from MANITOU (EPA:MTU)
2023 annual results, a record year
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PRESSRELEASE
2023 annual results, a record year
● FY’23 Net sales of €m 2,871, +22% vs. FY’22, +23% like for like(1)
● Recurring operating income at €m 211.6 (7.4%) vs. €m 84.6 (3.6%) in 2022
● Net income group part at €m 143.4 vs. €m 54.7 in 2022
● EBITDA(2) at €m 260 (9.0%) vs. €m 130 (5.5%) in 2022
● Net debt(3) at €m 389, gearing(3) at 44%, leverage(3) at 1.5
● Dividend payment proposition at €1.35 per share
● Expectation of stable revenue in 2024 compared with 2023
● Expectation of recurring operating profit for 2024 to be over 6.5% of revenues
Ancenis, March 06, 2024 - Michel Denis, President & Chief Executive Officer, stated "2023 was a year of further commercial development and strong growth in profitability. The under-performance of 2022 has been completely erased. The Group delivers its historical revenue record and its highest level of recurring operating profit in 15 years.
The development of our profitability in 2023 is the result of substantive work initiated at the beginning of 2022 to react to the explosion in inflation following the outbreak of war in Ukraine. Sales price rises have gradually offset inflation in raw materials and expenses, and the supply-chain tensions encountered since the Covid pandemic have eased, giving way to improvements in industrial efficiency.
The improvement of these parameters and the anticipated deflation of our order book have led us to return to the operating modes we knew before the inflation peak of 2022, such as delivery times close to our targets, as well as the fixity of order prices, which we have begun to restore.
For 2024, we anticipate stable revenues compared with 2023. The downturn in European markets, particularly in construction, should be offset by the dynamism of the North American market. This polarisation of markets will affect our production sites in different ways, with some remaining at record production rates, and others slowing down compared with 2023.
This outlook leads us to expect recurring operating profit for 2024 to be over 6.5% of sales."
in millions of euros Net sales | Product division 2022 1, 971.8 | S&S division 2022 389.9 | Total | Product division 2023 | S&S division 2023 | Total 2023 | Var. |
2022 | |||||||
2 361.6 | 2,472.4 | 398.9 | 2,871.3 | +22% | |||
Sales margin | 204.1 | 108.2 | 312.3 | 377.8 | 109.9 | 487.7 | +56% |
Sales margin as a % of sales | 10.4% | 27.8% | 13.2% | 15.3% | 27.6% | 17.0% | |
Recurring operating income | 43.7 | 41.0 | 84.6 | 183.6 | 28.0 | 211.6 | +150% |
Recurring op. income as a % of sales | 2.2% | 10.5% | 3.6% | 7.4% | 7.0% | 7.4% | |
Operating income | 41.5 | 40.8 | 82.3 | 179.5 | 28.1 | 207.6 | +152% |
Net income attributable to the group | 54.7 | 143.4 | +162% | ||||
Net debt excluding IFRS 16 | 213.4 | 389.4 | +82% | ||||
Net debt including IFRS 16 | 234.4 | 412.8 | +76% | ||||
Shareholder's equity | 791.6 | 895.2 | +13% | ||||
% Gearing excluding IFRS 16 | 27.0% | 43.5% | |||||
% Gearing including IFRS 16 | 29.6% | 46.1% | |||||
Working capital requirement | 699.6 | 925.0 | +32% |
Percentage data in parentheses expresses a percentage of revenue. Audit procedures performed by the auditors.
Business review by division
The Product division reported revenues of €2,472 million, up 25% in 2022 (+27% at constant scope and exchange rates). The division benefited from the policy of increases in selling prices implemented since 2022 to face inflation in raw materials prices, from higher production rates and from steady improvements in the fluidity of the supply chain. The division's margin on cost of sales stood at €377.8 million, up 85% compared with 2022. This variation is explained by the increase in activity and by a margin rate that has improved by 4.9 points thanks to the pricing policy implemented to compensate for the increase in raw materials prices, which had strongly deteriorated the division's margins in 2022. R&D costs were up by €5.1 million, impacted by inflation but also by an increase in resources to continue the deployment of innovation programmes, in particular the development of electric ranges, in order to achieve the objectives of the Group's carbon trajectory. Structure costs were also up by 20.1% (+€25.5 million). This increase was relatively slower than the rise in sales, and is explained by the rise in prices and resources to support the division's growth and structuring.
