REGULATED PRESS RELEASE

from MANITOU (EPA:MTU)

2024 Half-Year results

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PRESSRELEASE

2024 Half-Year results

●    H1 24 Net sales of €m 1,407, +0.4% vs. H1 23, -0.1% like for like(1)

●    Q2 24 revenues of €m 721, -2% vs. Q2 23

●    Q2 24 order intake on equipment of €m 86 vs. €m 287 in Q2 23

●    End of Q2 24 order book(2) on equipment at €m 1 344 vs. €m 3,061 in Q2 23

●    Recurring operating income at €m 127.5 (9.1%) vs. €m 88.1 (6.3%) in H1 2023

●    Net income at €m 81.8 vs. €m 62.6 in H1 2023

●    EBITDA(3) at €m 159.8 (11.4%) vs. €m 114.0 (8.1%) in H1 2023

●    Net debt(4) at €m 394, gearing(4) at 42%, leverage(4) at 1.3

●    Confirmation of expectations of stable revenue in 2024 compared with 2023 and a recurring operating profit for

2024 above 6.5% of revenues

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Ancenis, July 30, 2024

The Board of Directors of Manitou BF, chaired by Jacqueline Himsworth, today approved the Group's consolidated financial statements for the first half of 2024.

Michel Denis, President & CEO, stated: "The group closes a very good half-year in a context of contrasting activity and outlook. Sales for the first half were stable compared with the first half of 2023. Driven by stronger than expected momentum in Southern Europe, growth in Europe offset the decline in North America. Our ambitions for further growth in North America have been compromised by a lack of operational fluidity and by a much slower than expected ramp-up of our US industrial capacities, both of which we are gradually rectifying.

Our first-half financial performance continues to benefit from the improvements we have been making over the past 18 months.The delayed effect of the realignment of sales prices with raw material prices achieved throughout the previous year is now bearing full fruit. This has been combined with a more favorable customer and product mix as well as reasonable control of fixed costs. All these factors helped to raise recurring operating profit for the half-year to 9.1% of net sales, the highest level for the last 15 years.

However, this excellent performance will not be repeated in the second half of the year. In fact, the order intake dynamic remains an important area of concern, and it is too early to know its medium-term direction. In addition, the disparity in the depth of the order book between product lines has led us to reduce production at most of our industrial sites.

All these factors allow us to confirm our sales and recurring operating profit guidance for 2024."

in millions of euros

Net sales

Product division

H1 2023

1,201.4

S&S division

H1 2023

200.1

Total

Product division

H1 2024

1,202.9

S&S division

H1 2024

203.9

Total

H1 2024

1,406.8

Var.

H1 2023

1,401.5

+0.4%

Sales margin

167.9

53.3

221.2

222.9

52.9

275.7

+24.7%

Sales Margin as a % of sales

14.0%

26.6%

15.8%

18.5%

25.9%

19.6%

Recurring Operating Income

74.4

13.6

88.1

119.3

8.2

127.5

+44.7%

Recurring Op. Income as a % of sales

6.2%

6.8%

6.3%

9.9%

4.0%

9.1%

Operating Income

75.3

13.9

89.2

118.2

8.2

126.3

+41.6%

Net Income attributable to the group

62.5

81.8

+30.7%

Net debt excluding IFRS 16

387.0

394.3

+1.9%

Net debt including IFRS 16

407.7

424.7

+4.2%

Shareholders’ equity

819.1

934.1

+14.0%

% Gearing excluding IFRS 16

47.2%

42.2%

% Gearing including IFRS 16

49.8%

45.5%

Working capital

884.8

914.6

+3.4%

Revenues evolution

Net sales by division                                                                                                                                                                   

in millions of euros

Quarter

Half-year

Q2 2023

Q2 2024

Var.

H1 2023

H1 2024

Var.

Product division

639

620

-2.9%

1 201

1 203

+0.1%

S&S division

97

101

+3.8%

200

204

+1.9%

Total

736

721

-2.0%

1402

1407

+0.4%

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Net sales by geographic region

in millions of euros

Quarter

Half-year

Q2 2023

Q2 2024

Var.

H1 2023

H1 2024

Var.

