation ofthese 25 INTEREST-RATE RISKS (1) Significant receivables, payables and commitments in foreign currency thatare hedged. Receivables inUSdollars are hedgedatanexchange rate of€1.1156. Receivables BALANCE SHEET OFF-BALANCE SHEETCOMMITMENTS ofwhichnon-Group payables ofwhichGroup payables non-group commitments received group commitments received ofwhichnon-Group receivables ofwhichGroup receivables Receivables BALANCE SHEET In thousandsofeuros Foreign exchange exposure In thousandsofeuros Foreign exchange exposure Payables ofwhichnon-Group receivables ofwhichGroup receivables Thisconcerns commitments to cover lease paymentsandriskpoolsmentionedinsection19.2 Borrowings, trade payables, other Financialreceivables, trade receivables Financialreceivables, operating receivables. (2)

(1) (1)

Statutory account-Notesto the balance sheet (3)

Rapport d’activité -annual report 08 e 6,066. 17 632 17 632 AUD AUD 959 15 15 65 139 65 224 9 303 4 015 GBP GBP 85 15 238 15 238 64 917 65 199 2 993 4 972 5 595 USD USD 623 282

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 89> 90 Statutory account - Notes to the balance sheet

26. CASH FLOWS STATEMENT

31/12/2008

Net income 20 704

Depreciation, amortisation and impairment 37 372 Proceeds from disposals, net of tax (44 761)

Operating cash flow 13 315 Change in cash flow from operating activities (27 253)

Net cash provided by operating activities (13 938)

Acquisitions of PPE and intangible assets (4 197) Acquisitions of securities (5 074) Acquisitions of treasury shares (42 793) Cancellation of treasury shares 33 893 Changes in current account balances and receivables from interests (79 099)

Proceeds from disposals of fixed assets, net of tax 47 621 Changes in payables on fixed assets -

Net cash flow used by investing activities (49 649)

Proceeds from borrowings 92 539 Repayment of borrowings (9 721) Proceeds from exercice of option 78 Impact on reserves from the cancellation of shares (33 893) Dividends paid to shareholders (7 058)

Net cash used in financing activities 41 945 Net change in cash and cash equivalents (21 643) Opening cash and cash equivalents 6 059 Closing cash and cash equivalents (15 584) WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 III.Spec formed whichisexpressed inthefirst partofthis report. These assessments were made in the context of our audit of the financial statements, taken as a whole, and therefore contributed to the opinion we reasonableness oftheresulting estimates. methods Notesin todescribed B.5 and B.3 financial the statements.the Our work consisted in reviewing approach the with accordance the by used assessing and company, the in valued been havereceivables trade and shares treasury investments, fromreceivables subsidiaries, in Shares ters: Frenchthe of Commercial commerce)de (Code Code relating to justificationthe assessments, our of bring we to attentionyour the following mat- context of significant difficulty in assessing the economic outlook. Against this backdrop, and in accordance with the requirements of article L.823.9 the in were made 2008 December 31 ended year the statements financial for the preparation of the for Accounting used estimates financing. and activity of terms in especially crisis, economic an gradually become has which crisis, financial the by ways many affectedin areBusinessesbeing II.Justifc the bankcredit facility. concerning Group’sthe to notablyamendment and an 2009, of in way activity by covenantsin potentialbank decline a its to of honour ability light in Without qualifying the opinion expressed above, we do draw your attention to Note 4 to the financial statements relating to the ongoing discussions 2008, andoftheresults ofitsoperations for theyear thenendedinaccordance withtheaccounting rules andprinciples applicable inFrance. In our opinion, the financial statementsfor ourauditopinion. give a true and fairoverall presentation of the financial statements. viewWe believe that the audit evidence we have obtained is sufficient and appropriate of to provide a basis the financialevaluatingappropriatenessthe accountingof reasonablenessthe and used policies accountingof estimates the wellas as management, by made position and includes also audit An disclosuresstatements.financial and the amounts in the evidence assetsabout selection,audit obtainto by or testbasis res,a on and liabilitiestoobtainreasonable assurance financial statementsthe of arewhether about free material misstatement. of involves audit An performing proceduthe- Company, asWe ofconducted our audit in 31accordance with professionalDecember standards applicable in France. Those standards require that we plan and perform the audit I.Opinio othefancials our audit. These financial statements have been approved– thespecific verifications andinformation required bylaw. by the Board of Directors. Our role is– thejustification ofourassessments; to express an opinion on these financial– theauditofaccompanying financial statements ofHaulottestatements Group SA; based on In compliance withtheassignment entrusted to usbyyour shareholders’ meeting,we hereby report to you, for theyear ended31December 2008,on: For theyear ended31December 2008 Statutory Auditors’ report onthefinancial statements Haulotte Group SA Philippe Guéguen PricewaterhouseCoopers Audit Jean-Pierre Gramet Lyon andParis, 30April2009 and theidentityofshareholders. In accordance with the law, we have verified that the management report contains the appropriate disclosures regarding acquisitions of investments favour inconnection with,orsubsequentto, theirappointment,termination orchangeinfunction. 102-1 of the French CommercialIn accordance with the law, we inform you that there is no disclosure in the management report of the information provided for under article L.225- Code regarding the remuneration statements. granted to certain companygement officersreport ofand the anyWe have no Boardmatters otherto report regarding the fair presentation and the conformitycommitments ofwith the financial statements of the information given inDirectors, the mana- made andin theirin the documentsWe have also performed thespecific verifications required bylaw.addressed to the shareholders with respect to the financial position and the financial This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenience of English speaking speaking English of convenience the for solely provided is and language French the in issued report Auditors’ Statutory the of English into translation free a is This readers. The Statutory Auditors’ report includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented presented is this and not, or qualified whether reports, audit all in law French by required specifically information includes report Auditors’ Statutory The readers. below the opinion on the financial statements. This information includes an explanatory paragraph discussing the auditors’ assessments of certain significant ac- significant certain of assessments auditors’ the discussing paragraph explanatory an includes information This statements. financial the on opinion the below counting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole and not not and whole a as taken statements financial the on opinion audit an issuing of purpose the for considered were assessments These matters. auditing and counting to provide separate assurance on individual account captions or on information taken outside of the financial statements. statements. financial the of outside taken information on or captions account individual on assurance separate provide to This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. in applicable standards auditing professional and law French with, accordance in construed and with, conjunction in read be should report This i f i c ver a tion ofurass essments i f i c a t io n s

a nd a i nf tements o rm a t io n Rapport d’activité -annual report 08 The Statutory Auditors

WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 91> 92 Notes WorldReginfo - 3e2f25d6-9195-4bc7-a304-f0d04c3abb71 report annual

8 Annual report rapport d’activité08 Rapport d’activité 0