As a result, the Product division's recurring operating profit is increasing by €139.9 million (+320%) to €183.6 million (7.4% of sales), compared with €43.7 million in 2022 (2.2% of sales).
The Services & Solutions division recorded growth revenues of 2% over the year (+3% at constant scope and exchange rates). The division was driven by its spare parts activity, with a gradual improvement in the supply chain. Margin on cost of sales rose by €1.7 million (+1.6%) to €109.9 million. This change is mainly attributable to higher sales. The margin rate over the period was almost stable, thanks to a pricing policy that limited the impact of inflation. Administrative, commercial, marketing and service expenses rose by 22.4% (+€15.0m) in an inflationary environment. The division strengthened its after-sales teams, the capacity of its logistics platforms, and continued to reinforce its service offerings.
As a result, the division's profitability stood at 28.0 million euros (7.0% of sales), down 13.0 million euros compared with 2022 (41.0 million euros, or 10.5% of sales).
Dividend proposed at the next Shareholders’ meeting
The Board of directors has decided to propose to the Annual general shareholders’ meeting, to be held on June 13, 2024, the payment of a dividend of €1.35 per share.
Glossary
(1) Like for like, so at constant scope and exchange rates: - Scope:
- for the company Lifttek acquired in May 2022, restatement from January 1 of the current year to the anniversary date of its acquisition,
- for the companies acquired in 2023 (easyLi in January 2023 and GI.ERRE SRL in March 2023), restatement from the date of their acquisition to December 31, 2023,
- no company exited the scope in 2022 and 2023.
- Application of the exchange rate of the previous year on the aggregates of the current year.
(2) EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact
(3) Net debt, gearing and leverage: excluding lease commitments IFRS 16
Order book :
The order book corresponds to machine orders received and not yet delivered, for which the group:
- has not yet provided the promised machines to the customer;
- has not yet received consideration and has not yet been entitled to consideration.
These orders are delivered within less than one year and may be cancelled.
The order book may vary due to changes in consolidation scope, adjustments, and foreign currency translation effects.
In order to limit the effects of inflation, the group had integrated since H1 2022 mechanisms for adjusting its sales prices at the time of delivery. These mechanisms were likely to influence the valuation of the orderbook on equipment, which was booked and valued at the price on the day of the order. This mechanism has been stopped for new orders as from the last quarter of 2023.
The Group also introduced during 2022, a new policy of gradually opening the order intake horizons for dealers in order to limit the effects of anticipation without an end market customer.
ISIN code: FR0000038606
Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL, EN FAMILY BUSINESS
FORTHCOMING EVENT April 25, 2024 (after market closing)
Q1’24 sales revenues
Company information is available at www.manitou-group.com
Shareholder information: communication.financiere@manitou-group.com
As a world reference in the handling, aerial work platform and earth moving sectors, Manitou Group’s mission is to improve working conditions, safety and performance around the world, while protecting people and their environment. Through its flagship brands – Manitou and Gehl – the group designs, produces, distributes and services equipment for construction, agriculture and industry. By placing innovation at the heart of its development, Manitou Group constantly seeks to bring value to all its stakeholders. Through the expertise of its network of 800 dealers, the group works more closely with its customers every day. Staying true to its roots, Manitou Group is headquartered in France. It achieved a 2023 turnover of €2.9 billion and brings together 5,500 talented people worldwide, all driven by a shared passion.