Southern Europe

244

259

+6.1%

472

497

+5.2%

Northern Europe

264

252

-4.7%

509

515

+1.2%

Americas

168

144

-14.4%

304

268

-11.8%

APAM

60

67

+11.0%

117

127

+8.8%

Total

736

721

-2.0%

1402

1407

+0.4%

Review by division

The Product division reported revenues of €1,203 million, stable over six months compared with 2023 (steady at constant scope and exchange rates). It continues to benefit from the policy of increasing selling prices that has been in place since 2022 to counter inflation on raw materials, and is also benefiting from an improvement in production efficiency linked to the reduction of tensions on our supply chain. Since January 2024, the division has also included the mechanical welding activities from the acquisition of 2 Italian companies, which contributed €7 million.

The division's margin on cost of sales reached €222.9 million, up 33% compared with the first half of 2023, thanks to a sharp improvement of 4.5 points in the margin on cost of sales. The margin recovery is attributable to the pricing policy implemented to offset the increase in raw material prices, and to the improvement in industrial efficiency thanks to the investment programs.

Recurring operating profit of the Product division rose sharply by €44.9 million to €119.3 million (9.9% of sales), compared with €74.4 million in the first half of 2023 (6.2% of sales).

With revenues of €204 million, the Services & Solutions division (S&S) recorded growth of +1,9% over 6 months (also +1,9% at constant scope and exchange rates). Over the first half, the division was driven by the dynamism of its machine rental business (+11%) and by the strengthening of its service offer (+15%), particularly in digital services and machine maintenance.

The margin on cost of sales fell by €0.4 million (-0.8%) compared with the first half of 2023, reaching €52.9 million. This decline was due to a 0.7 point deterioration in the margin rate on cost of sales, impacted by pressure on the selling prices of parts and an increase in depreciation expenses as a result of higher depreciation of the rental fleet. Thus, the division's profitability came to €8.2 million (4.0% of sales), down by €5.7 million compared with the first half of 2023 (€13.9 million, or 6.9% of sales).

Glossary

Data as a percentage in parentheses express a percentage of net sales.

Half-year financial statements and Statutory auditors‘ review report available online on the company website (in French). Limited review procedures performed by the auditors.

(1) 

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Like for like, so at constant scope and exchange rates: - Scope:

- for the company GI.ERRE acquired in March 2023, restatement from January 1 of the current year to the anniversary date of its acquisition,

- for the companies acquired in 2024 (COME S.R.L and Metal Work S.R.L in January 2024), restatement from the date of their acquisition to June 30, 2024, - no company exited the scope in 2023 and 2024.

- Application of the exchange rate of the previous year on the aggregates of the current year.

(2)  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.

(3)  EBITDA: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact (on 6 months) (4) Net debt, gearing and leverage excluding IFRS 16

ISIN code: FR0000038606

Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL, EN FAMILY BUSINESS

image                                                       FORTHCOMING EVENTS:                                        October 24, 2024

Q3 2024 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.

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FINANCIAL EXTRACT JUNE 30, 2024

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1.STATEMENTS OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT

in thousands of euros

2023

H1 2023

H1 2024

Net sales

image

Cost of goods & services sold

Research & development costs

Selling, marketing and services expenses

Administrative expenses

       -40,365            -20,857

-22,382

      -153,012           -73,576

-84,858

       -81,557            -39,484

-42,780

Other operating expenses and income

         -1,187                 793

1,733

Recurring operating income

Other non-recurring income and expenses

Operating income

Share of profits of associates

Operating income including net income from associates

       211,552            88,070

127,457

         -3,902              1,135

-1,131

       207,650            89,205

126,326

           2,535              1,148

1,430

       210,185            90,353

127,757

Financial income

         55,113            40,740

36,480

Financial expenses

Financial result

Income before tax

Income taxes

Net income

       -71,193            -45,396

-50,307

        -16,080             -4,655

-13,826

       194,105            85,698

113,930

       -50,600            -23,096

-32,151

       143,505            62,600

81,779

Attributable to equity holders of the parent

       143,391             62,531

81,753

Attributable to non-controlling equity interests

             114                   69

26

EARNINGS PER SHARE (IN EUROS)

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OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

in thousands of euros

2023

H1 2023

H1 2024

Income (loss) for the year

143,505

62,600

81,779

Items that will be reclassified to profit or loss in subsequent periods

Adjustments to fair value of the financial assets

38

0

0

Translation differences arising on foreign activities

-12,692

-8,162

9,523

Interest rate hedging and exchange instruments

-102

-3,412

-3,420

Tax impacts

17

881

880

Items that will not be reclassified to profit or loss in subsequent periods

Actuarial gains (losses) on defined benefits plans

-1,721

3

2,632

Tax impacts

449

194

-678

Total gains and losses recognized directly in other components of comprehensive income