FINANCIAL EXTRACT 2023
1.STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT
In thousands of euros | 2022 | 2023 | |||
Net sales | 2 361 637 | 2 871 312 | |||
Cost of goods & services sold | -2 049 278 | -2 383 640 | |||
Research & development costs | -34 924 | -40 365 | |||
Selling, marketing and services expenses | -127 376 | -153 012 | |||
Administrative expenses | -66 659 | -81 557 | |||
Other operating income and expenses | 1 247 | -1 187 | |||
Recurring operating income | 84 638 | 211 552 | |||
Non-recurring operating income and expenses | -2 357 | -3 902 | |||
Operating income | 82 281 | 207 650 | |||
Share of profits of associates | 1 986 | 2 535 | |||
Operating income including Net income from associates | 84 267 | 210 185 | |||
Financial income | 38 007 | 55 113 | |||
Financial expenses | -42 270 | -71 193 | |||
Financial result | -4 263 | -16 080 | |||
Income before tax | 80 004 | 194 105 | |||
Income taxes | -24 950 | -50 600 | |||
Net income | 55 054 | 143 505 | |||
Attributable to equity holders of the parent | 54 725 | 143 391 | |||
Attributable to non-controlling equity interests | 329 | 114 |
EARNINGS PER SHARE (IN EUROS)
| 2022 | 2023 |
Net income attributable to the equity holders of the parent | 1,43 | 3,75 |
Diluted earnings per share | 1,43 | 3,75 |
OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME
In thousands of euros | 2022 | 2023 |
Income (loss) of the year | 55 054 | 143 505 |
Items that will be reclassified to profit of loss in subsequent periods | ||
Adjustments to fair value of the financial assets | -71 | 38 |
Translation differences arising on foreign activities | 9 422 | -12 692 |
Interest rate hedging and exchange instruments | 4 069 | -102 |
Tax impacts | -1 035 | 17 |
Items that will not be reclassified to profit or loss in subsequent periods | ||
Actuarial gains (losses) on defined benefits plans | 5 943 | -1 721 |
Tax impacts | -1 507 | 449 |
Total gains and losses recognized directly in other components of comprehensive income | 16 822 | -14 010 |
Comprehensive income of the year | 71 877 | 129 495 |
Attributable to equity holders of the parent | 71 609 | 129 364 |
Attributable to non-controlling interests | 268 | 130 |
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ASSETS
In thousands of euros | December 31, 2022 | Net amount as of December 31, 2023 | ||
Goodwill | 3 221 | 5 880 | ||
Intangible assets | 69 665 | 88 509 | ||
Tangible assets | 256 436 | 302 230 | ||
Right-of-use of leased assets | 19 228 | 21 665 | ||
Investments in associates | 19 160 | 20 718 | ||
Sales financing receivables | 2 343 | 577 | ||
Other non-current assets | 12 654 | 11 889 | ||
Deferred tax assets | 13 062 | 17 846 | ||
Non-current assets | 395 770 | 469 313 | ||
Inventories & work in progress | 717 978 | 881 570 | ||
Net trade receivables | 488 635 | 644 892 | ||
Current income tax | 10 084 | 12 834 | ||
Other current assets | 89 978 | 102 510 | ||
Cash and cash equivalents | 60 704 | 54 165 | ||
Assets held for sale | 0 | 0 | ||
Current assets | 1 367 379 | 1 695 971 | ||
Total assets |
| 1 763 148 | 2 165 284 |
EQUITY & LIABILITIES
In thousands of euros | December 31, 2022 | Net amount as of December 31, 2023 | ||
Share capital | 39 668 | 39 668 | ||
Share premiums | 46 098 | 46 098 | ||
Treasury shares | -23 820 | -23 884 | ||
Reserves and profit for the year – equity holder of the parent Equity attributable to owners of parent | 728 874 | 832 872 | ||
790 821 | 894 755 | |||
Non-controlling interests | 759 | 427 | ||
Total Equity | 791 579 | 895 182 | ||
Non-current provisions | 34 833 | 39 865 | ||
Non-current financial liabilities | 138 759 | 150 875 | ||
Non-current lease debts | 14 973 | 16 404 | ||
Other non-current liabilities | 6 654 | 15 028 | ||
Deferred tax liabilities | 4 086 | 4 856 | ||
Non-current liabilities | 199 304 | 227 027 | ||
Current provisions | 26 727 | 27 819 | ||
Current financial liabilities | 142 622 | 300 708 | ||
Current lease debts | 6 006 | 6 959 | ||
Trade payables | 420 341 | 467 633 | ||
Current income tax | 4 437 | 8 742 | ||
Other current liabilities | 172 132 | 231 214 | ||
Current liabilities | 772 265 | 1 043 075 | ||
Total equity & liabilities | 1 763 148 | 2 165 284 |
3.CONSOLIDATED SHAREHOLDERS’ EQUITY
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
In thousands of euros | Share capital | Share premium | Cumulative translation adjustment | Treasury shares | Consolidated reserves | Attribuable to equity holders of the parent company | Non- controlling interest | Total equity |
As of december 31, 2022 | 39 668 | 46 098 | 4 367 | -23 998 | 684 109 | 750 244 | 1 019 | 751 263 |
Gains and losses recognized in equity | - | - | 9 461 | - | 7 423 | 16 884 | -61 | 16 822 |
Net income | - | - | - | - | 54 725 | 54 725 | 329 | 55 054 |
Comprehensive income | - | - | 9 461 | - | 62 148 | 71 609 | 268 | 71 877 |
Stock option planrelated expenses | - | - | - | - | - | - | - | - |
Dividends paid | - | - | - | - | -30 614 | -30 614 | -53 | -30 667 |
Treasury shares | - | - | - | 178 | -89 | 90 | - | 90 |
Capital increase | - | - | - | - | - | - | - | - |
Changes in control of consolidated entities | - | - | - | - | - | - | - | - |
Acquisition and disposal of minority interests' shares | - | - | -7 | - | 64 | 57 | -268 | -212 |
Purchase commitments for minority interests' shares | - | - | - | - | - | - | - | - |
Other | - | - | - | - | -565 | -565 | -206 | -771 |
As of December 31, 2022 | 39 668 | 46 098 | 13 821 | -23 820 | 715 054 | 790 820 | 759 | 791 579 |
Gains and losses recognized in equity | - | - | -12 707 | - | -1 320 | -14 026 | 16 | -14 010 |
Net income | - | - | - | - | 143 391 | 143 391 | 114 | 143 505 |
Comprehensive income | - | - | -12 707 | - | 142 071 | 129 364 | 130 | 129 495 |
Stock option planrelated expenses | - | - | - | - | - | - | - | - |
Dividends paid | - | - | - | - | -24 126 | -24 126 | -244 | -24 371 |
Treasury shares | - | - | - | -64 | - | -64 | - | -64 |
Capital increase | - | - | - | - | - | - | - | - |
Changes in control of consolidated entities | - | - | - | - | - | - | - | - |
Acquisition and disposal of minority interests' shares | - | - | -2 | - | -148 | -150 | -218 | -368 |
Purchase commitments for minority interests' shares | - | - | - | - | -728 | -728 | - | -728 |
Other | - | - | - | - | -364 | -364 | - | -364 |
As of december 31, 2023 | 39 668 | 46 098 | 1 113 | -23 884 | 831 759 | 894 755 | 427 | 895 182 |
|
In thousands of euros | December 31, 2022 | December 31, 2023 | |
Net income | 55 054 | 143 505 | |
Income from equity affiliates net of dividends | -1 503 | -1 408 | |
Amortizations and depreciations | 54 911 | 60 735 | |
Provisions and impairments | 3 673 | 4 597 | |
Income tax expense (current and deferred) | 24 950 | 50 600 | |
Other non-cash income and expenses | -87 | -536 | |
Cash flow operations | 136 998 | 257 493 | |
Tax paid | -20 842 | -52 903 | |
Change in working capital requirement | -209 501 | -236 736 | |
Change in capitalized lease machines | -11 122 | -20 480 | |
Net cash flow from operating activities | -104 466 | -52 626 | |
Proceeds from sales of intangible assets | -20 839 | -32 427 | |
Proceeds from sales of tangible assets | -72 693 | -72 609 | |
Change in fixed assets payables | 1 076 | 11 523 | |
Disposals of tangible and intangible assets | 598 | 928 | |
Acquisitions of investments in obtaining control, net of cash acquired | -3 274 | -2 706 | |