-14,010

-10,496

8,938

Comprehensive income

129,495

52,105

90,717

Attributable to equity holders of the parent

129,364

52,013

90,681

Attributable to non-controlling interests

130

92

36

2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS
image

               

in thousands of euros

December 31, 2023

Net amount as at

June 30, 2024

Goodwill

5,880

15,787

Intangible assets

88,509

94,168

Tangible assets

Right-of-use of leased assets

Investments in associates

Sales financing receivables

Other non-current assets

302,230

21,665

20,718

577 11,889

339,645

29,831

22,361

562

12,470

Deferred tax assets

17,846

21,586

Non-current assets

Inventories & Work in progress

Net trade receivables

Current income tax

Other current assets

469,313

881,570

644,892

12,834

102,510

536,410

941,875

528,633

3,254

93,877

Cash and cash equivalents

54,165

65,169

Current assets

Non-current assets held for sale

Total assets

1,695,971

0 2,165,284

1,632,808

0

2,169,218

EQUITY & LIABILITIES

in thousands of euros

December 31, 2023

Net amount as at

June 30, 2024

Share capital

Share premiums

Treasury shares

Reserves and profit for the year – equity holder of the parent

39,668

46,098

-23,884

832,872

39,668

46,098

-23,976

872,186

Equity attributable to owners of parent

894,755

933,976

Non-controlling interests

Total equity 

Non-current provisions

Non-current financial liabilities

Non-current lease debts

427

895,182

39,865

150,875

16,404

112

934,088

45,258

159,930

20,959

Other non-current liabilities

15,028

16,757

Deferred tax liabilities

Non-current liabilities

Current provisions

Current financial liabilities

Current lease debts

4,856

227,027

27,819

300,708 6,959

5,637

248,540

25,493

304,116

9,437

Trade payables

467,633

399,859

Current income tax

Other current liabilities

Current liabilities

Total equity & liabilities

8,742

231,214

1,043,075

2,165,284

23,742

223,943

986,590

2,169,218

3.CONSOLIDATED SHAREHOLDERS’ EQUITY

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4. CASH FLOW STATEMENT

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In thousands of euros

2023

H1 2023

H1 2024

Net income                                                                                                                            

143,505

62,600

81,779

Income from equity affiliates net of dividends                                                                           

-1,408

-30

-1,430

Amortizations and depreciations                                                                                              

60,735

28,959

39,438

Provisions and impairments                                                                                                     

4,597

3,832

2,811

Income tax expense (current and deferred)                                                                               

50,600

23,096

32,151

Other non-cash income and expenses (of which gains and losses on disposal of fixed assets)         