Disposals of investments with loss of control, net of cash transferred | 0 | 0 | |
Others | -862 | 386 | |
Net cash flow from investing activities | -95 994 | -94 905 | |
Capital increase | 0 | 0 | |
Dividends paid | -30 667 | -24 371 | |
Purchase of treasury shares | 178 | -64 | |
Repurchase of non-controlling interests | -212 | -366 | |
Change in others financials liabilities and assets | 64 634 | 154 574 | |
Payment of finance lease liabilities | -6 405 | -7 707 | |
Others | -4 567 | -1 760 | |
Net cash flow from financing activities | 22 961 | 120 307 |
Net increase (decrease) in cash, cash equivalents, and bank overdrafts | -177 499 | -27 224 | |
Cash, cash equivalents and bank overdrafts at beginning of the year | 192 712 | 15 996 | |
Exchange gains (losses) on cash and bank overdrafts | 783 | 418 | |
Cash, cash equivalents and bank overdrafts at end of year | 15 996 | -10 810 |
CHANGE IN SCOPE
§ easyLi
On January 23, 2023, the group acquired a stake of 82% in the company easyLi, specialized in the design and production of lithium-ion batteries. This operation allows the group to equip itself with specific skills as part of its energy transition. Based in Poitiers (France), the easyLi company has a workforce of 18 employees and achieved a turnover of 0.9 million euros in 2023.
Crossed call and put options have been contracted with minority shareholders on 18% of the capital. The Group has taken these options into account in calculating its percentage interests, which is 100% at December 31, 2023. A discounted debt for the investment of 0.6 millions euros has been recognized in this regard (earn-out). A social debt has also been booked for 0.1 million euros between the estimated repurchase value of the shares and their nominal value, difference qualified as additional remuneration.
Besides, a BSPCE plan with a share buyback option has been set up to encourage the managers and staff concerned to participate in the development of Easyli’s business within the Group. A social debt has been recorded for 0.1 million euros in this respect (IFRS 2 share-based payment).
§ GI.Erre SRL
On 1 March 2023, the group acquired all the shares of the Italian company GI.ERRE SRL, based in Castelfranco, Italy and specialized in service activities for Manitou products. GI.ERRE achieved a turnover of 3.6 million euros in 2023 with a workforce of 17 employees.
§ Manitou PS
In May 2023, the Manitou group completed its participation in the company Manitou PS (United Kingdom), itself holder of 100% of the share capital of Mawsley Machinery, and now holds 90% of the share capital of the company. The impact of this operation is not significant on the group's financial statements.
No disposals took place during the period.
5. EXTRACT FROM THE NOTES OF THE CONSOLIDATED FINANCIAL STATEMENTS OF THE UNIVERSAL REGISTRATION DOCUMENT |
JCB
In May 2017, Manitou Group was sued by JC Bamford Excavators Limited (JCB) in France, the United Kingdom and then Italy for alleged infringement of two European patents and one UK patent (respectively European patent EP 1 532 065 B2(EP 065) its equivalent UK Patent GB 2390 595 B (GB565) and European patent EP 2 263 965 B9) relating to certain features concerning the overload cut-off control system of certain telescopic forklift trucks manufactured and/or marketed in these three countries.
In December 2018, JCB served Manitou Group with a new patent infringement suit in France and the United Kingdom relating to a third European patent (EP 2 616 382 B3 (EP 382), also relating to certain features concerning the overload cut-off control system of certain telescopic forklift trucks.
Since 2017, these disputes have led to a succession of legal proceedings in France, the UK and Italy, and JCB had estimated its loss at 190 million euros.
During these proceedings, the group has always contested the infringements and defended itself with the utmost firmness.
In December 2023, Manitou BF and J.C. Bamford Excavators Limited agreed to terminate all patent infringement litigation between them.
The end of this litigation has no impact on the present or future business of either party, nor on the characteristics of the products marketed by each of them.
CONTINGENT LIABILITIES
The Group has contingent liabilities relating to legal, arbitration and regulatory proceedings arising in the normal course of its activities. Each known litigation or ongoing proceeding in which Manitou BF or Group companies are involved has been reviewed at the end of the reporting period.
INFORMATION ON OPERATING SEGMENTS CONSOLIDATED INCOME STATEMENT BY DIVISION The information on operating segments is communicated on the basis of the group operational organization, with two divisions: § the Product division includes all French, Italian, American, and Indian production sites dedicated in particular to telehandlers, industrial masted forklift trucks and all-terrain trucks, truck-mounted forklifts, aerial work platforms, compact wheel loaders, compact track loaders, and articulated compact loaders, backhoe loaders and telescopic loaders. Its mission is to optimize the development and production of Manitou, Gehl, and Mustang by Manitou brand name products. § the S&S (Services & Solutions) division includes service activities to support sales (financing approaches, warranty contracts, maintenance and full service contracts, fleet management, etc.), after-sales services (spare parts, technical training, warranty contract management, used equipment management, etc.) and services to end users (geolocation, user training, advice, etc.). The aim of this division is to create service offers to meet the expectations of each of our customers in our value chain and increase the resilience of group sales. These two divisions design and assemble the products and services that are distributed by the sales and marketing organization to dealers and the group’s major accounts in 140 countries.
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The spare parts and accessories distribution business, which is integrated within the Services & Solutions division, benefits from services provided by the Product division (R&D, qualification of parts, qualification of suppliers), the already existing basis of sold units, as well as the brand name recognition built by those divisions.
In order to compensate for all of these benefits, the group’s divisional reporting includes fees from the Services & Solutions division to the Product division. This fee is calculated based on comparable indicators of external independent spare parts distributors for which the median operating income over a five year period amounted to 3.90% in Europe and the US, the main regions in which the S&S division operates. That fee is included in the line item «Cost of goods and services sold» of each division, which therefore includes the charges related to goods and services sold plus or minus the interdivision fees.
Assets, cash flows or even liabilities are not allocated to the individual divisions, as the operating segment information used by the group’s management does not incorporate those various item.
NET SALES BY DIVISION AND GEOGRAPHICAL REGION
* Asia, Pacific, Africa, Middle East
POST-CLOSING EVENTS
SIGNATURE OF AN ADDITIONAL CREDIT LINE OF 160 MILLION EUROS
In January 2024, the Group signed an amendment to the July 2022 credit agreement to set up an additional RCF (Revolving Credit Facility) line for an amount of 160 million euros and a maturity of 5 years, with the possibility of a one-year extension.
This additional line of financing strengthens the group’s financial structure to allow it to continue its development and finance its investment projects.
ACQUISITION OF A MAJORITY STAKE IN THE ITALIAN COMPANIES COME AND METAL WORK
In January 2024, the group completed a 75% stake in COME S.R.L and Metal Work S.R.L, based in Emilia Romagna (Italy).
The acquisition of these two historical partners will help support the growth of Manitou Group by integrating the production of strategic components.
COME and Metal Work will also continue to develop the business with all their customers.
COME S.R.L is specialized in the production of mechanically welded parts. It generated revenue of €46 million in 2022 and employs 280 people.
Metal Work S.R.L is specialized in laser cutting and folding. It achieved a turnover of €31 million in 2022 and employs 70 employees.