-536

-95

192

Cash flow operations                                                                                                               

257,493

118,363

154,941

Tax paid                                                                                                                                 

-52,903

-14,393

-11,198

Change in working capital requirement                                                                                     

-236,736

-192,570

17,898

Change in capitalized lease machines                                                                                        

-20,480

-7,031

-14,162

Cash flow from operating activities                                                                                           

-52,626

-95,630

147,478

Proceeds from sales of intangible assets                                                                                   

-32,427

-11,790

-13,570

Proceeds from sales of tangible assets                                                                                      

-72,609

-30,127

-34,972

Change in fixed assets payables                                                                                                

11,523

-1,222

-3,654

Disposals of property, plant and equipment and intangible assets                                               

928

142

296

Acquisitions of investments in obtaining control, net of cash acquired                                         

-2,706

-2,706

-20,015

Disposals of investments with loss of control, net of cash transferred                                          

0

0

0

Others                                                                                                                                   

386

354

872

Cash flow from investing activities                                                                                            

-94,905

-45,349

-71,042

Capital increase                                                                                                                      

0

0

0

Dividends paid                                                                                                                        

-24,371

-24,145

-51,778

Purchase of treasury shares                                                                                                     

-64

-155

-92

Repurchase of non-controlling interests                                                                                    

-366

-366

-736

Change in others financials liabilities and assets                                                                         

154,574

109,593

33,109

Payment of finance lease liabilities                                                                                           

-7,707

-3,119

-5,356

Others                                                                                                                                   

-1,760

-1,662

922

Cash flow from financing activities                                                                                            

120,307

80,146

-23,931

Net increase (decrease) in cash, cash equivalents, and bank overdrafts

-27,224

-60,833

52,506

Cash, cash equivalents and bank overdrafts at beginning of the year

15,996

15,996

-10,810

Exchange gains (losses) on cash and bank overdrafts

418

-354

-1,178

Cash, cash equivalents and bank overdrafts at end of year

-10,810

-45,190

40,518

5. EXTRACT FROM THE NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2024

ACQUISITIONS

§ COME and Metal Work

In January 2024, the Group finalized the acquisition of a 75% stake in COME and Metal Work, based in Emilia-Romagna (Italy). Cross put and call options have been contracted with the non-controlling shareholders on 25% of the capital. The Group has taken these options into account in the calculation of its percentage interest, which is 100% at June 30, 2024. A discounted debt of 6.5 million euros has been recognized in this respect.

The acquisition of these two long-standing partners will support Manitou Group's growth by integrating the production of strategic components. 

COME and Metal Work will continue to develop their business with all their customers.

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COME is specialized in the production of mechanical welded parts. It generated net sales of 60 million euros in 2023, mainly with Manitou Italia S.R.L., with workforce of 238 employees.

Metal Work is specialized in laser cutting and bending. It recorded net sales of 29 million euros in 2023, mainly with COME S.R.L., with workforce of 66 employees.

CONTINGENT LIABILITIES  

The Group has contingent liabilities relating to legal, arbitration, and regulatory proceedings arising in the normal course of business.  All known disputes and pending proceedings involving Manitou BF or Group companies were reviewed at the balance sheet date.

                 

INFORMATION ON OPERATING SEGMENTS
CONSOLIDATED INCOME STATEMENT BY DIVISION

In accordance with IFRS 8, the information by operating segment is prepared on the basis of operating reports submitted to group management. This information is prepared in accordance with the IFRS applicable to consolidated financial statements.

The group is organised around two operating 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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NET SALES BY DIVISION AND GEOGRAPHICAL REGION

H1 2023 net sales

 

H1 2024 net sales

SOUTHERN EUROPE

NORTHERN EUROPE

AMERICAS

APAM*

TOTAL

In €m and % of total

SOUTHERN EUROPE

NORTHERN EUROPE

AMERICAS

APAM*

TOTAL

398.4

441.2

270.4

91.4

1,201.4

Division Produits

422.1

446.2

233.2

101.3

1,202.9

28%

31%

19%

7%

86%

30%

32%

17%

7%

86%

74.0

67.3

33.6

25.3

200.1

Division S&S

74.9

68.6

34.9

25.5

203.9

5%

5%

2%

2%

14%

5%

5%

2%

2%

14%

472.4

508.5

304.0

116.6

1,401.5

TOTAL

497.1

514.8

268.1

126.8

1,406.8

34%

36%

22%

8%

100%

35%

37%

19%

9%

100%

* Asia, Pacific, Africa, Middle East

 

POST-CLOSING EVENTS

To the company's knowledge, there were no significant post-closing events at the date of approval of the consolidated half-year financial statements ended on June 30th, 2024 by the Board of Directors on July 30, 2024.


LIST OF SUBSIDIARIES AND AFFILIATES

Parent company

Manitou BF

Ancenis, France

Consolidated companies

Consolidation method

% interest

Production companies

COME S.R.L

Alfonsine, Italy

FC

100%

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 SRL

Castelfranco Emilia, Italy

FC

100%

Metal Work S.R.L

Forli, Italy

FC

100%

Distribution companies

Compagnie Francaise de Manutention Ile-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.

Alexandria, Australia

FC

100%

Manitou Brasil Ltda

São Paulo, Brazil

FC

100%

Manitou Benelux SA

Perwez, Belgium

FC

100%

Manitou Center Madrid S.L.

Madrid, Spain

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

99,42%

Mawsley Machinery Ltd.

Northampton, United-Kingdom

FC

100%

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 Développement

Ancenis, France

FC

100%

Manitou Holding Southern Africa Pty Ltd

Johannesbourg, South Africa

FC

100%

Manitou PS

Verwood, United-Kingdom

FC

100%

Manitou Vostok Llc

Moscou, Russia Federation

FC

100%

FC: Full Consolidation

EM: Equity Method

*Holdings and companies without activity

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