LIST OF SUBSIDIARIES AND AFFILIATES
Parent company | |||
Manitou BF | Ancenis, France | ||
Consolidated companies | Consolidation method | % interest | |
Production companies | |||
EasyLi | Poitiers, France | FC | 100% |
LMH Solutions | Beaupréau-en-Mauges, France | FC | 100% |
Manitou Equipment America LLC | West Bend, Wisconsin, United-States | FC | 100% |
Manitou Equipment India | Greater Noïda, India | FC | 100% |
Manitou Italia S.R.L | Castelfranco Emilia, Italy | FC | 100% |
Distribution companies | |||
Compagnie Française de Manutention Île-de-France | Jouy-le-Moutier, France | FC | 100% |
Gi.Erre SRL | Castelfranco Emilia, Italy | FC | 100% |
LiftRite Hire & Sales Pty Ltd (ex. Marpoll Pty Ltd) | Perth, Australia | FC | 100% |
Manitou Asia Pte Ltd | Singapore | FC | 100% |
Manitou Australia Pty Ltd | Lidcombe, Australia | FC | 100% |
Manitou Brasil Ltda | São Paulo, Brazil | FC | 100% |
Manitou Benelux SA | Perwez, Belgium | FC | 100% |
Manitou Center Singapore | Singapore | FC | 100% |
Manitou Centres SA Pty Ltd | Johannesbourg, South Africa | FC | 100% |
Manitou Chile | Las Condes, Chile | FC | 100% |
Manitou China Co Ltd | Shanghai, China | FC | 100% |
Manitou Deutschland GmbH | Friedrichsdorf, Germany | FC | 100% |
Manitou Global Services | Ancenis, France | FC | 100% |
Manitou Interface and Logistics Europe | Perwez, Belgium | FC | 100% |
Manitou Japan Co Ltd | Tokyo, Japan | FC | 100% |
Manitou Malaysia MH | Kuala Lumpur, Malaisia | FC | 100% |
Manitou Manutencion Espana SL | Madrid, Spain | FC | 100% |
Manitou Mexico | Mexico DF, Mexico | FC | 100% |
Manitou Middle East Fze | Jebel Ali, United Arab Emirates | FC | 100% |
Manitou Nordics Sia | Riga, Latvia | FC | 100% |
Manitou North America LLC | West Bend, Wisconsin, United-States | FC | 100% |
Manitou Polska Sp Z.o.o. | Raszyn, Poland | FC | 100% |
Manitou Portugal SA | Villa Franca, Portugal | FC | 100% |
Manitou South Asia Pte Ltd | Gurgaon, India | FC | 100% |
Manitou Southern Africa Pty Ltd | Johannesbourg, South Africa | FC | 100% |
Manitou UK Ltd | Verwood, United-Kingdom | FC | 99,4% |
Mawsley Machinery Ltd | Northampton, United-Kingdom | FC | 85% |
MN-Lifttek Oy | Vantaa, Finland | FC | 100% |
Associates companies | |||
Manitou Group Finance | Nanterre, France | EM | 49% |
Manitou Finance Ltd | Basingstoke, United-Kingdom | EM | 49% |
Other companies* | |||
Cobra MS* | Ancenis, France | FC | 100% |
Manitou America Holding Inc. | West Bend, Wisconsin, United-States | FC | 100% |
Manitou Asia Pacific Holding | Singapore | FC | 100% |
Manitou Group Newco Spain, S.L. | Madrid, Spain | FC | 100% |
Manitou Développement | Ancenis, France | FC | 100% |
Manitou Holding Southern Africa Pty Ltd | Johannesbourg, South Africa | FC | 100% |
Manitou PS | Verwood, United-Kingdom | FC | 90% |
Manitou Vostok Llc | Moscou, Russia Federation | FC | 100% |
FC: Full Consolidation
EM: Equity Method
* Holdings and companies without activity
The adress of Manitou BF’s headquarters is 430, rue de l’Aubinière, 44158 Ancenis, France.